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Equity (Tables) | 9 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Common Stock Reserved for Issuance | The Company has shares of common stock reserved for issuance as follows (in thousands):
| December 31, 2021 |  | March 31, 2021
Redeemable convertible preferred stock | — |  |  | 76,287 |
Common stock warrants | 766 |  |  | 250 |
2010 Equity Incentive Plan |  |  |
Options outstanding | 26,645 |  |  | 33,856 |
Shares available for future grant | — |  |  | 1,550 |
2021 Stock Option and Incentive Plan |  |  |
Performance-based restricted stock units outstanding | 14 |  |  | — |
Restricted stock units outstanding | 327 |  |  | — |
Shares available for future grant | 22,600 |  |  | — |
2021 ESPP | 4,500 |  |  | — |
Options outstanding outside the Plans | 2,709 |  |  | 2,720 |
Total | 57,561 |  |  | 114,663 |
Stock Option Activity | Stock option activities within the Plans as well as outside of the Plans were as follows for both service-based and performance-based options (in thousands, except per share information):
| Number of Shares |  | Weighted-Average Exercise Price |  | Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Balance, March 31, 2021 | 36,576 |  |  | $ | 2.80 |  |  | 7.86 |  | $ | 357,366 |
Options granted | 1,966 |  |  | 12.56 |  |  |  |  |
Options exercised | (8,536) |  |  | 1.09 |  |  |  |  |
Options forfeited or expired | (652) |  |  | 3.14 |  |  |  |  |
Balance, December 31, 2021 | 29,354 |  |  | 3.94 |  |  | 7.74 |  | 1,355,890 |
Vested and exercisable as of December 31, 2021 | 8,755 |  |  | 1.34 |  |  | 5.99 |  | 427,159 |
Vested and expected to vest as of December 31, 2021 | 27,017 |  |  | 3.80 |  |  | 7.64 |  | 1,251,699 |
Stock Options Valuation Assumptions | The fair value of each option on the date of grant is determined using the Black-Scholes option-pricing model with the assumptions set forth in the following table:
|  |  | Nine Months Ended December 31,
|  |  |  |  | 2021 |  | 2020
Fair value of common stock |  |  |  |  |  |  |  |  | $ | 18.41 |  | – | $ | 21.41 |  |  | $ | 2.06 |  | – | $ | 7.86 |
Volatility |  |  |  |  |  |  |  |  | 46.5 | % | – | 47.0 | % |  | 51.3 | % | – | 58.3 | %
Risk-free interest rate |  |  |  |  |  |  |  |  | 0.77 | % | – | 1.02 | % |  | 0.26 | % | – | 0.64 | %
Expected term (in years) |  |  |  |  |  |  |  |  | 5.00 | – | 6.09 |  | 5.00 | – | 8.00
Expected dividend |  |  |  |  | —% |  | —%
Restricted Stock Unit Activity | The following table summarizes RSU activity during the nine months ended December 31, 2021 (in thousands, except per share information):
| Number of Shares |  | Weighted- Average Grant Date Fair Value
Unvested Balance, March 31, 2021 | — |  |  | $ | — |
Granted | 347 |  |  | 74.53 |
Vested | (19) |  |  | 60.58 |
Forfeited | (1) |  |  | 53.00 |
Unvested Balance, December 31, 2021 | 327 |  |  | 75.40 |
Employee Stock Purchase Plan Valuation Assumptions | The fair value of the ESPP stock purchase rights on the date of grant is determined using the Black-Scholes pricing model with the assumptions set forth in the following table:
| Nine Months Ended December 31, |  |  |  |
| 2021 |  |
Fair value of common stock | $ | 73.73 |  |  |  |  |  |  |
Volatility | 103.6 | % |  |  |  |  |  |
Risk-free interest rate | 0.05 | % |  |  |  |  |  |
Expected term (in years) | 0.29 |  |  |  |  |  |
Expected dividend | — | % |  |
Stock-Based Compensation Expense | Total stock-based compensation expense recognized in the condensed consolidated statement of operations for the three and nine months ended December 31, 2021 and 2020 was as follows (in thousands):
| Three Months Ended December 31, |  | Nine Months Ended December 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
Cost of revenue | $ | 1,912 |  |  | $ | 179 |  |  | $ | 2,973 |  |  | $ | 368 |
Research and development | 2,035 |  |  | 634 |  |  | 4,864 |  |  | 1,179 |
Sales and marketing | 2,681 |  |  | 633 |  |  | 5,575 |  |  | 1,304 |
General and administrative | 3,206 |  |  | 774 |  |  | 8,221 |  |  | 1,531 |
Total stock-based compensation expense | $ | 9,834 |  |  | $ | 2,220 |  |  | $ | 21,633 |  |  | $ | 4,382 |

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