Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net loss $ (91,505) $ (107,347)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 2,656 4,440
Amortization of debt issuance costs 5,830 3,704
Non-cash lease expense 976 1,342
Loss on debt extinguishment 34,221 3,003
Provision for product and manufacturing inventories 4,579 1,165
Stock-based compensation (1,174) 2,376
Paid-in-kind interest 5,328 3,515
Warrants issued in connection with debt amendments 25,420 0
Change in fair value of warrant liabilities (9,085) 56,408
Change in fair value of Convertible Note (1,599) 0
Other non-cash 2,710 (281)
Changes in assets and liabilities:    
Accounts receivable, net (7,446) 6,337
Inventories (580) 5,625
Prepaid expenses (1,006) 9,406
Operating lease liabilities (857) (813)
Accounts payable (2,290) (382)
Accrued compensation 454 (6,512)
Accrued restructuring charges 119 0
Deferred revenue (5,597) (9,854)
Other current assets (478) (124)
Other non-current assets 1,967 1,367
Other current liabilities 1,163 4,839
Other non-current liabilities (1,244) 1,441
Net cash used in operating activities (37,438) (20,345)
Investing activities    
Purchases of property and equipment (925) (4,324)
Net cash used in investing activities (925) (4,324)
Financing activities    
Borrowings of long-term debt, net of debt issuance costs 45,046 25,000
Borrowing of Convertible Note 54,718 0
Repayments of long-term debt on Assignment, net (52,271) (14,092)
Repayments of long term debt on Exchange, net (56,979) 0
Borrowings of credit facility 71,625 311,135
Repayments of credit facility (98,682) (302,628)
Proceeds from shares issued related to the SEPA, net 72,031 0
Proceeds from the issuance of common stock, net 81 0
Net cash provided by financing activities 35,569 19,415
Effect of exchange rate changes on cash, cash equivalents and restricted cash 32 (3)
Net change in cash, cash equivalents and restricted cash (2,762) (5,257)
Cash, cash equivalents and restricted cash at beginning of period 16,603 25,860
Cash, cash equivalents and restricted cash at end of period 13,841 20,603
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:    
Cash and cash equivalents 13,180 20,381
Restricted cash 661 222
Cash, cash equivalents and restricted cash at the end of period 13,841 20,603
Supplemental disclosure of cash flow information    
Cash paid for interest 4,270 8,841
Cash paid for income taxes, net 556 1,798
Non-cash transactions    
Purchases of property and equipment included in accounts payable 67  
Purchases of property and equipment included in accounts payable   88
Right-of-use assets obtained in exchange for new lease liabilities 61 538
Paid-in-kind interest 5,328 3,515
Exchange of Term Loan for Convertible Note $ 77,472 $ 0