Note 3 - Fair Value Measurement

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(3) Fair Value Measurement

The fair value of financial instruments reflects the amounts that we estimate 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). We follow 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 our financial assets measured on a recurring basis and indicates the fair value hierarchy utilized to determine such fair value (in thousands):

	As of March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	20	$	—	$	—	$	20
Cash in savings account		—		—		—		4,508
Cash in checking account		—		—		—		329
Total cash and cash equivalents	$	20	$	—	$	—	$	4,857

	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 equivalents	$	6,893	$	—	$	—	$	7,363