Income Taxes (Tables)
|
12 Months Ended |
Jan. 31, 2026 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income Before Income Tax |
The components of the loss before income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2024 |
|
Domestic |
|
$ |
(247,748 |
) |
|
$ |
(123,996 |
) |
|
$ |
(146,582 |
) |
Foreign |
|
|
5,543 |
|
|
|
3,260 |
|
|
|
6,888 |
|
Total loss before income taxes |
|
$ |
(242,205 |
) |
|
$ |
(120,736 |
) |
|
$ |
(139,694 |
) |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The provision for (benefit from) income taxes consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2024 |
|
Current |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
37 |
|
|
$ |
— |
|
|
$ |
— |
|
State |
|
|
43 |
|
|
|
54 |
|
|
|
36 |
|
Foreign |
|
|
4,519 |
|
|
|
2,308 |
|
|
|
631 |
|
Total current tax provision |
|
|
4,599 |
|
|
|
2,362 |
|
|
|
667 |
|
Deferred |
|
|
|
|
|
|
|
|
|
Federal |
|
|
197 |
|
|
|
(642 |
) |
|
|
57 |
|
State |
|
|
(144 |
) |
|
|
715 |
|
|
|
77 |
|
Foreign |
|
|
3 |
|
|
|
25 |
|
|
|
14 |
|
Total deferred tax benefit |
|
|
56 |
|
|
|
98 |
|
|
|
148 |
|
Income tax provision |
|
$ |
4,655 |
|
|
$ |
2,460 |
|
|
$ |
815 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the statutory federal income tax rate with the effective tax rate after the adoption of ASU 2023-09 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Year ended January 31, 2026 |
|
(in thousands) |
|
Amounts |
|
|
Percent |
|
U.S. Federal Statutory Rate |
|
$ |
(50,863 |
) |
|
|
21.0 |
% |
Domestic Federal |
|
|
|
|
|
|
Research credits |
|
|
(9,785 |
) |
|
|
4.0 |
% |
Nontaxable and nondeductible items, net |
|
|
|
|
|
|
Stock-based compensation |
|
|
(33,404 |
) |
|
|
13.8 |
% |
Revaluation gain/loss |
|
|
33,992 |
|
|
|
(14.0 |
)% |
Excess officers compensation |
|
|
7,523 |
|
|
|
(3.1 |
)% |
Other adjustments |
|
|
207 |
|
|
|
(0.1 |
)% |
Cross-border tax laws |
|
|
37 |
|
|
|
— |
|
Other reconciling items |
|
|
(841 |
) |
|
|
0.4 |
% |
Change in Valuation Allowance |
|
|
52,529 |
|
|
|
(21.7 |
)% |
Changes in Unrecognized Tax Benefits |
|
|
3,326 |
|
|
|
(1.4 |
)% |
State taxes, net of federal benefit(1) |
|
|
(950 |
) |
|
|
0.4 |
% |
Foreign tax effects |
|
|
|
|
|
|
Other foreign jurisdictions |
|
|
2,884 |
|
|
|
(1.2 |
)% |
Total Tax Provision |
|
|
4,655 |
|
|
|
(1.9 |
)% |
(1) State tax benefits in California made up the majority (greater than 50%) of the tax effect in this category. A reconciliation between the U.S. federal statutory income tax and the Company’s effective tax rates as a percentage of loss before income taxes prior to the adoption of ASU 2023-09 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31, |
|
|
|
2025 |
|
|
2024 |
|
Provision computed at federal statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
States taxes, net of federal benefit |
|
|
3.1 |
% |
|
|
3.9 |
% |
Foreign rate differential |
|
|
(2.2 |
)% |
|
|
0.1 |
% |
Revaluation gain/loss |
|
|
(3.2 |
)% |
|
|
2.1 |
% |
