Note 8 - Marketable Securities

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Investment [Text Block]

Note 8 – Marketable Securities

The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. As of December 31, 2022 and 2021, the securities are categorized as available-for-sale and are recorded at fair value. 

Information regarding the Company’s short-term and long-term marketable securities as of December 31, 2022 and 2021 is as follows:

	December 31, 2022
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. government agency securities	$	25,275	$	-	$	(750	)	$	24,525
Corporate debt securities		9,578		-		(205	)		9,373
U.S. municipal securities		15,574		-		(417	)		15,157
Certificates of deposit/time deposits		939		-		(7	)		932
Total marketable securities	$	51,366	$	-	$	(1,379	)	$	49,987

	December 31, 2021
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. government agency securities	$	2,500	$	-	$	(12	)	$	2,488
Corporate debt securities		9,303		-		(44	)		9,259
U.S. municipal securities		12,549		-		(70	)		12,479
Certificates of deposit/time deposits		1,687		7		-			1,694
Total marketable securities	$	26,039	$	7	$	(126	)	$	25,920

Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. government agency securities, U.S. municipal securities, commercial paper and certificates of deposit are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).

Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements.

The December 31, 2022 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

	December 31,
(in thousands)	2022
Due in one year or less	$	23,568
Due after one year through five years		26,419
Total marketable securities	$	49,987