Note 3 - Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2026

Cash, Cash Equivalent, and Short-Term Investment [Text Block]

Note 3 – Cash Equivalents and Investments

As of June 30, 2026, the Company had money market accounts and available-for-sale investments with contractual maturities of three months or less categorized as cash equivalents as follows:

As of June 30, 2026	*Cost Basis*		*Unrealized Gains*		*Unrealized Losses*		*Aggregate Fair Value*

U.S. Treasury Securities	$	1,992,333	$	3,667	$	—	$	1,996,000
Commercial Paper		47,275,691		113,252		—		47,388,943
Money Market Accounts		3,227,756		—		—		3,227,756
Total	$	52,495,781	$	116,918	$	—	$	52,612,699

As of June 30, 2026, there were no available-for-sale securities in an unrealized-loss position.

As of December 31, 2025, the Company had money market accounts and available-for-sale investments with contractual maturities of three months or less categorized as cash equivalents as follows:

As of December 31, 2025	*Cost Basis*		*Unrealized Gains*		*Unrealized Losses*		*Aggregate Fair Value*

U.S. Treasury Securities	$	12,730,543	$	25,314	$	—	$	12,755,857
Commercial Paper		41,703,814		132,003		—		41,835,818
Money Market Accounts		6,284,294		—		—		6,284,294
Total	$	60,718,652	$	157,317	$	—	$	60,875,969

As of December 31, 2025, there were no available-for-sale securities in an unrealized-loss position.

As of June 30, 2026, and December 31, 2025, the Company had held-to-maturity investments with contractual maturities of over three months to one year. These investments are reported as held-to-maturity because the Company has both the positive intent and ability to hold these investments to maturity; they are stated at amortized cost, adjusted for the amortization of any related premiums or the accretion of any related discounts into interest income.

The held-to-maturity investments are reported in the condensed consolidated balance sheet as of June 30, 2026, and consist of the following:

As of June 30, 2026	*Amortized Cost*		*Unrealized Gains*		*Unrealized Losses*			*Fair Market Value*

U.S. Treasury Securities	$	21,775,564	$	—	$	(19,624	)	$	21,755,940
Commercial Paper		59,765,652		261		(17,158	)		59,748,755
Total	$	81,541,216	$	261	$	(36,782	)	$	81,504,695

As of June 30, 2026, gross unrealized gains and unrealized losses for held-to-maturity securities were $261 and $36,782, respectively. The Company has determined that these gross unrealized losses of $36,782 are primarily attributable to fluctuations in market interest rates rather than credit-related factors. The Company’s commercial paper and U.S. Treasury holdings consist of high-credit-quality issuers and government-backed securities, respectively. The Company evaluated its held-to-maturity securities for expected credit losses and determined that any such losses would be immaterial. This assessment is based on the high credit quality of the issuers, the short-term nature of the instruments, and the Company’s intent and ability to hold these investments until maturity. Accordingly, no allowance for credit losses was recorded as of June 30, 2026.

The held-to-maturity investments are reported in the consolidated balance sheet as of December 31, 2025, and consist of the following:

As of December 31, 2025	*Amortized Cost*		*Unrealized Gains*		*Unrealized Losses*			*Fair Market Value*

U.S. Treasury Securities	$	30,147,733	$	18,931	$	—		$	30,166,664
Commercial Paper		48,417,758		3,616		(2,284	)		48,419,090
Total	$	78,565,491	$	22,547	$	(2,284	)	$	78,585,754

As of December 31, 2025, gross unrealized gains and unrealized losses for held-to-maturity securities were $22,547 and $2,284, respectively. The Company has determined that these gross unrealized losses of $2,284 are primarily attributable to fluctuations in market interest rates rather than credit-related factors. The Company’s commercial paper and U.S. Treasury holdings consist of high-credit-quality issuers and government-backed securities, respectively. The Company evaluated its held-to-maturity securities for expected credit losses and determined that any such losses would be immaterial. This assessment is based on the high credit quality of the issuers, the short-term nature of the instruments, and the Company’s intent and ability to hold these investments until maturity. Accordingly, no allowance for credit losses was recorded as of December 31, 2025.

See Note 2 for additional discussion regarding the Company’s fair value measurements.