Note 3 - Marketable Securities

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

3.         Marketable Securities

The objectives of the Company’s investment policy are to ensure the safety and preservation of invested funds, as well as to maintain liquidity sufficient to meet cash flow requirements. The Company invests its excess cash in securities issued by financial institutions, commercial companies, and government agencies that management believes to be of high credit quality in order to limit the amount of its credit exposure. The Company has not realized any net losses from its investments.

Unrealized gains and losses on investments that are available for sale are recognized in accumulated comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are included in other income (loss) in the condensed consolidated statements of operations and comprehensive loss and are determined using the specific identification method with transactions recorded on a trade date basis. The Company classifies marketable securities that are available for use in current operations as current assets on the condensed consolidated balance sheet.

The following tables summarize marketable securities held at September 30, 2022 (in thousands):

	Fair Value Measurements as of September 30, 2022 Using:
	Amortized Cost		Unrealized gains		Unrealized Losses			Fair Value
Assets
Corporate bonds	$	70,058	$	—	$	(506	)	$	69,552
Commercial paper		20,825		—		(50	)		20,775
Certificates of Deposit		7,487		—		(39	)		7,448
Asset-backed securities		6,392		—		(46	)		6,346
Total assets	$	104,762	$	—	$	(641	)	$	104,121

	As of
	September 30, 2022
Maturing in one year or less	$	86,552
Maturing after one year through two years		17,569
Total	$	104,121

There were no marketable securities as of December 31, 2021.