Equity (Tables)

12 Months Ended

Jan. 31, 2022

Equity [Abstract]

Schedule of Stock Reserved For Future Issuance

The Company had shares of common stock reserved for future issuance, on an as-converted basis, as follows (in thousands):

	January 31, 2022	January 31, 2021
Class A and Class B common stock
Convertible preferred stock	—	79,551
Options issued and outstanding	17,146	16,043
Shares available for issuance under Equity Incentive Plans	18,248	4,796
RSUs issued and outstanding	3,280	—
Shares reserved for issuance to charitable organizations	1,636	—
2021 ESPP	3,271	—
Warrants issued and outstanding (1)	—	73
Total	43,581	100,463

______________

(1)Concurrent with the Loan and Security Agreement discussed in “Note 7. Debt Financing”, the Company had issued warrants to the financial institution for shares of the Company’s Class B common stock at an effective

strike price of $1.18 per share. The warrants were issued in two tranches that expire in Fiscal 2027 and Fiscal 2029, respectively. The warrants were classified in equity with negligible carrying value. On November 18, 2021, the Company received a request for the exercise of all of its warrants outstanding. Pursuant to these exercises, the Company issued 72,772 shares of Class B common stock against the $0.1 million cash proceeds received.

Temporary Equity

The following table summarizes the convertible preferred stock outstanding immediately prior to the conversion into common stock upon the closing of the IPO (in thousands):

Convertible Preferred Stock	Shares Authorized	Shares Issued and Outstanding	Net Carrying Value
Series safe A1	539	539	100
Series safe A2	5,111	4,911	1,105
Series safe A3	1,600	1,600	450
Series A	12,393	12,393	3,954
Series B	21,109	20,901	19,743
Series C	12,282	12,282	21,935
Series D	12,512	12,512	109,440
Series E	14,413	14,413	268,177
Total	79,959	79,551	424,904

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The awards available for grant under the above Plans for the periods presented were as follows (in thousands):

	January 31, 2022	January 31, 2021
Available at beginning of period	4,796	1,540
Awards authorized	22,532	5,788
Options granted	(7,936)	(4,622)
RSUs granted	(3,290)	—
RSUs cancelled and forfeited	10	—
Options cancelled and forfeited	2,044	1,970
Options repurchased	92	120
Available at end of period	18,248	4,796

Share-based Payment Arrangement, Option, Activity

The following table summarizes options activity under our Plans, and related information:

	Number of Stock Options Outstanding (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Years	Aggregate Intrinsic value (in millions)
Balances at January 31, 2019	9,817	$	1.67	8.79	$	24.0
Options granted	10,632	6.20		8.99
Options exercised	(2,141)	1.44		4.91
Options cancelled	(164)	0.61		—
Options forfeited	(1,891)	2.64		—
Balances at January 31, 2020	16,253	$	4.56	9.03	$	70.6
Options granted	4,622	11.27		9.11
Options exercised	(2,862)	4.87		5.56
Options cancelled	(79)	3.79		—
Options forfeited	(1,891)	5.50		—
Balances at January 31, 2021	16,043	$	6.33	8.39	$	166.6
Options granted	7,936	18.68		8.50

Options exercised	(4,789)	5.40		5.07
Options cancelled	(81)	6.20		—
Options forfeited	(1,963)	10.47		—
Balances at January 31, 2022	17,146	$	11.83	8.24	$	894.8
Exercisable at January 31, 2022	17,146
Options vested at January 31, 2022	4,968	$	5.22	7.09	$	292.1
Options expected to vest at January 31, 2022	12,178	$	14.52	8.71	$	602.8

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each stock option grant was estimated on the date of grant, using a Black-Scholes option-pricing model, with the following weighted-average assumptions:

	Fiscal Year Ended January 31,
	2022		2021		2020
Risk-free interest rate	1.10	%	0.50	%	1.90	%
Weighted-average volatility	43.50	%	31.90	%	30.30	%
Weighted-average expected term (in years)	6.10		6.02		6.04
Dividend yield	—	%	—	%	—	%

The following table summarizes the weighted-average assumptions used in estimating the fair value of the ESPP for the initial offering period using the Black-Scholes option-pricing model:

	Fiscal Year Ended January 31,
	2022
Risk-free interest rate	0.07	%
Weighted-average volatility	38.47	%
Weighted-average expected term (in years)	0.57
Dividend yield	—	%

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The Company recognized stock-based compensation expense (excluding the expense related to the tender offers - “Note 13. Related Party Transactions”) as follows (in thousands):

	Fiscal Year Ended January 31,
	2022		2021		2020
Cost of revenue	$	1,300	$	307	$	134
Research and development	8,305		3,142		1,812
Sales and marketing	10,206		2,603		1,150
General and administrative	9,854		1,972		606
Total stock-based compensation expense, excluding tender offers	$	29,665	$	8,024	$	3,702

Total stock-based compensation expense related to the above-mentioned tender offers included in the consolidated statements of operations was as follows (in thousands):

	Fiscal Year Ended January 31,
	2022		2021		2020
Cost of revenue	$	—	$	878	$	231
Sales and marketing	344		18,362		2,887
Research and development	—		28,916		10,165
General and administrative	—		55,666		23,887
Total stock-based compensation expense related to tender offers	$	344	$	103,822	$	37,170