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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Measurements  
Fair Value Measurements

3.   FAIR VALUE MEASUREMENTS

​

Cash equivalents and short-term investments consist of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

    

Amortized Cost

    

Unrealized Gains

    

Unrealized Losses

    

Fair Value

Cash equivalents:

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds

​

$

161,094

​

$

—

​

$

—

​

$

161,094

Short-term investments:

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government treasury securities

​

​

264,074

​

​

309

​

​

(88)

​

​

264,295

Total

​

$

425,168

​

$

309

​

$

(88)

​

$

425,389

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

    

Amortized Cost

    

Unrealized Gains

    

Unrealized Losses

    

Fair Value

Cash equivalents:

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds

​

$

129,123

​

$

—

​

$

—

​

$

129,123

Short-term investments:

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government treasury securities

​

​

152,129

​

​

103

​

​

—

​

​

152,232

Total

​

$

281,252

​

$

103

​

$

—

​

$

281,355

​

Investments with maturities of 90 days or less from the date of purchase are classified as cash equivalents; investments with maturities of greater than 90 days from the date of purchase but less than one year are generally classified as short-term investments; and investments with maturities of one year or greater from the date of purchase are generally classified as long-term investments. All short-term investments had stated maturity dates of less than one year. The Company has recorded the securities at fair value in its consolidated balance sheets and unrealized gains and losses are reported as a component of accumulated other comprehensive income. The amount of realized gains and losses reclassified into earnings and the related adjustments to deferred taxes are based on the specific identification of the securities sold or securities that reached maturity date.

​

Fair Value

​

The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset in an orderly transaction between market participants, as determined by either the

principal market or the most advantageous market. Inputs used in the valuation techniques are classified based on a three-level hierarchy, as follows:

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●Level 1 inputs: Quoted prices for identical assets or liabilities in active markets;

​

●Level 2 inputs: Observable inputs other than those described as Level 1; and

​

●Level 3 inputs: Unobservable inputs that are supportable by little or no market activities and are based on significant assumptions and estimates.

​

As of December 31, 2024 and 2023, the fair value of the Company’s cash equivalents and short-term investments were all measured using level 1 inputs.