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Note 7 - Available-for-Sale Securities | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Available-for-Sale Securities | 7. Available-for-Sale Securities The Company invests in available-for-sale securities that consist of U.S. Treasury Securities, U.S. Agency bonds, commercial paper, certificates of deposit, corporate debt securities and asset-backed securities. The Company’s cash equivalents consisted of the following (in thousands):
|  | March 31, 2026 |  |  | December 31, 2025 |
Cash equivalents |  |  |  |  |  |
Money market funds |  | $ | 49,158 |  |  | $ | 24,134 |
Commercial paper |  |  | - |  |  |  | 2,488 |
Corporate debt securities |  |  | 1,038 |  |  |  | 826 |
Total cash equivalents |  | $ | 50,196 |  |  | $ | 27,448 |
The Company’s available-for-sale securities that are measured at fair value on a recurring basis consisted of the following (in thousands):
|  |  |  | March 31, 2026 |
|  | Maturities |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities of U.S. government and government agencies |  | Within two years |  | $ | 72,144 |  |  | $ | 4 |  |  | $ | (49 | ) |  | $ | 72,099 |
Commercial paper |  | Within one year |  |  | 44,060 |  |  |  | 1 |  |  |  | (84 | ) |  |  | 43,977 |
Corporate debt securities |  | Within one year |  |  | 96,326 |  |  |  | 4 |  |  |  | (101 | ) |  |  | 96,229 |
Asset-backed securities |  | Within three years |  |  | 4,653 |  |  |  | 6 |  |  |  | (7 | ) |  |  | 4,652 |
Total available-for-sale securities |  |  |  | $ | 217,183 |  |  | $ | 15 |  |  | $ | (241 | ) |  | $ | 216,957 |
|  |  |  | December 31, 2025 |
|  | Maturities |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities of U.S. government and government agencies |  | Within one year |  | $ | 29,973 |  |  | $ | 37 |  |  | $ | - |  |  | $ | 30,010 |
Commercial paper |  | Within one year |  |  | 19,484 |  |  |  | 15 |  |  |  | - |  |  |  | 19,499 |
Certificates of deposit |  | Within one year |  |  | 1,720 |  |  |  | 1 |  |  |  | - |  |  |  | 1,721 |
Corporate debt securities |  | Within one year |  |  | 56,909 |  |  |  | 52 |  |  |  | (1 | ) |  |  | 56,960 |
Asset-backed securities |  | Within four years |  |  | 5,914 |  |  |  | 7 |  |  |  | (3 | ) |  |  | 5,918 |
Total available-for-sale securities |  |  |  | $ | 114,000 |  |  | $ | 112 |  |  | $ | (4 | ) |  | $ | 114,108 |
The Company’s available-for-sale securities are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund operations as needed. At March 31, 2026, there were 113 available-for-sale securities with a fair value of $177.1 million that were in a gross unrealized loss position for less than 12 months and none that were in a gross unrealized loss position for 12 months or more. The Company determined it is not “more likely than not” that it will be required to sell these securities prior to recovery of their amortized cost basis. As such, the Company did no t record a credit allowance as of either March 31, 2026 or December 31, 2025. Accrued interest receivable on the Company’s available-for-sale securities was $0.1 million and de minimis as of March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, the Company did no t write off any accrued interest receivables, and there were no realized gains or losses.

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