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Fair Value Measurements | 6 Months Ended
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Jul. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The following table summarizes, for assets measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands):
| As of July 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Current Assets |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 88,604 |  |  | $ | — |  |  | $ | — |  |  | $ | 88,604 |
Commercial paper | — |  |  | 2,481 |  |  | — |  |  | 2,481 |
Total cash equivalents | $ | 88,604 |  |  | $ | 2,481 |  |  | $ | — |  |  | $ | 91,085 |
Marketable securities |  |  |  |  |  |  |
U.S. Treasury securities | $ | 155,120 |  |  | $ | — |  |  | $ | — |  |  | $ | 155,120 |
Commercial paper | — |  |  | 3,983 |  |  | — |  |  | 3,983 |
Corporate bonds | — |  |  | 101,973 |  |  | — |  |  | 101,973 |
U.S. agency bonds | — |  |  | 29,998 |  |  | — |  |  | 29,998 |
Total marketable securities | $ | 155,120 |  |  | $ | 135,954 |  |  | $ | — |  |  | $ | 291,074 |
Total assets | $ | 243,724 |  |  | $ | 138,435 |  |  | $ | — |  |  | $ | 382,159 |
| As of January 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Current Assets |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 88,251 |  |  | $ | — |  |  | $ | — |  |  | $ | 88,251 |
Total cash equivalents | $ | 88,251 |  |  | $ | — |  |  | $ | — |  |  | $ | 88,251 |
Marketable securities |  |  |  |  |  |  |
U.S. Treasury securities | $ | 155,166 |  |  | $ | — |  |  | $ | — |  |  | $ | 155,166 |
Corporate bonds | — |  |  | 106,009 |  |  | — |  |  | 106,009 |
U.S. agency bonds | — |  |  | 20,981 |  |  | — |  |  | 20,981 |
Total marketable securities | $ | 155,166 |  |  | $ | 126,990 |  |  | $ | — |  |  | $ | 282,156 |
Total assets | $ | 243,417 |  |  | $ | 126,990 |  |  | $ | — |  |  | $ | 370,407 |
The following table summarizes the Company's investments in marketable securities on the condensed consolidated balance sheets (in thousands):
| As of July 31, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Current Assets |  |  |  |  |  |  |
U.S. Treasury securities | $ | 154,788 |  |  | $ | 424 |  |  | $ | (92) |  |  | $ | 155,120 |
Commercial paper | 3,983 |  |  | — |  |  | — |  |  | 3,983 |
Corporate bonds | 101,520 |  |  | 457 |  |  | (4) |  |  | 101,973 |
U.S. agency bonds | 29,991 |  |  | 7 |  |  | — |  |  | 29,998 |
Total marketable securities | $ | 290,282 |  |  | $ | 888 |  |  | $ | (96) |  |  | $ | 291,074 |
| As of January 31, 2025 |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  |
Current Assets |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 155,017 |  |  | $ | 254 |  |  | $ | (105) |  |  | $ | 155,166 |  |  |
Corporate bonds | 105,532 |  |  | 487 |  |  | (10) |  |  | 106,009 |  |  |
U.S. agency bonds | 20,935 |  |  | 52 |  |  | (6) |  |  | 20,981 |  |  |
Total marketable securities | $ | 281,484 |  |  | $ | 793 |  |  | $ | (121) |  |  | $ | 282,156 |  |  |
The following table presents the contractual maturities of the Company’s marketable securities as of July 31, 2025 (in thousands):
|  | As of July 31, 2025 |  |
|  | Amortized Cost |  | Estimated Fair Value |  |
Due within one year |  | $ | 99,812 |  |  | $ | 99,883 |  |  |
Due within one to three years |  | 190,470 |  |  | 191,191 |  |  |
Total |  | $ | 290,282 |  |  | $ | 291,074 |  |  |
The Company periodically evaluates its investments for expected credit losses. The Company had certain available-for-sale investment securities in a gross unrealized loss position, substantially all of which had been in such position for less than 12 months. The unrealized losses on the available-for-sale securities were primarily due to unfavorable changes in interest rates subsequent to the initial purchase of these securities. The Company expects to recover the full carrying value of its available-for-sale securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses. The Company also expects any credit losses would be immaterial based on the high-grade credit rating for each of such available-for-sale securities. As a result, the Company does not consider any portion of the unrealized losses as of July 31, 2025 or January 31, 2025 to represent credit losses. In April 2020 and November 2022, the Company entered into credit agreements (the “April 2020 Senior Secured Term Loan” and “November 2022 Senior Secured Credit Facility” as defined in Note 6. Debt) with Silicon Valley Bank (“SVB”). The credit facilities are carried at amortized cost, which approximated their fair values as of July 31, 2025 and January 31, 2025. If the credit facilities were measured at fair value in the financial statements, they would be classified as Level 2 in the fair value hierarchy. The April 2020 Senior Secured Term Loan was repaid in full and terminated in November 2022. On March 27, 2023, First Citizens BancShares, Inc. announced that it entered into an agreement to purchase assets and liabilities of SVB, inclusive of the November 2022 Senior Secured Credit Facility.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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