In July 2022, the Company invested $100.0 million of cash in money market funds and debt securities of corporations after a full liquidation of its debt security investments in fiscal year 2022. All of the investments are denominated in United States dollars and reported at fair value as available-for-sale securities in the condensed consolidated balance sheets as follows:

	As of July 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	97,068	$	—	$	—		$	97,068
Corporate bonds		2,972		—		(2	)		2,970
Total cash equivalents and marketable debt securities	$	100,040	$	—	$	(2	)	$	100,038

	As of January 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	20	$	—	$	—		$	20
Total cash equivalents and marketable debt securities	$	20	$	—	$	—		$	20

As of July 31, 2022, there were no debt securities with unrealized losses for more than twelve months.

	As of
	July 31, 2022		January 31, 2022
	(in thousands)
Included in cash equivalents	$	97,068	$	20
Included in marketable debt securities		2,970		—
Total cash equivalents and marketable debt securities	$	100,038	$	20

The contractual maturities of the investments at July 31, 2022 and January 31, 2022 were as follows:

	As of
	July 31, 2022		January 31, 2022
	(in thousands)
Due within one year	$	100,038	$	20
Due within one to three years		—		—
Total cash equivalents and marketable debt securities	$	100,038	$	20

The unrealized gains and losses on the available-for-sale securities were primarily caused by fluctuations in market value and interest rates as a result of the economic environment. In accordance with ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the Company estimates the expected losses at an individual security level whenever a security’s fair value is below its amortized cost basis using the discounted cash flow method. The credit-related portion of the loss is recognized in other income (expense), net in the condensed consolidated statements of operations but is limited to the difference between the fair value and the amortized cost basis of the security, adjusted for accrued interest. The non-credit-related portion of the loss is recognized in accumulated other comprehensive loss in the condensed consolidated balance sheets. The credit-related losses were not material for the three and six months ended July 31, 2022, and 2021, respectively.

The following fair value hierarchy is applied for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows:

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.

Level 3—Unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.

The Company measures the fair value of money market funds using quoted prices in active markets for identical assets and classifies them within Level 1. The fair value of the Company’s investments in other debt securities are obtained based on quoted prices for similar assets in active markets and are classified within Level 2.

The following tables present the fair value of the financial instruments measured on a recurring basis as of July 31, 2022 and January 31, 2022, respectively:

	As of July 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Money market funds	$	97,068	$	97,068	$	—	$	—
Corporate bonds		2,970		—		2,970		—
Total cash equivalents and marketable debt securities	$	100,038	$	97,068	$	2,970	$	—

	As of January 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Money market funds	$	20	$	20	$	—	$	—
Total cash equivalents and marketable debt securities	$	20	$	20	$	—	$	—