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Note 4 - Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 4. Fair Value of Financial Instruments

 

The Company’s financial instruments consist primarily of cash, cash equivalents, marketable securities, and accounts payable. The Company’s cash, cash equivalents, and accounts payable approximate fair value due to their relatively short maturities.

 

The following table presents the Company’s assets that are measured at fair value on a recurring basis:

 

   

December 31, 2025

  
   

(Level 1)

    

(Level 2)

    

(Level 3)

  
                         

Assets

                        

Cash equivalents:

                        

Money market accounts

   $ 6,300,291     $ —     $ —  

Commercial paper

     —       999,330       —  

Marketable securities:

                        

Commercial paper

     —       11,139,880       —  

US treasury bonds

     —       1,238,538       —  

US government agency bonds

     —       250,552       —  

Total assets measured at fair value

   $ 6,300,291     $ 13,628,300     $ —  

 

   

December 31, 2024

  
   

(Level 1)

    

(Level 2)

    

(Level 3)

  
                         

Assets

                        

Cash equivalents (money market accounts)

   $ 7,559,336     $ —     $ —  

Marketable securities:

                        

Commercial paper

     —       18,032,943       —  

US treasury bonds

     —       7,951,060       —  

US government agency bonds

     —       3,938,520       —  

Total assets measured at fair value

   $ 7,559,336     $ 29,922,523     $ —  

 

The fair values of the Company’s Level 2 marketable securities are estimated primarily based on benchmark yields, reported trades, market-based quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications, which represent a market approach. In general, a market approach is utilized if there is readily available and relevant market activity for an individual security. This valuation technique may change from period to period, based on the relevance and availability of market data.

 

The following is a summary of the Company's marketable securities which provides a reconciliation of amortized cost basis to fair value including cumulative unrealized gains and losses as of December 31, 2025 and 2024:

 

   

December 31, 2025

  
   

Amortized Cost

    

Unrealized gains

    

Unrealized losses

    

Fair Value

  
                                 

Commercial paper

   $ 11,134,856     $ 5,024     $ —     $ 11,139,880  

US treasury bonds

     1,237,794       744       —       1,238,538  

US government agency bonds

     250,504       48       —       250,552  

Total

   $ 12,623,154     $ 5,816     $ —     $ 12,628,970  

 

   

December 31, 2024

  
   

Amortized Cost

    

Unrealized gains

    

Unrealized losses

    

Fair Value

  

Commercial paper

   $ 18,019,334     $ 16,393     $ (2,784 )   $ 18,032,943  

US treasury bonds

     7,920,620       30,440       —       7,951,060  

US government agency bonds

     3,926,372       12,148       —       3,938,520  

Total

   $ 29,866,326     $ 58,981     $ (2,784 )   $ 29,922,523  

 

There were no transfers among Level 1, Level 2 or Level 3 categories in the years ended December 31, 2025 and 2024.