v3.26.3
Fair Value Measurements
 3 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:
Level 1—Inputs are unadjusted, quoted prices in active markets for identical, assets or liabilities at the measurement date;
Level 2—Inputs are quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability;
Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
Money market funds are classified as Level 1 as the assets are valued using quoted prices in active markets. The convertible debt instrument is classified as Level 3 due to the use of unobservable valuation inputs and limited market activity.
Financial Assets
The following table sets forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the date indicated by level within the fair value hierarchy (in thousands):
September 30, 2026June 30, 2026
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$101,399 $— $— $101,399 $100,384 $— $— $100,384 
Other assets:
Convertible debt instrument— — 2,990 2,990 — — 2,990 2,990 
Total financial assets$101,399 $— $2,990 $104,389 $100,384 $— $2,990 $103,374 

Other financial instruments consist of accounts receivable, accounts payable, accrued expenses, accrued liabilities and other current liabilities, which are stated at their carrying value as it approximates fair value due to the short time to expected receipt or payment.
Strategic Investments
As of September 30, 2026 and June 30, 2026, the total amount of strategic investments included in Other assets on the Company’s unaudited condensed consolidated balance sheets were $5.0 million and $5.0 million, respectively. The Company did not recognize any unrealized gain or loss on the strategic investments for the periods presented.