In 2009, the Company adopted its stock incentive plan (the “2009 Plan”) to grant equity to employees and service providers. In 2019, the Company adopted a new stock incentive plan (the “2019 Plan”) which replaced the 2009 Plan. The Company has granted RSUs and stock options, each of which is settleable in shares. Options are generally granted for a 10-year term, and generally vest and become fully exercisable over four years of service. While no shares are available for future issuance under the 2009 Plan or the 2019 Plan, they continue to govern outstanding equity awards granted thereunder. Outstanding awards granted under the 2009 Plan and 2019 Plan are exercisable for or settled in shares of Class A common stock. There are no outstanding RSUs under the 2009 Plan and 2019 Plan as of April 30, 2026. There will not be any further equity grants under the 2009 and 2019 Plans.

The Company's Amended and Restated 2021 Incentive Award Plan (the "2021 Plan") was adopted by the Board and approved by stockholders in October 2021 and became effective upon the effective date of the IPO. The 2021 Plan replaced the 2019 Plan and no further grants will be made under the 2019 Plan. The terms of equity awards granted under the 2021 Plan in the year ended January 31, 2022 were generally consistent with those granted under the 2019 Plan, as described above. RSUs granted under the 2021 Plan in the year ended January 31, 2022 generally vest over four years and do not have liquidity-based vesting conditions. RSUs granted under the 2021 Plan during the years ended January 31, 2026 and 2025 have a shorter vesting period of one to two years. There will not be any further equity grants under the 2021 Plan. See below for details of the Second Amended and Restated 2021 Incentive Award Plan.

In October 2025, the Company’s stockholders approved the Second Amended and Restated 2021 Incentive Award Plan (the “Amended 2021 Plan”), which the Board approved in September 2025, to increase the number of shares of Class A common stock reserved for issuance thereunder by 6,130,499 shares of Class A common stock and to extend the expiration date to the tenth anniversary of the closing date, October 28, 2035. Further, effective on December 15, 2025, the Board increased the number of shares of Class A common stock reserved for issuance thereunder by 3,899,439 shares of Class A common stock, which increase is subject to approval by the Company’s stockholders at the Company’s 2026 annual meeting of stockholders. As of April 30, 2026, there were 3,797,654 shares of Class A common stock available for issuance under the Amended 2021 Plan. RSUs granted under the Amended 2021 Plan generally vest over a four-year period and PSUs vest based on the satisfaction of time-vesting requirements, achievement of performance targets, and market-based conditions where applicable. The PSU awards have been included assuming payout at target level. There will not be any further equity grants of Class B common stock. Shares of Class B common stock are not available for issuance under the Amended 2021 Plan.

In addition, we have granted RSUs outside of the Amended 2021 Plan in reliance on the employment inducement award exemption set forth in Nasdaq Listing Rule 5635(c)(4). These RSUs are generally subject to the terms of the Amended 2021 Plan and vest over a four-year period.

The grant date fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The option pricing model considers several variables and assumptions in estimating the fair value of share-based awards. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve at the date of grant. There were no stock options granted during the three months ended April 30, 2026 or year ended January 31, 2026.


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Term (in years)	Aggregate Intrinsic Value
Balances as of January 31, 2026	12,089	$	175.64	2.55	$	—
Granted	—	—
Exercised	—	—
Forfeited	(1,005)	144.67
Balances as of April 30, 2026	11,084	$	178.45	2.30	$	—
Exercisable as of April 30, 2026	11,084	$	178.45	2.30	$	—

During the year ended January 31, 2024, the Company completed an option exchange designed to incentivize and retain employees, directors and other service providers by providing the ability to exchange outstanding stock options for RSUs representing the right to receive Class A common stock. Stock options relating to 331,370 shares of Class A and Class B common stock were forfeited in exchange for 132,546 RSUs which generally vest over two years. The Company recognized $0.8 million of incremental stock compensation expense from the RSUs granted as a result of the option exchange which will be recognized over the two year vesting period.


	Number of Shares	Weighted Average Grant-Date Fair Value per Share
Unvested and outstanding as of January 31, 2026	2,343,505	$	8.38
Granted	802,395	5.97
Vested/Released	(28,509)	8.96
Forfeited	(35,318)	8.41
Unvested and outstanding as of April 30, 2026	3,082,073	$	7.74

As of April 30, 2026, there was $14.0 million of unrecognized compensation cost related to RSUs granted that is expected to be recognized over a weighted average period of 3.5 years. Of the total unrecognized compensation cost, an immaterial amount related to RSUs granted as a result of the option exchange.

During the three months ended April 30, 2026, the Company granted 2,005,988 PSU awards to an employee. The awards vest upon the satisfaction of performance-based and market conditions, subject to continued employment through such date. The performance-based condition requires the occurrence of a liquidity event, which is not considered probable as of April 30, 2026. The awards also include a market condition based on achieving a target equity value of the Company. The performance condition is applicable through October 28, 2029, after which time the awards vest solely on the market condition, which is assessed as of October 28, 2029 and as of each subsequent fiscal quarter. Share-based compensation expense related to these awards was nominal for the three months ended April 30, 2026. The PSU awards have been excluded from the calculation of weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted, as the performance-based and market conditions have not been met.

PSU awards require the achievement of certain performance targets established by the Company’s Board of Directors during a three-year performance period. PSU awards vest following the last day of the performance period, subject to continued employment through such date. Share-based compensation expense is recognized based on the Company’s best estimate of expected performance.

During the year ended January 31, 2026, the Company’s Board of Directors approved 2,206,540 PSU awards for employees. These awards were not deemed granted during the three months ended April 30, 2026 and year ended January 31, 2026 as the performance metrics and targets have not been established. There were no PSU awards granted prior to fiscal year 2025. The Company recognized no share-based compensation expense for the PSU awards during the three months ended April 30, 2026 and year ended January 31, 2026 as the performance metrics and targets have not been established or met. The PSU awards have been excluded from the calculation of weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted, as the performance-based condition has not been met. The PSU awards may vest up to 200% of the number of awards granted based on the achievement of performance targets.