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v3.25.2

Investments | 6 Months Ended
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Jun. 30, 2025
Investments |
Investments | 3. Investments As of June 30, 2025 the Company had investments of $181,621 classified as available-for-sale securities. The Company had no investments at December 31, 2024 as it sold all its investments in the third quarter of 2024 and the proceeds were invested in cash and cash equivalents. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of June 30, 2025
​ |  | ​ | ​ |  | Gross |  | Gross |  | Estimated
​ | ​ | Adjusted | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ | ​ | Cost | ​ | Gains | ​ | (Losses) | ​ | Value
Corporate bonds | ​ | $ | 146,215 | ​ | $ | 349 | ​ | $ | (112) | ​ | $ | 146,452
Commercial paper | ​ | ​ | 10,735 | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 10,734
Treasury bills | ​ | ​ | 9,456 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,456
Agency bonds | ​ | ​ | 14,999 | ​ | ​ | 1 | ​ | ​ | (21) | ​ | ​ | 14,979
Total investments | ​ | $ | 181,405 | ​ | $ | 350 | ​ | $ | (134) | ​ | $ | 181,621
​ For the six months ended June 30, 2025 and 2024, the net unrealized gains and (losses) were $165 and ($69), respectively, net of taxes. Available-for-sale debt securities are carried at fair value on the consolidated balance sheets. The Company estimates the lifetime expected credit losses for all available-for sale debt securities in an unrealized loss position. If our assessment indicates that an expected credit loss exists, we determine the portion of the unrealized loss attributable to credit deterioration and record a reserve for the expected credit loss in the allowance for credit losses in technology and academic services in our consolidated income statements. ​
​ | ​ | ​ | ​
Available-for-sale securities maturing as of December 31: | ​ | ​ | ​
2025 | ​ | $ | 23,679
2026 | ​ | ​ | 72,303
2027 | ​ | ​ | 61,542
2028 | ​ | ​ | 24,097
​ | ​ | $ | 181,621
​

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