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Note 3 - Fair Value Measurements
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
3.
Fair Value Measurements
 
The
Company held U.S. treasury bills of
$27.5
million at
December 31, 2019.
The Company held U.S. Treasury Bills of
$70.0
million at
December 31, 2018.
Unrealized losses and the associated tax impact on the Company’s available-for-sale securities were insignificant as of
December 31, 2019
and
December 31, 2018,
respectively.
 
The Company’s investments are all classified within Levels
1
of the fair value hierarchy. The Company’s investments classified within Level
1
of the fair value hierarchy are valued based quoted prices in active markets. For cash, current receivables, accounts payable, and interest accrual, the carrying amounts approximate fair value, because of the short maturity of these instruments, and therefore fair value information is
not
included in the table below. 
 
The classification of the Company’s cash equivalents and investments within the fair value hierarchy is as follows:
 
        Active Markets   Significant Other   Significant    
        for Identical Assets   Observable Inputs   Unobservable Inputs    
    December 31, 2019   (Level 1)   (Level 2)   (Level 3)   Amortized Cost
Cash equivalents:                                        
Money Market Funds   $
48,971
     $
48,971
     $ –     $ –     $
48,971
  
                                         
Investments:                                        
U.S. Treasury Bills   $
27,480
     $
27,480
     $ –     $ –     $
27,479
  
 
        Fair Value Measurements at Reporting Date Using    
        Quoted Prices in            
        Active Markets   Significant Other   Significant    
        for Identical Assets   Observable Inputs   Unobservable Inputs    
    December 31, 2018   (Level 1)   (Level 2)   (Level 3)   Amortized Cost
Cash equivalents:                                        
Money Market Funds   $
4,984
     $
4,984
     $ –     $ –     $
4,984
  
                                         
Investments:                                        
U.S. Treasury Bills   $
69,972
     $
69,972
     $ –     $ –     $
69,972