Quarterly report [Sections 13 or 15(d)]

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

v3.25.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
6 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying Value and Total Estimated Fair Value
The carrying value and estimated fair value of the Company’s long-term debt were as follows (in thousands):

September 30, 2025 March 31, 2025
Carrying Value Fair Value Carrying Value Fair Value
Term Loans
$ 106,086  $ 99,135  $ 102,507  $ 91,576 
PNC Credit Facility —  —  26,600  24,755 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table summarizes the key assumptions used in estimating the fair value of the Forbearance Warrant at issuance and at September 30, 2025:
September 30, 2025 September 23, 2025
Discount period (years) 6.98 years 7.0 years
Risk-free interest rate
3.57% - 3.89%
3.52% - 3.83%
Stock price volatility 98.00% 98.00%
Stock price at valuation date $9.92 $10.69
Probability1
35% - 15% - 50%
35% - 15% - 50%
Fair value (in thousands) $23,895 $25,420
(1) Scenario probability as of issuance was based on timing expectations of management that a liquidation event occurring was estimated at 35%; a fundamental transaction occurring was estimated at 15%; and none of the previous events was estimated at 50%.
Schedule of Changes in Level 2 Liabilities
The table below sets forth a summary of changes in the fair value of the Company’s warrant liabilities for the period ended September 30, 2025:

Balance at June 30, 2025 $  
Issuance of warrants 25,420 
Change in fair value of warrant liabilities (1,525)
Balance at September 30, 2025 $ 23,895