v3.25.2
Note 4 - Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

4. Fair Value Measurements

 

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as 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 that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

 

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

 

Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

 

Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

 

Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):

 

      

Fair Value Measurements Using

 
      Quoted Prices in  Significant Other  Significant 
      

Active Markets

  

Observable

  

Unobservable

 
      

for Identical

  

Inputs

  

Inputs

 
  

Total

  

Assets (Level 1)

  

(Level 2)

  

(Level 3)

 

As of June 30, 2025:

                

Assets:

                

Cash equivalents

 $19,848  $19,848  $—  $— 

U.S. Government agency securities

  55,804   55,804   —   — 

Certificates of deposits

  6,200   —   6,200   — 

Corporate debt securities

  67,370   —   67,370   — 

Commercial paper

  10,612   —   10,612   — 

Yankee debt

  2,336   —   2,336   — 

Asset-backed securities

  12,378   —   12,378   — 

Total financial assets

 $174,548  $75,652  $98,896  $— 
                 

As of December 31, 2024:

                

Cash equivalents

 $21,042  $21,042  $—  $— 

U.S. Government agency securities

  57,155   57,155   —   — 

Certificates of deposits

  8,524   —   8,524   — 

Corporate debt securities

  80,822   —   80,822   — 

Commercial paper

  22,275   —   22,275   — 

Yankee debt

  2,146   —   2,146   — 

Asset-backed securities

  11,895   —   11,895   — 

Total financial assets

 $203,859  $78,197  $125,662  $— 

 

The carrying amounts of the Company’s financial instruments, including cash, cash equivalents and marketable securities, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. Included in cash and cash equivalents at June 30, 2025 and December 31, 2024 are money market funds with a carrying value and fair value of $2.2 million and $3.9 million, respectively, based upon a Level 1 fair value assessment.