As of April 30, 2024, there were no shares of redeemable convertible preferred stock issued and outstanding.

The Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of 200,000,000 shares of undesignated preferred stock with a par value of $0.00001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors.

The Company’s Amended and Restated Certificate of Incorporation authorized the Company to issue 1,000,000,000 shares of common stock at a par value of $0.00001 as of April 30, 2024 and January 31, 2024.

Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. As of April 30, 2024 and January 31, 2024, no dividends had been declared.


			Number of Shares
Stock options outstanding			5,465,173
Restricted stock units issued and outstanding			5,930,054
Remaining shares available for issuance under the 2021 Plan			3,565,156
Shares available for issuance under the 2023 Inducement Plan			955,779
ESPP			1,606,656
Common stock warrants			105,350
Total			17,628,168

In April, 2019, the Company issued warrants in connection with a term loan agreement with a certain lender to purchase 105,350 shares of the Company’s common stock at $7.48 per share, exercisable over 10 years. As of April 30, 2024, all warrants were outstanding and exercisable.

The following table summarizes stock option activity under the Stock Plans for the three months ended April 30, 2024 (aggregate intrinsic value in thousands):


	Options Outstanding			Weighted- Average Contractual Term	Aggregate Intrinsic Value
	Number of Options	Weighted- Average Exercise Price
Balances as of January 31, 2024	5,889,938	$	10.38	4.84	$	86,742
Options exercised	(406,055)	$	8.11

Options cancelled	(18,710)	$	24.78
Balances as of April 30, 2024	5,465,173	$	10.50	4.55	$	75,355
Options vested and expected to vest as of April 30, 2024	5,465,173	$	10.50	4.55	$	75,355
Options vested and exercisable as of April 30, 2024	5,152,472	$	9.80	4.41	$	74,479

The aggregate intrinsic value of options exercised during the three months ended April 30, 2024 and 2023 was $8.1 million and $4.2 million, respectively. Aggregate intrinsic value represents the difference between the exercise price of the options and the estimated fair value of the Company’s common stock.

The Company recognized stock-based compensation expense related to stock options of $0.9 million and $1.2 million during the three months ended April 30, 2024 and 2023, respectively.

As of April 30, 2024, there was $2.6 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 0.8 years.

During the year ended January 31, 2022, the Company began granting RSUs to its employees which have service-based vesting conditions. The service-based vesting condition for these awards is generally satisfied by rendering continuous service over two to four years, depending on the award, during which time the grants will vest either quarterly or after a one-year cliff with quarterly vesting thereafter.

The following table is a summary of service-based RSU activity for the three months ended April 30, 2024:


	RSUs Outstanding
	Number of RSUs	Weighted Average Grant Date Fair Value Per Share
Balances as of January 31, 2024	3,909,920	$	17.56
RSUs granted	1,743,216	$	27.48
RSUs vested	(531,351)	$	17.32
RSUs forfeited	(137,331)	$	18.93
Balances as of April 30, 2024	4,984,454	$	21.02

The aggregate fair value of the RSU awards granted was $47.9 million and $39.3 million during the three months ended April 30, 2024 and 2023, respectively. This represents the fair value of the common stock on the date the service-based vesting awards were granted.

We recognized $11.6 million and $6.8 million in stock-based compensation expense related to service vesting-based RSUs during the three months ended April 30, 2024 and 2023, respectively. As of April 30, 2024, there was $93.6 million of unrecognized compensation expense related to service-based RSUs expected to be recognized over a weighted-average vesting period of 1.8 years.

We recognized a total of $1.3 million and $0.7 million in stock-based compensation expense related to PSUs during the three months ended April 30, 2024 and 2023, respectively. As of April 30, 2024, there were 840,000 awards outstanding and a total of $4.7 million of unrecognized compensation expense related to PSUs expected to be recognized over an average vesting period of 1.4 years.

The Company recognized a total of $0.3 million and $0.2 million in stock-based compensation expense related to market-based awards during the three months ended April 30, 2024 and 2023, respectively. There were 79,200 awards vested during the three months ended April 30, 2024. As of April 30, 2024, there were 105,600 awards outstanding and a total of $0.5 million of unrecognized compensation expense related to market-based RSUs expected to be recognized over an average vesting period of 0.9 years.

The Company estimates the fair value of purchase rights issued to employees under the ESPP using the Black-Scholes option-pricing model, which is dependent upon several variables, such as the fair value of the Company’s common stock, the expected option term, expected volatility of the Company’s stock price over the expected term, expected risk-free interest rate over the expected option term, and expected dividend yield.

The fair value of employee stock purchase rights for the offering period under the 2021 ESPP was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Three Months Ended April 30,
	2024		2023
Employee Stock Purchase Plan:
Expected term (in years)	1.2		0.8
Expected volatility	60.1	%	66.9	%
Risk-free interest rate	5.0	%	4.8	%
Dividend yield	—		—

The Company recognized stock-based compensation expense related to the ESPP of $0.6 million and $0.3 million during the three months ended April 30, 2024 and 2023, respectively. As of April 30, 2024, $2.4 million of unrecognized stock-based compensation expense related to the ESPP is expected to be recognized over a weighted-average vesting period of 1.0 year.

During the three months ended April 30, 2024, 123,778 shares of common stock were issued under the ESPP.


	Three Months Ended April 30,
	2024		2023
Cost of revenue—subscription	$	266	$	193
Cost of revenue—services	141		145
Research and development	3,993		2,768
Sales and marketing	5,223		3,241
General and administrative	5,004		2,928
Restructuring	—		1
Total stock-based compensation expense	$	14,627	$	9,276