Annual report pursuant to Section 13 and 15(d)

Note 5 - Fair Value Measurements

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Note 5 - Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

5.     FAIR VALUE MEASUREMENTS

 

As of December 31, 2024, cash and cash equivalents and marketable securities include the Company’s investments in money market funds, government and municipal debt securities, and corporate debt securities. Debt securities classified as cash equivalents are required to be accounted for in accordance with FASB Accounting Standards Codification 320, Investments - Debt and Equity Securities. As such, the Company determined its investments in debt securities held at December 31, 2024 should be classified as available-for-sale and carried at fair value with unrealized gains and losses reported in stockholders’ equity. The cost of debt securities is adjusted for amortization of premiums and discounts to maturity. This amortization is included in other income and expense. Realized gains and losses, as well as interest income, are also included in other income and expense. The fair values of securities are based on quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs.

 

Investments by category included in cash equivalents and marketable securities at the end of each period were as follows (in thousands):

 

       

December 31, 2024

    

December 31, 2023

  
   

Fair Value Level1

  

Adjusted Cost

    

Gross Unrealized Losses

    

Fair Value

    

Adjusted Cost

    

Gross Unrealized Gains (Losses)

    

Fair Value

  

Money market funds

  

Level 1

   $ 2,092     $ —     $ 2,092     $ 213     $ —     $ 213  

Municipal debt securities

  

Level 2

     3,458       —       3,458       1,426       1       1,427  

Corporate debt securities

  

Level 2

     30,491       (26 )     30,465       45,580       (13 )     45,567  

Total investments

       $ 36,041     $ (26 )   $ 36,015     $ 47,219     $ (12 )   $ 47,207  

 

1 FASB Topic 820, Fair Value Measurements, establishes a fair value hierarchy that requires the use of observable market data, when available, and prioritizes the inputs to valuation techniques used to measure fair value in the following categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.