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Stockholders’ Equity and Employee Incentive Plans
 6 Months Ended
Jul. 31, 2025
Equity And Compensation Related Costs Share Based Payments [Abstract]  
Stockholders’ Equity and Employee Incentive Plans Stockholders’ Equity and Employee Incentive Plans
Redeemable Convertible Preferred Stock
As of July 31, 2025 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.
Common Stock
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 July 31, 2025 and January 31, 2025.
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 July 31, 2025 and January 31, 2025, no dividends had been declared.
As of July 31, 2025, the Company has reserved common stock for future issuance as follows:
Number of Shares
Stock options outstanding4,048,818 
Restricted stock units issued and outstanding4,916,442 
Remaining shares available for issuance under the 2021 Plan3,986,350 
Shares available for issuance under the 2023 Inducement Plan856,766 
ESPP1,870,816 
Common stock warrants105,350 
Total15,784,542 
Common Stock Warrants
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 July 31, 2025, all warrants were outstanding and exercisable. Pursuant to the Merger Agreement, the Company shall use reasonable best efforts to enter into a warrant termination agreement with the applicable holders of the warrants, upon which, such warrants shall be cancelled and terminated according to the terms of the Merger Agreement.
Stock Options
The following table summarizes stock option activity under the 2008 Equity Incentive Plan (the “2008 Plan”), 2018 Equity Incentive Plan (the “2018 Plan”), 2021 Equity Incentive Plan (the “2021 Plan”) and 2023 Inducement Equity
Incentive Plan (the “2023 Inducement Plan”), collectively (the “Stock Plans") for the six months ended July 31, 2025 (aggregate intrinsic value in thousands):
Options OutstandingWeighted-
Average
Contractual
Term		Aggregate
Intrinsic
Value
Number of
Options		Weighted-
Average
Exercise
Price
Balances as of January 31, 2025
4,835,686 $10.69 3.87$40,017 
Options exercised(762,875)$11.61 
Options cancelled(23,993)$23.24 
Balances as of July 31, 2025
4,048,818 $10.44 3.43$56,571 
Options vested and expected to vest as of July 31, 2025
4,048,818 $10.44 3.43$56,571 
Options vested and exercisable as of July 31, 2025
4,048,818 $10.44 3.43$56,571 
No stock options were granted during the three and six months ended July 31, 2025 and 2024. The aggregate intrinsic value of options exercised during the three months ended July 31, 2025 and 2024 was $5.7 million and $1.9 million, respectively, and $7.7 million and $10.0 million during the six months ended July 31, 2025 and 2024, 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 total grant-date fair value of stock options vested was an immaterial amount during the three months ended July 31, 2025 and $0.8 million during the three months ended July 31, 2024, respectively, and $0.3 million and $1.7 million during the six months ended July 31, 2025 and 2024, respectively.
The Company recognized an immaterial amount of stock-based compensation expense related to stock options during the three months ended July 31, 2025 and $1.2 million during the three months ended July 31, 2024, respectively, and $0.6 million and $2.1 million during the six months ended July 31, 2025 and 2024, respectively.
As of July 31, 2025, all compensation expense related to stock options have been recognized.
Service-Based RSUs
The Company grants restricted stock units (“RSUs") to certain 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 presents service-based RSU activity for the six months ended July 31, 2025:
RSUs Outstanding
Number of RSUs Weighted Average Grant Date Fair Value Per Share
Balances as of January 31, 2025
3,207,812 $21.26 
RSUs granted2,706,487 $18.24 
RSUs vested(1,288,351)$21.13 
RSUs forfeited(277,975)$21.09 
Balances as of July 31, 2025
4,347,973 $19.44 
The aggregate fair value of the RSU awards granted was $3.7 million and $2.7 million during the three months ended July 31, 2025 and 2024, respectively, and $49.4 million and $50.6 million for the six months ended July 31, 2025 and 2024, respectively. The total grant-date fair value of RSUs vested was $13.8 million and $14.9 million during the three months ended July 31, 2025 and 2024, respectively, and $27.2 million and $24.1 million for the six months ended July 31, 2025 and 2024, respectively.
We recognized $13.3 million in stock-based compensation expense related to service vesting-based RSUs during the three months ended July 31, 2025 and 2024, and $26.7 million and $25.0 million for the six months ended July 31, 2025 and 2024, respectively. As of July 31, 2025, there was $73.0 million of unrecognized compensation expense related to service-based RSUs expected to be recognized over a weighted-average vesting period of 1.8 years.
Performance-based and Market-based Awards
Performance-based Awards
We recognized $0.4 million and $1.0 million of stock-based compensation expense related to performance-based RSUs (“PSUs") during the three months ended July 31, 2025 and 2024, respectively, and $(0.8) million and $2.2 million for the six months ended July 31, 2025 and 2024, respectively. Negative amounts represent expense reversals associated with forfeitures that exceeded expenses recognized during the periods presented.
During the three and six months ended July 31, 2025, no awards vested. During the three and six months ended July 31, 2024, 195,998 awards vested with a total grant-date fair value of $3.2 million. As of July 31, 2025, there were 467,669 awards outstanding and a total of $1.3 million of unrecognized compensation expense related to PSUs expected to be recognized over an average vesting period of 1.0 year.
Market-based Awards
The Company recognized an immaterial amount of stock-based compensation expense related to market-based awards during the three months ended July 31, 2025 and $0.1 million during the three months ended July 31, 2024, respectively, and $0.1 million and $0.4 million for the six months ended July 31, 2025 and 2024, respectively. No awards vested during the three and six months ended July 31, 2025. There were 79,200 awards vested during the three months ended July 31, 2024 with a total grant-date fair value of $1.2 million. As of July 31, 2025, there were 100,800 awards outstanding and all share-based compensation expense related to market-based awards have been recognized.
Determination of Fair Value
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:
Six Months Ended July 31,
20252024
Employee Stock Purchase Plan:
Expected term (in years)0.91.2
Expected volatility56.7 %60.1 %
Risk-free interest rate4.1 %5.0 %
Dividend yield— — 
The Company recognized stock-based compensation expense related to the ESPP of $0.4 million for the three months ended July 31, 2025 and 2024, and $0.8 million and $1.0 million for the six months ended July 31, 2025 and 2024, respectively. As of July 31, 2025, $0.8 million of unrecognized stock-based compensation expense related to the ESPP is expected to be recognized over a weighted-average vesting period of 0.6 years.
During the six months ended July 31, 2025, 118,609 shares of common stock were issued under the ESPP.
Stock-Based Compensation
Stock-based compensation expense, net of amounts capitalized was as follows (in thousands):
Three Months Ended July 31,Six Months Ended July 31,
2025202420252024
Cost of revenue - subscription$385$301$728$567
Cost of revenue - services103109212250
Research and development4,4394,2148,8548,207
Sales and marketing5,3516,16210,62411,385
General and administrative3,8215,3707,06510,374
Total stock-based compensation expense$14,099 $16,156 $27,483 $30,783