Stock-based compensation |
|
|
(4.2 |
)% |
|
|
(4.7 |
)% |
Tax credits |
|
|
4.9 |
% |
|
|
4.3 |
% |
Change in valuation allowance |
|
|
(21.0 |
)% |
|
|
(26.3 |
)% |
Other |
|
|
(0.4 |
)% |
|
|
(1.0 |
)% |
Effective tax rate |
|
|
(2.0 |
)% |
|
|
(0.6 |
)% |
|
| Schedule of Deferred Tax Assets and Liabilities |
The components of the Company’s deferred tax assets and liabilities are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2024 |
|
Deferred tax assets |
|
|
|
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
240,682 |
|
|
$ |
142,757 |
|
|
$ |
138,968 |
|
Tax Credit carryforwards |
|
|
49,538 |
|
|
|
38,107 |
|
|
|
32,540 |
|
Stock-based compensation |
|
|
18,296 |
|
|
|
18,207 |
|
|
|
18,984 |
|
Capitalized research expenses |
|
|
20,810 |
|
|
|
67,048 |
|
|
|
48,527 |
|
Property and Equipment |
|
|
16,255 |
|
|
|
19,214 |
|
|
|
11,759 |
|
Excess interest expense |
|
|
— |
|
|
|
1,542 |
|
|
|
3,776 |
|
Operating lease liability |
|
|
3,374 |
|
|
|
4,724 |
|
|
|
5,525 |
|
Other |
|
|
9,089 |
|
|
|
5,679 |
|
|
|
6,580 |
|
Total deferred tax assets |
|
|
358,044 |
|
|
|
297,278 |
|
|
|
266,659 |
|
Valuation allowance |
|
|
(345,795 |
) |
|
|
(284,882 |
) |
|
|
(254,929 |
) |
Total deferred tax assets |
|
|
12,249 |
|
|
|
12,396 |
|
|
|
11,730 |
|
Deferred tax liabilities |
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
(3,120 |
) |
|
|
(4,253 |
) |
|
|
(4,886 |
) |
Intangible assets |
|
|
(9,588 |
) |
|
|
(8,546 |
) |
|
|
(7,150 |
) |
Total deferred tax liabilities |
|
|
(12,708 |
) |
|
|
(12,799 |
) |
|
|
(12,036 |
) |
Net deferred tax assets (liabilities) |
|
$ |
(459 |
) |
|
$ |
(403 |
) |
|
$ |
(306 |
) |
|
| Schedule of Valuation Allowance |
The net change in the total valuation allowance is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2024 |
|
Valuation allowance, beginning of year |
|
$ |
284,882 |
|
|
$ |
254,929 |
|
|
$ |
211,813 |
|
Change in valuation allowance |
|
|
60,913 |
|
|
|
29,953 |
|
|
|
43,116 |
|
Valuation allowance, end of year |
|
$ |
345,795 |
|
|
$ |
284,882 |
|
|
$ |
254,929 |
|
|
| Schedule of Unrecognized Tax Benefits Roll Forward |
The Company’s unrecognized tax benefits are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2024 |
|
Beginning of year |
|
$ |
10,207 |
|
|
$ |
8,717 |
|
|
$ |
6,900 |
|
Additions based on tax positions related to the current year |
|
|
3,036 |
|
|
|
1,490 |
|
|
|
1,616 |
|
Additions for tax positions of prior years |
|
|
529 |
|
|
|
— |
|
|
|
201 |
|
Reductions for tax positions of prior years |
|
|
(16 |
) |
|
|
— |
|
|
|
— |
|
End of year |
|
$ |
13,756 |
|
|
$ |
10,207 |
|
|
$ |
8,717 |
|
|
| Schedule of the amounts of income taxes paid by the Company |
The amounts of income taxes paid by the Company were as follows:
|
|
|
|
|
(in thousands) |
|
Year ended January 31, 2026 |
|
Austria |
|
$ |
232 |
|
Columbia |
|
|
928 |
|
Germany |
|
|
808 |
|
Slovenia |
|
|
933 |
|
Other |
|
|
502 |
|
Total income taxes, net of tax refunds |
|
$ |
3,403 |
|
|