Cash Equivalents and Short-Term Investments

6 Months Ended

Jul. 31, 2023

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash Equivalents and Short-Term Investments

The following tables summarize the Company’s cash equivalents and short-term investments (in thousands):


	As of July 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash Equivalents
Money market funds	$	12,667	$	—	$	—	$	12,667
Total cash equivalents	12,667		—		—		12,667
Short-Term Investments
U.S. government treasury securities	96,024		1		(245)		95,780
U.S. government agency securities	11,928		—		(46)		11,882
Commercial paper	9,941		—		—		9,941
Corporate debt securities	3,957		—		(4)		3,953
Asset-backed securities	2,812		—		(7)		2,805
Total short-term investments	124,662		1		(302)		124,361
Total	$	137,329	$	1	$	(302)	$	137,028


	As of January 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash Equivalents
Money market funds	$	29,239	$	—	$	—	$	29,239
Corporate debt securities	$	1,122	$	—	$	—	1,122
Total cash equivalents	30,361		—		—		30,361
Short-Term Investments
U.S. government treasury securities	71,981		1		(729)		71,253
U.S. government agency securities	7,839		3		(1)		7,841
Commercial paper	31,500		—		—		31,500
Corporate debt securities	11,952		—		(50)		11,902
Asset-backed securities	5,391		—		(31)		5,360
Total short-term investments	128,663		4		(811)		127,856
Total	$	159,024	$	4	$	(811)	$	158,217

During the three and six months ended July 31, 2023 and 2022, the Company did not reclassify any amounts to earnings from accumulated other comprehensive income (loss) related to unrealized gains or losses in other income (expense), net in the condensed consolidated statements of operations.

As of July 31, 2023, the Company’s short-term investments consisted of $120.4 million and $4.0 million with a contractual maturity date of less than one year and greater than one year, respectively. As of January 31, 2023, the Company’s short-term investments consisted of $122.0 million and $5.9 million with a contractual maturity of less than one year and greater than one year, respectively.

The Company’s gross unrealized losses and fair values for short-term investments that were in an unrealized loss position as of July 31, 2023 and January 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):


	As of July 31, 2023
	Less Than 12 Months				12 Months or Greater				Total
	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
U.S. government treasury securities	$	(60)	$	57,460	$	(185)	$	25,750	$	(245)	$	83,210
U.S. government agency securities	(46)		11,882		—		—		(46)		11,882
Corporate debt securities	(3)		2,953		(1)		999		(4)		3,952
Asset-backed securities	(5)		1,811		(2)		994		(7)		2,805
Total	$	(114)	$	74,106	$	(188)	$	27,743	$	(302)	$	101,849


	As of January 31, 2023
	Less Than 12 Months				12 Months or Greater				Total
	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
U.S. government treasury securities	$	(729)	$	64,397	$	—	$	—	$	(729)	$	64,397
U.S. government agency securities	(1)		1,918		—		—		(1)		1,918
Corporate debt securities	(49)		8,909		(1)		1,999		(50)		10,908
Asset-backed securities	(31)		5,359		—		—		(31)		5,359
Total	$	(810)	$	80,583	$	(1)	$	1,999	$	(811)	$	82,582

As of July 31, 2023, the Company had 30 short-term investments in an unrealized loss position. As of January 31, 2023, the Company had 27 short-term investments in an unrealized loss position. As of July 31, 2023, the Company determined that the declines in the market value of its investment portfolio were not driven by credit related factors. During the three and six months ended July 31, 2023, the Company did not recognize any losses on its short-term investments due to credit related factors.