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Fair Value Measures
 9 Months Ended
Jun. 29, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measures Fair Value Measures
The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows:
Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market
Level 2 – inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability
Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability
The following table presents the Company’s financial assets measured and recorded at fair value on a recurring basis using the above input categories as of June 29, 2024 and September 30, 2023 (in thousands):
June 29, 2024September 30, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Money market funds$778,053 $— $— $778,053 $219,945 $— $— $219,945 
U.S. Treasury securities— — — — — 286,736 — 286,736 
Warrant fair value— 12,308 — 12,308 — — — — 
Total assets$778,053 $12,308 $— $790,361 $219,945 $286,736 $— $506,681 
The Company had no liabilities measured and recorded at fair value on a recurring basis as of June 29, 2024 and September 30, 2023.
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The fair value of the Company’s investments in certain money market funds is their face value and such instruments are classified as Level 1 and are included in cash and cash equivalents on the consolidated balance sheets. At June 29, 2024, the fair value of the warrant issued as described in Note 11, Derivative Instruments, is classified as Level 2 and at September 30, 2023, U.S. Treasury securities were classified as Level 2. Level 2 securities are priced by pricing vendors. These pricing vendors utilize the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, use other observable inputs like market transactions involving identical or comparable securities.