3. Fair Value Measurements Fair value is the price that would be received to sell 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. The fair value hierarchy contains three levels as follows: | ● | Level 1—Inputs to the valuation based upon quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date. |
| ● | Level 2—Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data. |
| ● | Level 3—Inputs to the valuation that are unobservable inputs for the asset or liability. |
The Company’s financial assets measured at fair value on a recurring basis at April 30, 2026, were as follows (in thousands): | | | | | | | | | | | | | | | | Fair Value Measurement Using | | | | | | | Significant | | | | | | | | | | Quoted prices in | | other | | Significant | | | | | | | active markets for | | observable | | unobservable | | | | | | | identical assets | | inputs | | inputs | | | | | Description | | (Level 1) | | (Level 2) | | (Level 3) | | Total | | Available-for-sale securities | | $ | — | | $ | 276,031 | | $ | — | | $ | 276,031 | | Total | | $ | — | | $ | 276,031 | | $ | — | | $ | 276,031 | |
The Company had no financial liabilities measured at fair value on a recurring basis at April 30, 2026. The Company’s financial assets measured at fair value on a recurring basis at April 30, 2025, were as follows (in thousands): | | | | | | | | | | | | | | | Fair Value Measurement Using | | | | | | Significant | | | | | | | | | Quoted prices in | | other | | Significant | | | | | | active markets for | | observable | | unobservable | | | | | | identical assets | | inputs | | inputs | | | | Description | | (Level 1) | | (Level 2) | | (Level 3) | | Total | Equity securities | | $ | 1,080 | | $ | — | | $ | — | | $ | 1,080 | Warrants | | | — | | | 124 | | | — | | | 124 | Total | | $ | 1,080 | | $ | 124 | | $ | — | | $ | 1,204 |
The Company had no financial liabilities measured at fair value on a recurring basis at April 30, 2025.
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