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Cash, Cash Equivalents and Short-Term Investments (Tables)

9 Months Ended

Sep. 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 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

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, 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 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 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 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 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)

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

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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