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Investments
 9 Months Ended
Sep. 30, 2025
Investments  
Investments

(4) Investments

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All investments in fixed income securities are classified as cash equivalents or available-for-sale in the condensed consolidated balance sheets based on the underlying maturity date of each investment. Fixed income securities are recorded at their estimated fair value. The amortized cost, gross unrealized holding gains and losses included in accumulated other comprehensive income and the fair value of the fixed income securities as of September 30, 2025 and December 31, 2024 are presented in the tables below (in thousands):

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September 30, 2025

​

​

    

Amortized

    

Unrealized

    

Unrealized

    

Fair

​

​

    

Cost

    

Gains

    

Losses

    

Value

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Cash equivalents:

​

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds

​

$

20,884

​

$

—

​

$

—

​

$

20,884

​

Cash equivalents

​

$

20,884

​

$

—

​

$

—

​

$

20,884

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Available-for-sale investments-short-term:

​

​

  

​

​

  

​

​

  

​

​

  

​

U.S. treasury securities

​

$

420,331

​

$

519

​

$

—

​

$

420,850

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Available-for-sale investments – short-term

​

$

420,331

​

$

519

​

$

—

​

$

420,850

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Available-for-sale investments-long-term:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasury securities

​

$

111,710

​

$

261

​

$

(16)

​

$

111,955

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Available-for-sale investments – long-term

​

$

111,710

​

$

261

​

$

(16)

​

$

111,955

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

    

Amortized

    

Unrealized

    

Unrealized

    

Fair

​

    

Cost

    

Gains

    

Losses

    

Value

Cash equivalents:

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds

​

$

29,806

​

$

—

​

$

—

​

$

29,806

U.S. treasury security

​

​

24,835

​

​

—

​

​

—

​

​

24,835

Cash equivalents

​

$

54,641

​

$

—

​

$

—

​

$

54,641

Available-for-sale investments-short-term:

​

​

  

​

​

  

​

​

  

​

​

  

U.S. treasury securities

​

$

124,352

​

$

69

​

$

(1)

​

$

124,420

Available-for-sale investments – short-term

​

$

124,352

​

$

69

​

$

(1)

​

$

124,420

Available-for-sale investments-long-term:

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasury security

​

$

25,059

​

$

9

​

$

—

​

$

25,068

Available-for-sale investments – long-term

​

$

25,059

​

$

9

​

$

—

​

$

25,068

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The Company invests in highly rated investment grade debt securities. As of September 30, 2025, all of the Company’s available-for-sale securities have final maturities of one year or less, except for four U.S. treasury securities classified as long-term with final maturities extending through March 15, 2027. 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 September 30, 2025 or December 31, 2024.

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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 were primarily attributable to changes in interest rates and non-credit-related factors.

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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 September 30, 2025 or December 31, 2024. As of September 30, 2025, there was one security with an aggregate market value of $22.2 million in an unrealized loss position. The loss related to this security was less than $0.1 million and it has not been in an unrealized loss position for more than one year. No available-for-sale securities were sold during the nine months ended September 30, 2025 or September 30, 2024.

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