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Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2026
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | The components of income (loss) before income taxes consisted of the following (in thousands):
| Fiscal Year Ended January 31,
| 2026 |  | 2025 |  | 2024
United States | (101,264) |  |  | 139,229 |  |  | 78,589 |
Foreign | 16 |  |  | — |  |  | — |
Income (loss) before income taxes | $ | (101,248) |  |  | $ | 139,229 |  |  | $ | 78,589 |
Schedule of Components of Income Before Income Tax Benefit (Expense) | The provision for (benefit from) income taxes consisted of the following (in thousands):
| Fiscal Year Ended January 31,
| 2026 |  | 2025 |  | 2024
Current expense (benefit): |  |  |  |  |
Federal | $ | — |  |  | $ | 1,200 |  |  | $ | — |
State | 369 |  |  | 3,774 |  |  | 1,623 |
Foreign | 4 |  |  | — |  |  | — |
Deferred tax expense (benefit): |  |  |  |  |
Federal | (46,390) |  |  | (43,252) |  |  | — |
State | (13,165) |  |  | (16,940) |  |  | — |
Foreign | $ | — |  |  | $ | — |  |  | $ | — |
Total provision for (benefit from) income taxes | $ | (59,182) |  |  | $ | (55,218) |  |  | $ | 1,623 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate was as follows:
| Fiscal Year Ended January 31, 2026
Federal tax (benefit) at statutory rate | $ | (21,263) |  |  | 21.0 | %
State tax (benefit) at statutory rate, net of federal benefit* | (14,261) |  |  | 14.1 | %
Foreign tax effects | 1 |  |  | — | %
Effect of cross-border tax laws | 23 |  |  | — | %
Tax credits: |  |  |
Research and development credits | (13,845) |  |  | 13.7 | %
Change in valuation allowance | — |  |  | — | %
Nontaxable or nondeductible items: |  |  |
Stock based compensation | (43,983) |  |  | 43.4 | %
Executive compensation | 30,156 |  |  | (29.8) | %
Other | (28) |  |  | 0.1 | %
Changes in unrecognized tax benefits: |  |  |
Reserve on research and development credits | 5,584 |  |  | (5.5) | %
Other adjustments to prior year tax estimates | $ | (1,566) |  |  | 1.6 | %
Provision for (benefit from) income taxes | $ | (59,182) |  |  | 58.6 | %
*State taxes in California made up the majority (greater than 50 percent) of the tax effect in this category. The reconciliation of the statutory Federal income tax rate to the Company’s effective tax rate, for the year prior to the adoption of ASU 2023-09, was as follows:
| Fiscal Year Ended January 31,
| 2025 |  | 2024
Federal tax (benefit) at statutory rate | 21.0 | % |  | 21.0 | %
State tax (benefit) at statutory rate, net of federal benefit | 1.9 |  |  | 4.4 |
Change in valuation allowance | (57.6) |  |  | (17.1) |
Stock-based compensation expense | (2.7) |  |  | (4.3) |
Financial instrument fair value change | (2.3) |  |  | 1.2 |
Research and development tax credits | (1.1) |  |  | (4.8) |
Other | 1.0 |  |  | 1.8 |
Provision for (benefit from) income taxes | (39.8) | % |  | 2.2 | %
Schedule of Cash Payments for Income Taxes, Net | The amount of cash income taxes paid, net of refunds received, consisted of the following (in thousands):
| Fiscal Year Ended January 31, 2026
Federal | $ | 1,500 |
State and local: |
Massachusetts | 159 |
New Jersey | 146 |
New York State | 124 |
All other state and local | 561 |
Foreign | — |
Income taxes paid, net of amounts refunded | $ | 2,490 |
Schedule of Deferred Tax Assets, Net | Deferred tax assets, net consisted of the following (in thousands):
| January 31,
| 2026 |  | 2025
Deferred tax assets |  |  |
Accruals | $ | 325 |  |  | $ | 280 |
Fixed assets | 367 |  |  | 260 |
Net operating loss carryforwards | 51,626 |  |  | 16,988 |
Research and development tax credits, net of reserves | 26,472 |  |  | 10,865 |
Stock-based compensation expense | 25,363 |  |  | 15,315 |
Lease liability | 2,724 |  |  | 3,488 |
Research and experimental expenditures capitalization | 15,260 |  |  | 16,063 |
Intangible assets | 515 |  |  | — |
Other | — |  |  | 791 |
Gross deferred tax assets | 122,652 |  |  | 64,050 |
Valuation allowance | — |  |  | — |
Deferred tax assets, net of valuation allowance | 122,652 |  |  | 64,050 |
Deferred tax liabilities |  |  |
Intangible assets | — |  |  | (922) |
ROU asset | (2,280) |  |  | (2,934) |
Other | (623) |  |  | — |
Total deferred tax liabilities | (2,903) |  |  | (3,856) |
Deferred tax assets, net | $ | 119,749 |  |  | $ | 60,194 |
Schedule of Unrecognized Tax Benefits Activity | The Company had unrecognized tax benefits as outlined in the tabular reconciliation below (in thousands):
| Fiscal Year Ended January 31,
| 2026 |  | 2025 |  | 2024
Unrecognized tax benefits as of the beginning of the year | $ | 8,052 |  |  | $ | 6,661 |  |  | $ | 5,435 |
Increase in tax positions for prior years | 415 |  |  | — |  |  | — |
Decrease in tax positions for prior years | — |  |  | — |  |  | — |
Increase in tax positions for current year | 5,964 |  |  | 1,391 |  |  | 1,226 |
Decrease in tax positions for current year | — |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |
Lapse from statute of limitations | — |  |  | — |  |  | — |
Unrecognized tax benefits as of the end of the year | 14,431 |  |  | 8,052 |  |  | 6,661 |

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