FAIR VALUE MEASUREMENT

6 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

4. FAIR VALUE MEASUREMENT

The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

•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.

•Level 3: Valuation is based on significant unobservable inputs which are supported by little or no market activity.

The following tables represent the fair value hierarchy of the Company’s investments as of March 31, 2025 and September 30, 2024, respectively (amounts in thousands):

March 31, 2025:	Balance		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments:
Commercial paper	$	10,130	$	—	$	10,130	$	—
U.S. Government and agency securities, short-term	979		—		979		—
Corporate debt securities	20,363		—		20,363		—
Total short-term investments at fair value	31,472		—		31,472		—
Long-term investments:
U.S. Government and agency securities	1,499		—		1,499		—
Corporate debt securities	14,712		—		14,712		—
Total long-term investments at fair value	16,211		—		16,211		—
Total assets at fair value	$	47,683	$	—	$	47,683	$	—

September 30, 2024:	Balance		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments:
U.S. Treasury	$	3,836	$	—	$	3,836	$	—
Commercial paper	15,984		—		15,984		—
Corporate debt securities	17,064		—		17,064		—
Total short-term investments at fair value	36,884		—		36,884		—
Long-term investments:
Corporate debt securities	11,410		—		11,410		—
Total long-term investments at fair value	11,410		—		11,410		—
Total assets at fair value	$	48,294	$	—	$	48,294	$	—