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Cash, Cash Equivalents and Short-Term Investments | 9 Months Ended
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Sep. 30, 2025
Cash, Cash Equivalents and Short-Term Investments |
Cash, Cash Equivalents and Short-Term Investments | Note 7. Cash, Cash Equivalents and Short-Term Investments Cash, cash equivalents and short-term investments consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
Cash | ​ | $ | 39,344 | ​ | $ | 34,003
Cash equivalents: | ​ |  | ​ | ​ | ​ | ​
Money market mutual fund | ​ |  | 216,467 | ​ | ​ | 134
Total cash and cash equivalents | ​ |  | 255,811 | ​ | ​ | 34,137
Short-term investments: | ​ |  | ​ | ​ | ​ | ​
U.S. Treasury notes and bills | ​ |  | 24,656 | ​ | ​ | 41,948
Mutual funds | ​ |  | 99,338 | ​ | ​ | 97,675
Corporate debt securities | ​ | ​ | 41,509 | ​ | ​ | 76,837
Total short-term investments | ​ |  | 165,503 | ​ | ​ | 216,460
Cash, cash equivalents and short-term investments | ​ | $ | 421,314 | ​ | $ | 250,597
​ 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, 2025 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
U.S. Treasury notes | ​ | $ | 24,026 | ​ | $ | 630 | ​ | $ | — | ​ | $ | 24,656
Corporate debt securities | ​ | ​ | 40,803 | ​ | 706 | ​ | — | ​ | 41,509
Total available-for-sale investments | ​ | $ | 64,829 | ​ | $ | 1,336 | ​ | $ | — | ​ | $ | 66,165
​ The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of September 30, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized Cost |  | Fair Value
Due within one year | ​ | $ | 46,632 | ​ | $ | 47,560
Due after one year through five years | ​ | ​ | 18,197 | ​ | ​ | 18,605
Due after five years through ten years | ​ |  | — | ​ |  | —
Total | ​ | $ | 64,829 | ​ | $ | 66,165
​ 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 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 primary objective of our investment portfolio is to enhance overall returns in an efficient manner while maintaining safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with primarily investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer. We review our available-for-sale investments for other-than-temporary declines in fair value below our cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. The evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below our cost basis, as well as adverse conditions related specifically to the security such as any changes to the credit rating of the security and the intent to sell or whether we will more likely than not be required to sell the security before recovery of its amortized cost basis. Our assessment of whether a security is other-than-temporarily impaired could change in the future based on new developments or changes in assumptions related to that particular security. 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, 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 | ​ | $ | — | ​ | $ | — | ​ | $ | 24,656 | ​ | $ | (675) | ​ | $ | 24,656 | ​ | $ | (675)
Corporate debt securities | ​ |  | — | ​ |  | — | ​ |  | 41,509 | ​ |  | (3,086) | ​ |  | 41,509 | ​ |  | (3,086)
Total | ​ | $ | — | ​ | $ | — | ​ | $ | 66,165 | ​ | $ | (3,761) | ​ | $ | 66,165 | ​ | $ | (3,761)
​ For U.S. Treasury notes, the unrealized losses were caused by interest rate increases after the investments were purchased. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The Company generally does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, except in the case of an economic reason, such as the need to support a debt repurchase strategy, or similar capital allocation decision. In such circumstances, the Company may consider selling these investments to optimize its overall capital structure. Absent an economic reason to sell these investments, the Company does not consider the U.S. Treasury notes to be other-than-temporarily impaired at September 30, 2025. For corporate debt securities, the unrealized losses were primarily caused by interest rate increases after the investments were purchased. The Company generally does not intend to sell these debt securities that are in an unrealized loss position, and it is not more likely than not that the Company will be required to sell these debt securities before recovery of their amortized cost bases, which may be at maturity, except in the case of an economic reason as described above. Based on the credit quality of the debt securities, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, absent an economic reason to sell the investments, the Company does not consider the corporate debt securities to be other-than-temporarily impaired at September 30, 2025. During the three months ended September 30, 2025 and 2024, we had realized gains (losses) of ($0.4) million and ($6.0) million on available-for-sale investments, respectively. During the nine months ended September 30, 2025 and 2024, we had realized gains (losses) of ($2.3) million and ($4.0) million on available-for-sale investments, respectively. Equity Investments We held investments in equity securities with readily determinable fair values of $99.3 million at September 30, 2025. These investments consist of mutual funds that invest primarily in tax-free municipal bonds and treasury inflation protected securities. Unrealized gains (losses) during the nine months ended September 30, 2025 and 2024 related to equity securities held at September 30, 2025 and 2024 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended September 30,
​ |  | 2025 |  | 2024
Net losses recognized during the period on equity securities | ​ | $ | (46) | ​ | $ | (1,026)
Less: net gains recognized during the period on equity securities sold during the period | ​ |  | 1,709 | ​ |  | 2,471
Unrealized gains recognized during the period on equity securities still held at September 30, 2025 and 2024 | ​ | $ | 1,663 | ​ | $ | 1,445
​

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