Accrued and Other Current Liabilities

12 Months Ended

Jan. 31, 2025

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

7. Accrued and Other Current Liabilities

Accrued and other current liabilities at January 31, 2025 and 2024 consisted of the following:

	As of January 31,
	2025		2024
	(in thousands)
Accrued employee compensation	$	22,941	$	16,610
Accrued product development costs		32,929		18,290
Software license liabilities, current		7,021		8,161
Development deposit liability		13,500		—
Other accrued liabilities		4,390		5,537
Total accrued and other current liabilities	$	80,781	$	48,598

The timing of SoC development and invoicing from outside foundries usually results in the fluctuation of accrued product development costs. The accrued employee compensation primarily consists of accrued payroll and accrued employee benefits, as well as employee stock purchase plan withholding. For the accrued employee compensation as of January 31, 2024, approximately $4.1 million of annual bonus was paid in fiscal year 2025, of which $1.1 million was paid in cash and $3.0 million was settled with fully vested restricted stock units. The $13.5 million of development deposit liability as of January 31, 2025 represents a cash advance from a customer for funding a development project that is subject to certain refund conditions.