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Note 5 - Marketable Securities

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

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

5. Marketable Securities

The objectives of the Company’s investment policy are to ensure the safety and preservation of invested funds, as well as to maintain liquidity sufficient to meet cash flow requirements. The Company invests its excess cash in securities issued by financial institutions, commercial companies, and government agencies that management believes to be of high credit quality in order to limit the amount of its credit exposure. The Company has not realized any net losses from its investments.

Unrealized gains and losses on investments that are available for sale are recognized in accumulated comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are included in other income in the consolidated statements of operations and comprehensive loss and are determined using the specific identification method with transactions recorded on a trade date basis. The Company classifies marketable securities that are available for use in current operations as current assets on the consolidated balance sheet.

The following tables summarize marketable securities held at December 31, 2024 and 2023 (in thousands):

		Fair Value Measurements as of December 31, 2024 Using:
		Amortized Cost				Unrealized gains				Unrealized Losses				Fair Value
Assets
Corporate bonds		$	44,794			$	175			$	(6	)		$	44,963
Certificates of deposit			15,262				8				(1	)			15,269
Commercial paper			12,081				5				(2	)			12,084
Asset-backed securities			6,484				40				—				6,524
U.S. government treasuries			4,408				2				(11	)			4,399
Total assets		$	83,029			$	230			$	(20	)		$	83,239
		Fair Value Measurements as of December 31, 2023 Using:
		Amortized Cost				Unrealized gains				Unrealized Losses				Fair Value
Assets
Corporate bonds		$	54,256			$	74			$	(49	)		$	54,281
Certificates of deposit			18,850				17				(1	)			18,866
Commercial paper			28,507				30				(3	)			28,534
Asset-backed securities			10,456				23				(7	)			10,472
U.S. government treasuries			16,127				3				(50	)			16,080
Total assets		$	128,196			$	147			$	(110	)		$	128,233

		As of December 31,
		2024				2023
Maturing in one year or less			56,386				93,117
Maturing after one year through two years			26,853				35,116
Total		$	83,239			$	128,233

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

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