Stock-Based Compensation

3 Months Ended

Apr. 30, 2026

Share-Based Payment Arrangement [Abstract]

In January 2008, the Company adopted the 2008 Equity Incentive Plan (the “2008 Plan”), which was most recently amended in October 2017 and subsequently terminated in connection with the adoption of the Company’s 2017 Plan (as defined below). The 2008 Plan allowed stock options to be granted to Company employees, officers, directors, advisors, consultants, and other service providers as either incentive stock options (“ISOs”) or non-statutory stock options (“NSOs”). ISOs could be granted only to the Company’s employees. NSOs could be granted to the Company’s service providers who were not employees.

Under the 2008 Plan, options could be granted for terms no longer than 10 years from the date of the grant. In the case of an ISO grant to an optionee who, at the time the option is granted, owned stock representing more than 10% of the voting power of all classes of stock of the Company or any parent or subsidiary, the term of the option was five years from the date of grant. ISOs and NSOs generally vested

at a rate of 25% on the first anniversary of the grant date and then ratably over the next three years. Upon termination of employment, any unvested shares were automatically returned to the Company. Those shares were added back to the plan and made available for future grants. The 2008 Plan was terminated in 2017, but the awards granted previously still vest. At April 30, 2026 and January 31, 2026, no shares from the 2008 Plan remained available for future grants.

In December 2017, the Company adopted the 2017 Equity Incentive Plan (the “2017 Plan”), which was most recently amended in September 2025 and subsequently terminated in connection with the adoption of the Company’s 2025 Plan (as defined below). The 2017 Plan allowed stock options to be granted to Company employees, officers, directors, advisors, consultants, and other service providers as either stock options, restricted stock awards, restricted stock units (“RSUs”), stock appreciation rights, and other equity awards. The 2017 Plan was initially adopted with substantively similar plan features as the 2008 Plan. In August 2018, the 2017 Plan was amended to extend the post-termination exercise period for vested awards, other than terminations for cause, to up to 10 years. At April 30, 2026 and January 31, 2026, no shares from the 2017 Plan remained available for future grants.

In September 2025, the Company’s stockholders approved the 2025 Equity Incentive Plan (the “2025 Plan” and, together with the 2017 and 2008 Plan, the “Plans”). The 2025 Plan became effective in connection with the IPO, and provides for the issuance of up to 17,500,000 shares of the Company’s common stock, plus any reserved shares of the Company’s common stock not issued or subject to outstanding grants under the 2008 Plan and the 2017 Plan on the effective date of the 2025 Plan, pursuant to stock options, RSUs, stock appreciation rights, and other equity awards. The number of shares reserved for issuance under the 2025 Plan will increase automatically on February 1 of each of 2026 through 2035 by the number of shares equal to 5% of the aggregate number of outstanding shares of all classes of the Company’s common stock as of the immediately preceding January 31, or a lesser number as may be determined by the board of directors. The 2025 Plan was initially adopted with substantively similar plan features to the 2017 and 2008 Plans. The Company began issuing awards under the 2025 Plan during the quarter ended January 31, 2026. At April 30, 2026 and January 31, 2026, 35,052,906 and 27,856,967 shares from the 2025 Plan remained available for future grants, respectively.

In accordance with the Plans, the exercise price of an ISO and NSO shall not be less than 100% of the estimated fair value of the shares on the date of grant unless expressly determined in writing by the board of directors or its designated committee, and the exercise price of an ISO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant.

Stock Options

A summary of stock option activity as of and for the three months ended April 30, 2026 under the Plans is as follows:


	Number of Options Outstanding Under the Plans	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 31, 2026*	23,755,365	$	1.90	3.2	161,131


Exercised	(501,789)	2.23			3,521
Expired	(5,145)	2.45			—
Forfeited	—	—			—
Outstanding at April 30, 2026*	23,248,431	1.89		3.0	$	200,844
Exercisable at April 30, 2026	23,204,963	$	1.89	3.0	$	200,513

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*The Plans allow for early exercise of stock options and exercised/forfeited balances include only vested stock options exercised.


	Shares	Weighted-Average Grant-Date Fair Value
Unvested at January 31, 2026	74,213	$	4.73

Vested	(30,745)	4.73
Forfeited	—	—
Unvested at April 30, 2026	43,468	$	4.73

As of April 30, 2026, unrecognized stock-based compensation expense related to unvested stock options was $0.2 million, which is expected to be recognized over a weighted-average period of 0.3 years.

No options were granted during the three months ended April 30, 2026 and 2025.

Restricted Stock Units

RSUs are issued at no cost to the recipient and can be settled only in shares after the RSUs have vested. RSUs do not provide the holder with voting rights or cash dividends. Prior to the Company’s IPO, the majority of RSUs vest upon satisfaction of time-based service and performance-based conditions (“dual-trigger RSUs”). Upon completion of the IPO on December 15, 2025, the performance condition was satisfied and the existing dual-trigger awards are now subject only to the remaining service-based vesting conditions. Accordingly, the Company began recognizing share-based compensation expense for these awards from the date the performance condition was satisfied. Following the Company’s IPO, RSUs granted are subject only to continued service-based vesting conditions and do not contain performance or market conditions.

A summary of RSU activity for the three months ended April 30, 2026 under the Plans is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at January 31, 2026	15,676,155	$	12.51
Granted	1,350,754	8.12
Settled	(1,954,916)	9.95
Forfeited	(385,654)	12.72
Outstanding at April 30, 2026	14,686,339	$	12.32

As of April 30, 2026, unrecognized stock-based compensation expense related to unvested RSUs was $95.0 million, which is expected to be recognized over a weighted-average period of 2.3 years.

Employee Stock Purchase Plan

The Company’s employee stock purchase plan (“ESPP”) became effective in connection with the IPO in December 2025. The ESPP enables employees to purchase shares of the Company’s common stock at a discounted price through payroll deductions of up to 15% of their eligible compensation up to the statutory maximum. The purchase price is equal to 85% of the fair market value of a share of common stock on the first day of an offering period or the purchase date, whichever is lower.

During the three months ended April 30, 2026, no shares had been purchased under the ESPP. Compensation expense associated with the ESPP is recognized over the offering period based on the grant-date fair value. Compensation expense was $288.0 thousand for the three months ended April 30, 2026.

Allocation of Stock-Based Compensation

Stock-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended April 30, 2026 and 2025 was as follows (in thousands):


	Three Months Ended April 30,
	2026		2025
Product development	$	10,120	$	1,251
General and administrative	5,721		349
Marketing	240		91
Operations and support	972		188


Total stock-based compensation expense, net of amounts capitalized	$	17,053	$	1,879