We consider all highly liquid investments with original maturities of three months or less from the date we purchase the investment to be cash equivalents.

Restricted cash and cash equivalents are presented separately from cash and cash equivalents on our condensed consolidated balance sheets. The following provides a reconciliation of cash and restricted cash as presented on our condensed consolidated statements of cash flows as of the respective periods:

Our financial instruments are classified within Level 1 or Level 2 of the fair value hierarchy because their fair values are derived from quoted prices for transactions in active exchange markets involving identical assets or quoted prices for similar assets in active markets, or quoted prices for identical or similar assets in markets that are not active.

The following summarizes our cash and cash equivalents, restricted cash and cash equivalents and marketable securities by financial instrument category as of the respective periods:


	May 31, 2026
($ in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalents(1)		Current Marketable Securities		Noncurrent Marketable Securities
Cash	$	42,005	$	—	$	—		$	42,005	$	42,005	$	—	$	—
Level 1:
Money market funds		77,144		—		—			77,144		77,144		—		—
U.S. Treasury securities		24,207		—		(1	)		24,206		7,981		16,225		—
Level 2:
U.S. agency securities		18,498		—		(11	)		18,487		—		—		18,487
Commercial paper		85,784		—		(1	)		85,783		30,863		54,920		—
Corporate debt securities		21,812		31		(28	)		21,815		—		3,906		17,909
Total	$	269,450	$	31	$	(41	)	$	269,440	$	157,993	$	75,051	$	36,396


	August 31, 2025
($ in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalents(1)		Current Marketable Securities		Noncurrent Marketable Securities
Cash	$	129,113	$	—	$	—		$	129,113	$	129,113	$	—	$	—
Level 1:
Money market funds		39,574		—		—			39,574		39,574		—		—
Level 2:
Corporate debt securities		26,070		71		(19	)		26,122		4,314		9,005		12,803
Total	$	194,757	$	71	$	(19	)	$	194,809	$	173,001	$	9,005	$	12,803

(1)

Cash and cash equivalents includes restricted cash and cash equivalents.

Our marketable securities have maturities that occur within three years. We may sell certain of our marketable securities prior to their stated maturities for strategic reasons including, but not limited to, investment yield and credit risk management. We have not recognized significant gains or losses related to such sales. Additionally, all of our securities are investment grade, are classified as available for sale, and have no related allowance for credit losses as of May 31, 2026.