Cash Equivalents and Short-Term Investments

3 Months Ended

Apr. 30, 2024

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 April 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash Equivalents
Money market funds	$	37,117	$	—	$	—	$	37,117
Total cash equivalents	37,117		—		—		37,117
Short-Term Investments
U.S. government treasury securities	83,723		1		(157)		83,567
Corporate debt securities	13,804		2		(49)		13,757
U.S. government agency securities	5,999		—		(12)		5,987
Commercial paper	4,909		—		—		4,909

Total short-term investments	108,435		3		(218)		108,220
Total	$	145,552	$	3	$	(218)	$	145,337


	As of January 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash Equivalents
Money market funds	$	32,895	$	—	$	—	$	32,895

Total cash equivalents	32,895		—		—		32,895
Short-Term Investments
U.S. government treasury securities	85,525		58		(7)		85,576
Corporate debt securities	13,712		14		(1)		13,725
U.S. government agency securities	7,999		—		(8)		7,991
Commercial paper	4,845		—		—		4,845
Asset-backed securities	144		—		—		144
Total short-term investments	112,225		72		(16)		112,281
Total	$	145,120	$	72	$	(16)	$	145,176

During the three months ended April 30, 2024 and 2023, 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 April 30, 2024, the Company’s short-term investments consisted of $88.8 million and $19.4 million with a contractual maturity date of less than one year and greater than one year, respectively. As of January 31, 2024, the Company’s short-term investments consisted of $97.6 million and $14.7 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 April 30, 2024 and January 31, 2024 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 April 30, 2024
	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	$	(157)	$	77,620	$	—	$	—	$	(157)	$	77,620
U.S. government agency securities	(12)		5,987		—		—		(12)		5,987
Corporate debt securities	(49)		9,826		—		—		(49)		9,826

Total	$	(218)	$	93,433	$	—	$	—	$	(218)	$	93,433


	As of January 31, 2024
	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	$	(7)	$	22,746	$	—	$	—	$	(7)	$	22,746
U.S. government agency securities	(8)		7,991		—		—		(8)		7,991
Corporate debt securities	(1)		5,008		—		—		(1)		5,008
Asset-backed securities	—		—		—		144		—		144
Total	$	(16)	$	35,745	$	—	$	144	$	(16)	$	35,889

As of April 30, 2024, the Company had 19 short-term investments in an unrealized loss position. As of January 31, 2024, the Company had 13 short-term investments in an unrealized loss position. As of April 30, 2024, the Company determined that the declines in the market value of its investment portfolio were not driven by credit related factors. During the three months ended April 30, 2024, there were no credit or non-credit related impairment charges recorded by the Company.