From 2019 to 2023, the Company issued warrants to purchase an aggregate of 1.6 million shares of common stock with a weighted-average exercise price of $2.60. All warrants expire 10 years from the date of grant. During the three months ended April 30, 2026, 514,500 of these equity-classified warrants were exercised. As of April 30, 2026, the remaining 1.1 million equity-classified warrants had not been exercised.

The warrant liabilities are included in other noncurrent liabilities in the condensed consolidated balance sheets. The fair value of the warrants is remeasured at the end of every reporting period, with changes in fair value during the period recorded as a component of other income, net in the condensed consolidated statements of operations.

In April 2020, the Company issued a warrant to purchase 60,000 shares of common stock at an exercise price of $1.16 per share. On February 25, 2026, this warrant was exercised in full on a net exercise basis, resulting in the issuance of 51,481 shares of common stock. No cash was received in connection with these exercises. At January 31, 2026, the warrant was recorded at fair value of approximately $0.5 million.

The fair value of the common stock warrant was estimated using the BSM option-pricing model with the following assumptions:


	January 31,
	2026
Expected term (years)	4.24
Expected volatility	55.00		%
Risk-free interest rate	3.70		%
Expected dividends	—		%
Fair value of common stock	$	8.68

At April 30, 2026 and January 31, 2026, a warrant to purchase 251,750 shares of the Company’s common stock (the “Series G Warrant”) at an exercise price of $3.97 was outstanding at a fair value of $2.0 million and $1.5 million, respectively. The Series G Warrant was originally exercisable for shares of Series G redeemable convertible preferred stock, which automatically converted into common stock upon the completion of the IPO. The Series G Warrant is immediately exercisable and expires five years from the effective date of the IPO.

The fair value of the Series G Warrant was estimated using the BSM option-pricing model with the following assumptions:


	April 30,			January 31,
	2026			2026
Expected term (years)	4.61			4.86
Expected volatility	55.00		%	55.00		%
Risk-free interest rate	4.02		%	3.75		%
Expected dividends	—		%	—		%
Fair value of Series G redeemable convertible preferred stock	$	10.53		$	8.68