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Note 7 - Investments
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023 (in thousands):

 

  

Amortized

  

Unrealized

  

Unrealized

     
  

Cost Basis

  

Gains

  

Losses

  

Fair Value

 

Assets:

                

Cash equivalents

                

Money market funds

 $596  $-  $—  $596 

Marketable securities:

                

U.S. government

 $18,991  $—  $(76) $18,915 

Corporate bonds

  6,548   —   (63)  6,485 

Commercial paper

  2,014   —   (3)  2,011 

Certificates of deposit

  7,745   1   (13)  7,733 

Total marketable securities

 $35,298  $1  $(155) $35,144 

Total assets at fair value

 $35,894  $1  $(155) $35,740 

 

The Company classifies its investments as available-for-sale, and they consist entirely of debt securities. As of June 30, 2023, the amortized cost of investments included an immaterial amount of accrued interest. As of June 30, 2023, 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  June 30, 2023, the aggregate fair value of investments held by the Company in an unrealized loss position was $33.9 million which consisted of 38 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  June 30, 2023, the Company believes the cost basis for its marketable securities were recoverable in all material aspects and no allowance for credit losses were recognized in the period.

 

The Company’s investments as of June 30, 2023 mature at various dates through January 2026. The fair values of investments by contractual maturity consist of the following (in thousands):

 

  

June 30,

  

December 31,

 
  

2023

  

2022

 

Maturities within one year

 $27,770  $44,556 

Maturities after one year through three years

  7,970   — 

Total investments

 $35,740  $44,556