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INVESTMENTS | 3 Months Ended
--- | ---
Mar. 31, 2021
INVESTMENTS |
INVESTMENTS |
5. | INVESTMENTS
​ The following table summarizes the Company’s investments at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Continuous | ​ | Continuous
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​ | ​ | Loss Position | ​ | Loss Position
​ | ​ | Amortized | ​ | Holding | ​ | Holding | ​ | Fair | ​ | less than 12 | ​ | greater than 12
March 31, 2021 |  | Cost |  | Gains |  | Losses |  | Value |  | Months |  | Months
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 166,306 | ​ | $ | — | ​ | $ | — | ​ | $ | 166,306 | ​ | $ | — | ​ | $ | —
Certificates of deposit | ​ | ​ | 40,517 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 40,520 | ​ | ​ | — | ​ | ​ | —
U.S. government agency securities | ​ |  | 87,645 | ​ |  | 16 | ​ |  | 3 | ​ |  | 87,658 | ​ |  | 3 | ​ |  | —
U.S. treasuries | ​ | ​ | 685,521 | ​ |  | 123 | ​ |  | 20 | ​ |  | 685,624 | ​ |  | 20 | ​ |  | —
Long-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agency securities | ​ | ​ | 8,141 | ​ | ​ | — | ​ | ​ | 5 | ​ | ​ | 8,136 | ​ | ​ | 5 | ​ | ​ | —
U.S. treasuries | ​ | ​ | 55,620 | ​ | ​ | 1 | ​ | ​ | 6 | ​ | ​ | 55,615 | ​ | ​ | 6 | ​ | ​ | —
Total | ​ | $ | 1,043,750 | ​ | $ | 143 | ​ | $ | 34 | ​ | $ | 1,043,859 | ​ | $ | 34 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Continuous | ​ | Continuous
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​ | ​ | Loss Position | ​ | Loss Position
​ | ​ | Amortized | ​ | Holding | ​ | Holding | ​ | Fair | ​ | less than 12 | ​ | greater than 12
December 31, 2020 |  | Cost |  | Gains |  | Losses |  | Value |  | Months |  | Months
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 119,886 | ​ | $ | — | ​ | $ | — | ​ | $ | 119,886 | ​ | $ | — | ​ | $ | —
Certificates of deposit | ​ | ​ | 20,387 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,387 | ​ | ​ | — | ​ | ​ | —
Municipal securities | ​ |  | 9,083 | ​ |  | — | ​ |  | — | ​ |  | 9,083 | ​ |  | — | ​ |  | —
U.S. government agency securities | ​ |  | 81,521 | ​ |  | 13 | ​ |  | 3 | ​ |  | 81,531 | ​ |  | 3 | ​ |  | —
U.S. treasuries | ​ | ​ | 650,386 | ​ | ​ | 150 | ​ | ​ | 69 | ​ | ​ | 650,467 | ​ | ​ | 69 | ​ | ​ | —
Long-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agency securities | ​ | ​ | 10,350 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 10,351 | ​ | ​ | — | ​ | ​ | —
U.S. treasuries | ​ | ​ | 33,946 | ​ | ​ | 1 | ​ | ​ | 7 | ​ | ​ | 33,940 | ​ | ​ | 7 | ​ | ​ | —
Total | ​ | $ | 925,559 | ​ | $ | 165 | ​ | $ | 79 | ​ | $ | 925,645 | ​ | $ | 79 | ​ | $ | —
​ ​ During the three-months ended March 31, 2021 and 2020, realized gains or losses recognized on the sale of investments were not significant. ​ The Company’s investments at March 31, 2021 and December 31, 2020 carried investment grade credit ratings. ​ The following table summarizes the underlying contractual maturities of the Company’s investments at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2021 | ​ | December 31, 2020
​ |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Less than 1 year: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 166,306 | ​ | $ | 166,306 |  | $ | 119,886 | ​ | $ | 119,886
Municipal securities | ​ |  | — | ​ |  | — |  |  | 9,083 | ​ |  | 9,083
U.S. government agency securities | ​ |  | 87,645 | ​ |  | 87,658 |  |  | 81,521 | ​ |  | 81,531
Certificates of deposit | ​ |  | 40,517 | ​ |  | 40,520 |  |  | 20,387 | ​ |  | 20,387
U.S. treasuries | ​ | ​ | 685,521 | ​ | ​ | 685,624 | ​ | ​ | 650,386 | ​ | ​ | 650,467
Due 1 - 10 years: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | ​ | 55,620 | ​ | ​ | 55,615 | ​ | ​ | 33,946 | ​ | ​ | 33,940
U.S. government agency securities | ​ |  | 8,141 | ​ |  | 8,136 |  |  | 10,350 | ​ |  | 10,351
Total | ​ | $ | 1,043,750 | ​ | $ | 1,043,859 |  | $ | 925,559 | ​ | $ | 925,645
​

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