COMMON STOCK (Tables)
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12 Months Ended |
Mar. 31, 2021 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of shares of common stock for future issuance under 2021 Inducement Plan |
The Company have reserved shares of common stock for future issuance under its 2021 Inducement Plan as follows (in thousands):
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March 31, 2021 |
| Shares available for issuance at beginning of period |
— |
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| Shares authorized during the period |
770 |
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| Shares issued during the period |
(520) |
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| Total shares available for future issuance at end of period |
250 |
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| Schedule of shares reserved fro future issuance under the ESPP |
The Company has reserved shares of common stock for future issuance under its ESPP as follows (in thousands):
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March 31, |
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2021 |
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2020 |
| Shares available for issuance at beginning of period |
1,397 |
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497 |
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| Additional shares authorized during the period |
— |
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900 |
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| Shares issued during the period |
(320) |
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— |
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| Total shares available for future issuance at end of period |
1,077 |
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1,397 |
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| Schedule of valuation assumptions |
The weighted-average grant date fair value and the assumptions used in calculating fair values of shares forecasted to be issued pursuant to the Company's ESPP are as follows:
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Year Ended March 31, |
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2021 |
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2020 |
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2019 |
| Expected life |
0.5 years |
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0.5 years |
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n/a |
| Volatility |
55% - 133% |
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49.81% |
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n/a |
| Risk-free interest rate |
0.05% - 0.11% |
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0.41% |
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n/a |
| Dividend yield |
—% |
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—% |
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n/a |
| Fair value of common stock |
$4.99 - $8.05 |
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$4.78 |
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n/a |
Assumptions used in the Monte Carlo model to calculate fair values of market PSU’s during each fiscal period are as follows:
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| Weighted-Average |
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2021 |
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2020 |
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2019 |
| Discount period (years) |
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2.54 |
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3.00 |
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1.95 |
| Risk-free interest rate |
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0.31% |
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1.45% |
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2.63% |
| Stock price volatility |
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82.00% |
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72.00% |
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69.35% |
| Grant date fair value |
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$3.77 |
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$5.92 |
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$1.70 |
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| Summary of activity for PSUs |
The following table summarizes activity for Market PSUs and Performance PSUs for the year ended March 31, 2021 (shares in thousands):
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Shares |
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Weighted-Average
Grant Date Fair Value per Share |
| Outstanding as of March 31, 2020 |
1,944 |
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$ |
4.09 |
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| Granted |
1,346 |
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$ |
3.67 |
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| Vested |
(745) |
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$ |
3.94 |
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| Forfeited or cancelled |
(190) |
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$ |
4.66 |
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| Outstanding as of March 31, 2021 |
2,355 |
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$ |
3.85 |
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| Summary of activity relating to restricted stock |
The following table summarizes activity for restricted stock units for the year ended March 31, 2021 (shares in thousands):
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Shares |
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Weighted-Average
Grant Date Fair Value per Share |
| Outstanding as of March 31, 2020 |
986 |
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$ |
3.42 |
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| Granted |
2,440 |
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$ |
4.41 |
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| Vested |
(518) |
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$ |
3.99 |
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| Forfeited or cancelled |
(198) |
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$ |
3.78 |
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| Outstanding as of March 31, 2021 |
2,710 |
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$ |
4.17 |
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| Summary of share-based compensation expense |
The following table details the Company's stock-based compensation expense, net of forfeitures (in thousands):
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Year Ended March 31, |
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2021 |
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2020 |
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2019 |
| Cost of revenue |
$ |
672 |
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$ |
452 |
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$ |
334 |
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| Research and development |
2,881 |
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984 |
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440 |
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| Sales and marketing |
1,757 |
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1,165 |
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179 |
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| General and administrative |
4,314 |
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4,147 |
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2,456 |
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| Total share-based compensation |
$ |
9,624 |
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$ |
6,748 |
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$ |
3,409 |
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Year Ended March 31, |
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2021 |
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2020 |
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2019 |
| Restricted stock units |
$ |
4,041 |
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$ |
3,610 |
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$ |
3,178 |
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| Performance share units |
4,904 |
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3,103 |
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231 |
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| Employee stock purchase plan |
679 |
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35 |
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— |
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| Total stock-based compensation |
$ |
9,624 |
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$ |
6,748 |
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$ |
3,409 |
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