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Note 8 - Fair Value Measurements | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 8. Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer 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, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Observable inputs such as quoted prices in active markets; Level 2 - Inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data; and Level 3 - Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Below is the summary of the Company’s cash equivalents and short-term investments measured at fair value on a recurring basis and categorized using the fair value hierarchy (in thousands):
|  | March 31, 2026 |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Cash equivalents |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 49,158 |  |  | $ | - |  |  | $ | 49,158 |
Corporate debt securities |  |  | - |  |  |  | 1,038 |  |  |  | 1,038 |
Total cash equivalents |  |  | 49,158 |  |  |  | 1,038 |  |  |  | 50,196 |
Available-for-sale securities |  |  |  |  |  |  |  |  |
Securities of U.S. government and government agencies |  |  | - |  |  |  | 72,099 |  |  |  | 72,099 |
Commercial paper |  |  | - |  |  |  | 43,977 |  |  |  | 43,977 |
Corporate debt securities |  |  | - |  |  |  | 96,229 |  |  |  | 96,229 |
Asset-backed securities |  |  | - |  |  |  | 4,652 |  |  |  | 4,652 |
Total available-for-sale securities |  |  | - |  |  |  | 216,957 |  |  |  | 216,957 |
Total cash equivalents and available-for-sale securities |  | $ | 49,158 |  |  | $ | 217,995 |  |  | $ | 267,153 |
|  | December 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Cash equivalents |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 24,134 |  |  | $ | - |  |  | $ | 24,134 |
Commercial paper |  |  | - |  |  |  | 2,488 |  |  |  | 2,488 |
Corporate debt securities |  |  | - |  |  |  | 826 |  |  |  | 826 |
Total cash equivalents |  |  | 24,134 |  |  |  | 3,314 |  |  |  | 27,448 |
Available-for-sale securities |  |  |  |  |  |  |  |  |
Securities of U.S. government and government agencies |  |  | - |  |  |  | 30,010 |  |  |  | 30,010 |
Commercial paper |  |  | - |  |  |  | 19,499 |  |  |  | 19,499 |
Certificates of deposit |  |  | - |  |  |  | 1,721 |  |  |  | 1,721 |
Corporate debt securities |  |  | - |  |  |  | 56,960 |  |  |  | 56,960 |
Asset-backed securities |  |  | - |  |  |  | 5,918 |  |  |  | 5,918 |
Total available-for-sale securities |  |  | - |  |  |  | 114,108 |  |  |  | 114,108 |
Total cash equivalents and available-for-sale securities |  | $ | 24,134 |  |  | $ | 117,422 |  |  | $ | 141,556 |
There were no Level 3 financial instruments measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025. For information related to short-term investments, see Note 7, Available-for-Sale Securities.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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