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Fair Value Measurement
 6 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The Company assesses the fair value of financial instruments based on the provisions of ASC 820, Fair Value Measurements. ASC 820 defines fair value 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. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:
Level 1—Quoted prices in active markets for identical assets or liabilities.
Level 2—Observable 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—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considering counterparty credit risk in its assessment of fair value.
Assets Measured at Fair Value on a Recurring Basis
As of March 31, 2025, financial assets measured and recognized at fair value are as follows:

(in thousands)Level 1Level 2Level 3Fair value
Assets    
Money market funds$168,394 $— $— $168,394 
U.S. government treasury bills46,710 — — 46,710 
Total financial assets$215,104 $— $— $215,104 
As of September 30, 2024, financial assets measured and recognized at fair value are as follows:

(in thousands)Level 1Level 2Level 3Fair value
Assets    
Money market funds$199,858 $— $— $199,858 
U.S. government treasury bills50,083— — 50,083
Total financial assets$249,941 $— $— $249,941 

Contractual maturities of short-term investments, as of March 31, 2025, were less than 12 months. Accrued interest receivable balances included in the prepaid expenses and other current assets within the condensed consolidated balance sheets were $1.2 million and $1.0 million as of March 31, 2025 and September 30, 2024, respectively.

As of March 31, 2025 and September 30, 2024, there were no financial liabilities measured and recognized at fair value.
There were no transfers between Level 1, Level 2 and Level 3 in the periods presented.

Assets and Liabilities Without Readily Determinable Values Measured on a Non-Recurring Basis
The Company holds an equity investment in a privately held company. The privately held company is a VIE, but the Company is not the primary beneficiary. The Company does not have the power to direct the activities that most significantly impact the economic performance of the investee. The Company’s maximum exposure to loss from this VIE consist of an equity investment of $1.5 million. Equity investments held by the Company lack readily determinable fair values and therefore the securities are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar equity securities of the same issuer. The Company reviews the carrying value of its equity investments for impairment whenever events or changes in business circumstances indicate the carrying amount of such asset may not be fully recoverable. Impairments, if any, are based on the excess of the carrying amount over the recoverable amount of the asset. There were no such impairments during the six months ended March 31, 2025 and March 31, 2024.