Fair Value of Financial Instruments (Tables)

9 Months Ended

Oct. 31, 2025

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company's assets and liabilities measured at fair value on a recurring basis, by level, within the fair value hierarchy are as follows:


	October 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	28,433	$	—	$	—	$	28,433
Commercial paper	—		29,904		—		$	29,904
U.S. treasury securities	—		29,850		—		$	29,850
Total assets	$	28,433	$	59,754	$	—	$	88,187
Liabilities:
Contingent consideration(1)	$	—	$	—	$	19,400	$	19,400
Total liabilities	$	—	$	—	$	19,400	$	19,400
	January 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	36,371	$	—	$	—	$	36,371

Total assets	$	36,371	$	—	$	—	$	36,371
Liabilities:
Contingent consideration	$	—	$	—	$	45,000	$	45,000
Total liabilities	$	—	$	—	$	45,000	$	45,000

(1) As of October 31, 2025, contingent consideration includes $10.2 million classified as current and $9.2 million classified as non-current.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The key inputs as of the acquisition date are outlined below:



Volatility						15%
Revenue beta						0.35
Expected timing of payment						FY 2026 - FY 2027
Discount rate						5.90% - 6.20%

The key inputs as of October 31, 2025 are outlined below:



Volatility						13.6%
Revenue beta						0.28
Expected timing of payment						FY 2026 - FY 2027
Discount rate						7.65% - 7.93%

A rollforward of the fair value of the contingent consideration liability for the nine months ended October 31, 2025 is as follows:


(in thousands)
Balance as of January 31, 2025	$	45,000
Measurement period adjustment	300
Change in fair value	1,800
Balance as of April 30, 2025	47,100
Change in fair value (1)	(23,400)
Balance as of July 31, 2025	23,700
Change in fair value (1)	(4,300)
Balance as of October 31, 2025	$	19,400

(1) Changes in fair value during both the three months ended July 31, 2025 and October 31, 2025, were primarily driven by a decline in the estimated achievement of the defined milestones.