Fair Value Measurements

9 Months Ended

Oct. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following table presents information about the Company’s financial assets that have been measured at fair value on a recurring basis as of October 31, 2025 and January 31, 2025, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value:

	October 31, 2025						January 31, 2025
(in thousands)	Level 1		Level 2		Total		Level 1		Level 2		Total
Financial Assets:
Cash Equivalents:
Money market funds	$	60,271	$	—	$	60,271	$	57,158	$	—	$	57,158
U.S. government and agency securities	—		4,953		4,953		—		—		—
Marketable Securities:
Corporate bonds	—		114,780		114,780		—		106,654		106,654
Municipal bonds	—		1,570		1,570		—		12,745		12,745
U.S. government and agency securities	—		104,842		104,842		—		120,008		120,008
Certificates of deposit	—		26,074		26,074		—		34,611		34,611
Commercial paper	—		43,488		43,488		—		64,171		64,171
Total financial assets	$	60,271	$	295,707	$	355,978	$	57,158	$	338,189	$	395,347

The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its commercial paper, corporate and municipal debt securities, U.S. government and agency securities and certificates of deposit within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security, which may not be actively traded.

The Company’s primary objective when investing excess cash is preservation of capital, hence the Company’s marketable securities consist primarily of U.S. government and agency securities, high credit quality corporate debt securities and commercial paper. The Company has classified and accounted for its marketable securities as available-for-sale securities, as it may sell these securities at any time for use in the Company’s current operations or for other purposes, even prior to maturity. As of October 31, 2025 and January 31, 2025, for fixed income securities that were in unrealized loss positions, the Company has determined that (i) it does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. In addition, as of October 31, 2025, the Company anticipates that it will recover the entire amortized cost basis of such fixed income securities before maturity.

The Company regularly reviews the changes to the rating of its debt securities by rating agencies as well as reasonably monitors the surrounding economic conditions to assess the risk of expected credit losses. As discussed in Note 4, Marketable Securities, as of October 31, 2025 and January 31, 2025, there were no securities that were in an unrealized loss position for more than 12 months. The Company has not recorded any impairments in the periods presented.