Financial Instruments and Fair Value

3 Months Ended

Apr. 30, 2025

Investments, All Other Investments [Abstract]

Financial Instruments and Fair Value

2. Financial Instruments and Fair Value

The Company invests a portion of its cash in money market funds, fixed deposits and marketable debt securities that are denominated in United States dollars. The marketable debt security portfolio consists of corporate bonds, asset-backed securities and U.S. government securities. All of the investments are classified as available-for-sale securities and reported at fair value in the condensed consolidated balance sheets as follows:

	As of April 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	189	$	—	$	—		$	189
Fixed deposits		—		—		—			—
Corporate bonds		62,210		267		(34	)		62,443
Asset-backed securities		21,288		50		(50	)		21,288
U.S. government securities		34,278		127		(34	)		34,371
Total cash equivalents and marketable debt securities	$	117,965	$	444	$	(118	)	$	118,291
	As of January 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	849	$	—	$	—		$	849
Fixed deposits		3,000		—		—			3,000
Corporate bonds		55,138		111		(123	)		55,126
Asset-backed securities		20,412		20		(67	)		20,365
U.S. government securities		30,326		8		(182	)		30,152
Total cash equivalents and marketable debt securities	$	109,725	$	139	$	(372	)	$	109,492

The following table provides the breakdown of unrealized losses as of April 30, 2025 and January 31, 2025, respectively, aggregated by investment category and length of time that individual securities have been in a continuous loss position:

	As of April 30, 2025
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
Corporate bonds	$	9,927	$	(31	)	$	1,901	$	(3	)	$	11,828	$	(34	)
Asset-backed securities		5,415		(41	)		3,535		(9	)		8,950		(50	)
U.S. government securities		17,388		(31	)		1,816		(3	)		19,204		(34	)
Total marketable debt securities at loss position	$	32,730	$	(103	)	$	7,252	$	(15	)	$	39,982	$	(118	)
	As of January 31, 2025
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
Corporate bonds	$	23,200	$	(116	)	$	2,144	$	(7	)	$	25,344	$	(123	)
Asset-backed securities		8,052		(51	)		4,343		(16	)		12,395		(67	)
U.S. government securities		20,380		(169	)		4,809		(13	)		25,189		(182	)
Total marketable debt securities at loss position	$	51,632	$	(336	)	$	11,296	$	(36	)	$	62,928	$	(372	)

	As of
	April 30, 2025		January 31, 2025
	(in thousands)
Included in cash equivalents	$	189	$	3,849
Included in marketable debt securities		118,102		105,643
Total cash equivalents and marketable debt securities	$	118,291	$	109,492

The contractual maturities of the investments at April 30, 2025 and January 31, 2025 were as follows:

	As of
	April 30, 2025		January 31, 2025
	(in thousands)
Due within one year	$	26,378	$	35,405
Due in 1 - 5 years		91,913		74,087
Total cash equivalents and marketable debt securities	$	118,291	$	109,492

The unrealized gains and losses on the available-for-sale securities were primarily caused by fluctuations in market value and interest rates as a result of the economic environment. The Company estimates the expected losses at an individual security level whenever a security’s fair value is below its amortized cost basis using the discounted cash flow method. The credit-related portion of the loss is recognized in other income, net in the condensed consolidated statements of operations but is limited to the difference between the fair value and the amortized cost basis of the security, adjusted for accrued interest. The non-credit-related portion of the loss is recognized in accumulated other comprehensive income (loss) in the condensed consolidated balance sheets. The credit-related losses were not material for the three months ended April 30, 2025 and 2024, respectively.

The following fair value hierarchy is applied for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows:

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.

Level 3—Unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.

The Company measures the fair value of money market funds and fixed deposits using quoted prices in active markets for identical assets and classifies them within Level 1. The fair value of the Company’s investments in other debt securities are obtained based on quoted prices for similar assets in active markets and are classified within Level 2.

The following tables present the fair value of the financial instruments measured on a recurring basis as of April 30, 2025 and January 31, 2025, respectively:

	As of April 30, 2025
	Total		Level 1		Level 2		Level 3
	(in thousands)
Money market funds	$	189	$	189	$	—	$	—
Fixed deposits		—		—		—		—
Corporate bonds		62,443		—		62,443		—
Asset-backed securities		21,288		—		21,288		—
U.S. government securities		34,371		—		34,371		—
Total cash equivalents and marketable debt securities	$	118,291	$	189	$	118,102	$	—
	As of January 31, 2025
	Total		Level 1		Level 2		Level 3
	(in thousands)
Money market funds	$	849	$	849	$	—	$	—
Fixed deposits		3,000		3,000		—		—
Corporate bonds		55,126		—		55,126		—
Asset-backed securities		20,365		—		20,365		—
U.S. government securities		30,152		—		30,152		—
Total cash equivalents and marketable debt securities	$	109,492	$	3,849	$	105,643	$	—