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Fair Value Measurements (Tables)
 6 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis by level of the fair value hierarchy were as follows:

 

 

 

March 31, 2022

 

(In thousands)

 

Quoted Prices in

Active Markets

for Identical

Instruments

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

Total

Fair Value

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (1)

 

$

—

 

 

$

3,015

 

 

$

—

 

 

$

3,015

 

Available-for-sale securities (1)

 

 

—

 

 

 

2,007

 

 

 

—

 

 

 

2,007

 

Total assets

 

$

—

 

 

$

5,022

 

 

$

—

 

 

$

5,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (2)

 

$

—

 

 

$

—

 

 

$

823

 

 

$

823

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

823

 

 

$

823

 

 

 

 

September 30, 2021

 

(In thousands)

 

Quoted Prices in

Active Markets

for Identical

Instruments

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

Total

Fair Value

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (1)

 

$

—

 

 

$

5,308

 

 

$

—

 

 

$

5,308

 

Available-for-sale investments (1)

 

 

—

 

 

 

9,719

 

 

 

—

 

 

 

9,719

 

Total assets

 

$

—

 

 

$

15,027

 

 

$

—

 

 

$

15,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (2)

 

$

—

 

 

$

—

 

 

$

817

 

 

$

817

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

817

 

 

$

817

 

 

(1)

Fair value of cash equivalents (money market funds) and available-for-sale investments (commercial paper and corporate bond securities) is based on quoted vendor prices and broker pricing where all significant inputs are observable.

 

(2)

Fair value of contingent consideration liabilities was determined based on discounted cash flow analyses that included probability and timing of development and regulatory milestone achievements and a discount rate, which are considered significant unobservable inputs as of the acquisition date and as of both March 31, 2022 and September 30, 2021.
Schedule of Contingent Consideration Liabilities Measured at Fair Value

Changes in the contingent consideration liabilities measured at fair value using Level 3 inputs were as follows:

(In thousands)

 

 

 

 

Contingent consideration liability at September 30, 2021

 

$

817

 

Additions

 

 

—

 

Fair value adjustments

 

 

—

 

Settlements

 

 

—

 

Interest accretion

 

 

6

 

Foreign currency translation

 

 

—

 

Contingent consideration liability at March 31, 2022

 

$

823