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Note 8 - Available-for-Sale Securities
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Available-for-Sale Securities
7.
Available-for-Sale Securities

Available-for-sale securities consisted of U.S. Treasury Securities, U.S. Agency bonds, commercial paper, corporate debt securities and asset-backed securities.

 

The Company’s cash equivalents consisted of the following (in thousands):

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Cash equivalents

 

 

 

 

 

 

Money market fund

 

$

24,134

 

 

$

46,079

 

Commercial paper

 

 

2,488

 

 

 

-

 

Securities of U.S. government and government agencies

 

 

-

 

 

 

3,978

 

Corporate debt securities

 

 

826

 

 

 

9,663

 

Total cash equivalents

 

$

27,448

 

 

$

59,720

 

 

The Company’s available-for-sale securities that are measured at fair value on a recurring basis consisted of the following (in thousands):

 

 

 

December 31, 2025

 

 

Maturities

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities of U.S. government and government
  agencies

 

Within one year

 

$

29,973

 

 

$

37

 

 

$

-

 

 

$

30,010

 

Commercial paper

 

Within one year

 

 

19,484

 

 

 

15

 

 

 

-

 

 

 

19,499

 

Certificates of deposit

 

Within one year

 

 

1,720

 

 

 

1

 

 

 

-

 

 

 

1,721

 

Corporate debt securities

 

Within one year

 

 

56,909

 

 

 

52

 

 

 

(1

)

 

 

56,960

 

Asset-backed securities

 

Within four years

 

 

5,914

 

 

 

7

 

 

 

(3

)

 

 

5,918

 

Total available-for-sale securities

 

 

 

$

114,000

 

 

$

112

 

 

$

(4

)

 

$

114,108

 

 

 

 

 

December 31, 2024

 

 

Maturities

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities of U.S. government and government
  agencies

 

Within two years

 

$

51,500

 

 

$

13

 

 

$

(13

)

 

$

51,500

 

Commercial paper

 

Within one year

 

 

44,480

 

 

 

7

 

 

 

(14

)

 

 

44,473

 

Corporate debt securities

 

Within one year

 

 

64,615

 

 

 

1

 

 

 

(46

)

 

 

64,570

 

Asset-backed securities

 

Within four years

 

 

4,792

 

 

 

1

 

 

 

-

 

 

 

4,793

 

Total available-for-sale securities

 

 

 

$

165,387

 

 

$

22

 

 

$

(73

)

 

$

165,336

 

 

The Company’s available-for-sale securities are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund operations as needed. At December 31, 2025, there were 10 available-for-sale securities with a fair value of $6.0 million that were in a gross unrealized loss position for less than 12 months, and none with that were in a gross unrealized loss position for 12 months or more. The Company determined it is not “more likely than not” that it will be required to sell these securities prior to recovery of their amortized cost basis. As such, the Company did not record a credit allowance as of either December 31, 2025 or 2024. Accrued interest receivable on the Company’s available-for-sale securities was de minimis and $0.2 million as of December 31, 2025 and 2024, respectively. For the years ended December 31, 2025 and 2024, the Company did not write off any accrued interest receivables, and there were no realized gains or losses.