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INVESTMENTS | 9 Months Ended
--- | ---
Sep. 30, 2025
INVESTMENTS. |
INVESTMENTS | 3.INVESTMENTS The following table summarizes the Company’s investments at September 30, 2025. The Company held no short-term or long-term investments at December 31, 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | Continuous |  | Continuous
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​ | Loss Position | ​ | Loss Position
​ | ​ | Amortized | ​ | Holding | ​ | Holding | ​ | Fair | ​ | less than | ​ | greater than
September 30, 2025 |  | Cost |  | Gains |  | Losses |  | Value |  | 12 Months |  | 12 Months
Available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | $ | 31,601 | ​ | $ | — | ​ | $ | — | ​ | $ | 31,601 | ​ | $ | — | ​ | $ | —
Certificates of deposit | ​ |  | 15,444 | ​ |  | — | ​ |  | — | ​ |  | 15,444 | ​ |  | — | ​ |  | —
U.S. treasuries | ​ |  | 209,387 | ​ |  | 140 | ​ |  | — | ​ |  | 209,527 | ​ |  | — | ​ |  | —
Corporate bonds | ​ |  | 29,754 | ​ |  | 65 | ​ |  | — | ​ |  | 29,819 | ​ |  | — | ​ |  | —
Long-term: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ |  | 214,843 | ​ |  | 59 | ​ |  | — | ​ |  | 214,902 | ​ |  | — | ​ |  | —
Corporate bonds | ​ |  | 144,104 | ​ |  | 168 | ​ |  | — | ​ |  | 144,272 | ​ |  | — | ​ | ​ | ​
Total | ​ | $ | 645,133 | ​ | $ | 432 | ​ | $ | — | ​ | $ | 645,565 | ​ | $ | — | ​ | $ | —
​ During the three- and nine-months ended September 30, 2025 and 2024, realized gains or losses recognized on the sale of investments were not significant. The Company’s investments at September 30, 2025 carried investment grade credit ratings. The following table summarizes the underlying contractual maturities of the Company’s investments at September 30, 2025. The Company held no short-term or long-term investments at December 31, 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2025
​ |  | Amortized Cost |  | Fair Value
Less than 1 year: | ​ | ​ |  |  | ​ |
Commercial paper | ​ | $ | 31,601 | ​ | $ | 31,601
Certificates of deposit | ​ |  | 15,444 | ​ |  | 15,444
U.S. treasuries | ​ |  | 209,387 | ​ |  | 209,527
Corporate bonds | ​ |  | 29,754 | ​ |  | 29,819
Due 1 - 10 years: | ​ |  | ​ | ​ |  | ​
U.S. treasuries | ​ |  | 214,843 | ​ |  | 214,902
Corporate bonds | ​ |  | 144,104 | ​ |  | 144,272
Total | ​ | $ | 645,133 | ​ | $ | 645,565
​

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