Note 9 - Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE 9 FAIR VALUE MEASUREMENTS

We record fair values at an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement determined based on assumptions that market participants would use in pricing an asset or liability. We utilize a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

As of March 31, 2025, our financial assets measured at fair value included equity securities, forward foreign currency exchange contracts for inventory purchases (refer to Note 10), options related to our BioCardia investment and consulting agreement (recorded at fair value), warrants from COCP, and restricted cash collateralized by money market funds, the latter being measured at fair value as a Level 1 financial instrument.

Our financial assets and liabilities measured at fair value on a recurring basis are as follows:

	Fair value measurements as of March 31, 2025
	Quoted
	prices in
	active		Significant
	markets for		other		Significant
	identical		observable		unobservable
	assets		inputs		inputs
(In thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Money market funds	$	222,478	$	—	$	—	$	222,478
Equity securities		7,830		—		—		7,830
Common stock options		—		3		—		3
Total assets	$	230,308	$	3	$	—	$	230,311
Liabilities:
Forward contracts	$	—	$	262	$	—	$	262
Total liabilities	$	—	$	262	$	—	$	262

	Fair value measurements as of December 31, 2024
	Quoted
	prices in
	active		Significant
	markets for		other		Significant
	identical		observable		unobservable
	assets		inputs		inputs
(In thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Money market funds	$	282,121	$	—	$	—	$	282,121
Equity securities		49,655		—		—	$	49,655
Common stock options/warrants		—		3		—		3
Total assets	$	331,776	$	3	$	—	$	331,779

The table below presents the carrying amount, estimated fair value, and applicable fair value hierarchy tiers for our 2029 Convertible Notes. The fair value for these notes is determined using directly observable inputs other than quoted prices in active markets.

	March 31, 2025
	Carrying		Total
(In thousands)	Value		Fair Value		Level 1		Level 2		Level 3
2029 Convertible Notes	$	178,417	$	467,609	$	—	$	467,609	$	—

There have been no transfers between Level 1 and Level 2 and no transfers to Level 3 of the fair value hierarchy.