General form of registration statement for all companies including face-amount certificate companies

COMMON STOCK (Tables)

v3.24.4
COMMON STOCK (Tables)
 6 Months Ended 12 Months Ended
Sep. 30, 2024
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 4.4  34.4  53.9 
Shares issued during the period —  (30.0) (19.5)
Total shares available for future issuance at end of period
 4.4  4.4  34.4 
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 $ 37 
$92 - $128
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 $ 18.20  $ 23.40  $ 108.00 
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 81  $ 54.40 
Granted 53  $ 10.26 
Vested (14) $ 70.57 
Forfeited or cancelled (43) $ 31.49 
Outstanding as of March 31, 2024 77  $ 35.79 
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 225  $ 61.80 
Granted 60  $ 10.80 
Vested (100) $ 63.80 
Forfeited or cancelled (41) $ 64.72 
Outstanding as of March 31, 2024 144  $ 37.40 
Summary of share-based compensation expense  
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 $ 6.60  $ 6.00  $ 9.00 
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 $ 15.40  $ 13.80  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 $ 36.00  $ 31.80  n/a
The Company has adopted ASC 2017-11, Earnings per share (Topic 260) ; Distinguishing liabilities from equity (Topic 480); Derivatives and hedging (Topic 718) ("ASC 2017-11") which provides guidance that the inclusion of certain anti-dilution provisions including down-round provisions in which the exercise price and number of shares underlying an equity-linked instrument are adjusted based on certain specified events does not preclude an instrument from being equity classified. The Company has concluded the Warrant Repricing Feature does not meet the definition of a down-round provision that would provide a scope exception allowing equity classification; therefore, the Company's warrants are required to be classified as liabilities. In addition, the Company has concluded that the use of the greater of three share price inputs to the Black-Scholes valuation model in the Warrant Settlement Price Provision precludes the warrants from being indexed to the Company's own common stock under Topic 815
therefore requiring the Company to classify the warrants as liabilities with changes in fair value being recognized in the Company’s consolidated statement of operations.
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 May 2024 Warrants July 2024 Warrants August 2024 Warrants Total
March 31, 2024:
Exercise price
 $ 26.60  $ 55.40  $ 20.00  n/a n/a n/a
Number shares under warrant(s)
 357  184  63  n/a n/a n/a 604 
Fair value
 $ 2,320  $ 1,135  $ 591  n/a n/a n/a $ 4,046 
September 30, 2024:
Exercise price
$6.20 - $26.04
$6.20 - $54.19
 $ 6.20  $ 6.20  $ 6.20  $ 6.20 
Number shares under warrant(s)
 363  188  64  100  50  380 1,145 
Fair value
 $ 516  $ 324  $ 174  $ 280  $ 140  $ 1,065  $ 2,499 
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
 $ 26.60  $ 55.40  $ 20.00 
Number shares under warrant(s)
 357  184  63  604 
Fair value
 $ 2,320  $ 1,135  $ 591  $ 4,046 
March 31, 2023:
Exercise price
 $ 26.60  $ 55.80  n/a
Number shares under warrant(s)
 356  183  n/a 539 
Fair value
 $ 5,447  $ 2,542  n/a $ 7,989 
March 31, 2022:
Exercise price
 $ 26.60  $ 60.00  n/a
Number shares under warrant(s)
 356  170  n/a 526 
Fair value $ 12,769  $ 5,468  n/a $ 18,237 
The Rights Offering triggered the Down Round Feature for the for June 2020 Warrants on April 22, 2022 due to the price per share received in the Rights Offering being lower than the exercise price. The exercise price for the June 2020 Warrants was adjusted to $55.80 per share and an additional 12,806 warrants were issued with an exercise price of $55.80. The issuance of the June 2023 Warrants triggered the Warrant Repricing Feature in the June 2020 Warrants and the December 2018 Warrants. The exercise price for the June 2020 Warrants was adjusted to $55.40 per share and an additional 1,363 warrants were issued with an exercise price of $55.40. The exercise price for the December 2018 warrants was not adjusted and an additional 1,021 warrants were issued with an exercise price of $26.60. The changes to the exercise price and number of warrants related to these adjustments were recorded as an adjustment to the warrant liability and reflected as a change in fair value of the warrant liability in the respective periods.
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 as of September 30, 2023 and 2024:
Balance at March 31, 2023
$ 7,989 
Issuance of warrants 1,195 
Change in fair value of warrant liabilities (5,128)
Balance at September 30, 2023
$ 4,056 
Balance at March 31, 2024
$ 4,046 
Issuance of warrants 3,157 
Change in fair value of warrant liabilities (5,216)
Repricing adjustment 512 
Balance at September 30, 2024
$ 2,499 
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 March 31, 2024:
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