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Available-for-Sale Marketable Securities | 3 Months Ended
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Mar. 31, 2024
Available-for-Sale Marketable Securities |
Available-for-Sale Marketable Securities | 3. Available-for-Sale Marketable Securities As of March 31, 2024 and December 31, 2023, the Company’s available-for-sale marketable securities consisted of debt securities issued by the U.S. Treasury, U.S. government-sponsored entities and investment grade institutions (corporate bonds). The following tables summarize the Company’s available-for-sale marketable securities by major type of security as of March 31, 2024 and December 31, 2023: As of March 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross Unrealized | ​ | Estimated Fair
Type of Security |  | Amortized Cost |  | Gains |  | Losses |  | Value
U.S. Treasury securities | ​ | $ | 13,468 | ​ | $ | — | ​ | $ | (1) | ​ | $ | 13,467
U.S. government agency obligations | ​ |  | 7,500 | ​ |  | — | ​ |  | (190) | ​ |  | 7,310
Corporate bonds | ​ |  | 2,000 | ​ |  | — | ​ |  | — | ​ |  | 2,000
Total available-for-sale marketable securities | ​ | $ | 22,968 | ​ | $ | — | ​ | $ | (191) | ​ | $ | 22,777
​ As of December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross Unrealized | ​ | Estimated Fair
Type of Security |  | Amortized Cost |  | Gains |  | Losses |  | Value
U.S. Treasury securities | ​ | $ | 37,243 | ​ | $ | 3 | ​ | $ | — | ​ | $ | 37,246
U.S. government agency obligations | ​ |  | 7,500 | ​ |  | — | ​ |  | (262) | ​ |  | 7,238
Corporate bonds | ​ |  | 4,500 | ​ |  | — | ​ |  | (1) | ​ |  | 4,499
Total available-for-sale marketable securities | ​ | $ | 49,243 | ​ | $ | 3 | ​ | $ | (263) | ​ | $ | 48,983
​ The following tables summarize the fair value and gross unrealized losses of the Company’s available-for-sale marketable securities by investment category and disaggregated by the length of time that individual debt securities have been in a continuous unrealized loss position as of March 31, 2024 and December 31, 2023: As of March 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 Months | ​ | 12 Months or Greater | ​ | Total
​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
​ |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
U.S. Treasury securities | ​ | $ | 13,467 | ​ | $ | (1) | ​ | $ | — | ​ | $ | — | ​ | $ | 13,467 | ​ | $ | (1)
U.S. government agency obligations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,310 | ​ | ​ | (190) | ​ | ​ | 7,310 | ​ | ​ | (190)
Total | ​ | $ | 13,467 | ​ | $ | (1) | ​ | $ | 7,310 | ​ | $ | (190) | ​ | $ | 20,777 | ​ | $ | (191)
​ As of December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 Months | ​ | 12 Months or Greater | ​ | Total
​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
​ |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
U.S. government agency obligations | ​ | $ | — | ​ | $ | — | ​ | $ | 7,238 | ​ | $ | (262) | ​ | $ | 7,238 | ​ | $ | (262)
Corporate bonds | ​ |  | — | ​ |  | — | ​ |  | 2,000 | ​ |  | (1) | ​ |  | 2,000 | ​ |  | (1)
Total | ​ | $ | — | ​ | $ | — | ​ | $ | 9,238 | ​ | $ | (263) | ​ | $ | 9,238 | ​ | $ | (263)
​ As of March 31, 2024 and December 31, 2023, no allowance for credit losses were recognized on the Company’s available-for-sale debt securities as no portion of the unrealized losses associated with those securities were due to credit losses. The information that the Company considered in reaching the conclusion that an allowance for credit losses was not necessary is as follows: As of March 31, 2024 and December 31, 2023, the Company held a total of 3 out of 4 positions and 3 out of 9 positions, respectively, that were in an unrealized loss position, 2 of which had been in an unrealized loss position for 12 months or greater as of March 31, 2024. Unrealized losses individually and in aggregate, including any in an unrealized loss position for 12 months or greater, were not considered to be material for each respective period. Based on the Company’s review of these securities, the Company believes that the cost basis of its available-for-sale marketable securities is recoverable. U.S. Treasury and U.S. government agency obligations. The unrealized losses on the Company’s investments in direct obligations of the U.S. Treasury and U.S. government agencies were due to changes in interest rates and non-credit related factors. The credit ratings of these investments in the Company’s portfolio have not been downgraded below investment grade status. The contractual terms of these investments do not permit the issuer to repay principal at a price less than the amortized cost bases of the investments, which is equivalent to the par value on the maturity date. The Company expects to recover the entire amortized cost bases of these securities on the maturity date. The Company does not intend to sell these investments, and it is not “more likely than not” that the Company will be required to sell these investments before recovery of their amortized cost bases. The Company held 1 out of 1 position for its U.S. Treasury securities and 2 out of 2 positions for its U.S. government agency obligations, that were in unrealized loss positions as of March 31, 2024. The Company classifies its marketable debt securities based on their contractual maturity dates. As of March 31, 2024, the Company’s marketable debt securities mature at various dates through November 2024. The amortized cost and fair values of marketable debt securities by contractual maturity were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2024 | ​ | As of December 31, 2023
Contractual maturity |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Less than one year | ​ | $ | 22,968 | ​ | $ | 22,777 | ​ | $ | 49,243 | ​ | $ | 48,983
More than one year | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | 22,968 | ​ | $ | 22,777 | ​ | $ | 49,243 | ​ | $ | 48,983
​ All available-for-sale marketable securities are classified as marketable securities, current or marketable securities, non-current depending on the contractual maturity date of the individual available-for-sale security. Other income, net includes interest and dividends, accretion/amortization of discounts/premiums, realized gains and losses on sales of securities and credit loss expense due to declines in the fair value of securities, if any. The cost of securities sold is based on the specific identification method. There were no sales of available-for-sale marketable securities during each of the three months ended March 31, 2024 and 2023. As of March 31, 2024 and December 31, 2023, accrued interest receivables on the Company’s available-for-sale debt securities were $160 and $139, respectively, and were included within other receivables.

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