v3.26.3
Fair Value Measurement (Tables)
 3 Months Ended
Jul. 31, 2026
Fair Value Disclosures [Abstract]  
Summary of Fair Value Hierarchy Classified Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s fair value hierarchy for its classified assets and liabilities measured at fair value on a recurring basis as of July 31, 2026 and April 30, 2026:

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

July 31, 2026

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Money market funds

 

$

22,766

 

 

$

—

 

 

$

—

 

U.S. treasury securities

 

 

—

 

 

 

176,144

 

 

 

—

 

Total assets

 

$

22,766

 

 

$

176,144

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

April 30, 2026

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Money market funds

 

$

22,146

 

 

$

—

 

 

$

—

 

U.S. treasury securities

 

 

—

 

 

 

195,338

 

 

 

—

 

Total assets

 

$

22,146

 

 

$

195,338

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

—

 

 

$

—

 

 

$

1,369

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

1,369

 
Summary of Fair Value and Amortized Cost of Available-for-Sale Marketable Securities

The fair value and amortized cost of available-for-sale marketable securities as of July 31, 2026 are presented in the following table:

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

Amortized Cost Basis

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

22,766

 

 

$

—

 

 

$

—

 

 

$

22,766

 

U.S. treasury securities

 

 

176,615

 

 

 

2

 

 

 

(473

)

 

 

176,144

 

Total

 

$

199,381

 

 

$

2

 

 

$

(473

)

 

$

198,910

 
Available-for-Sale Marketable Securities

As of July 31, 2026 available-for-sale marketable securities are classified as follows in the interim unaudited condensed consolidated balance sheet:

 

Category:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

$

22,766

 

Short-term investments

 

 

 

 

 

 

 

 

130,353

 

Long-term investments

 

 

 

 

 

 

 

 

45,791

 

Total

 

 

 

 

 

 

 

$

198,910

 
Summary of Significant Inputs and Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Warrant Liabilities

The following table presents the significant inputs and assumptions used in the Black-Scholes option pricing model to determine the fair value of the warrant liabilities as of April 30, 2026:

 

 

 

April 30, 2026

 

Strike price

 

$

11.54

 

Expected term (in years)

 

 

7.42

 

Expected volatility

 

 

59.00

%

Risk free rate

 

 

4.20

%

Dividend yield

 

 

0

%
Reconciliation of Level 3 Liabilities

A reconciliation of the Level 3 liabilities is as follows:

Fair value of Level 3 liabilities as of April 30, 2026

 

$

1,369

 

Change in fair value of warrant liabilities

 

 

251

 

Extinguishment of warrant liabilities

 

 

(1,620

)

Fair value of Level 3 liabilities as of July 31, 2026

 

$

—