FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2024 (in thousands):


						Fair Value Measurements, Using
		Total Carrying Value as of June 30, 2024				Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Short-term U.S. Government bonds		$	437,414			$	437,414			$	—			$	—
Long-term U.S. Government bonds			348,413				348,413				—				—
Cash equivalents			26,777				26,777				—				—
Short-term Corporate bonds			148				148				—				—
Short-term Marketable securities			105				105				—				—

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2023 (in thousands):


						Fair Value Measurements, Using
		Total Carrying Value as of December 31, 2023				Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Short-term U.S. Government bonds		$	420,378			$	420,378			$	—			$	—
Long-term U.S. Government bonds			285,502				285,502				—				—
Short-term Corporate bonds			1,759				1,759				—				—
Cash equivalents			268				268				—				—

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification is determined based on the lowest level input that is significant to the fair value measurement.