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Cash, Cash Equivalents and Short-Term Investments (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2023 and 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

Carrying Value

​

    

2023

    

2022

    

2023

    

2022

Cash

​

$

40,979

​

$

34,752

​

$

40,979

​

$

34,752

Cash equivalents:

​

 

​

​

​

​

​

 

​

​

​

​

Money market mutual fund

​

 

5,367

​

​

1,843

​

 

5,367

​

​

1,843

Total cash and cash equivalents

​

 

46,346

​

​

36,595

​

 

46,346

​

​

36,595

Short-term investments:

​

 

​

​

​

​

​

 

​

​

​

​

U.S. Treasury notes

​

 

136,665

​

​

190,718

​

 

136,665

​

​

190,718

Mutual funds

​

 

101,085

​

​

99,777

​

 

101,085

​

​

99,777

Corporate debt securities

​

​

172,658

​

​

196,233

​

​

172,658

​

​

196,233

Total short-term investments

​

 

410,409

​

​

486,728

​

 

410,409

​

​

486,728

Cash, cash equivalents and short-term investments

​

$

456,755

​

$

523,323

​

$

456,755

​

$

523,323

​
Schedule of available-for-sale investments

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale debt securities by type of security at December 31, 2023 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

​

​

​

    

Cost

    

Gains

    

Losses

    

Fair Value

U.S. Treasury notes

​

$

133,989

​

$

2,697

​

$

(21)

​

$

136,665

Corporate debt securities

​

​

168,592

​

​

4,067

​

​

(1)

​

​

172,658

Total available-for-sale investments

​

$

302,581

​

$

6,764

​

$

(22)

​

$

309,323

​

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale debt securities 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 debt securities based on stated contractual maturities as of December 31, 2023:

​

​

​

​

​

​

​

​

    

Amortized Cost

    

Fair Value

Due within one year

​

$

101,252

​

$

103,802

Due after one year through five years

​

​

201,329

​

​

205,521

Total

​

$

302,581

​

$

309,323

The following table summarizes the fair value of available-for-sale debt securities based on stated contractual maturities as of December 31, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

    

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 December 31, 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

​

$

44,693

​

$

(21)

​

$

91,972

​

$

—

​

$

136,665

​

$

(21)

Corporate debt securities

​

 

9,033

​

 

(1)

​

 

163,625

​

 

—

​

 

172,658

​

 

(1)

Total

​

$

53,726

​

$

(22)

​

$

255,597

​

$

—

​

$

309,323

​

$

(22)
Schedule of unrealized gains (losses) related to equity securities held

Unrealized gains (losses) during 2023, 2022 and 2021 related to equity securities held at December 31, 2023, 2022 and 2021 are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

    

Year Ended December 31, 

​

    

2023

    

2022

    

    

2021

Net losses recognized during the twelve months on equity securities

​

$

(3,764)

​

$

(11,406)

​

$

(1,386)

Less: net gains recognized during the year on equity securities sold during the year

​

 

5,072

​

 

—

​

 

—

Unrealized gains (losses) recognized during the year on equity securities still held at December 31, 2023, 2022 and 2021

​

$

1,308

​

$

(11,406)

​

$

(1,386)

​