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Note 3 - Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

3. Fair Value of Financial Instruments

 

The authoritative guidance with respect to fair value established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels, and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below.

 

Level 1 - Observable inputs such as quoted prices in active markets for an identical asset or liability that the Company has the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include money market funds.

 

Level 2 - Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. The Company did not classify any of its investments within Level 2 of the fair value hierarchy.

 

Level 3 - Unobservable inputs for which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. The Company did not classify any of its investments within Level 3 of the fair value hierarchy.

 

The following table sets forth the fair value of the Company’s financial instruments measured on a recurring basis as of September 30, 2024 and December 31, 2023, respectively (in thousands):

 

   

September 30, 2024

 

Assets

Classification

 

Level 1

  

Level 2

  

Level 3

  

Total

 

Money market funds

Cash and cash equivalents

 $76,386  $  $  $76,386 

Total assets measured at fair value

 $76,386  $  $  $76,386 

 

 

   

December 31, 2023

 

Assets

Classification

 

Level 1

  

Level 2

  

Level 3

  

Total

 

Money market funds

Cash and cash equivalents

 $41,184  $  $  $41,184 

Total assets measured at fair value

 $41,184  $  $  $41,184 

 

The Company did not have any financial liabilities measured on a recurring basis as of  September 30, 2024 or December 31, 2023.