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Subsequent Event
12 Months Ended
Jan. 31, 2023
Subsequent Events [Abstract]  
Subsequent Event

17. Subsequent Event

 

On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. At the time of closing, the Company had cash deposits with SVB of approximately $17.0 million. On March 13, 2023, the Company withdrew all of its cash on deposit with SVB. The Company also has cash equivalents and marketable debt security investments residing in custodial accounts held by U.S. Bank for which SVB Asset Management was the investment advisor until March 15, 2023. The Company’s investment portfolio currently does not contain any securities of SVB. The Company holds sufficient liquid assets with other banks to manage its operational needs. Accordingly, the Company does not believe the closure of SVB and appointment of FDIC as receiver have an impact on its business or financial position, but will continue to monitor the situation as it evolves.