Investments in Marketable Debt Securities

6 Months Ended

Dec. 31, 2025

Investments in Marketable Debt Securities

Investments in Marketable Debt Securities

Note 3 — Investments in Marketable Debt Securities

Investments in marketable debt securities are accounted for as available-for-sale investments at fair value. The Company only invests in liquid, high-quality debt securities. Nonetheless, all of these investments are subject to interest rate and credit risk that may result in fluctuations in the fair value of the investments. To minimize exposure due to an adverse shift in interest rates, the Company generally invests in securities with expected maturities of two years or less while maintaining a weighted average maturity of one year or less. As of December 31, 2025, investments in marketable debt securities with an aggregate fair value of $121.0 million are scheduled to mature during the 12-month period ending December 31, 2026. As of December 31, 2025, the Company did not hold any long-term investments in marketable debt securities.

During the six months ended December 31, 2025, marketable debt securities for $70.1 million matured and approximately $115.7 million was invested in additional marketable debt securities. The Company did not sell any marketable debt securities prior to the scheduled maturity dates for the six months ended December 31, 2025.

Accrued interest receivable on all marketable debt securities amounted to $0.6 million and $0.7 million as of December 31, 2025 and June 30, 2025, respectively. Accrued interest receivable is included in other current assets in the accompanying unaudited condensed consolidated balance sheets.

For the six months ended December 31, 2025, the Company did not recognize any allowance for credit losses or impairment related to investments in marketable debt securities. The following table summarizes the cumulative unrealized gains and losses that result in differences between the amortized cost basis and fair value of the Company’s marketable debt securities held as of December 31, 2025 and June 30, 2025 (in thousands):

	December 31, 2025
			Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
Corporate commercial paper	$	40,438	$	16	$	(2)	$	40,452
Obligations of U.S. government agencies		1,268		2		—		1,270
U.S. Treasury obligations		1,751		—		(1)		1,750
Corporate notes and bonds		77,490		48		(16)		77,522
Total	$	120,947	$	66	$	(19)	$	120,994

	June 30, 2025
			Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
Corporate commercial paper	$	16,595	$	1	$	(8)	$	16,588
Obligations of U.S. government agencies		5,447		—		(2)		5,445
U.S. Treasury obligations		1,485		—		(1)		1,484
Corporate notes and bonds		50,231		18		(15)		50,234
Total	$	73,758	$	19	$	(26)	$	73,751