Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2024

Fair Value Measurements for Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized by the Company:


	March 31, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)

Available-for-sale securities
U.S. Treasuries	$	4,963	$	—	$	—	$	4,963
U.S. government bonds	—		48,637		—		48,637
Municipal securities	—		3,949		—		3,949
Commercial notes	—		120,710		—		120,710
Corporate debt securities	—		217,151		—		217,151
Total available-for-sale securities	4,963		390,447		—		395,410
Cash equivalents
Money market instruments	77,080		—		—		77,080
U.S. Treasuries	4,993		—		—		4,993
Commercial notes	—		4,997		—		4,997
Total cash equivalents	82,073		4,997		—		87,070
Total financial assets	$	87,036	$	395,444	$	—	$	482,480


	September 30, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)

Available-for-sale securities
U.S. government bonds	$	31,553	$	—	$	—	$	31,553
Municipal securities	—		7,093		—		7,093
Commercial notes	—		22,205		—		22,205
Corporate debt securities	—		231,884		—		231,884
Total available-for-sale securities	31,553		261,182		—		292,735
Cash equivalents
Money market instruments	347		—		—		347
Total cash equivalents	347		—		—		347
Total financial assets	$	31,900	$	261,182	$	—	$	293,082