Note 4 - Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

4. Fair Value Measurements

We measure our cash equivalents and restricted cash 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 restricted cash within Level 1 or Level 2 because our cash equivalents and restricted cash 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, 2021 and December 31, 2020 are summarized below (in thousands):

	September 30, 2021						December 31, 2020
	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	$	37,105	$	—	$	37,105	$	6,114	$	—	$	6,114
Total cash equivalents		37,105		—		37,105		6,114		—		6,114
Restricted cash:
Money market funds		337		—		337		337		—		337
Total assets measured at fair value	$	37,442	$	—	$	37,442	$	6,451	$	—	$	6,451