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Marketable Securities | 9 Months Ended
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Sep. 30, 2025
Marketable Securities |
Marketable Securities |
5. | Marketable Securities
Marketable securities, which are classified as available-for-sale marketable securities, consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2025
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized Cost | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ | ​ | Basis | ​ | Gains | ​ | Losses | ​ | Value
Short-term marketable securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury obligations | ​ | $ | 237,785 | ​ | $ | 123 | ​ | $ | (1) | ​ | $ | 237,907
Corporate debt obligations | ​ | ​ | 38,024 | ​ | ​ | 27 | ​ | ​ | (2) | ​ | ​ | 38,049
Commercial paper | ​ | ​ | 22,517 | ​ | ​ | 18 | ​ | ​ | — | ​ | ​ | 22,535
Supranational debt obligations | ​ | ​ | 9,956 | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | 9,963
Government development bank obligations | ​ | ​ | 4,009 | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | 4,013
Total short-term marketable securities | ​ | $ | 312,291 | ​ | $ | 179 | ​ | $ | (3) | ​ | $ | 312,467
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2024
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​
​ | ​ | Amortized Cost | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ | ​ | Basis | ​ | Gains | ​ | Losses | ​ | Value
Short-term marketable securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury obligations | ​ | $ | 118,697 | ​ | $ | 45 | ​ | $ | (5) |  | $ | 118,737
Total short-term marketable securities | ​ | $ | 118,697 | ​ | $ | 45 | ​ | $ | (5) |  | $ | 118,737
​ All marketable securities held as of September 30, 2025 and December 31, 2024 had contractual maturities of less than one year. As of September 30, 2025 and December 31, 2024, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the marketable securities, and the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. The Company considered the current and expected future economic and market conditions and determined that its marketable securities were not significantly impacted. For all marketable securities with a fair value less than its amortized cost basis, the Company determined the decline in fair value below amortized cost basis to be immaterial and non-credit related, and therefore no allowance for expected credit losses was recorded for the three and nine months ended September 30, 2025 and 2024.

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