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Stock-based Compensation | 9 Months Ended
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Oct. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-based Compensation | 10. Stock-based Compensation The following table presents the classification of stock-based compensation for the periods indicated:
|  | Three Months Ended October 31, |  |  | Nine Months Ended October 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Stock-based compensation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  | $ | 360 |  |  | $ | 391 |  |  | $ | 1,071 |  |  | $ | 1,073 |
Research and development |  |  | 18,741 |  |  |  | 13,725 |  |  |  | 53,775 |  |  |  | 36,444 |
Selling, general and administrative |  |  | 9,000 |  |  |  | 7,937 |  |  |  | 27,205 |  |  |  | 22,750 |
Total stock-based compensation |  | $ | 28,101 |  |  | $ | 22,053 |  |  | $ | 82,051 |  |  | $ | 60,267 |
As of October 31, 2022, approximately $2.4 million of stock-based compensation expense was accrued and reflected in accrued and other current liabilities in the condensed consolidated balance sheets. Total unrecognized compensation cost related to unvested stock options at October 31, 2022 was $18.7 million and is expected to be recognized over a weighted-average period of 2.02 years. Total unrecognized compensation cost related to unvested restricted stock units at October 31, 2022 was $213.7 million and is expected to be recognized over a weighted-average period of 2.59 years. In April 2022, the Company’s Compensation Committee of the Board of Directors approved the acceleration of vesting of 35,703 shares of unvested equity awards associated with the departure of Mr. Casey Eichler, who was the Company’s Chief Financial Officer until March 2022. As a result, there was approximately $1.7 million of additional stock-based compensation expense, net recognized in fiscal year 2023. The following table sets forth the weighted-average assumptions used to estimate the fair value of stock options and employee stock purchase plan awards for the periods indicated:
|  | Three Months Ended October 31, |  |  | Nine Months Ended October 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Stock Options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volatility |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51 | %
Risk-free interest rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.98 | %
Expected term (years) |  |  | — |  |  |  | — |  |  |  | — |  |  | 5.27 |
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0 | %
Employee stock purchase plan awards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Volatility |  |  | 72 | % |  |  | 54 | % |  |  | 81 | % |  |  | 57 | %
Risk-free interest rate |  |  | 3.78 | % |  |  | 0.05 | % |  |  | 2.32 | % |  |  | 0.06 | %
Expected term (years) |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
The following table summarizes stock option activities for the period indicated:
|  | Option Outstanding |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted- |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total Intrinsic |  |  | Average |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Weighted- |  |  | Value Of |  |  | Remaining |  |  | Aggregate |
|  |  |  |  |  | Weighted- |  |  | Average |  |  | Options |  |  | Contractual |  |  | Intrinsic |
|  |  |  |  |  | Average |  |  | Grant-date |  |  | Exercised |  |  | Term |  |  | Value |
|  | Shares |  |  | Exercise Price |  |  | Fair Value |  |  | (in thousands) |  |  | (in years) |  |  | (in thousands) |
Outstanding at January 31, 2022 |  |  | 619,322 |  |  | $ | 40.08 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (79,880 | ) |  |  | 30.79 |  |  |  |  |  |  | $ | 4,696 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (7,995 | ) |  |  | 49.19 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expired |  |  | (1,418 | ) |  |  | 19.81 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at October 31, 2022 |  |  | 530,029 |  |  |  | 41.40 |  |  |  |  |  |  |  |  |  |  | 4.42 |  |  | $ | 8,605 |
Exercisable at October 31, 2022 |  |  | 392,266 |  |  | $ | 43.51 |  |  |  |  |  |  |  |  |  |  |  | 3.47 |  |  | $ | 5,417 |
The intrinsic value of options outstanding and exercisable is calculated based on the difference between the fair market value of the Company’s ordinary shares on the reporting date and the exercise price. The closing price of the Company’s ordinary shares on October 31, 2022 was $54.73, as reported by The NASDAQ Global Market. The intrinsic value of exercised options is calculated based on the difference between the fair market value of the Company’s ordinary shares on the exercise date and the exercise price. The following table summarizes restricted stock unit activities for the period indicated:
|  |  |  |  |  | Weighted- |
|  |  |  |  |  | Average |
|  |  |  |  |  | Grant-Date |
|  | Shares |  |  | Fair Value |
Unvested at January 31, 2022 |  |  | 2,651,135 |  |  | $ | 85.41 |
Granted |  |  | 1,499,374 |  |  |  | 74.42 |
Vested |  |  | (1,258,895 | ) |  |  | 69.81 |
Forfeited |  |  | (77,346 | ) |  |  | 101.36 |
Unvested at October 31, 2022 |  |  | 2,814,268 |  |  | $ | 86.40 |
As of October 31, 2022, the aggregate intrinsic value of unvested restricted stock units was $154.0 million.

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