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Cash, Cash Equivalents and Short-Term Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
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 June 30, 2025 and December 31, 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​
​ |  | 2025 |  | 2024 |
Cash | ​ | $ | 38,939 | ​ | $ | 34,003 | ​
Cash equivalents: | ​ |  | ​ | ​ | ​ | ​ | ​
Money market mutual fund | ​ |  | 204,477 | ​ | ​ | 134 | ​
Total cash and cash equivalents | ​ |  | 243,416 | ​ | ​ | 34,137 | ​
Short-term investments: | ​ |  | ​ | ​ | ​ | ​ | ​
U.S. Treasury notes and bills | ​ |  | 31,505 | ​ | ​ | 41,948 | ​
Mutual funds | ​ |  | 98,288 | ​ | ​ | 97,675 | ​
Corporate debt securities | ​ | ​ | 52,766 | ​ | ​ | 76,837 | ​
Total short-term investments | ​ |  | 182,559 | ​ | ​ | 216,460 | ​
Cash, cash equivalents and short-term investments | ​ | $ | 425,975 | ​ | $ | 250,597 | ​
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 June 30, 2025 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Treasury notes | ​ | $ | 30,961 | ​ | $ | 544 | ​ | $ | — | ​ | $ | 31,505
Corporate debt securities | ​ | ​ | 52,137 | ​ | 629 | ​ | — | ​ | 52,766
Total available-for-sale investments | ​ | $ | 83,098 | ​ | $ | 1,173 | ​ | $ | — | ​ | $ | 84,271
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
​ ​
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 June 30, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized Cost |  | Fair Value
Due within one year | ​ | $ | 55,291 | ​ | $ | 56,043
Due after one year through five years | ​ | ​ | 27,807 | ​ | ​ | 28,228
Due after five years through ten years | ​ |  | — | ​ |  | —
Total | ​ | $ | 83,098 | ​ | $ | 84,271
​ 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
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 June 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 | ​ | $ | — | ​ | $ | — | ​ | $ | 31,505 | ​ | $ | (875) | ​ | $ | 31,505 | ​ | $ | (875)
Corporate debt securities | ​ |  | — | ​ |  | — | ​ |  | 52,766 | ​ |  | (3,763) | ​ |  | 52,766 | ​ |  | (3,763)
Total | ​ | $ | — | ​ | $ | — | ​ | $ | 84,271 | ​ | $ | (4,638) | ​ | $ | 84,271 | ​ | $ | (4,638)
Schedule of unrealized gains (losses) related to equity securities held | Unrealized gains (losses) during the six months ended June 30, 2025 and 2024 related to equity securities held at June 30, 2025 and 2024 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Six Months Ended June 30, | ​
​ |  | 2025 |  | 2024 |
Net gains (losses) recognized during the period on equity securities | ​ | $ | 613 | ​ | $ | (1,026) | ​
Less: net gains recognized during the period on equity securities sold during the period | ​ |  | — | ​ |  | — | ​
Unrealized gains (losses) recognized during the period on equity securities still held at June 30, 2025 and 2024 | ​ | $ | 613 | ​ | $ | (1,026) | ​
​

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