Fair Value Measurements

3 Months Ended

Apr. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following table presents information about our financial instruments that are measured at fair value on a recurring basis using the input categories further discussed in Note 1. “Summary of Business and Significant Accounting Policies” in the Notes to Consolidated Financial Statements in our Prospectus:

	April 30, 2019
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Money market funds	$	202,605	$	202,605	$	—	$	—
Treasury bills		253,796		—		253,796		—
Cash equivalents		456,401		202,605		253,796		—
Corporate bonds		53,739		—		53,739		—
Agency bonds		21,458		—		21,458		—
U.S. government agency securities		32,192		—		32,192		—
Marketable securities		107,389		—		107,389		—
Certificate of deposit		200		—		200		—
Prepaid expenses and other current assets		200		—		200		—
Certificates of deposit		2,144		—		2,144		—
Other assets, non-current		2,144		—		2,144		—
Total financial assets	$	566,134	$	202,605	$	363,529	$	—

	January 31, 2019
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Money market funds	$	78	$	78	$	—	$	—
Cash equivalents		78		78		—		—
Commercial paper		1,243		—		1,243		—
Corporate bonds		53,214		—		53,214		—
Agency bonds		32,604		—		32,604		—
U.S. government agency securities		24,017		—		24,017		—
Treasury bills		1,699		—		1,699		—
Marketable securities		112,777		—		112,777		—
Certificate of deposit		200		—		200		—
Prepaid expenses and other current assets		200		—		200		—
Certificates of deposit		2,144		—		2,144		—
Other assets, non-current		2,144		—		2,144		—
Total financial assets	$	115,199	$	78	$	115,121	$	—
Financial Liabilities:
Convertible promissory notes – derivative    liabilities	$	163	$	—	$	—	$	163
Other liabilities, non-current		163		—		—		163
Total financial liabilities	$	163	$	—	$	—	$	163

We classify our 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. We classify our commercial paper, agency bonds, corporate bonds, U.S. government agency securities, treasury bills, and certificates of deposit within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. We classify the derivative liabilities as Level 3 due to the lack of relevant observable market data over fair value inputs such as the probability-weighting of the various scenarios that can impact settlement of the arrangement. There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.

As discussed in Note 6below, in connection with the IPO, the fair value of our derivative liabilities associated with our convertible promissory notes were extinguished. The following table sets forth a summary of the changes in the fair value of our Level 3 financial instruments as follows:

	Derivative Liabilities
	(in thousands)
Balance - January 31, 2019	$	163
Extinguishment of derivative liabilities from the convertible    promissory notes in connection with the IPO		(163	)
Balance - April 30, 2019	$	—