As of June 30, 2026, financial assets and liabilities measured and recognized at fair value are as follows:


(in thousands)	Level 1		Level 2		Level 3		Fair value
Assets
Money market funds	$	75,145	$	—	$	—	$	75,145
U.S. government treasury bills	49,403		—		—		49,403
Total financial assets	$	124,548	$	—	$	—	$	124,548
Liabilities
Liability for issuance of shares of common stock	—		—		5,000		5,000
Total financial liabilities	$	—	$	—	$	5,000	$	5,000

As of September 30, 2025, financial assets measured and recognized at fair value are as follows:


(in thousands)	Level 1		Level 2		Level 3		Fair value
Assets
Money market funds	$	150,372	$	—	$	—	$	150,372
U.S. government treasury bills	49,385		—		—		49,385
Total financial assets	$	199,757	$	—	$	—	$	199,757