Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

v3.24.3
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

Note 3 – Fair Value of Financial Instruments

 

Financial Assets

 

The following table represents the estimated fair values of the Company’s financial instruments:

 

    September 30, 2024 (Unaudited)  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Short-term investments   $ —     $  —     $ —     $ —  
Total   $ —     $  —     $ —     $ —  

 

    December 31, 2023  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Short-term investments   $ 12,845,000     $ 48,000     $ —     $ 12,893,000  
Total   $ 12,845,000     $ 48,000     $ —     $ 12,893,000  

 

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments):

 

    Fair Value     Level 1     Level 2     Level 3  
    September 30, 2024 (Unaudited)  
    Fair Value     Level 1     Level 2     Level 3  
                         
Cash equivalents:                                
Money market funds   $ 1,220,000     $ 1,220,000     $ —     $ —  
US treasuries     4,987,000       —       4,987,000       —  
Short-term investments:                                
US treasuries     —       —       —       —  
Total financial assets   $ 6,207,000     $ 1,220,000     $ 4,987,000     $ —  

 

    Fair Value     Level 1     Level 2     Level 3  
    December 31, 2023  
    Fair Value     Level 1     Level 2     Level 3  
Cash equivalents:                                
Money market funds   $ 443,000     $ 443,000     $ —     $ —  
Short-term investments:                                
US treasuries and US gov’t. agencies     12,893,000       —       12,893,000       —  
Total financial assets   $ 13,336,000     $ 443,000     $ 12,893,000     $ —  

 

Warrant Liability

 

For the details of warrant liability transactions see Note 5 – Warrant Liability.