FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| FAIR VALUE OF FINANCIAL INSTRUMENTS |
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| SCHEDULE OF FAIR VALUE INSTRUMENTS |
The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | | | Quoted Prices in | | | | | | | | | | | Active Markets | | Significant Other | | Significant | | | | | | for Identical | | Observable | | Unobservable | | | September 30, | | Assets | | Inputs | | Inputs | | | 2024 | | (Level 1) | | (Level 2) | | (level 3) | Assets: | | | | | | | | | | | | | Cash equivalents | | | | | | | | | | | | | Money market funds | | $ | 28,265 | | $ | 28,265 | | $ | — | | $ | — | Total cash equivalents | | | 28,265 | | | 28,265 | | | — | | | — | | | | | | | | | | | | | | Short-term investments | | | | | | | | | | | | | Agency bonds | | | 27,168 | | | — | | | 27,168 | | | — | Corporate debt securities | | | 11,926 | | | — | | | 11,926 | | | — | Commercial paper | | | 9,443 | | | — | | | 9,443 | | | — | U.S. Treasury bills | | | 9,078 | | | 9,078 | | | — | | | — | Total short-term investments | | | 57,615 | | | 9,078 | | | 48,537 | | | — | | | | | | | | | | | | | | Total fair value of assets | | $ | 85,880 | | $ | 37,343 | | $ | 48,537 | | $ | — |
| | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | | | Quoted Prices in | | | | | | | | | | Active Markets | | Significant Other | | Significant | | | | | | for Identical | | Observable | | Unobservable | | | December 31, | | Assets | | Inputs | | Inputs | | | 2023 | | (Level 1) | | (Level 2) | | (level 3) | Assets: | | | | | | | | | | | | | Cash equivalents | | | | | | | | | | | | | Money market funds | | $ | 19,787 | | $ | 19,787 | | $ | — | | $ | — | Total cash equivalents | | | 19,787 | | | 19,787 | | | — | | | — | | | | | | | | | | | | | | Short-term investments | | | | | | | | | | | | | Agency bonds | | | 42,255 | | | — | | | 42,255 | | | — | Commercial paper | | | 38,386 | | | — | | | 38,386 | | | — | U.S. Treasury bills | | | 10,362 | | | 10,362 | | | — | | | — | Corporate debt securities | | | 7,945 | | | — | | | 7,945 | | | — | Total short-term investments | | | 98,948 | | | 10,362 | | | 88,586 | | | — | | | | | | | | | | | | | | Total fair value of assets | | $ | 118,735 | | $ | 30,149 | | $ | 88,586 | | $ | — |
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The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | | | Quoted Prices in | | | | | | | | | | | Active Markets | | Significant Other | | Significant | | | | | | for Identical | | Observable | | Unobservable | | | December 31, | | Assets | | Inputs | | Inputs | | | 2023 | | (Level 1) | | (Level 2) | | (level 3) | Assets: | | | | | | | | | | | | | Cash equivalents | | | | | | | | | | | | | Money market funds | | $ | 19,787 | | $ | 19,787 | | $ | — | | $ | — | Total cash equivalents | | | 19,787 | | | 19,787 | | | — | | | — | | | | | | | | | | | | | | Short-term investments | | | | | | | | | | | | | Agency bonds | | | 42,255 | | | — | | | 42,255 | | | — | Commercial Paper | | | 38,386 | | | — | | | 38,386 | | | — | U.S. Treasury bills | | | 10,362 | | | 10,362 | | | — | | | — | Corporate debt securities | | | 7,945 | | | — | | | 7,945 | | | — | Total short-term investments | | | 98,948 | | | 10,362 | | | 88,586 | | | — | | | | | | | | | | | | | | Total fair value of assets | | $ | 118,735 | | $ | 30,149 | | $ | 88,586 | | $ | — |
| | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | | | Quoted Prices in | | | | | | | | | | Active Markets | | Significant Other | | Significant | | | | | | for Identical | | Observable | | Unobservable | | | December 31, | | Assets | | Inputs | | Inputs | | | 2022 | | (Level 1) | | (Level 2) | | (level 3) | Assets: | | | | | | | | | | | | | Cash equivalents | | | | | | | | | | | | | Money market funds | | $ | 18,436 | | $ | 18,436 | | $ | — | | $ | — | Total cash equivalents | | | 18,436 | | | 18,436 | | | — | | | — | | | | | | | | | | | | | | Short-term investments | | | | | | | | | | | | | Commercial paper | | | 55,577 | | | — | | | 55,577 | | | — | U.S. Treasury bills | | | 26,841 | | | 26,841 | | | — | | | — | Agency Bonds | | | 24,405 | | | — | | | 24,405 | | | — | Total short-term investments | | | 106,823 | | | 26,841 | | | 79,982 | | | — | | | | | | | | | | | | | | Total fair value of assets | | $ | 125,259 | | $ | 45,277 | | $ | 79,982 | | $ | — |
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| SCHEDULE OF SHORT TERM INVESTMENTS |
