FAIR VALUE MEASUREMENT

12 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

4. FAIR VALUE MEASUREMENT

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on the following three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which consists of the following:

•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; and

•Level 3: Valuation is based on significant unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

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

September 30, 2025	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. Government and agency securities, short-term	$	998	$	—	$	998	$	—
Commercial paper	19,575		—		19,575		—
Corporate debt securities	18,285		—		18,285		—
Total short-term investments at fair value	38,858		—		38,858		—
Long-term investments:
Corporate debt securities	3,464		—		3,464		—
Total long-term investments at fair value	3,464		—		3,464		—
Total assets at fair value	$	42,322	$	—	$	42,322	$	—

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	$	—