v3.26.1
Fair Value Measurements
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes, for assets measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands):
As of April 30, 2026
Level 1Level 2Level 3Total
Current Assets
Cash equivalents
Money market funds$95,397 $— $— $95,397 
Commercial paper— 2,788 — 2,788 
Total cash equivalents$95,397 $2,788 $— $98,185 
Marketable securities
U.S. Treasury securities$141,387 $— $— $141,387 
Corporate bonds— 79,902 — 79,902 
U.S. agency bonds— 9,695 — 9,695 
Total marketable securities$141,387 $89,597 $— $230,984 
Total assets$236,784 $92,385 $— $329,169 
As of January 31, 2026
Level 1Level 2Level 3Total
Current Assets
Cash equivalents
Money market funds$67,786 $— $— $67,786 
U.S. Treasury securities4,450 — — 4,450 
Total cash equivalents$72,236 $— $— $72,236 
Marketable securities
U.S. Treasury securities$142,306 $— $— $142,306 
Commercial paper— 8,446 — 8,446 
Corporate bonds— 73,760 — 73,760 
U.S. agency bonds— 9,698 — 9,698 
Total marketable securities$142,306 $91,904 $— $234,210 
Total assets$214,542 $91,904 $— $306,446 

The following table summarizes the Company's investments in marketable securities on the condensed consolidated balance sheets (in thousands):
As of April 30, 2026
Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized LossesEstimated
Fair Value
Current Assets
U.S. Treasury securities$141,269 $296 $(178)$141,387 
Corporate bonds79,886 197 (181)79,902 
U.S. agency bonds9,697 — (2)9,695 
Total marketable securities$230,852 $493 $(361)$230,984 

As of January 31, 2026
Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized Losses
Estimated
Fair Value
Current Assets
U.S. Treasury securities$141,589 $734 $(17)$142,306 
Commercial paper8,446 — — 8,446 
Corporate bonds73,338 422 — 73,760 
U.S. agency bonds9,696 2 — 9,698 
Total marketable securities$233,069 $1,158 $(17)$234,210 
The following table presents the contractual maturities of the Company’s marketable securities as of April 30, 2026 (in thousands):
As of April 30, 2026
Amortized CostEstimated Fair Value
Due within one year$89,155 $89,354 
Due within one to three years141,697 141,630 
Total$230,852 $230,984 
The Company periodically evaluates its investments for expected credit losses. The Company had certain available-for-sale investment securities in a gross unrealized loss position, substantially all of which had been in such position for less than 12 months. The unrealized losses on the available-for-sale securities were primarily due to unfavorable changes in interest rates subsequent to the initial purchase of these securities. The Company expects to recover the full carrying value of its available-for-sale securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses. The Company also expects any credit losses would be immaterial based on the high-grade credit rating for each of such available-for-sale securities. As a result, the Company does not consider any portion of the unrealized losses as of April 30, 2026 or January 31, 2026 to represent credit losses.
In April 2020 and November 2022, the Company entered into credit agreements (the “April 2020 Senior Secured Term Loan” and “November 2022 Senior Secured Credit Facility” as defined in Note 6. Debt) with Silicon Valley Bank (“SVB”). The credit facilities are carried at amortized cost, which approximated their fair values as of April 30, 2026 and January 31, 2026. If the credit facilities were measured at fair value in the financial statements, they would be classified as Level 2 in the fair value hierarchy. The April 2020 Senior Secured Term Loan was repaid in full and terminated in November 2022. On March 27, 2023, First Citizens BancShares, Inc. announced that it entered into an agreement to purchase assets and liabilities of SVB, inclusive of the November 2022 Senior Secured Credit Facility.