Income Taxes (Tables)

12 Months Ended

Jan. 31, 2026

The components of income (loss) before income taxes consisted of the following (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024

United States	(101,264)		139,229		78,589
Foreign	16		—		—
Income (loss) before income taxes	$	(101,248)	$	139,229	$	78,589

Schedule of Components of Income Before Income Tax Benefit (Expense)

The provision for (benefit from) income taxes consisted of the following (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024
Current expense (benefit):
Federal	$	—	$	1,200	$	—
State	369		3,774		1,623
Foreign	4		—		—

Deferred tax expense (benefit):
Federal	(46,390)		(43,252)		—
State	(13,165)		(16,940)		—
Foreign	$	—	$	—	$	—
Total provision for (benefit from) income taxes	$	(59,182)	$	(55,218)	$	1,623

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate was as follows:


	Fiscal Year Ended January 31, 2026
Federal tax (benefit) at statutory rate	$	(21,263)	21.0	%
State tax (benefit) at statutory rate, net of federal benefit*	(14,261)		14.1	%
Foreign tax effects	1		—	%
Effect of cross-border tax laws	23		—	%
Tax credits:
Research and development credits	(13,845)		13.7	%
Change in valuation allowance	—		—	%
Nontaxable or nondeductible items:
Stock based compensation	(43,983)		43.4	%
Executive compensation	30,156		(29.8)	%
Other	(28)		0.1	%
Changes in unrecognized tax benefits:
Reserve on research and development credits	5,584		(5.5)	%
Other adjustments to prior year tax estimates	$	(1,566)	1.6	%
Provision for (benefit from) income taxes	$	(59,182)	58.6	%

*State taxes in California made up the majority (greater than 50 percent) of the tax effect in this category.

The reconciliation of the statutory Federal income tax rate to the Company’s effective tax rate, for the year prior to the adoption of ASU 2023-09, was as follows:


	Fiscal Year Ended January 31,
	2025		2024
Federal tax (benefit) at statutory rate	21.0	%	21.0	%
State tax (benefit) at statutory rate, net of federal benefit	1.9		4.4
Change in valuation allowance	(57.6)		(17.1)
Stock-based compensation expense	(2.7)		(4.3)
Financial instrument fair value change	(2.3)		1.2
Research and development tax credits	(1.1)		(4.8)
Other	1.0		1.8
Provision for (benefit from) income taxes	(39.8)	%	2.2	%

Schedule of Cash Payments for Income Taxes, Net

The amount of cash income taxes paid, net of refunds received, consisted of the following (in thousands):


	Fiscal Year Ended January 31, 2026
Federal	$	1,500
State and local:
Massachusetts	159
New Jersey	146
New York State	124
All other state and local	561
Foreign	—
Income taxes paid, net of amounts refunded	$	2,490

Schedule of Deferred Tax Assets, Net

Deferred tax assets, net consisted of the following (in thousands):


	January 31,
	2026		2025
Deferred tax assets
Accruals	$	325	$	280
Fixed assets	367		260
Net operating loss carryforwards	51,626		16,988
Research and development tax credits, net of reserves	26,472		10,865
Stock-based compensation expense	25,363		15,315
Lease liability	2,724		3,488
Research and experimental expenditures capitalization	15,260		16,063
Intangible assets	515		—
Other	—		791
Gross deferred tax assets	122,652		64,050
Valuation allowance	—		—
Deferred tax assets, net of valuation allowance	122,652		64,050

Deferred tax liabilities
Intangible assets	—		(922)
ROU asset	(2,280)		(2,934)
Other	(623)		—
Total deferred tax liabilities	(2,903)		(3,856)
Deferred tax assets, net	$	119,749	$	60,194

Schedule of Unrecognized Tax Benefits Activity

The Company had unrecognized tax benefits as outlined in the tabular reconciliation below (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024
Unrecognized tax benefits as of the beginning of the year	$	8,052	$	6,661	$	5,435
Increase in tax positions for prior years	415		—		—
Decrease in tax positions for prior years	—		—		—
Increase in tax positions for current year	5,964		1,391		1,226
Decrease in tax positions for current year	—		—		—
Settlements	—		—		—
Lapse from statute of limitations	—		—		—
Unrecognized tax benefits as of the end of the year	14,431		8,052		6,661