Note 3 - Fair Value Measurement

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(3) Fair Value Measurement

The fair value of financial instruments reflects the amounts that the Company estimates to receive in connection with the sale of an asset or paid in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company follows a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels:

Level 1 – quoted prices in active markets for identical assets and liabilities.

Level 2 – observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table shows the fair value of its financial assets measured on a recurring basis as of September 30, 2021 and December 31, 2020 and indicates the fair value hierarchy utilized to determine such fair value (in thousands):

	As of September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	15,746	$	—	$	—	$	15,746
Cash in checking account		—		—		—		142
Total cash and cash equivalents	$	15,746	$	—	$	—	$	15,888

	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	20,662	$	—	$	—	$	20,662
Cash in checking account		—		—		—		745
Total cash and cash equivalents	$	20,662	$	—	$	—	$	21,407