
	As of October 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1:
Cash equivalents (1)
Money market funds	$	79,161	$	—	$	—	$	79,161
Level 2:
Cash equivalents (1)
U.S. Agency securities	1,983		—		—		1,983
U.S. Treasury securities	10,429		—		(1)		10,428
Commercial paper	2,999		—		(1)		2,998
Total cash equivalents	94,572		—		(2)		94,570
Short-term investments
Commercial paper	16,725		10		(13)		16,722
Corporate debt securities	225,000		444		(146)		225,298


U.S. Agency securities	57,290		27		(59)		57,258
U.S. Treasury securities	440,597		692		(227)		441,062
Total short-term investments	739,612		1,173		(445)		740,340
Level 2 total	755,023		1,173		(447)		755,749
Total cash equivalents and short-term investments	$	834,184	$	1,173	$	(447)	$	834,910


	As of January 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1:
Cash equivalents (1)
Money market funds	$	187,175	$	—	$	—	$	187,175
Level 2:
Cash equivalents (1)
U.S. Treasury securities	15,909		—		(2)		15,907
Commercial paper	3,962		—		(1)		3,961
Total cash equivalents	207,046		—		(3)		207,043
Short-term investments
Commercial paper	23,229		14		(1)		23,242
Corporate debt securities	231,219		740		(250)		231,709


U.S. Agency securities	56,324		29		(136)		56,217
U.S. Treasury securities	437,369		141		(389)		437,121
Total short-term investments	748,141		924		(776)		748,289
Level 2 total	768,012		924		(779)		768,157
Total cash equivalents and short-term investments	$	955,187	$	924	$	(779)	$	955,332

The fair value of the Company’s Level 1 financial instruments, such as money market funds which are traded in active markets, is based on quoted market prices for identical instruments. The fair value of the Company’s Level 2 financial instruments such as commercial paper, corporate debt and U.S. government securities are obtained from an independent pricing service, which may use inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security that may not be actively traded. The Company’s marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models.

The Company uses the specific-identification method to determine any realized gains or losses from the sale of the Company’s short-term investments classified as available-for-sale. For the three and nine months ended October 31, 2024 and 2023, the Company did not have any material realized gains or losses as a result of maturities or sales of short-term investments.

During the three and nine months ended October 31, 2024, the Company recorded $12.6 million and $37.4 million of interest income on cash and cash equivalents and short-term investments, respectively, which includes $3.8 million and $12.9 million of net amortization of premiums or discounts on short-term investments during the three and nine months ended October 31, 2024, respectively. During the three and nine months ended October 31, 2023, the Company recorded $10.9 million and $27.3 million of interest income on cash equivalents and short-term investments, respectively, which includes $5.9 million and $14.4 million of net amortization of premiums or discounts on short-term investments during the three and nine months ended October 31, 2023, respectively.

The following table summarizes unrealized losses on the Company’s cash equivalents and short-term investments aggregated by category and the length of time such aggregated investments have been in a continuous unrealized loss position as of the periods presented (in thousands):


	Less Than 12 Months				12 Months or Greater				Total
	Carrying Value		Gross Unrealized Losses		Carrying Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
October 31, 2024
U.S. Agency securities	$	32,886	$	(59)	$	—	$	—	$	32,886	$	(59)
Commercial paper	9,846		(14)		—		—		9,846		(14)
Corporate debt securities	59,688		(127)		24,876		(19)		84,564		(146)


U.S. Treasury securities	178,506		(228)		1,000		—		179,506		(228)
Total cash equivalents and short-term investments	$	280,926	$	(428)	$	25,876	$	(19)	$	306,802	$	(447)


	Less Than 12 Months				12 Months or Greater				Total
	Carrying Value		Gross Unrealized Losses		Carrying Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
January 31, 2024
U.S. Agency securities	$	35,979	$	(53)	$	11,386	$	(83)	$	47,365	$	(136)
Commercial paper	15,462		(2)		—		—		15,462		(2)
Corporate debt securities	85,998		(192)		15,485		(58)		101,483		(250)


U.S. Treasury securities	139,567		(192)		41,193		(199)		180,760		(391)
Total cash equivalents and short-term investments	$	277,006	$	(439)	$	68,064	$	(340)	$	345,070	$	(779)


	October 31, 2024				January 31, 2024
	Amortized cost		Fair Value		Amortized cost		Fair Value
Due within 1 year	$	633,311	$	634,277	$	619,286	$	618,765
Due between 1 year to 2 years	106,301		106,063		128,855		129,524
Total	$	739,612	$	740,340	$	748,141	$	748,289

Liabilities are measured at fair value on a recurring basis. The Company had contingent cash consideration from a business combination which was determined based upon the satisfaction of certain defined operational milestones and was remeasured at fair value at each reporting period through earnings. As the fair value is based on unobservable inputs, the liability is included in Level 3 of the fair value measurement hierarchy.

The Company reassessed the fair value of outstanding operational milestones during the three and nine months ended October 31, 2024. The Company recorded zero and a $3.8 million change in fair value for the three and nine months ended October 31, 2024, respectively. The change in fair value was included in general and administrative expenses in the condensed consolidated statement of operations for the three and nine months ended October 31, 2024. There were no changes to the fair value during the three and nine months ended October 31, 2023.

In October 2024, the remaining milestones were achieved, and the Company paid $6.9 million of contingent cash consideration during the three months ended October 31, 2024. The Company had $0.6 million and $3.6 million of Level 3 contingent consideration as of October 31, 2024 and January 31, 2024, respectively.

Interest accretion expense was $0.1 million and immaterial for the three months ended October 31, 2024 and 2023, respectively, and $0.1 million for both the nine months ended October 31, 2024 and 2023.