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INVESTMENTS | 3 Months Ended
--- | ---
Mar. 31, 2024
INVESTMENTS |
INVESTMENTS |
4. | 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, 2024 |  | Cost |  | Gains |  | Losses |  | Value |  | Months |  | Months
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 157,074 | ​ | $ | 11 | ​ | $ | — | ​ | $ | 157,085 | ​ | $ | — | ​ | $ | —
Certificates of deposit | ​ | ​ | 24,831 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,831 | ​ | ​ | — | ​ | ​ | —
U.S. government agency securities | ​ |  | 101,893 | ​ |  | 16 | ​ |  | 54 | ​ |  | 101,855 | ​ |  | 54 | ​ |  | —
U.S. treasuries | ​ | ​ | 530,697 | ​ |  | 23 | ​ |  | 390 | ​ |  | 530,330 | ​ |  | 390 | ​ |  | —
Corporate bonds | ​ | ​ | 170,198 | ​ | ​ | 32 | ​ | ​ | 130 | ​ | ​ | 170,100 | ​ | ​ | 130 | ​ | ​ | —
Long-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate bonds | ​ | ​ | 8,205 | ​ | ​ | — | ​ | ​ | 43 | ​ | ​ | 8,162 | ​ | ​ | 43 | ​ | ​ | —
Total | ​ | $ | 992,898 | ​ | $ | 82 | ​ | $ | 617 | ​ | $ | 992,363 | ​ | $ | 617 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Continuous | ​ | Continuous
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​ | ​ | Loss Position | ​ | Loss Position
​ | ​ | Amortized | ​ | Holding | ​ | Holding | ​ | Fair | ​ | less than 12 | ​ | greater than 12
December 31, 2023 |  | Cost |  | Gains |  | Losses |  | Value |  | Months |  | Months
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 163,775 | ​ | $ | — | ​ | $ | 1 | ​ | $ | 163,774 | ​ | $ | 1 | ​ | $ | —
Certificates of deposit | ​ | ​ | 15,590 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,590 | ​ | ​ | — | ​ | ​ | —
Municipal securities | ​ |  | 361 | ​ |  | — | ​ |  | — | ​ |  | 361 | ​ |  | — | ​ |  | —
U.S. government agency securities | ​ |  | 116,524 | ​ |  | 90 | ​ |  | 66 | ​ |  | 116,548 | ​ |  | 66 | ​ |  | —
U.S. treasuries | ​ | ​ | 412,936 | ​ | ​ | 205 | ​ | ​ | 1,084 | ​ | ​ | 412,057 | ​ | ​ | 1,084 | ​ | ​ | —
Corporate bonds | ​ | ​ | 247,340 | ​ | ​ | 89 | ​ | ​ | 154 | ​ | ​ | 247,275 | ​ | ​ | 154 | ​ | ​ | —
Long-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agency securities | ​ | ​ | 23,485 | ​ | ​ | 51 | ​ | ​ | 5 | ​ | ​ | 23,531 | ​ | ​ | 5 | ​ | ​ | —
U.S. treasuries | ​ | ​ | 35,896 | ​ | ​ | 79 | ​ | ​ | 8 | ​ | ​ | 35,967 | ​ | ​ | 8 | ​ | ​ | —
Corporate bonds | ​ | ​ | 16,903 | ​ | ​ | 32 | ​ | ​ | 2 | ​ | ​ | 16,933 | ​ | ​ | 2 | ​ | ​ | —
Total | ​ | $ | 1,032,810 | ​ | $ | 546 | ​ | $ | 1,320 | ​ | $ | 1,032,036 | ​ | $ | 1,320 | ​ | $ | —
​ During the three-months ended March 31, 2024 and 2023, realized gains or losses recognized on the sale of investments were not significant. The Company’s investments at March 31, 2024 and December 31, 2023 carried investment grade credit ratings. The following table summarizes the underlying contractual maturities of the Company’s investments at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024 | ​ | December 31, 2023
​ |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Less than 1 year: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 157,074 | ​ | $ | 157,085 |  | $ | 163,775 | ​ | $ | 163,774
Municipal securities | ​ |  | — | ​ |  | — |  |  | 361 | ​ |  | 361
U.S. government agency securities | ​ |  | 101,893 | ​ |  | 101,855 |  |  | 116,524 | ​ |  | 116,548
Certificates of deposit | ​ |  | 24,831 | ​ |  | 24,831 |  |  | 15,590 | ​ |  | 15,590
U.S. treasuries | ​ | ​ | 530,697 | ​ | ​ | 530,330 | ​ | ​ | 412,936 | ​ | ​ | 412,057
Corporate bonds | ​ | ​ | 170,198 | ​ | ​ | 170,100 | ​ | ​ | 247,340 | ​ | ​ | 247,275
Due 1 - 10 years: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 35,896 | ​ | ​ | 35,967
U.S. government agency securities | ​ |  | — | ​ |  | — |  |  | 23,485 | ​ |  | 23,531
Corporate bonds | ​ | ​ | 8,205 | ​ | ​ | 8,162 | ​ | ​ | 16,903 | ​ | ​ | 16,933
Total | ​ | $ | 992,898 | ​ | $ | 992,363 |  | $ | 1,032,810 | ​ | $ | 1,032,036
​

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