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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024
	Fair Value	Amortized		Unrealized		Unrealized		Fair Market
	Hierarchy	Cost Basis		Gains		Losses		Value
Cash equivalents:
Money market funds	Level 1	$	43,289	$	—	$	—	$	43,289
Marketable securities, available for sale:
Asset-backed securities	Level 2		51,995		1		(155)		51,841
Corporate debt securities	Level 2		159,931		8		(305)		159,634
Commercial paper	Level 2		24,943		—		(24)		24,919
U.S. government treasury and agency securities	Level 2		199,150		2		(503)		198,649
Supranational and sovereign government securities	Level 2		33,301		—		(78)		33,223
Total financial assets		$	512,609	$	11	$	(1,065)	$	511,555


	As of December 31, 2023
	Fair Value	Amortized		Unrealized		Unrealized		Fair Market
	Hierarchy	Cost Basis		Gains		Losses		Value
Cash equivalents:
Money market funds	Level 1	$	85,897	$	—	$	—	$	85,897
Marketable securities, available for sale:
Asset-backed securities	Level 2		10,228		12		(2)		10,238
Corporate debt securities	Level 2		82,514		66		(113)		82,467
Commercial paper	Level 2		19,457		13		(8)		19,462
U.S. government treasury and agency securities	Level 2		116,579		151		(26)		116,704
Supranational and sovereign government securities	Level 2		3,419		6		—		3,425
Total financial assets		$	318,094	$	248	$	(149)	$	318,193