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Marketable Securities | 6 Months Ended
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Jun. 30, 2025
Marketable Securities |
Marketable Securities | (5) Marketable Securities The following is a summary of marketable debt securities, classified as available-for-sale: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Gross Unrealized | ​ | Gross Unrealized | ​ | Fair
​ |  | Cost |  | Gains |  | Losses |  | Value
​ | ​ | (In thousands)
June 30, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government and municipal obligations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Maturing in one year or less | ​ | $ | 186,628 | ​ | $ | 308 | ​ | $ | (5) | ​ | $ | 186,931
Maturing after one year through three years | ​ | ​ | 67,183 | ​ | ​ | 273 | ​ | ​ | (39) | ​ | ​ | 67,417
Total U.S. government and municipal obligations | ​ | $ | 253,811 | ​ | $ | 581 | ​ | $ | (44) | ​ | $ | 254,348
Corporate debt securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Maturing in one year or less | ​ | $ | 284,286 | ​ | $ | 164 | ​ | $ | (36) | ​ | $ | 284,414
Maturing after one year through three years | ​ | ​ | 68,452 | ​ | ​ | 117 | ​ | ​ | (38) | ​ | ​ | 68,531
Total corporate debt securities | ​ | $ | 352,738 | ​ | $ | 281 | ​ | $ | (74) | ​ | $ | 352,945
Total marketable securities | ​ | $ | 606,549 | ​ | $ | 862 | ​ | $ | (118) | ​ | $ | 607,293
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Gross Unrealized | ​ | Gross Unrealized | ​ | Fair
​ |  | Cost |  | Gains |  | Losses |  | Value
​ | ​ | (In thousands)
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government and municipal obligations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Maturing in one year or less | ​ | $ | 185,388 | ​ | $ | 467 | ​ | $ | — | ​ | $ | 185,855
Maturing after one year through three years | ​ | ​ | 102,331 | ​ | ​ | 316 | ​ | ​ | (144) | ​ | ​ | 102,503
Total U.S. government and municipal obligations | ​ | $ | 287,719 | ​ | $ | 783 | ​ | $ | (144) | ​ | $ | 288,358
Corporate debt securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Maturing in one year or less | ​ | $ | 336,350 | ​ | $ | 350 | ​ | $ | (54) | ​ | $ | 336,646
Maturing after one year through three years | ​ | ​ | 72,139 | ​ | ​ | 36 | ​ | ​ | (254) | ​ | ​ | 71,921
Total corporate debt securities | ​ | $ | 408,489 | ​ | $ | 386 | ​ | $ | (308) | ​ | $ | 408,567
Total marketable securities | ​ | $ | 696,208 | ​ | $ | 1,169 | ​ | $ | (452) | ​ | $ | 696,925
​ The Company holds investment-grade marketable securities. Unrealized losses are generally attributable to changes in interest rates. The aggregate fair value of marketable securities held by the Company in an unrealized loss position as of June 30, 2025 and December 31, 2024 was $153.2 million and $142.5 million, respectively. The Company has the intent and ability to hold its marketable securities until recovery and has determined that there has been no material change to the Company’s credit risk. As a result, the Company determined it did not hold any investments with a credit loss at June 30, 2025. Marketable securities include $6.2 million and $6.1 million in accrued interest at June 30, 2025 and December 31, 2024, respectively.

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