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Cash, Cash Equivalents and Short-Term Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Cash, Cash Equivalents and Short-Term Investments  
Schedule of cash, cash equivalents and short-term investments

Cash, cash equivalents and short-term investments consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2023

    

2022

Cash

​

$

40,760

​

$

34,752

Cash equivalents:

​

 

​

​

​

​

Money market mutual fund

​

 

18,713

​

​

1,843

Total cash and cash equivalents

​

 

59,473

​

​

36,595

Short-term investments:

​

 

​

​

​

​

U.S. Treasury notes and bills

​

 

129,931

​

​

190,718

Mutual funds

​

 

97,522

​

​

99,777

Corporate debt securities

​

​

178,936

​

​

196,233

Total short-term investments

​

 

406,389

​

​

486,728

Cash, cash equivalents and short-term investments

​

$

465,862

​

$

523,323
Schedule of available-for-sale investments

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at September 30, 2023 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

​

​

​

    

Cost

    

Gains

    

Losses

    

Fair Value

U.S. Treasury notes

​

$

127,887

​

$

2,122

​

$

(78)

​

$

129,931

Corporate debt securities

​

​

177,904

​

​

1,456

​

​

(424)

​

​

178,936

Total available-for-sale investments

​

$

305,791

​

$

3,578

​

$

(502)

​

$

308,867

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at December 31, 2022 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Unrealized 

​

Unrealized 

​

​

​

​

    

Cost

    

Gains

    

Losses

    

Fair Value

U.S. Treasury notes

​

$

199,626

 

$

5

​

$

(8,913)

​

$

190,718

Corporate debt securities

​

​

210,764

 

​

1,243

 

​

(15,774)

​

​

196,233

Total available-for-sale investments

​

$

410,390

 

$

1,248

​

$

(24,687)

​

$

386,951
Schedule of investments based on stated contractual maturities

The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of September 30, 2023:

​

​

​

​

​

​

​

​

​

    

Amortized Cost

    

Fair Value

Due within one year

​

$

124,440

​

$

126,880

Due after one year through five years

​

​

181,351

​

​

181,987

Due after five years through ten years

​

 

—

​

 

—

Total

​

$

305,791

​

$

308,867

​

The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2022:

​

​

​

​

​

​

​

​

​

    

Amortized Cost

    

Fair Value

Due within one year

​

$

129,568

 

$

126,776

Due after one year through five years

​

 

280,822

 

 

260,175

Due after five years through ten years

​

​

—

​

​

—

Total

​

$

410,390

 

$

386,951
Schedule of gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

The following table shows the Company’s gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Less than 12 Months

    

12 Months or More

    

Total

​

​

​

​

​

Unrealized

​

​

​

​

Unrealized

​

​

​

​

Unrealized

​

​

Fair Value

​

Losses

​

Fair Value

​

Losses

​

Fair Value

​

Losses

U.S. Treasury notes

​

$

1,947

​

$

(19)

​

$

127,984

​

$

(59)

​

$

129,931

​

$

(78)

Corporate debt securities

​

 

13,657

​

 

(13)

​

 

165,279

​

 

(411)

​

 

178,936

​

 

(424)

Total

​

$

15,604

​

$

(32)

​

$

293,263

​

$

(470)

​

$

308,867

​

$

(502)
Schedule of unrealized losses related to equity securities held

Unrealized losses during 2023 and 2022 related to equity securities held at September 30, 2023 and 2022 are as follows (in thousands):

​

​

​

​

​

​

​

​

​

    

Nine Months Ended September 30, 

​

    

2023

    

2022

Net losses recognized during the nine months on equity securities

​

$

(3,765)

​

$

(12,436)

Less: net gains (losses) recognized during the year on equity securities sold during the period

​

 

1,510

​

 

—

Unrealized losses recognized during the nine months on equity securities still held at September 30, 2023 and 2022

​

$

(2,255)

​

$

(12,436)

​