The following tables summarize the Company’s short-term investments (in thousands): | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | | | | | | | | Gross | | Gross | | | | | | | | | Amortized | | unrealized | | unrealized | | Estimated fair | | | | Maturity | | cost | | gains | | losses | | value | | Agency bonds | | 1 year or less | | | 27,029 | | | 139 | | | — | | | 27,168 | | Corporate debt securities | | 1 year or less | | | 11,866 | | | 60 | | | — | | | 11,926 | | Commercial paper | | 1 year or less | | | 9,438 | | | 5 | | | — | | | 9,443 | | U.S. Treasury bills | | 1 year or less | | | 9,058 | | | 20 | | | — | | | 9,078 | | | | | | $ | 57,391 | | $ | 224 | | $ | — | | $ | 57,615 | |
| | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | | | | | | | | Gross | | Gross | | | | | | | | | Amortized | | unrealized | | unrealized | | Estimated fair | | | | Maturity | | cost | | gains | | losses | | value | | Agency bonds | | 2 years or less | | $ | 42,090 | | | 179 | | | (14) | | $ | 42,255 | | Commercial paper | | 2 years or less | | | 38,362 | | | 29 | | | (5) | | | 38,386 | | U.S. Treasury bills | | 2 years or less | | | 10,334 | | | 31 | | | (3) | | | 10,362 | | Corporate debt securities | | 2 years or less | | | 7,925 | | | 21 | | | (1) | | | 7,945 | | | | | | $ | 98,711 | | $ | 260 | | $ | (23) | | $ | 98,948 | |
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The following tables summarize the Company’s short-term investments (in thousands): | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | | | | | | | | Gross | | Gross | | | | | | | | | Amortized | | unrealized | | unrealized | | Estimated fair | | | | Maturity | | cost | | gains | | losses | | value | | Agency bonds | | 2 years or less | | | 42,090 | | | 179 | | | (14) | | | 42,255 | | Commercial paper | | 2 years or less | | | 38,362 | | | 29 | | | (5) | | | 38,386 | | U.S. Treasury bills | | 2 years or less | | | 10,334 | | | 31 | | | (3) | | | 10,362 | | Corporate debt securities | | 2 years or less | | | 7,925 | | | 21 | | | (1) | | | 7,945 | | | | | | $ | 98,711 | | $ | 260 | | $ | (23) | | $ | 98,948 | |
| | | | | | | | | | | | | | | | | | | | As of December 31, 2022 | | | | | | | | | Gross | | Gross | | | | | | | | | Amortized | | unrealized | | unrealized | | Estimated fair | | | | Maturity | | cost | | gains | | losses | | value | | Commercial paper | | 1 year or less | | $ | 55,645 | | $ | 16 | | $ | (84) | | $ | 55,577 | | U.S. Treasury bills | | 1 year or less | | | 27,108 | | | — | | | (267) | | | 26,841 | | Agency bonds | | 2 years or less | | | 24,536 | | | 2 | | | (133) | | | 24,405 | | | | | | $ | 107,289 | | $ | 18 | | $ | (484) | | $ | 106,823 | |
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| SCHEDULE OF SHORT-TERM INVESTMENTS WITH UNREALIZED LOSSES |
The following tables summarize the Company’s short-term investments with unrealized losses for less than 12 months and 12 months or greater (in thousands): | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | | Less than 12 months | | 12 months or Greater | | | | | | | | | Unrealized | | | | Unrealized | | Total | | Total Unrealized | | | | | | | | | | | | | | Commercial paper | $ | 6,042 | | $ | (5) | | $ | — | | $ | — | | $ | 6,042 | | $ | (5) | Agency bonds | | 3,760 | | | (6) | | | 6,579 | | | (8) | | | 10,339 | | | (14) | U.S. Treasury bills | | 488 | | | (2) | | | 1,007 | | | (1) | | | 1,495 | | | (3) | Corporate debt securities | | 3,110 | | | (1) | | | — | | | — | | | 3,110 | | | (1) | | $ | 13,400 | | $ | (14) | | $ | 7,586 | | $ | (9) | | $ | 20,986 | | $ | (23) |
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| | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | Less than 12 months | | 12 months or Greater | | | | | | | | Unrealized | | | | Unrealized | | Total | | Total Unrealized | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | Commercial paper | $ | 6,042 | | $ | (5) | | $ | — | | $ | — | | $ | 6,042 | | $ | (5) | Agency bonds | | 3,760 | | | (6) | | | 6,579 | | | (8) | | | 10,339 | | | (14) | U.S. Treasury bills | | 488 | | | (2) | | | 1,007 | | | (1) | | | 1,495 | | | (3) | Corporate debt securities | | 3,110 | | | (1) | | | — | | | — | | | 3,110 | | | (1) | | $ | 13,400 | | $ | (14) | | $ | 7,586 | | $ | (9) | | $ | 20,986 | | $ | (23) |
| | | | | | | | | | | | | | | | | | | As of December 31, 2022 | | Less than 12 months | | 12 months or Greater | | | | | | | | | Unrealized | | | | Unrealized | | Total | | Total Unrealized | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | Commercial paper | $ | 34,928 | | $ | (84) | | $ | — | | $ | — | | $ | 34,928 | | $ | (84) | U.S. Treasury bills | | 1,971 | | | (6) | | | 24,833 | | | (261) | | | 26,804 | | | (267) | Agency bonds | | 22,964 | | | (133) | | | — | | | — | | | 22,964 | | | (133) | | $ | 59,863 | | $ | (223) | | $ | 24,833 | | $ | (261) | | $ | 84,696 | | $ | (484) |
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