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Cash, Cash Equivalents and Short-Term Investments (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 and December 31, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2024 |  | 2023
Cash | ​ | $ | 44,042 | ​ | $ | 40,979
Cash equivalents: | ​ |  | ​ | ​ | ​ | ​
Money market mutual fund | ​ |  | 623 | ​ | ​ | 5,367
Total cash and cash equivalents | ​ |  | 44,665 | ​ | ​ | 46,346
Short-term investments: | ​ |  | ​ | ​ | ​ | ​
U.S. Treasury notes and bills | ​ |  | 43,677 | ​ | ​ | 136,665
Mutual funds | ​ |  | 100,019 | ​ | ​ | 101,085
Corporate debt securities | ​ | ​ | 84,305 | ​ | ​ | 172,658
Total short-term investments | ​ |  | 228,001 | ​ | ​ | 410,409
Cash, cash equivalents and short-term investments | ​ | $ | 272,666 | ​ | $ | 456,755
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, 2024 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Treasury notes | ​ | $ | 42,413 | ​ | $ | 1,264 | ​ | $ | — | ​ | $ | 43,677
Corporate debt securities | ​ | ​ | 82,350 | ​ | 1,955 | ​ | — | ​ | 84,305
Total available-for-sale investments | ​ | $ | 124,763 | ​ | $ | 3,219 | ​ | $ | — | ​ | $ | 127,982
The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments 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
​
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, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized Cost |  | Fair Value
Due within one year | ​ | $ | 56,436 | ​ | $ | 57,957
Due after one year through five years | ​ | ​ | 68,327 | ​ | ​ | 70,025
Due after five years through ten years | ​ |  | — | ​ |  | —
Total | ​ | $ | 124,763 | ​ | $ | 127,982
​ The following table summarizes the fair value of available-for-sale investments 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
Due after five years through ten years | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 302,581 |  | $ | 309,323
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, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 | ​ | $ | — | ​ | $ | — | ​ | $ | 43,677 | ​ | $ | — | ​ | $ | 43,677 | ​ | $ | —
Corporate debt securities | ​ |  | — | ​ |  | — | ​ |  | 84,305 | ​ |  | — | ​ |  | 84,305 | ​ |  | —
Total | ​ | $ | — | ​ | $ | — | ​ | $ | 127,982 | ​ | $ | — | ​ | $ | 127,982 | ​ | $ | —
Schedule of unrealized gains (losses) related to equity securities held | Unrealized gains (losses) during the nine months ended September 30, 2024 and 2023 related to equity securities held at September 30, 2024 and 2023 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended September 30,
​ |  | 2024 |  | 2023
Net losses recognized during the nine months on equity securities | ​ | $ | (1,026) | ​ | $ | (3,765)
Less: net gains recognized during the year on equity securities sold during the period | ​ |  | 2,471 | ​ |  | 1,510
Unrealized gains (losses) recognized during the nine months on equity securities still held at September 30, 2024 and 2023 | ​ | $ | 1,445 | ​ | $ | (2,255)
​

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