Note 2 - Investment Securities

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Cash, Cash Equivalents, and Marketable Securities [Text Block]

NOTE

2

—INVESTMENT SECURITIES

The following tables summarize cash, cash equivalents and marketable securities (in thousands):

	December 31,
	201 8		20 1 7
Cash and cash equivalents:
Cash	$	21,969	$	14,058
Cash equivalents:
Money market funds		4,083		126
Total cash and cash equivalents		26,052		14,184
Marketable securities:
U.S. government notes		1,397		11,870
U.S. government agencies		2,677		—
Municipal securities		200		200
Commercial paper		2,433		1,833
Corporate debt securities		2,816		7,825
Total marketable securities		9,523		21,728
Total cash, cash equivalents and marketable securities	$	35,575	$	35,912

The following table summarizes unrealized gains and losses related to the Company’s marketable investments (in thousands):

December 31, 201 8	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Cash and cash equivalents	$	26,052	$	—	$	—		$	26,052
Marketable investments
U.S. government notes		1,397		—		—			1,397
U.S. government agencies		2,677		—		—			2,677
Municipal securities		200		—		—			200
Commercial paper		2,433		—		—			2,433
Corporate debt securities		2,825		—		(9	)		2,816
Total marketable securities		9,532				(9	)		9,523
Total cash, cash equivalents and marketable securities	$	35,584	$		$	(9	)	$	35,575

December 31, 201 7	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Cash and cash equivalents	$	14,184	$	—	$	—		$	14,184
Marketable investments
U.S. government notes		11,885		—		(15	)		11,870
Municipal securities		201		—		(1	)		200
Commercial paper		1,836		—		(3	)		1,833
Corporate debt securities		7,838		2		(15	)		7,825
Total marketable securities		21,760		2		(34	)		21,728
Total cash, cash equivalents and marketable securities	$	35,944	$	2	$	(34	)	$	35,912

No

investments were in a continuous unrealized loss position for longer than

12

months as of

December 31, 2018

and

2017.

The unrealized losses on the available-for-sale investments are related to corporate securities and government securities. The Company determined these unrealized losses to be temporary. Factors considered in determining whether a loss is temporary included the length of time and extent to which the investment’s fair value has been less than the cost basis; the financial condition and near-term prospects of the investee; extent of the loss related to credit of the issuer; the expected cash flows from the security; the Company’s intent to sell the security; and whether or

not

the Company will be required to sell the security before the recovery of its amortized cost.

The following table summarizes the estimated fair value of the Company’s marketable investments classified by the contractual maturity date of the security as of

December 31, 2018 (

in thousands):

	Amount
Due in less than one year	$	9,121
Due in 1 to 3 years		402
Total marketable securities	$	9,523

Fair Value Measurements

The following table summarizes financial assets measured and recognized at fair value on a recurring basis and classified under the appropriate level of the fair value hierarchy as described above (in thousands):

December 31, 201 8	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	4,083	$	—	$	—	$	4,083
Short term marketable investments:
Available-for-sale securities		—		9,523		—		9,523
Total assets at fair value	$	4,083	$	9,523	$	—	$	13,606

December 31, 201 7	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	126	$	—	$	—	$	126
Commercial paper		—		—		—		—
Short term marketable investments:
Available-for-sale securities		—		21,728		—		21,728
Total assets at fair value	$	126	$	21,728	$	—	$	21,854

The Company’s Level

1

financial assets are money market funds with fair values that are based on quoted market prices. The Company’s Level

2

investments include U.S. government-backed securities and corporate securities that are valued based upon observable inputs that

may

include benchmark yields, reported trades, broker/dealer quotes, issuer spreads,

two

-sided markets, benchmark securities, bids, offers and reference data including market research publications. The average remaining maturity of the Company’s Level

2

investments as of

December 31, 2018

is less than 

12

months and all of these investments are rated by S&P and Moody’s at A or better. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were

no

transfers within the hierarchy during the years ended

December 31, 2018

or

2017.