| FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair value measurements as of December 31, 2025 using | | | | Quoted Prices in
Active Markets
for Identical
Assets (Level 1) | | Significant Other
Observable
Inputs (Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Fair Value as of
December 31,
2025 | | Assets included in: | | | | | | | | | Cash and cash equivalents | | | | | | | | | Money market securities | $ | 53,708 | | | $ | — | | | $ | — | | | $ | 53,708 | | | Marketable securities | | | | | | | | | Corporate debt securities | — | | | 62,876 | | | — | | | 62,876 | | | | | | | | | | | Total fair value | $ | 53,708 | | | $ | 62,876 | | | $ | — | | | $ | 116,584 | | | Liabilities included in: | | | | | | | | | Debt, long-term | | | | | | | | | Embedded derivative liabilities | $ | — | | | $ | — | | | $ | 1,430 | | | $ | 1,430 | | | Total fair value | $ | — | | | $ | — | | | $ | 1,430 | | | $ | 1,430 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair value measurements as of December 31, 2024 using | | | | Quoted Prices in
Active Markets
for Identical
Assets (Level 1) | | Significant Other
Observable
Inputs (Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Fair Value as of
December 31,
2024 | | Assets included in: | | | | | | | | | Cash and cash equivalents | | | | | | | | | Money market securities | $ | 35,268 | | | $ | — | | | $ | — | | | $ | 35,268 | | | Marketable securities | | | | | | | | | Corporate debt securities | — | | | 178,901 | | | — | | | 178,901 | | | Government and agency - U.S. | — | | | 16,997 | | | — | | | 16,997 | | | Total fair value | $ | 35,268 | | | $ | 195,898 | | | $ | — | | | $ | 231,166 | | | Liabilities included in: | | | | | | | | | Debt, long-term | | | | | | | | | Embedded derivative liabilities | $ | — | | | $ | — | | | $ | 970 | | | $ | 970 | | | Total fair value | $ | — | | | $ | — | | | $ | 970 | | | $ | 970 | |
The fair value of the Company’s money market funds is determined using quoted market prices in active markets for identical assets. The fair value for the available-for-sale marketable securities is determined based on valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. The following table presents changes in Level 3 liabilities measured at fair value for the two-year period ended December 31, 2025 (in thousands): | | | | | | | Balance, January 1, 2024 | $ | 2,560 | | | Change in fair value of embedded derivatives | (1,590) | | | Balance, December 31, 2024 | 970 | | | Change in fair value of embedded derivatives | 460 | | | Balance, December 31, 2025 | $ | 1,430 | |
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