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INVESTMENTS IN MARKETABLE DEBT SECURITIES | 9 Months Ended
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Mar. 31, 2024
INVESTMENTS IN MARKETABLE DEBT SECURITIES |
INVESTMENTS IN MARKETABLE DEBT SECURITIES | NOTE 3 —INVESTMENTS IN MARKETABLE DEBT SECURITIES Investments in marketable debt securities, are accounted for as available-for-sale investments and consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ | March 31, | ​ | June 30,
​ | 2024 |  | 2023
Short-term investments | $ | 74,092 | ​ | $ | 85,860
Long-term investments | ​ | 1,573 | ​ | ​ | 16,470
Total investments | $ | 75,665 | ​ | $ | 102,330
​ The Company’s investments in debt securities are subject to interest rate risk and credit risk that results in differences between the amortized cost basis and the fair value of investments. To minimize the exposure to reductions in fair value if long-term interest rates rise, the Company generally invests in securities with expected maturities of two years or less and maintains a weighted average maturity of one year or less. As of March 31, 2024, investments in marketable debt securities with an aggregate fair value of $74.1 million are scheduled to mature during the 12-month period ending March 31, 2025. Substantially all remaining investments, with an aggregate fair value of $1.6 million, are scheduled to mature during the 12-month period ending March 31, 2026. During the nine months ended March 31, 2024, marketable debt securities for $85.8 million matured and approximately $56.7 million of the proceeds were reinvested in additional marketable debt securities. The Company did not sell any marketable debt securities prior to the scheduled maturity dates for the nine months ended March 31, 2024. Accrued interest receivable on all marketable debt securities amounted to $0.5 million and $0.3 million as of March 31, 2024 and June 30, 2023, respectively. Accrued interest receivable is included in other current assets in the accompanying condensed consolidated balance sheets. For the three and nine months ended March 31, 2024, the Company did not recognize any allowance for credit losses or other than temporary impairment related to investments in marketable debt securities. The following table summarizes the cumulative unrealized gains and losses that result in differences between the amortized cost basis and fair value of the Company’s marketable debt securities held as of March 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross Unrealized | ​ | ​ | ​ | ​
​ | ​ | Amortized Cost |  | Gains |  | Losses |  | Fair Value | ​
Corporate commercial paper | ​ | $ | 22,573 | ​ | $ | 1 | ​ | $ | (9) | ​ | $ | 22,565 | ​
Obligations of U.S. government agencies | ​ | ​ | 11,324 | ​ | ​ | — | ​ | ​ | (11) | ​ | ​ | 11,313 | ​
U.S. Treasury obligations | ​ | ​ | 1,001 | ​ | ​ | — | ​ | ​ | (6) | ​ | ​ | 995 | ​
Corporate notes and bonds | ​ | ​ | 38,507 | ​ | ​ | 1 | ​ | ​ | (69) | ​ | ​ | 38,439 | ​
Asset-backed securities | ​ | ​ | 2,338 | ​ | ​ | 16 | ​ | ​ | (1) | ​ | ​ | 2,353 | ​
Total | ​ | $ | 75,743 | ​ | $ | 18 | ​ | $ | (96) | ​ | $ | 75,665 | ​
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