Marketable debt securities consist of U.S. Treasury Securities and Corporate Bonds. Management determines the appropriate classification of these securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its investments as available-for-sale pursuant to ASC 320, Investments—Debt Securities. Investments are recorded at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive loss in stockholders’ equity and a component of total comprehensive (loss) income in the consolidated statements of operations and comprehensive (loss) income, until realized. Realized gains and losses are included in investment income on a specific-identification basis. The Company estimates expected credit losses for investments when unrealized losses exist. Unrealized losses that are credit related are recognized in net (loss) income and unrealized losses that are not credit related are recognized in accumulated other comprehensive loss. For the three and nine months ended August 31, 2026 and 2025, both unrealized and realized gains on marketable debt securities were immaterial. During the nine months ended August 31, 2026, the Company's corporate bond matured and was redeemed at par for $0.75 million. The resulting realized gain of less than $0.1 million was reclassified from accumulated other comprehensive loss to other income.

The following table summarizes our marketable securities and available-for-sale investments as of August 31, 2026 (in thousands):

The following table summarizes our marketable securities and available-for-sale investments as of November 30, 2025 (in thousands):

The marketable debt securities mature within one year as of August 31, 2026 and November 30, 2025.

Fair Value Measurement

The Company follows a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:

● Level 1- Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

● Level 2- Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

● Level 3- Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

The following table summarizes the fair value of marketable debt securities by level within the fair value hierarchy as of August 31, 2026:

The following table summarizes the fair value of liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of August 31, 2026:

The following table summarizes the fair value of marketable debt securities by level within the fair value hierarchy as of  November 30, 2025: