Note 4 - Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

4. Fair Value Measurements

The Company categorizes its financial instruments into a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

Cash, cash equivalents and restricted cash approximate fair value due to their short term nature.  The Company did not have any Level 2 or Level 3 financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022.

	Carrying		Fair Value Measurement at December 31, 2022
	Value		Level 1		Level 2		Level 3
	(in thousands)
Cash and cash equivalents	$	13,331	$	13,331	$	—	$	—
Restricted cash	$	25	$	25	$	—	$	—
Marketable securities—held-to-maturity:
U.S. Government securities	$	5,956	$	5,956	$	—	$	—
Ownership interests	$	860	$	860	$	—	$	—

	Carrying		Fair Value Measurement at December 31, 2021
	Value		Level 1		Level 2		Level 3
	(In thousands)
Cash and cash equivalents	$	24,739	$	24,739	$	—	$	—
Restricted cash equivalents	$	25	$	25	$	—	$	—
Ownership interests	$	4,549	$	4,549	$	—	$	—

Ownership interests accounted for at fair value as of December 31, 2022 consist of approximately 1.3 million common shares of Bright Health. The securities are carried at fair value based on the closing stock price on the last trading day of the reporting period. The Company was restricted from trading these securities until December 2021 as a result of a lock-up agreement from the Bright Health Group initial public offering.