Annual report pursuant to Section 13 and 15(d)

COMMON STOCK (Tables)

v3.24.1.1.u2
COMMON STOCK (Tables)
 12 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary 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):
March 31,
2024 2023 2022
Shares available for issuance at beginning of period 88  688  1,077 
Shares issued during the period —  (600) (389)
   Total shares available for future issuance at end of period 88  88  688 
Summary 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:
Year Ended March 31,
2024 2023 2022
Expected life n/a 0.5 years 0.5 years
Volatility n/a
96%
51% - 57%
Risk-free interest rate n/a
3.10%
0.06% - 0.23%
Dividend yield n/a —% —%
Fair value of common stock n/a
$1.85
$4.60 - $6.40
Assumptions used in the Monte Carlo model to calculate fair values of market PSU’s during each fiscal period are as follows:
Weighted-Average 2024 2023 2022
Discount period (years) 3.00 3.00 2.98
Risk-free interest rate 3.53% 2.84% 0.93%
Stock price volatility 80.50% 80.00% 75.00%
Grant date fair value $0.91 $1.17 $5.40
Summary of activity for PSUs
The following table summarizes activity for Market PSUs and Performance PSUs for the year ended March 31, 2024 (shares in thousands):
Shares Weighted-Average
Grant Date Fair Value per Share
Outstanding as of March 31, 2023 1,613  $ 2.72 
Granted 1,055  $ 0.51 
Vested (271) $ 3.53 
Forfeited or cancelled (850) $ 1.57 
Outstanding as of March 31, 2024 1,547  $ 1.79 
Summary of activity relating to restricted stock
The following table summarizes activity for restricted stock units for the year ended March 31, 2024 (shares in thousands):
Shares Weighted-Average
Grant Date Fair Value per Share
Outstanding as of March 31, 2023 4,494  $ 3.09 
Granted 1,209  $ 0.54 
Vested (1,993) $ 3.19 
Forfeited or cancelled (829) $ 3.24 
Outstanding as of March 31, 2024 2,881  $ 1.87 
Summary of share-based compensation expense
The following table details the Company's stock-based compensation expense, net of forfeitures (in thousands):
Year Ended March 31,
2024 2023 2022
Cost of revenue $ 774  $ 929  $ 1,112 
Research and development 1,091  2,997  5,843 
Sales and marketing 669  2,397  2,516 
General and administrative 2,187  4,427  4,358 
Total stock-based compensation $ 4,721  $ 10,750  $ 13,829 
Year Ended March 31,
2024 2023 2022
Restricted stock units $ 4,551  $ 9,299  $ 9,331 
Performance share units 170  878  3,811 
Employee stock purchase plan —  573  687 
Total stock-based compensation $ 4,721  $ 10,750  $ 13,829 
Schedule of ranges of assumptions and estimates
The Company uses Level 2 inputs for its valuation methodology for the warrant liabilities as their fair values were determined by using the Black-Scholes model based on various assumptions. The assumptions used in calculating fair values of the Lender Warrants are as follows:
December 2018 Warrants June 2020 Warrants June 2023 Warrants
March 31, 2024:
Discount period (years) 4.7 years 6.2 years 9.2 years
Risk-free interest rate 4.19% 4.16% 4.16%
Stock price volatility 87.00% 86.00% 81.00%
Grant date fair value $0.33 $0.30 $0.45
March 31, 2023:
Discount period (years) 5.7 years 7.2 years n/a
Risk-free interest rate 3.55% 3.52% n/a
Stock price volatility 79.00% 77.00% n/a
Grant date fair value $0.77
$0.69
 n/a
March 31, 2022:
Discount period (years) 6.7 years 8.2 years n/a
Risk-free interest rate 2.39% 2.36% n/a
Stock price volatility 79.00% 74.00% n/a
Grant date fair value $1.80 $1.59 n/a
Summary of outstanding lender warrants
The following summarizes the Company's outstanding Lender Warrants (in thousands, except exercise price):
December 2018 Warrants June 2020 Warrants June 2023 Warrants Total
March 31, 2024:
   Exercise price $ 1.33  $ 2.77  $ 1.00 
   Number shares under warrant(s) 7,131  3,683  1,250  12,064 
   Fair value $ 2,320  $ 1,135  $ 591  $ 4,046 
March 31, 2023:
   Exercise price $ 1.33  $ 2.79  n/a
   Number shares under warrant(s) 7,111  3,656  n/a 10,767 
   Fair value $ 5,447  $ 2,542  n/a $ 7,989 
March 31, 2022:
   Exercise price $ 1.33  $ 3.00  n/a
   Number shares under warrant(s) 7,111  3,400  n/a 10,511 
   Fair value $ 12,769  $ 5,468  n/a $ 18,237 
Summary of changes in level 2 liabilities
The table below sets forth a summary of changes in the fair value of the Company’s Level 2 warrant liabilities for the year ended December 31, 2023

Balance at March 31, 2021 $ 78,267 
Change in fair value of warrant liabilities (60,030)
Balance at March 31, 2022 $ 18,237 
Change in fair value of warrant liabilities (10,250)
Balance at March 31, 2023 $ 7,989 
Issuance of warrants 1,194 
Change in fair value of warrant liabilities (5,137)
Balance at March 31, 2024 $ 4,046 
The Company also issued 50,000 warrants to purchase the Company's common stock in June 2020 and June 2023 to advisors of the Company at an exercise price of $3.00 and $1.00, respectively (collectively the "Other Warrants"). The Company has concluded that the Other Warrants do not contain provisions that would require liability classification under Topic 480 or Topic 718 and have been equity classified.