v3.25.1
Fair Value Measurements
 6 Months Ended
Apr. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3.
Fair Value Measurements

The following table presents the Company's fair value hierarchy for financial assets measured at fair value as of April 30, 2025:

 

 

 

 

 

April 30, 2025

 

Description

 

Total

 

 

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

 

 

Significant Other
Observable
Inputs (Level 2)

 

 

Significant Other
Observable
Inputs (Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

32

 

 

 

32

 

 

 

—

 

 

 

—

 

U.S. government treasuries

 

 

35,363

 

 

 

35,363

 

 

 

—

 

 

 

—

 

Short term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government treasuries

 

 

137,132

 

 

 

137,132

 

 

 

—

 

 

 

—

 

Government agency securities

 

 

22,715

 

 

 

—

 

 

 

22,715

 

 

 

—

 

Long term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government treasuries

 

 

29,117

 

 

 

29,117

 

 

 

—

 

 

 

—

 

Government agency securities

 

 

4,992

 

 

 

—

 

 

 

4,992

 

 

 

—

 

Total financial assets

 

$

229,351

 

 

$

201,644

 

 

$

27,707

 

 

$

—

 

 

The following table presents the Company's fair value hierarchy for financial assets measured at fair value as of October 31, 2024:

 

 

 

 

 

October 31, 2024

 

Description

 

Total

 

 

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

 

 

Significant Other
Observable
Inputs (Level 2)

 

 

Significant Other
Observable
Inputs (Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

121

 

 

$

121

 

 

$

-

 

 

$

-

 

U.S. government treasuries

 

 

94,236

 

 

 

94,236

 

 

 

—

 

 

 

—

 

Government agency securities

 

 

9,955

 

 

 

—

 

 

 

9,955

 

 

 

—

 

Short term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government treasuries

 

 

51,574

 

 

 

51,574

 

 

 

—

 

 

 

—

 

Government agency securities

 

 

13,754

 

 

 

—

 

 

 

13,754

 

 

 

—

 

Long term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government treasuries

 

 

49,627

 

 

 

49,627

 

 

 

—

 

 

 

—

 

Government agency securities

 

 

9,900

 

 

 

—

 

 

 

9,900

 

 

 

—

 

Total financial assets

 

$

229,167

 

 

$

195,558

 

 

$

33,609

 

 

$

—

 

 

 

As of April 30, 2025 and October 31, 2024, the Company classified its government agency marketable securities as Level 2 within the valuation hierarchy. The Company estimates the fair value of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly to estimate fair value. These inputs include market pricing based on real time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs.

During the three and six months ended April 30, 2025 and 2024, there were no transfers or reclassifications between fair value measurement levels of assets or liabilities. The carrying values of all other financial current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.