Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements

v3.26.1
Fair Value Measurements
 12 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present information about the Company’s financial assets that have been measured at fair value on a recurring basis as of January 31, 2026 and 2025, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value:
January 31, 2026 January 31, 2025
(in thousands) Level 1 Level 2 Total Level 1 Level 2 Total
Financial assets:
Cash equivalents:
Money market funds $ 11,095  $ —  $ 11,095  $ 57,158  $ —  $ 57,158 
Commercial paper —  2,499  2,499  —  —  — 
Certificates of deposit —  520  520  —  —  — 
Marketable securities:
Corporate bonds —  129,974  129,974  —  106,654  106,654 
Municipal bonds —  17,855  17,855  —  12,745  12,745 
U.S. government and agency securities —  115,454  115,454  —  120,008  120,008 
Certificates of deposit —  29,409  29,409  —  34,611  34,611 
Commercial paper —  46,845  46,845  —  64,171  64,171 
Total financial assets $ 11,095  $ 342,556  $ 353,651  $ 57,158  $ 338,189  $ 395,347 
The Company classifies its 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. The Company classifies its commercial paper, corporate and municipal debt securities, U.S. government and agency securities 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.
The Company’s primary objective when investing excess cash is preservation of capital, hence the Company’s marketable securities consist primarily of U.S. government and agency securities, high credit quality corporate debt securities and commercial paper. The Company has classified and accounted for its marketable securities as available-for-sale securities, as it may sell these securities at any time for use in the Company’s current operations or for other purposes, even prior to maturity.
The Company regularly reviews changes in the credit ratings of its debt securities and monitors relevant economic conditions to assess the risk of expected credit losses. As discussed in Note 4, Marketable Securities, as of January 31, 2026 and 2025, the maturities of available-for-sale marketable securities did not exceed 12 months; therefore, no securities were in an unrealized loss position for more than 12 months. The Company has not recorded any impairments in the periods presented.