v3.25.2
Note 9 - Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

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 June 30, 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 June 30, 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

 

$

131,109

 

 

$

—

 

 

$

—

 

 

$

131,109

 

Equity securities

 

 

8,125

 

 

 

—

 

 

 

—

 

 

 

8,125

 

Common stock options

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Total assets

 

$

139,234

 

 

$

3

 

 

$

—

 

 

$

139,237

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

—

 

 

$

180

 

 

$

—

 

 

$

180

 

Total liabilities

 

$

—

 

 

$

180

 

 

$

—

 

 

$

180

 

 

 

 

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.

 

 

 

June 30, 2025

 

 

 

Carrying

 

 

Total

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Value

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

2029 Convertible Notes

 

$

80,416

 

 

$

165,492

 

 

$

—

 

 

$

165,492

 

 

$

—

 

 

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