Note 3 - Investment Securities

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3 – INVESTMENT SECURITIES

Our short-term investments as of December 31, 2024 and 2023 are classified as held-to-maturity. Held-to-maturity investments are recorded at amortized cost.

The following tables summarize our investment securities at December 31, 2024 and 2023:

	December 31, 2024
	Amortized		Gross		Gross
	cost, as		unrealized		unrealized		Estimated
(in thousands)	adjusted		holding gains		holding losses		fair value
Short-term investments:
Obligations of domestic governmental agencies (maturing between January 2025 and December 2025) (held-to-maturity)	$	131,106	$	64	$	—	$	131,170
Total short-term investment securities	$	131,106	$	64	$	—	$	131,170

	December 31, 2023
	Amortized		Gross		Gross
	cost, as		unrealized		unrealized		Estimated
	adjusted		holding gains		holding losses		fair value
Short-term investments:
Obligations of domestic governmental agencies (maturing between January 2023 and December 2023) (held-to-maturity)	$	124,575	$	30	$	53	$	124,552
Total short-term and long-term investment securities	$	124,575	$	30	$	53	$	124,552

Our long-term investments as of  December 31, 2024 include shares of common stock of Precision. The fair market value of the equity securities as of  December 31, 2024 was $0.4 million. For the year ended December 31, 2024, we recorded unrealized losses of $0.8 million based on the change in fair value of Precision’s common stock during the period. See Note 5 for further details.