Note 2 - Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

2. Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable and other accrued liabilities, approximate their carrying values due to the short-term nature of these instruments. The Company’s marketable securities are classified as available-for-sale and are reported at fair value. Unrealized holding gains and losses are excluded from earnings and are reported net of tax in “accumulated other comprehensive loss” in the Consolidated Balance Sheets until realized. Realized gains and losses are included in “other income, net” in the Consolidated Statements of Operations and are derived using the specific identification method for determining the cost of marketable securities sold.

The Company’s fair value hierarchy for its cash equivalents and marketable securities was as follows:

September 30, 2024	Level 1		Level 2		Level 3		Total
Money market securities	$	2,853	$	—	$	—	$	2,853
Commercial paper		—		14,227		—		14,227
Federal agency notes		—		13,454		—		13,454
U.S. treasuries		—		2,489		—		2,489
Total	$	2,853	$	30,170	$	—	$	33,023

December 31, 2023	Level 1		Level 2		Level 3		Total
Money market securities	$	1,515	$	—	$	—	$	1,515
Commercial paper		—		14,622		—		14,622
U.S. treasuries		—		5,953		—		5,953
Federal agency notes		—		998		—		998
Total	$	1,515	$	21,573	$	—	$	23,088

The fair value maturities of the Company’s cash equivalents and marketable securities as of September 30, 2024, were as follows:

	Maturities by Period
			Less than		1-5		5-10		More than
	Total		1 year		years		years		10 years
Cash equivalents and marketable securities	$	33,023	$	33,023	$	—	$	—	$	—

The Company considers all highly liquid marketable securities with original maturities of 90 days or less at the date of acquisition to be cash equivalents. Cash equivalents include commercial paper, federal agency notes, U.S. treasuries, and money market securities totaling $24,897 and $17,362 at  September 30, 2024 and December 31, 2023, respectively. Cash equivalents are carried at either cost or fair value, depending on the type of security.