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Short-Term Investments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments

Note 5—Short-Term Investments

Short-term investments include available-for-sale debt securities, excluded from cash equivalents, that have maturities of one year or less on the date of acquisition  and certificates of deposit. Available-for-sale debt securities are carried at fair value, inclusive of unrealized gains and losses. Unrealized gains and losses on available-for-sale debt securities are recognized in other comprehensive income (loss), net of applicable income taxes. Gains or losses on sales of available-for-sale debt securities are recognized on the specific identification basis.

The Company reviews available-for-sale debt securities for declines in fair value below their cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable and evaluates the current expected credit loss. This evaluation is based on a number of factors, including historical experience, market data, issuer-specific factors, economic conditions, and any changes to the credit rating of the security. As of September 30, 2025, the Company has not recorded a credit loss related to available-for-sale debt securities and believes the carrying values of its available-for-sale debt securities are properly recorded.

Short-term investments as of December 31, 2024 consisted of the following (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Gross		​	​	​
​	​	Amortized		​	Unrealized		​	Estimated
​		Cost			Gain			Fair Value
U.S. government securities	​	$	127,413	​	$	16	​	$	127,429
Certificates of deposit	​		541	​		—	​		541
Total short-term investments	​	$	127,954	​	$	16	​	$	127,970

​

​

Short-term investments as of September 30, 2025 consisted of the following (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Gross		​	​	​
​	​	Amortized		​	Unrealized		​	Estimated
​		Cost			Gain			Fair Value
U.S. government securities	​	$	50,758	​	$	9	​	$	50,767
Certificates of deposit	​	​	552	​	​	—	​	​	552
Total short-term investments	​	$	51,310	​	$	9	​	$	51,319

​

​

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- References

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- Definition

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

+ References

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