v3.26.1
Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jul. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

 

 

July 31, 2026

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

169,455

 

 

$

—

 

 

$

—

 

Corporate bonds

 

 

—

 

 

 

485

 

 

 

—

 

Restricted cash equivalents: money market funds

 

 

8,316

 

 

 

—

 

 

 

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

252,173

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

—

 

 

 

6,529

 

 

 

—

 

Corporate bonds

 

 

—

 

 

 

191,586

 

 

 

—

 

Total assets

 

$

429,944

 

 

$

198,600

 

 

$

—

 

 

 

January 31, 2026

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

99,181

 

 

$

—

 

 

$

—

 

Corporate bonds

 

 

—

 

 

 

2,584

 

 

 

—

 

Restricted cash equivalents: money market funds

 

 

5,926

 

 

 

—

 

 

 

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

212,897

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

—

 

 

 

4,601

 

 

 

—

 

Corporate bonds

 

 

—

 

 

 

193,151

 

 

 

—

 

Total assets

 

$

318,004

 

 

$

200,336

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

Public Warrants

 

$

128,363

 

 

$

—

 

 

$

—

 

Private Placement Warrants

 

 

—

 

 

 

—

 

 

 

44,945

 

Total liabilities

 

$

128,363

 

 

$

—

 

 

$

44,945

 
Schedule of Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a roll-forward of Level 3 liabilities measured at fair value for the three and six months ended July 31, 2026 and 2025:

 

(in thousands)

 

Private
Placement
Warrants

 

 

Technical
Milestone
Contingent
Consideration (1)

 

 

Customer
Contract
Earnout
Contingent
Consideration (1)

 

Fair value at end of year, January 31, 2025

 

$

8,900

 

 

$

5,980

 

 

$

1,578

 

Payments

 

 

—

 

 

 

(3,250

)

 

 

(1,570

)

Change in fair value

 

 

(5,488

)

 

 

(33

)

 

 

(8

)

Fair value at April 30, 2025

 

$

3,412

 

 

$

2,697

 

 

$

—

 

Payments

 

 

—

 

 

 

—

 

 

 

—

 

Transfers out of Level 3 (2)

 

 

(927

)

 

 

—

 

 

 

—

 

Change in fair value

 

 

2,321

 

 

 

77

 

 

 

640

 

Fair value at July 31, 2025

 

$

4,806

 

 

$

2,774

 

 

$

640

 

 

 

 

 

 

 

 

 

 

 

Fair value at end of year, January 31, 2026

 

$

44,945

 

 

$

—

 

 

$

—

 

Private placement warrant exercises

 

 

(41,079

)

 

 

—

 

 

 

—

 

Change in fair value

 

 

(3,866

)

 

 

—

 

 

 

—

 

Fair value at April 30, 2026

 

$

—

 

 

$

—

 

 

$

—

 

Change in fair value

 

 

—

 

 

 

—

 

 

 

—

 

Fair value at July 31, 2026

 

$

—

 

 

$

—

 

 

$

—

 

 

(1) Changes in fair value of the contingent consideration liability for the Salo Sciences technical milestone payments are included within research and development expenses. Changes in fair value of the Salo Sciences contingent consideration liability for customer contract earnout payments are included within sales and marketing expenses.

(2) During the three months ended July 31, 2025, the Company transferred 1,495,733 Private Placement Warrants from Level 3 to Level 1. The warrants were transferred to Level 1 due to the removal of the restrictive legends from the Private Placement Warrants, resulting in such warrants being able to be sold in the active market. The Company’s policy is to recognize transfers between fair value hierarchy levels at the beginning of the reporting period during which the transfer occurred.