COMMON STOCK (Tables)
|
12 Months Ended |
Mar. 31, 2025 |
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, |
|
2025 |
|
2024 |
|
|
Shares available for issuance at beginning of period |
4.4 |
|
|
4.4 |
|
|
|
|
|
|
|
|
|
Shares issued during the period |
200 |
|
|
— |
|
|
|
Total shares available for future issuance at end of period |
204.4 |
|
|
4.4 |
|
|
|
|
Summary of valuation assumptions |
Assumptions used in the Monte Carlo model to calculate fair values of market PSU’s during each fiscal period are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
2025 |
|
2024 |
|
|
Discount period (years) |
|
n/a |
|
3.00 |
|
|
Risk-free interest rate |
|
n/a |
|
3.53% |
|
|
Stock price volatility |
|
n/a |
|
80.50% |
|
|
Grant date fair value |
|
n/a |
|
$18.20 |
|
|
|
Summary of activity for PSUs |
The following table summarizes activity for Market PSUs and Performance PSUs for the year ended March 31, 2025 (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Weighted-Average Grant Date Fair Value per Share |
Outstanding as of March 31, 2024 |
59 |
|
|
$ |
18.59 |
|
Granted |
180 |
|
|
$ |
4.71 |
|
Vested |
(13) |
|
|
$ |
28.90 |
|
Forfeited or cancelled |
(13) |
|
|
$ |
8.82 |
|
Outstanding as of March 31, 2025 |
213 |
|
|
$ |
6.87 |
|
|
Summary of activity relating to restricted stock |
The following table summarizes activity for restricted stock units for the year ended March 31, 2025 (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Weighted-Average Grant Date Fair Value per Share |
Outstanding as of March 31, 2024 |
152 |
|
|
$ |
41.06 |
|
Granted |
312 |
|
|
$ |
4.99 |
|
Vested |
(118) |
|
|
$ |
31.98 |
|
Forfeited or cancelled |
(19) |
|
|
$ |
17.39 |
|
Outstanding as of March 31, 2025 |
327 |
|
|
$ |
11.32 |
|
|
Summary of share-based compensation expense |
The following table details the Company's stock-based compensation expense (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31, |
|
2025 |
|
2024 |
|
|
Cost of revenue |
$ |
373 |
|
|
$ |
774 |
|
|
|
Research and development |
495 |
|
|
1,091 |
|
|
|
Sales and marketing |
317 |
|
|
669 |
|
|
|
General and administrative |
1,643 |
|
|
2,187 |
|
|
|
Total stock-based compensation |
$ |
2,828 |
|
|
$ |
4,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31, |
|
2025 |
|
2024 |
|
|
Restricted stock units |
$ |
2,515 |
|
|
$ |
4,551 |
|
|
|
Performance share units |
313 |
|
|
170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based compensation |
$ |
2,828 |
|
|
$ |
4,721 |
|
|
|
|
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% |
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
$6.60 |
|
$6.00 |
|
$9.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 years ended March 31, 2024 and March 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
Issuance of warrants |
3,157 |
|
|
|
|
|
|
|
|
|
Exercise of warrants |
(52,985) |
|
|
|
|
|
|
|
|
|
Repricing adjustment |
512 |
|
|
|
|
|
|
|
|
|
Change in fair value of warrant liabilities |
45,270 |
|
|
|
|
|
|
|
|
|
Balance at March 31, 2025 |
$ |
—
|
|
|
|
|
|
|
|
|
|
|
Summary of outstanding lender warrants |
The Company had no outstanding Lender Warrants as at March 31, 2025. The following table summarizes the Company's outstanding Lender Warrants as at March 31, 2024 (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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|