Note 4 - Marketable Securities

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

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

4. 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 other 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 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 (in thousands):

	Fair Value Measurements as of June 30, 2024 Using:
	Amortized Cost		Unrealized gains		Unrealized Losses			Fair Value
Assets
Corporate bonds	$	63,135	$	43	$	(77	)	$	63,101
Commercial paper		24,217		—		(13	)		24,204
Certificates of deposit		17,068		10		(2	)		17,076
U.S. government treasuries		12,792		—		(64	)		12,728
Asset-backed securities		9,702		14		(2	)		9,714
Total assets	$	126,914	$	67	$	(158	)	$	126,823

	Fair Value Measurements as of December 31, 2023 Using:
	Amortized Cost		Unrealized gains		Unrealized Losses			Fair Value
Assets
Corporate bonds	$	54,256	$	74	$	(49	)	$	54,281
Commercial paper		28,507		30		(3	)		28,534
Certificates of deposit		18,850		17		(1	)		18,866
U.S. government treasuries		16,127		3		(50	)		16,080
Asset-backed securities		10,456		23		(7	)		10,472
Total assets	$	128,196	$	147	$	(110	)	$	128,233

	As of
	June 30, 2024		December 31, 2023
Maturing in one year or less	$	88,752	$	93,117
Maturing after one year through two years		38,071		35,116
Total	$	126,823	$	128,233