The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the condensed consolidated balance sheets:


	April 30, 2026
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	$	87,017	$	1	$	(98)	$	86,920
Municipal bonds	17,869		—		(8)		17,861
U.S. government and agency securities	107,428		—		(117)		107,311
Certificates of deposit	23,918		2		(11)		23,909
Commercial paper	43,510		—		(36)		43,474
Marketable securities	$	279,742	$	3	$	(270)	$	279,475


	January 31, 2026
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	$	129,930	$	60	$	(16)	$	129,974
Municipal bonds	17,854		3		(2)		17,855
U.S. government and agency securities	115,473		14		(33)		115,454
Certificates of deposit	29,391		19		(1)		29,409
Commercial paper	46,838		11		(4)		46,845
Marketable securities	$	339,486	$	107	$	(56)	$	339,537

As of April 30, 2026 and January 31, 2026, the contractual maturities of available-for-sale marketable securities did not exceed 12 months. Interest income from cash, cash equivalents, and marketable securities was $4.1 million and $5.1 million for the three months ended April 30, 2026 and 2025, respectively.

There were 109 and 27 debt securities in an unrealized loss position as of April 30, 2026 and January 31, 2026, respectively. The estimated fair value of these debt securities, for which an allowance for credit losses has not been recorded, was $270.6 million and $125.7 million as of April 30, 2026 and January 31, 2026, respectively. There were no expected credit losses recorded against the Company’s investment securities as of April 30, 2026 and January 31, 2026.

As of April 30, 2026 and January 31, 2026, for fixed income securities that were in unrealized loss positions, the Company has determined that (i) it does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. In addition, as of April 30, 2026, the Company anticipates that it will recover the amortized cost basis of such fixed income securities before maturity.

Unrealized losses on the Company’s debt securities are not considered to be credit-related based upon an analysis that considered the extent to which the fair value is less than the amortized basis of a security, adverse conditions specifically related to the security, changes to credit rating of the instrument subsequent to Company purchase, and the strength of the underlying collateral, if any.