Note 3 - Fair Value Measurements

12 Months Ended

Dec. 31, 2017

Below is a summary of assets and liabilities measured at fair value (in thousands):

	As of December 31, 2017
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents	$	11,662	$	-	$	-	$	11,662
Government securities		20,971		-		-		20,971
Total	$	32,633	$	-	$	-	$	32,633

	As of December 31, 2016
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents	$	28,876	$	-	$	-	$	28,876
Government securities		4,925		-		-		4,925
Total	$	33,801	$	-	$	-	$	33,801

As of

December 31, 2017,

and

2016,

the Company’s cash equivalents consist principally of money market funds and government debt securities with original maturities of

days or less. Government securities consist principally of government debt securities and money market funds which are classified as available-for-sale.

Available-for-sale securities at

December 31, 2017

and

2016

consist of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2017
Government securities
(Due within 1 year)	$	20,991	$	-	$	(20	)	$	20,971
	$	20,991	$	-	$	(20	)	$	20,971

December 31, 2016
Government securities
(Due within 1 year)	$	4,924	$	1	$	-		$	4,925
	$	4,924	$	1	$	-		$	4,925

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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