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Note 11 - FAIR VALUE MEASUREMENTS | 6 Months Ended
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Jun. 30, 2022
FAIR VALUE MEASUREMENTS |
11. FAIR VALUE MEASUREMENTS | 11. FAIR VALUE MEASUREMENTS Fair value is the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The multiple assumptions used to value financial instruments are referred to as inputs, and a hierarchy for inputs used in measuring fair value is established, that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. These inputs are ranked according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.
Level 1 - | Inputs are quoted prices in active markets for identical assets or liabilities.
Level 2 - | Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data.
Level 3 - | Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.
​ The following table represents the Company’s assets measured at fair value on a recurring basis as of June 30, 2022, and December 31, 2021, and the basis for those measurements (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements Using
​ | ​ | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Prices in | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Active | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets for | ​ | Other | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Identical | ​ | Observable | ​ | Significant
​ | ​ | June 30, | ​ | Assets | ​ | Inputs | ​ | Unobservable
Assets |  | 2022 |  | (Level 1) |  | (Level 2) |  | Inputs (Level 3)
Cash equivalents |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Money market mutual funds | ​ | $ | 65,020 | ​ | $ | 65,020 | ​ | $ | — | ​ | $ | —
Short-term investments (available-for-sale debt securities) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. Government securities (1) | ​ |  | 35,907 | ​ |  | 35,907 | ​ |  | — | ​ |  | —
Total | ​ | $ | 100,927 | ​ | $ | 100,927 | ​ | $ | — | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements Using
​ | ​ | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Prices in | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Active | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets for | ​ | Other | ​ | Significant
​ | ​ | ​ | ​ | ​ | Identical | ​ | Observable | ​ | Unobservable
​ | ​ | December 31, | ​ | Assets | ​ | Inputs | ​ | Inputs
Assets |  | 2021 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash equivalents |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Money market mutual funds | ​ | $ | 12,474 | ​ | $ | 12,474 | ​ | $ | — | ​ | $ | —
Short-term investments (available-for-sale debt securities) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government securities (1) | ​ | ​ | 112,542 | ​ | ​ | 112,542 | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 125,016 | ​ | $ | 125,016 | ​ | $ | — | ​ | $ | —
| (1) | As of June 30, 2022, and December 31, 2021, the amortized cost of the Company’s investments in U.S Government Securities approximated their fair value due to their short-term maturities, and there have been no events or changes in circumstances that would have had a significant effect on the fair value of these securities in the periods presented. There was no material realized or unrealized gains or losses, either individually or in the aggregate.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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