|
Note
3 – Fair Value of Financial Instruments
The
estimated fair values of financial instruments outstanding were (in thousands):
Schedule
of Estimated Fair Value of Financial Instrument
| |
|
December 31, 2023 |
|
| |
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| Short-term investments |
|
$ |
12,845 |
|
|
$ |
48 |
|
|
$ |
— |
|
|
$ |
12,893 |
|
| Total |
|
$ |
12,845 |
|
|
$ |
48 |
|
|
$ |
— |
|
|
$ |
12,893 |
|
| |
|
December 31, 2022 |
|
| |
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| Short-term investments |
|
$ |
10,866 |
|
|
$ |
— |
|
|
$ |
(30 |
) |
|
$ |
10,836 |
|
| Total |
|
$ |
10,866 |
|
|
$ |
— |
|
|
$ |
(30 |
) |
|
$ |
10,836 |
|
The
following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and short-term
investments, in thousands):
Schedule
of Fair Value Hierarchy Financial Assets
| |
|
Fair
Value |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| |
|
December 31, 2023 |
|
| |
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Money market funds |
|
$ |
443 |
|
|
$ |
443 |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate notes and commercial paper |
|
|
12,893 |
|
|
|
— |
|
|
|
12,893 |
|
|
|
— |
|
| Total financial assets |
|
$ |
13,336 |
|
|
$ |
443 |
|
|
$ |
12,893 |
|
|
$ |
— |
|
| |
|
Fair
Value |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| |
|
December 31, 2022 |
|
| |
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Money market funds |
|
$ |
5,505 |
|
|
$ |
5,505 |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate notes and commercial paper |
|
|
10,836 |
|
|
|
— |
|
|
|
10,836 |
|
|
|
— |
|
| Total financial assets |
|
$ |
16,341 |
|
|
$ |
5,505 |
|
|
$ |
10,836 |
|
|
$ |
— |
|
As
of December 31, 2023 and 2022, the fair value of the warrant liability amounted to $1.1
million and $19,000,
respectively. (Note 5 – Warrant Liability).
|