Fair Value Measurements

9 Months Ended

Oct. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

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:

	October 31, 2019
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Money market funds	$	99,494	$	99,494	$	—	$	—
Cash equivalents	99,494		99,494		—		—
Commercial paper	48,841		—		48,841		—
Agency bonds	78,891		—		78,891		—
Corporate and other debt securities	296,979		—		296,979		—
U.S. government agency securities	106,365		—		106,365		—
Treasury bills	49,450		—		49,450		—
Marketable securities	580,526		—		580,526		—
Certificate of deposit included in prepaid expenses and other current assets	100		—		100		—
Certificates of deposit included in other assets, noncurrent	2,309		—		2,309		—
Total financial assets	$	682,429	$	99,494	$	582,935	$	—

	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 included in prepaid expenses and other current assets	200		—		200		—
Certificates of deposit included in other assets, noncurrent	2,144		—		2,144		—
Total financial assets	$	115,199	$	78	$	115,121	$	—
Financial Liabilities:
Convertible promissory notes – derivative liabilities	$	163	$	—	$	—	$	163
Other liabilities, noncurrent	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, corporate debt securities, U.S. government agency securities, Treasury bills, 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. 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.

As discussed in Note 6 below, 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 - October 31, 2019	$	—