Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 3 – Fair Value of Financial Instruments

Financial Assets

The following table represents the estimated fair values of the Company’s financial instruments:

	September 30, 2024 (Unaudited)
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Short-term investments	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—

	December 31, 2023
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Short-term investments	$	12,845,000	$	48,000	$	—	$	12,893,000
Total	$	12,845,000	$	48,000	$	—	$	12,893,000

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments):

	September 30, 2024 (Unaudited)
	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	1,220,000	$	1,220,000	$	—	$	—
US treasuries		4,987,000		—		4,987,000		—
Short-term investments:
US treasuries		—		—		—		—
Total financial assets	$	6,207,000	$	1,220,000	$	4,987,000	$	—

	December 31, 2023
	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	443,000	$	443,000	$	—	$	—
Short-term investments:
US treasuries and US gov’t. agencies		12,893,000		—		12,893,000		—
Total financial assets	$	13,336,000	$	443,000	$	12,893,000	$	—

Warrant Liability

For the details of warrant liability transactions see Note 5 – Warrant Liability.