Note 7 - Investments

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Investment in Debt and Equity Securities and Other Trading Assets [Text Block]

Note 7 – Investments

The following table summarizes the Company’s investments as of March 31, 2026 (in thousands):

		*Amortized*				*Unrealized*				*Unrealized*
		*Cost Basis*				*Gains*				*Losses*				*Fair Value*
Assets:
Cash equivalents
Money market funds		$	4			$	—			$	—			$	4
U.S. government			9,439				—				—				9,439
Total cash equivalents			9,443				—			$	—				9,443
Marketable securities:
U.S. government			24,803				2				—				24,805
Corporate bonds			3,545				4				—				3,549
Commercial paper			1,434				1				—				1,435
Certificates of deposit			516				1				—				517
Total marketable securities			30,298				8				—				30,306
Total assets at fair value		$	39,741			$	8			$	—			$	39,749

The Company classifies its investments as available-for-sale, and they consist entirely of debt securities. As of March 31, 2026, the amortized cost of investments included an immaterial amount of accrued interest. As of March 31, 2026, marketable securities were in a net unrealized gain position. Unrealized gains and losses on available-for-sale debt securities are included as a component of comprehensive loss.

As of March 31, 2026, the Company did not hold any investments in an unrealized loss position. Accordingly, no allowance for credit losses was recorded during the period. In accordance with the Company’s general investment strategy, the Company does not intend to sell the investments before maturity. As of March 31, 2026, the Company believes the cost basis for its marketable securities was recoverable in all material aspects.

The Company’s investments as of March 31, 2026 mature at various dates through October 2026. The fair values of investments by contractual maturity consist of the following (in thousands):

		*March 31,*				*December 31,*
		*2026*				*2025*
Maturities within one year		$	39,749			$	49,329
Maturities after one year through three years			—				—
Total investments		$	39,749			$	49,329