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Note 7 - Investments

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 7 – Investments

The following table summarizes the Company’s investments as of September 30, 2022 (in thousands):

		Amortized				Unrealized				Unrealized
		Cost Basis				Gains				Losses				Fair Value
Marketable securities:
US government		$	46,554			$	—			$	(102	)		$	46,452
Corporate bonds			4,416				—				(10	)			4,406
Commercial paper			12,336				—				(24	)			12,312
Certificates of deposit			4,074				—				(19	)			4,055
Total marketable securities		$	67,380			$	—			$	(155	)		$	67,225

The Company classifies its investments as available-for-sale and they consist entirely of debt securities. As of September 30, 2022, the amortized cost of investments included an immaterial amount of accrued interest. As of September 30, 2022, marketable securities were in a net unrealized loss position. Unrealized gains and losses on available-for-sale debt securities are included as a component of comprehensive loss. 

As of  September 30, 2022, the aggregate fair value of investments held by the Company in an unrealized loss position was $64.9 million which consisted of 28 securities. The unrealized loss was primarily driven by rising interest rates. The Company does not expect to settle the debentures at a price less than the amortized cost basis of the investment; the Company expects to recover the entire amortized cost basis of the security. In accordance with the Company’s general investment strategy, the Company does not intend to sell the investments before maturity. As of  September 30, 2022, the Company believes the cost basis for its marketable securities were recoverable in all material aspects and no credit losses were recognized in the period.

The Company’s investments as of September 30, 2022 mature at various dates through August 2023. The fair values of investments by contractual maturity consist of the following (in thousands):

		September 30,				December 31,
		2022				2021
Maturities within one year		$	67,225			$	44,779
Maturities after one year through three years			—				675
Total investments		$	67,225			$	45,454

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2324412

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2176304

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)

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