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Note 7 - Marketable Debt Securities | 3 Months Ended
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Feb. 28, 2025
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
7. | MARKETABLE DEBT SECURITIES
Marketable debt securities consist of U.S. Treasury Securities and Corporate Bonds. Management determines the appropriate classification of these securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its investments as available-for-sale pursuant to ASC 320, Investments—Debt and Equity Securities. Investments are recorded at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive income (loss) in stockholders’ equity and a component of total comprehensive loss in the consolidated statements of operations and comprehensive income (loss), until realized. Realized gains and losses are included in investment income on a specific-identification basis. The Company estimates expected credit losses for investments when unrealized losses exist. Unrealized losses that are credit related are recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) and unrealized losses that are not credit related are recognized in accumulated other comprehensive income (loss). There were no realized gains or losses on investments for the months ended February 28, 2025. For the three months ended February 28, 2025, there were net unrealized gains on marketable debt securities of $0.1 million. The following table summarizes our marketable securities and available-for-sale investments as of February 28, 2025 (in thousands):
|  | Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |  |  | Investments |
Corporate bonds |  | $ | 3,686 |  |  | $ | 35 |  |  | $ | - |  |  | $ | 3,721 |  |  | $ | 3,721 |
U.S. Treasury securities |  |  | 7,836 |  |  |  | 63 |  |  |  | - |  |  |  | 7,899 |  |  |  | 7,899 |
Total |  | $ | 11,522 |  |  | $ | 98 |  |  | $ | - |  |  | $ | 11,620 |  |  | $ | 11,620 |
|  | February 28, 2025 |
|  | Cost |  |  | Fair Value |
Due within one year or less |  | $ | 6,890 |  |  | $ | 6,964 |
Due after one year through five years |  |  | 4,632 |  |  |  | 4,656 |
|  | $ | 11,522 |  |  | $ | 11,620 |
The following table summarizes our marketable securities and available-for-sale investments as of November 30, 2024 (in thousands):
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |  |  | Investments |
Corporate bonds |  | $ | 2,950 |  |  | $ | 18 |  |  | $ | - |  |  | $ | 2,968 |  |  | $ | 2,968 |
U.S. Treasury securities |  |  | 5,889 |  |  |  | 47 |  |  |  | - |  |  |  | 5,936 |  |  |  | 5,936 |
Total |  | $ | 8,839 |  |  | $ | 65 |  |  | $ | - |  |  | $ | 8,904 |  |  | $ | 8,904 |
Fair Value Measurement The Company follows a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: ● Level 1- Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. ● Level 2- Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. ● Level 3- Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table summarizes the fair value of marketable debt securities by level within the fair value hierarchy as of February 28, 2025:
|  |  |  |  |  |  |  |  |  | February 28, 2025 |
|  |  |  |  |  |  |  |  |  | Fair Value Measurement Based on |
|  |  |  |  |  |  |  |  |  | Quoted Prices in Active Market |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | Cost |  |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Cash equivalents |  | $ | 4,334 |  |  | $ | 4,334 |  |  | $ | 4,334 |  |  | $ | - |  |  | $ | - |
Corporate bonds |  |  | 3,686 |  |  |  | 3,721 |  |  |  | - |  |  |  | 3,721 |  |  |  | - |
U.S. Treasury securities |  |  | 7,836 |  |  |  | 7,899 |  |  |  | - |  |  |  | 7,899 |  |  |  | - |
Total |  | $ | 15,856 |  |  | $ | 15,954 |  |  | $ | 4,334 |  |  | $ | 11,620 |  |  | $ | - |
The following table summarizes the fair value of marketable debt securities by level within the fair value hierarchy as of November 30, 2024:
|  |  |  |  |  |  |  |  |  | November 30, 2024 |
|  |  |  |  |  |  |  |  |  | Fair Value Measurement Based on |
|  |  |  |  |  |  |  |  |  | Quoted Prices in Active Market |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | Cost |  |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Cash equivalents |  | $ | 11,304 |  |  | $ | 11,304 |  |  | $ | 11,304 |  |  | $ | - |  |  | $ | - |
Corporate bonds |  |  | 2,950 |  |  |  | 2,968 |  |  |  | - |  |  |  | 2,968 |  |  |  | - |
U.S. Treasury securities |  |  | 5,889 |  |  |  | 5,936 |  |  |  | - |  |  |  | 5,936 |  |  |  | - |
Total |  | $ | 20,143 |  |  | $ | 20,208 |  |  | $ | 11,304 |  |  | $ | 8,904 |  |  | $ | - |

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