Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities that were Subject to Fair Value Measurement on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities that were subject to fair value measurement on a recurring basis as of December 31, 2025 and September 30, 2025, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value:


		Fair Value Measurements as of December 31, 2025 Using:
		Level 1				Level 2				Level 3				Total
		(in thousands)
Assets:
Cash equivalents:
Money market funds		$	35,905			$	—			$	—			$	35,905
Marketable securities:
U.S. Treasury notes			204,467				—				—				204,467
		$	240,372			$	—			$	—			$	240,372
Liabilities:
Series 1 nonconvertible preferred stock		$	—			$	—			$	1,311			$	1,311
		$	—			$	—			$	1,311			$	1,311


		Fair Value Measurements as of September 30, 2025 Using:
		Level 1				Level 2				Level 3				Total
		(in thousands)
Assets:
Cash equivalents:
Money market funds		$	11,580			$	—			$	—			$	11,580
Marketable securities:
U.S. Treasury notes			156,566				—				—				156,566
		$	168,146			$	—			$	—			$	168,146
Liabilities:
Series 1 nonconvertible preferred stock		$	—			$	—			$	1,311			$	1,311
		$	—			$	—			$	1,311			$	1,311

Fair Value Measurements of the Company's Outstanding Series 1 Nonconvertible Preferred Stock

The recurring Level 3 fair value measurements of the Company’s outstanding Series 1 nonconvertible preferred stock using probability-weighted discounted cash flow include the following significant unobservable inputs:


		Range
		December 31,		September 30,
Unobservable Input		2025		2025
Probabilities of payout		0%-65%		0%-65%
Discount rate		8.25%		8.25%