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INVESTMENTS
 9 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
4. INVESTMENTS
The following tables summarize investments by type of security as of June 30, 2024 and September 30, 2023 (amounts in thousands):
June 30, 2024:Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Market
Value
Available-for-sale securities:    
U.S. Treasury, short-term$3,814 $— $(24)$3,790 
U.S. Government and agency securities, short-term6,722 — (4)6,718 
Commercial paper, short-term15,723 — (12)15,711 
Corporate debt securities, short-term12,538 — (39)12,499 
U.S. Treasury, long-term— — — — 
Foreign government and agency securities, long-term— — — — 
Corporate debt securities, long-term10,183 — (26)10,157 
Total$48,980 $— $(105)$48,875 
September 30, 2023:
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Market
Value
Available-for-sale securities:
U.S. Treasury, short-term$40,329 $1 $(76)$40,254 
Corporate debt securities, short-term34,545 — (99)34,446 
U.S. Treasury, long-term1,371 — (67)1,304 
Total$76,245 $1 $(242)$76,004 
All of the Company’s investments are designated as available-for-sale debt securities. As of June 30, 2024 and September 30, 2023, the Company’s short-term investments have maturity dates of less than one year from the balance sheet date and the Company’s long-term investments have maturity dates of greater than one year from the balance sheet date. The contractual maturities of the available-for-sale securities held at June 30, 2024 are as follows: $38.7 million within one year and $10.2 million beyond one year to five years. As of September 30, 2023, the contractual maturities of the available-for-sale securities were $74.7 million within one year and $1.3 million beyond one year to five years.
The following tables represent the fair value hierarchy of the Company’s investments and acquisition-related contingent consideration as of June 30, 2024 and September 30, 2023, respectively (amounts in thousands):
June 30, 2024:BalanceQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets:
    
Short-term investments:    
U.S. Treasury$3,790 $3,790 $— $— 
Commercial paper15,711 — 15,711 — 
U.S. Government and agency securities, short-term6,718 — 6,718 — 
Corporate debt securities12,499 — 12,499 — 
Total short-term investments at fair value38,718 3,790 34,928 — 
Long-term investments:
Corporate debt securities10,157 — 10,157 — 
Total long-term investments at fair value10,157 — 10,157 — 
Total assets at fair value$48,875 $3,790 $45,085 $— 

September 30, 2023:BalanceQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets:
    
Short-term investments:    
U.S. Treasury$40,254 $40,254 $— $— 
Corporate debt securities34,446 — 34,446 — 
Total short-term investments at fair value74,700 40,254 34,446 — 
Long-term investments:
U.S. Treasury1,304 1,304 — — 
Total long-term investments at fair value1,304 1,304 — — 
Total assets at fair value$76,004 $41,558 $34,446 $— 
Liabilities:
Acquisition-related contingent consideration$7,976 $— $7,976 
Total liabilities at fair value$7,976 $— $7,976 $— 

•Level 1: Valuation is based on quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2: Valuation is based on observable market-based 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.
As of September 30, 2023, the fair value of acquisition-related contingent consideration for earnout payments associated with the acquisition of ID R&D Inc. was approximately $8.0 million. The earnout payments consisted of cash payments and issuances of Common Stock. At September 30, 2023, the fair value of contingent consideration expected to be settled in a variable number of shares of Common Stock was measured using the most recent closing price of the Company’s common stock on that date, as reported by the Nasdaq Capital Market. As the final earnout payments were known as of September 30, 2023, the inputs used to estimate the fair value of acquisition-related contingent consideration were determined to be Level 2. The contingent consideration was settled during the three months ended December 31, 2023.
The following table includes a roll-forward of the contingent consideration liability during the nine months ended June 30, 2024 (amounts in thousands):
Balance at September 30, 2023$7,976 
Expenses recorded due to changes in fair value136 
Cash payment of contingent consideration associated with the ID R&D acquisition(4,641)
Issuance of common stock as contingent consideration associated with the ID R&D acquisition(3,471)
Balance at June 30, 2024$—