Leases

9 Months Ended

Oct. 31, 2025

7. Leases

In December 2024, the Company entered into a new office lease for its headquarters in Santa Clara, California with a term of 104 months from September 1, 2025 to April 30, 2034 and an option to extend for an additional five years. The lease commencement date was established on September 1, 2025. Accordingly, an operating lease right-of-use (ROU) asset of approximately $10.0 million, net of $0.5 million of lease incentives and prepayments, and a corresponding $10.5 million lease liability was recorded in the condensed consolidated balance sheets as of the lease commencement date. The optional lease term is not recognized as part of the ROU asset and lease liability.

The operating lease expense was approximately $0.9 million and $0.9 million for the three months ended October 31, 2025 and 2024, respectively, and was approximately $2.7 million and $2.9 million for the nine months ended October 31, 2025 and 2024, respectively. The Company's short-term leases and finance leases were not material as of October 31, 2025 and January 31, 2025, respectively.

Supplemental cash flow information related to the operating leases is as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
	(in thousands)
Cash paid for operating leases included in operating cash flows	$	464	$	950	$	2,409	$	2,937
Operating lease assets obtained in exchange for lease obligations	$	9,992	$	141	$	10,058	$	3,476

As of October 31, 2025, the weighted average remaining lease term is 7.06 years, and the weighted average discount rate is 7.96 percent. Future minimum lease payments for the lease liabilities are as follows:


	As of
	October 31, 2025
Fiscal Year	(in thousands)
2026 (3 months remaining)	$	492
2027		2,991
2028		2,653
2029		1,896
2030		1,952
Thereafter		8,684
Total future annual minimum lease payments		18,668
Less: interest		(5,022	)
Total lease liabilities	$	13,646