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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of financial assets measured at fair value on a recurring basis by level within the fair value hierarchy

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	As of June 30, 2023
	Fair Value	Amortized		Unrealized		Unrealized		Fair Market
	Hierarchy	Cost Basis		Gains		Losses		Value
Cash equivalents:
Money market funds	Level 1	$	31,249	$	—	$	—	$	31,249
Marketable securities, available for sale:
Asset-backed securities	Level 2		17,063		—		(34)		17,029
Corporate debt securities	Level 2		47,909		6		(308)		47,607
Commercial paper	Level 2		90,049		—		—		90,049
U.S. government treasury and agency securities	Level 2		113,524		—		(209)		113,315
Supranational and sovereign government securities	Level 2		10,123		—		(2)		10,121
Total financial assets		$	309,917	$	6	$	(553)	$	309,370


	As of December 31, 2022
	Fair Value	Amortized		Unrealized		Unrealized		Fair Market
	Hierarchy	Cost Basis		Gains		Losses		Value
Cash equivalents:
Money market funds	Level 1	$	21,893	$	—	$	—	$	21,893
Marketable securities, available for sale:
Asset-backed securities	Level 2		23,020		8		(44)		22,984
Corporate debt securities	Level 2		54,374		—		(510)		53,864
Commercial paper	Level 2		144,730		—		—		144,730
U.S. government treasury and agency securities	Level 2		54,672		—		(624)		54,048
Supranational and sovereign government securities	Level 2		54,513		13		(198)		54,328
Total financial assets		$	353,202	$	21	$	(1,376)	$	351,847