FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 (in thousands):

			Fair Value Measurements, Using
	Total Carrying Value as of September 30, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents	$	1,773	$	1,773	$	—	$	—
Short-term Corporate bonds investments		2,373		2,373		—		—
Short-term U.S. Government bonds investments		409,977		409,977		—		—
Long-term Corporate bonds investments		10		10		—		—
Long-term U.S. Government bonds investments		287,137		287,137		—		—

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2022 (in thousands):

			Fair Value Measurements, Using
	Total Carrying Value as of December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents	$	7,162	$	7,162	$	—	$	—
Short-term Corporate bonds investments		149,788		149,788		—		—
Short-term U.S. Government bonds investments		334,557		334,557		—		—
Long-term Corporate bonds investments		2,451		2,451		—		—
Long-term U.S. Government bonds investments		245,364		245,364		—		—

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.