Note 3 - Fair Value Measurement

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(3) Fair Value Measurements

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 sets forth the fair value of the financial assets measured on a recurring basis and indicates the fair value hierarchy utilized to determine such fair value (in thousands).

	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	6,893	$	—	$	—	$	6,893
Cash in checking account		—		—		—		470
Total cash and cash equivalent	$	6,893	$	—	$	—	$	7,363

	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	12,917	$	—	$	—	$	12,917
Cash in checking account		-		—		—		(45	)
Total cash and cash equivalent	$	12,917	$	—	$	—	$	12,872