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INVESTMENTS AND FAIR VALUE MEASUREMENTS
 6 Months Ended
Jul. 31, 2026
Fair Value Disclosures [Abstract]  
INVESTMENTS AND FAIR VALUE MEASUREMENTS
NOTE 3 - INVESTMENTS AND FAIR VALUE MEASUREMENTS
The following table presents the Company’s cash equivalents and investments on the consolidated balance sheets (in thousands):
As of July 31, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Cash equivalents:
Money market funds$156,129 $— $— $156,129 
Commercial paper33,706 — — 33,706 
Total cash equivalents189,835 — — 189,835 
Short-term investments:
U.S. government and agency securities107,161 7 (290)106,878 
Commercial paper16,866 — — 16,866 
Corporate bonds43,379 — (94)43,285 
Total short-term investments167,406 7 (384)167,029 
Total cash equivalents and investments$357,241 $7 $(384)$356,864 

 As of January 31, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Cash equivalents:
Money market funds$129,893 $— $— $129,893 
Commercial paper40,758 — — 40,758 
Total cash equivalents170,651 — — 170,651 
Short-term investments:
U.S. government and agency securities103,458 38 — 103,496 
Commercial paper24,087 — — 24,087 
Corporate bonds29,387 26 (2)29,411 
Total short-term investments156,932 64 (2)156,994 
Total cash equivalents and investments$327,583 $64 $(2)$327,645 
The Company’s investments consist of available-for-sale debt securities. The Company considers debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the condensed consolidated balance sheets. The Company included $1.0 million and $0.8 million of interest receivable within prepaid expenses and other current assets on the condensed consolidated balance sheets as of July 31, 2026 and January 31, 2026, respectively.
Gross unrealized losses on the Company’s available-for-sale debt securities were not material as of July 31, 2026 and January 31, 2026. For investments with unrealized loss positions, the Company does
not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis.
As of July 31, 2026, there was no allowance for credit losses related to our available-for-sale debt securities. As of July 31, 2026, the weighted-average remaining maturity of our available-for-sale debt securities was less than one year, and the contractual maturities of our available-for-sale debt securities did not exceed 24 months.
Assets Measured at Fair Value on a Recurring Basis
The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):
As of July 31, 2026
Level 1Level 2Level 3Total
Financial Assets
Cash equivalents:
Money market funds
$156,129 $— $— $156,129 
Commercial paper— 33,706 — 33,706 
Short-term investments:
U.S. government and agency securities— 106,878 — 106,878 
Commercial paper— 16,866 — 16,866 
Corporate bonds— 43,285 — 43,285 
Total financial assets$156,129 $200,735 $— $356,864 
 As of January 31, 2026
Level 1Level 2Level 3Total
Financial Assets
Cash equivalents:
Money market funds
$129,893 $— $— $129,893 
Commercial paper— 40,758 — 40,758 
Short-term investments:
U.S. government and agency securities— 103,496 — 103,496 
Commercial paper— 24,087 — 24,087 
Corporate bonds— 29,411 — 29,411 
Total financial assets$129,893 $197,752 $— $327,645 
As of July 31, 2026, and January 31, 2026, no financial liabilities were measured at fair value on a recurring basis.
There were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments during the six months ended July 31, 2026 or the year ended January 31, 2026.
Cash Equivalents and Short-term Investments
The Company determines the fair value of its cash equivalents and short-term investments based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly
(Level 2 inputs), such as yield curves, volatility factors, credit spreads, default rates, broker and dealer quotes, as well as other relevant economic measures.
Other Financial Instruments
The fair value of other financial instruments that are not recognized at fair value on the balance sheet are presented below for disclosure purposes only (in thousands):
Fair Value HierarchyAs of
July 31, 2026January 31, 2026
Warehouse credit facilityLevel 3$117,952 $122,464 
ABL facilityLevel 3$5,441 $5,563 
Other debtLevel 3$864 $618