Note 2 - Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(2) Fair Value of Financial Instruments

In accordance with ASC 820 “Fair Value Measurements and Disclosures”, the Company defines its’s fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, in the following:

• Level 1 Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date.

•
Level 2 Pricing inputs are quoted for similar investments, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to these investments.

•
Level 3 Pricing inputs are unobservable for the investment; that is, the inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

The Company’s fair value hierarchy for its cash equivalents and marketable securities as of  December 31, 2024 and 2023, respectively, was as follows:

December 31, 2024	Level 1		Level 2		Level 3		Total
Money market securities	$	112	$	—	$	—	$	112
Commercial paper		—		10,633		—		10,633
U.S. treasuries		—		9,192		—		9,192
Federal agency notes		—		5,317		—		5,317
Total	$	112	$	25,142	$	—	$	25,254

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  December 31, 2024 are 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	$	25,254	$	25,254	$	—	$	—	$	—