Fair Value Measurements

3 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company employs a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The Company’s valuation techniques and inputs used to measure fair value and the definition of the three levels (Level 1, Level 2, and Level 3) of the fair value hierarchy are disclosed in Note 10 - Fair Value Measurements of Notes to Consolidated Financial Statements of Part IV, “Item 15. Exhibits and Financial Statement Schedules” of its Annual Report on Form 10-K for the year ended September 30, 2024.

The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2, or from Level 2 to Level 3. The Company recognizes transfers between levels at either the actual date of the event or a change in circumstances that caused

the transfer. As of December 31, 2024 and September 30, 2024, the Company did not have any financial assets or financial liabilities based on Level 3 measurements.

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:

	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Available-for-sale securities
U.S. government and agency securities	$	—	$	135,718	$	—	$	135,718
Commercial notes	—		136,944		—		136,944
Corporate debt securities	—		226,384		—		226,384
Total available-for-sale securities	—		499,046		—		499,046
Cash equivalents
Money market instruments	27,290		—		—		27,290
Commercial notes	—		2,996		—		2,996
Total cash equivalents	27,290		2,996		—		30,286
Total financial assets	$	27,290	$	502,042	$	—	$	529,332

	September 30, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Available-for-sale securities
U.S. government and agency securities	$	—	$	160,723	$	—	$	160,723
Commercial notes	—		179,714		—		179,714
Corporate debt securities	—		237,839		—		237,839
Total available-for-sale securities	—		578,276		—		578,276
Cash equivalents
Money market instruments	66,966		—		—		66,966
Total cash equivalents	66,966		—		—		66,966
Total financial assets	$	66,966	$	578,276	$	—	$	645,242