FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2023

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

Certain financial assets and liabilities are accounted for at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs used to measure fair value:

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.

Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant.

The following tables present the Company’s cash and financial assets that are measured at fair value on a recurring basis for each of the hierarchy levels (in thousands):

	September 30, 2023
	Cost		Unrealized Gains (Losses)		Accrued Interest		Estimated Fair Value		Cash & Cash Equivalents		Investment Securities
Cash	$	107,656	$	—	$	—	$	107,656	$	107,656	$	—
Level 1:
Money market accounts	5,033		—		62		5,095		5,095		—
Government & agency securities	15,200		17		28		15,245		—		15,245
	20,233		17		90		20,340		5,095		15,245
Level 2:
Corporate bonds	29,579		(26)		211		29,764		—		29,764
Total	$	157,468	$	(9)	$	301	$	157,760	$	112,751	$	45,009

	December 31, 2022
	Cost		Unrealized Gains (Losses)		Accrued Interest		Estimated Fair Value		Cash & Cash Equivalents		Investment Securities
Cash	$	87,691	$	—	$	—	$	87,691	$	87,691	$	—
Level 1:
Money market accounts	—		—		—		—		—		—
Government & agency securities	—		—		—		—		—		—
	—		—		—		—		—		—
Total	$	87,691	$	—	$	—	$	87,691	$	87,691	$	—

The Company had no realized gain or loss for the three and nine months ended September 30, 2023 and 2022.