v3.25.4
Note 2 - Fair Value of Financial Instruments
12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

(2) Fair Value of Financial Instruments

 

In accordance with ASC 820Fair Value Measurements and Disclosures”, the Company defines its’s fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, in the following:

 

 

Level 1 Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date.

 

 

Level 2 Pricing inputs are quoted for similar investments, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to these investments.

 

 

Level 3 Pricing inputs are unobservable for the investment; that is, the inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

 

The Company’s fair value hierarchy for its cash equivalents and marketable securities as of  December 31, 2025 and 2024, respectively, was as follows:

 

December 31, 2025

 

Level 1

  

Level 2

  

Level 3

  

Total

 

Money market securities

 $1,210  $  $  $1,210 

Commercial paper

     7,093      7,093 

Federal agency notes

     2,223      2,223 

Corporate notes

     923      923 

Total

 $1,210  $10,239  $  $11,449 

 

December 31, 2024

 

Level 1

  

Level 2

  

Level 3

  

Total

 

Money market securities

 $112  $  $  $112 

Commercial paper

     10,633      10,633 

U.S. treasuries

     9,192      9,192 

Federal agency notes

     5,317      5,317 

Total

 $112  $25,142  $  $25,254 

 

The fair value maturities of the Company’s cash equivalents and marketable securities as of  December 31, 2025 are as follows:

 

  

Maturities by Period

 
      

Less than

  1-5  5-10  

More than

 
  

Total

  

1 year

  

years

  

years

  

10 years

 

Cash equivalents and marketable securities

 $11,449  $11,449  $  $  $