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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value of Financial Instruments |
Summary of valuation of the financial instruments | The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements | ​ | ​ | ​
​ | ​ | at September 30, 2023 Using | ​ | ​ | ​
​ | ​ | Quoted Prices in | ​ | Significant Other | ​ | ​ | ​
​ | ​ | Active Markets for | ​ | Observable | ​ | ​ | ​
​ | ​ | Identical Assets | ​ | Inputs | ​ | ​ | ​
Description |  | (Level 1) |  | (Level 2) |  | Total
Cash equivalents: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Money market funds | ​ | $ | 57,144 | ​ | $ | — | ​ | $ | 57,144
Total cash equivalents | ​ | $ | 57,144 | ​ | $ | — | ​ | $ | 57,144
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate debt securities | ​ | $ | — | ​ | $ | 166,868 | ​ | $ | 166,868
Government debt securities | ​ | ​ | — | ​ | ​ | 90,289 | ​ | ​ | 90,289
Total short-term investments | ​ | $ | — | ​ | $ | 257,157 | ​ | $ | 257,157
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 57,144 | ​ | $ | 257,157 | ​ | $ | 314,301
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements | ​ | ​ | ​
​ | ​ | at December 31, 2022 Using | ​ | ​ | ​
​ | ​ | Quoted Prices in | ​ | Significant Other | ​ | ​ | ​
​ | ​ | Active Markets for | ​ | Observable | ​ | ​ | ​
​ | ​ | Identical Assets | ​ | Inputs | ​ | ​ | ​
Description |  | (Level 1) |  | (Level 2) |  | Total
Cash equivalents: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Money market funds | ​ | $ | 310,969 | ​ | $ | — | ​ | $ | 310,969
Corporate debt securities | ​ | ​ | — | ​ |  | 3,249 | ​ |  | 3,249
Total cash equivalents | ​ | $ | 310,969 | ​ | $ | 3,249 | ​ | $ | 314,218
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate debt securities | ​ | $ | — | ​ | $ | 501,014 | ​ | $ | 501,014
Government debt securities | ​ | ​ | — | ​ | ​ | 191,010 | ​ | ​ | 191,010
Total short-term investments | ​ | $ | — | ​ | $ | 692,024 | ​ | $ | 692,024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 310,969 | ​ | $ | 695,273 | ​ | $ | 1,006,242
Schedule of maturities of the Company's available-for-sale investments and money market funds | The Company’s available-for-sale investments are reported at fair value, with unrealized gains and losses, net of tax, recorded as a component of accumulated other comprehensive loss in the Condensed Consolidated Balance Sheet. The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at September 30, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Fair
​ | ​ | Cost | ​ | Value
Due in one year or less | ​ | $ | 195,410 | ​ | $ | 193,040
Due after one year through five years | ​ | ​ | 64,803 | ​ | ​ | 64,117
​ | ​ | $ | 260,213 | ​ | $ | 257,157
​
Schedule of available-for-sale investments in continuous unrealized loss position | The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than 12 Months | ​ | 12 Months or Greater | ​ | Total
​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | Gross | ​ | ​ | ​ | Gross
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
As of September 30, 2023 |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Corporate debt securities | ​ | $ | 13,876 | ​ | $ | (13) | ​ | $ | 132,920 | ​ | $ | (1,865) | ​ | $ | 146,796 | ​ | $ | (1,878)
Government debt securities | ​ |  | 49,597 | ​ |  | (341) | ​ |  | 37,762 | ​ |  | (908) | ​ |  | 87,359 | ​ |  | (1,249)
​ | ​ | $ | 63,473 | ​ | $ | (354) | ​ | $ | 170,682 | ​ | $ | (2,773) | ​ | $ | 234,155 | ​ | $ | (3,127)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than 12 Months | ​ | 12 Months or Greater | ​ | Total
​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | Gross | ​ | ​ | ​ | Gross
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
As of December 31, 2022 |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Corporate debt securities | ​ | $ | 307,085 | ​ | $ | (5,297) | ​ | $ | 185,467 | ​ | $ | (4,090) | ​ | $ | 492,552 | ​ | $ | (9,387)
Government debt securities | ​ |  | 76,651 | ​ | ​ | (626) | ​ | ​ | 100,209 | ​ | ​ | (3,541) | ​ | ​ | 176,860 | ​ | ​ | (4,167)
​ | ​ | $ | 383,736 | ​ | $ | (5,923) | ​ | $ | 285,676 | ​ | $ | (7,631) | ​ | $ | 669,412 | ​ | $ | (13,554)

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