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Investments (Tables)

6 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments by Type of Security

The following tables summarize investments by type of security as of March 31, 2023 and September 30, 2022 (amounts in thousands):

March 31, 2023:			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Market Value
Available-for-sale securities:
U.S. Treasury, short-term			$	4,004					$	—					$	(48)					$	3,956
Commercial paper, short-term			6,185						—						(101)						6,084
Corporate debt securities, short-term			16,812						—						(141)						16,671
U.S. Treasury, long-term			3,409						—						(158)						3,251
Corporate debt securities, long-term			1,593						—						(77)						1,516
Total			$	32,003					$	—					$	(525)					$	31,478

September 30, 2022:			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Market Value
Available-for-sale securities:
U.S. Treasury, short-term			$	6,016					$	—					$	(134)					$	5,882
Foreign government and agency securities, short-term			2,865						—						(38)						$	2,827
Commercial paper, short-term			18,245						—						(223)						18,022
Corporate debt securities, short-term			32,065						—						(528)						31,537
U.S. Treasury, long-term			3,431						—						(210)						3,221
Corporate debt securities, long-term			7,692						—						(280)						7,412
Total			$	70,314					$	—					$	(1,413)					$	68,901

Schedule of Fair Value of Investments Measured on Recurring Basis

The following tables represent the fair value hierarchy of the Company’s investments and acquisition-related contingent consideration as of March 31, 2023 and September 30, 2022, respectively (amounts in thousands):

March 31, 2023:			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			$	3,956					$	3,956					$	—					$	—
Commercial paper			6,084						—						6,084						—
Corporate debt securities			16,671						—						16,671						—
Total short-term investments at fair value			26,711						3,956						22,755						—
Long-term investments:
U.S. Treasury			3,251						3,251						—						—
Corporate debt securities			1,516						—						1,516						—
Total long-term investments at fair value			4,767						3,251						1,516						—
Total assets at fair value			$	31,478					$	7,207					$	24,271					$	—
Liabilities:
Acquisition-related contingent consideration			$	6,070					$	—					$	—					$	6,070
Total liabilities at fair value			$	6,070					$	—					$	—					$	6,070

September 30, 2022:			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			$	5,882					$	5,882					$	—					$	—
Commercial paper			18,022						—						18,022						—
Foreign government and agency securities			2,827						—						2,827						—
Corporate debt securities			31,537						—						31,537						—
Total short-term investments at fair value			58,268						5,882						52,386						—
Long-term investments:
U.S. Treasury			3,221						3,221						—						—
Corporate debt securities			7,412						—						7,412						—
Total long-term investments at fair value			10,633						3,221						7,412						—
Total assets at fair value			$	68,901					$	9,103					$	59,798					$	—
Liabilities:
Acquisition-related contingent consideration			$	5,920					$	—					$	—					$	5,920
Total liabilities at fair value			$	5,920					$	—					$	—					$	5,920

Schedule of Contingent Consideration Measured at Fair Value

The following table includes a roll-forward of the contingent consideration liability measured at fair value using significant unobservable inputs (Level 3) during the six months ended March 31, 2023 (amounts in thousands):

Balance at September 30, 2022			$	5,920
Expenses recorded due to changes in fair value			150
Balance at March 31, 2023			$	6,070

Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize the quantitative information including the unobservable inputs related to our acquisition-related contingent consideration as follows (amounts in thousands):

Fair Value at March 31, 2023						Valuation Technique						Unobservable Input						Input Used
$	6,070					Monte Carlo simulation						Weighted-average cost of capital						14.50		%
												Revenue weight-average cost of capital						6.30		%
												Revenue volatility						0.26

Fair Value at September 30, 2022						Valuation Technique						Unobservable Input						Input Used
$	5,920					Monte Carlo simulation						Weighted-average cost of capital						14.80		%
												Revenue weight-average cost of capital						4.40		%
												Revenue volatility						0.20

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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