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Investments

9 Months Ended

Sep. 30, 2025

Investments

Investments

3. Investments

As of September 30, 2025 the Company had investments of $179,691 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.

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As of September 30, 2025

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Gross

Gross

Estimated

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Adjusted

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Unrealized

​

Unrealized

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Fair

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​

Cost

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Gains

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(Losses)

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Value

Corporate bonds

​

$

169,806

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$

770

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$

(49)

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$

170,527

Commercial paper

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​

5,313

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—

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—

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5,313

Agency bonds

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3,849

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2

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—

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3,851

Total investments

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$

178,968

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$

772

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$

(49)

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$

179,691

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For the nine months ended September 30, 2025, the net unrealized gains were $551, net of taxes. For the nine months ended September 30, 2024, the net realized gains were $57, 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.

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Available-for-sale securities maturing as of December 31:	​	​	​
2025	​	$	2,500
2026	​	​	69,106
2027	​	​	78,014
2028	​	​	30,071
​	​	$	179,691

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- References

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6B
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 320
-Name Accounting Standards Codification
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