Fair Value Measurement

12 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or 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.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk in its assessment of fair value.

Assets Measured at Fair Value on a Recurring Basis

As of September 30, 2025, financial assets measured and recognized at fair value are as follows:

(in thousands)	Level 1		Level 2		Level 3		Fair value
Assets
Money market funds	$	150,372	$	—	$	—	$	150,372
U.S. government treasury bills	49,385		—		—		49,385
Total financial assets	$	199,757	$	—	$	—	$	199,757

As of September 30, 2024, financial assets measured and recognized at fair value are as follows:

(in thousands)	Level 1		Level 2		Level 3		Fair value
Assets
Money market funds	$	199,858	$	—	$	—	$	199,858
U.S. government treasury bills	50,083		—		—		50,083
Total financial assets	$	249,941	$	—	$	—	$	249,941

Contractual maturities of short-term investments, as of September 30, 2025, were less than 12 months. The Company does not intend to sell the money market funds and short term investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis.

As of September 30, 2025 and 2024, there are no financial liabilities measured and recognized at fair value.