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Investments
 9 Months Ended
Sep. 30, 2024
Investments  
Investments

(4)

Investments

All investments in fixed income securities are classified as available-for-sale in the condensed consolidated balance sheets. Fixed income securities are recorded at their estimated fair value. The amortized cost, gross unrealized holding gains and losses included in other comprehensive income (loss) and the fair value of the fixed income securities at September 30, 2024 and December 31, 2023 are presented in the tables below (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

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September 30, 2024

​

​

    

Amortized

    

Unrealized

    

Unrealized

    

Fair

​

​

    

Cost

    

Gains

    

Losses

    

Value

​

Available-for-sale investments:

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​

  

​

​

  

​

​

  

​

​

  

​

U.S. treasury securities

​

$

72,229

​

$

65

​

$

—

​

$

72,294

​

Available-for-sale investments – short-term

​

$

72,229

​

$

65

​

$

—

​

$

72,294

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

    

Amortized

    

Unrealized

    

Unrealized

    

Fair

​

    

Cost

    

Gains

    

Losses

    

Value

Available-for-sale investments:

​

​

  

​

​

  

​

​

  

​

​

  

U.S. treasury securities

​

$

45,252

​

$

18

​

$

—

​

$

45,270

U.S. government agency bonds

​

​

7,933

​

​

—

​

​

(6)

​

​

7,927

Corporate bonds

​

​

25,341

​

​

6

​

​

(7)

​

​

25,340

Available-for-sale investments – short-term

​

$

78,526

​

$

24

​

$

(13)

​

$

78,537

​

The Company invests in highly rated investment grade debt securities. All of the Company’s available-for-sale securities have final maturities of one year or less. The Company reviews the individual securities that have unrealized losses on a regular basis. The Company evaluates whether it has the intention to sell any of these investments and whether it is more likely than not that it will be required to sell any of them before recovery of the amortized cost basis. Neither of these criteria were met as of December 31, 2023. There were no securities in an unrealized loss position as of September 30, 2024.

The Company additionally evaluates whether the decline in fair value of the securities below their amortized cost basis is related to credit losses or other factors. Based on this evaluation, the Company determined that the unrealized losses for its available-for-sale securities as of December 31, 2023 were primarily attributable to changes in interest rates and non-credit-related factors. In addition, none of the Company’s available-for-sale securities had been in an unrealized loss position for more than one year. Accordingly, the Company determined that none of the unrealized losses were other-than-temporary, and that recognition of an impairment charge was not required as of December 31, 2023. No available-for-sale securities were sold during the three and nine months ended September 30, 2024 and 2023, respectively.

See Note 5 for additional information regarding the fair value of the Company’s investments.