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Cash, Cash Equivalents and Short-term Investments (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2024 and 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

Carrying Value

​

    

2024

    

2023

Cash

​

$

45,155

​

$

40,979

Cash equivalents:

​

 

​

​

​

​

Money market mutual fund

​

 

134

​

​

5,367

Total cash and cash equivalents

​

 

45,289

​

​

46,346

Short-term investments:

​

 

​

​

​

​

U.S. Treasury notes and bills

​

 

41,948

​

​

136,665

Mutual funds

​

 

97,675

​

​

101,085

Corporate debt securities

​

​

76,837

​

​

172,658

Total short-term investments

​

 

216,460

​

​

410,409

Cash, cash equivalents and short-term investments

​

$

261,749

​

$

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 December 31, 2024 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

​

​

​

    

Cost

    

Gains

    

Losses

    

Fair Value

U.S. Treasury notes

​

$

40,628

​

$

1,320

​

$

—

​

$

41,948

Corporate debt securities

​

​

75,297

​

1,540

​

—

​

76,837

Total available-for-sale investments

​

$

115,925

​

$

2,860

​

$

—

​

$

118,785

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 December 31, 2024:

​

​

​

​

​

​

​

​

    

Amortized Cost

    

Fair Value

Due within one year

​

$

52,242

​

$

53,934

Due after one year through five years

​

​

63,683

​

​

64,851

Due after five years through ten years

​

 

-

​

 

-

Total

​

$

115,925

​

$

118,785

The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2023 (in thousands):

​

​

​

​

​

​

​

​

​

    

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
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, 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

​

$

—

​

$

—

​

$

41,948

​

$

(1,867)

​

$

41,948

​

$

(1,867)

Corporate debt securities

​

 

—

​

 

—

​

 

76,837

​

 

(5,728)

​

 

76,837

​

 

(5,728)

Total

​

$

—

​

$

—

​

$

118,785

​

$

(7,595)

​

$

118,785

​

$

(7,595)
Schedule of unrealized gains (losses) related to equity securities held

Unrealized gains (losses) during 2024, 2023 and 2022 related to equity securities held at December 31, 2024, 2023 and 2022 are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

    

Year Ended December 31,

​

    

2024

    

2023

    

2022

Net losses recognized during the year on equity securities

​

$

(3,370)

​

$

(3,764)

​

$

(11,406)

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

​

 

2,471

​

 

5,072

​

​

—

Unrealized gains (losses) recognized during the year on equity securities still held at December 31, 2024, 2023 and 2022

​

$

(899)

​

$

1,308

​

$

(11,406)

​