Note 3 - Investment Securities

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3 INVESTMENT SECURITIES

Our short-term investments as of March 31, 2024 and December 31, 2023 are classified as held-to-maturity. Held-to-maturity investments are recorded at amortized cost.

The following tables summarize our short-term investment securities at March 31, 2024 and December 31, 2023:

	March 31, 2024
	Amortized		Gross		Gross
	cost, as		unrealized		unrealized		Estimated
(in thousands)	adjusted		holding gains		holding losses		fair value
Short-term investments:
Obligations of domestic governmental agencies (maturing between April 2024 and September 2024) (held-to-maturity)	$	134,308	$	—	$	28	$	134,280
Total short-term investments	$	134,308	$	—	$	28	$	134,280

	December 31, 2023
	Amortized		Gross		Gross
	cost, as		unrealized		unrealized		Estimated
	adjusted		holding gains		holding losses		fair value
Short-term investments:
Obligations of domestic governmental agencies (maturing between January 2024 and June 2024) (held-to-maturity)	$	124,575	$	30	$	53	$	124,552
Total short-term investments	$	124,575	$	30	$	53	$	124,552

Our long-term investments as of March 31, 2024 include shares of common stock of Precision. The fair market value of these equity securities as of March 31, 2024 was $1.3 million. For the three months ended March 31, 2024, we recorded an unrealized gain of $0.2 million based on the change in fair value of Precision’s common stock during the period. See Note 5 for further details.