Note 4 - Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

4.

Fair Value Measurements

We measure our cash equivalents and short-term investments at fair value. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A

three

-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value:

Level  1: Quoted prices in active markets for identical assets or liabilities.

Level  2: Directly or indirectly observable market-based inputs or unobservable inputs used in models or other valuation methodologies.

Level  3: Unobservable inputs that are not corroborated by market data. The inputs require significant management judgment or estimation.

We classify our cash equivalents and short-term investments within Level

1

or Level

2

because our cash equivalents and short-term investments are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

Assets measured at fair value on a recurring basis as of

September 30, 2020

and

December 31, 2019

are summarized below (in thousands):

	September 30, 2020						December 31, 2019
	Quoted Prices in		Direct or				Quoted Prices in		Direct or
	Active Markets		Indirect				Active Markets		Indirect
	for Identical		Observable				for Identical		Observable
	Assets (Level 1)		Inputs (Level 2)		Total		Assets (Level 1)		Inputs (Level 2)		Total
Assets
Cash equivalents:
Money market funds	$	5,853	$	—	$	5,853	$	1,871	$	—	$	1,871
Corporate commercial paper		—		—		—		—		999		999
Corporate debt		—		—		—		—		750		750
Total cash equivalents		5,853		—		5,853		1,871		1,749		3,620
Restricted cash:
Money market funds		363		—		363		600		—		600
Short-term investments:
Corporate commercial paper		—		—		—		—		748		748
Corporate debt		—		—		—		—		1,501		1,501
Total short-term investments		—		—		—		—		2,249		2,249
Total assets measured at fair value	$	6,216	$	—	$	6,216	$	2,471	$	3,998	$	6,469

As of

September 30, 2020

, and

December 31, 2019

, contractual maturities of our short-term investments were less than

one

year, and gross unrealized gains and losses on those investments were

not

material.