Note 6 - Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Fair Value Disclosures [Text Block]

6. FAIR VALUE MEASUREMENTS

The following tables summarize the fair value of the Company’s financial assets that are measured at fair value as of December 31, 2025 and December 31, 2024 (in thousands):

	December 31, 2025
	Fair Value Measurement Category
	Level 1		Level 2		Level 3
Liabilities:
Fair value of warrant liabilities		—		—		—

	December 31, 2024
	Fair Value Measurement Category
	Level 1		Level 2		Level 3
Liabilities:
Fair value of warrant liabilities		—		—		109

The following table summarizes the Company's warrant activity during the year ended December 31, 2025 (in thousands):

	December 31, 2025
Warrants liabilities as of January 1, 2025	$	109
Change in fair value of warrants		(109	)
Warrants liabilities as of December 31, 2025	$	—

The fair value of the stock purchase warrants issued in connection with the Company’s common stock offering on March 1, 2022 were measured using the Black-Scholes model. Inputs used to determine the estimated fair value of the warrant liabilities include the fair value of the underlying stock at the valuation date, the term of the warrants, and the expected volatility of the underlying stock. The significant unobservable input used in the fair value measurement of the warrant liabilities is the estimated term of the warrants. Upon the issuance of the stock purchase warrants, the Company evaluated the terms of each warrant to determine the appropriate accounting and classification pursuant to FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”), and FASB Accounting Standards Codification Topic 815, Derivatives and Hedging (“ASC 815”). Based on the Company’s evaluation and due to certain terms in the warrant agreements, it concluded the stock purchase warrants should be classified as liability with subsequent remeasurement as long as such warrants continue to be classified as liabilities.