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Equity (Tables) | 3 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Common Stock Reserved for Issuance | The Company has shares of common stock reserved for issuance as follows (in thousands):
| June 30, 2022 |  | March 31, 2022
Common stock warrants | 641 |  |  | 766 |
2010 Plan |  |  |
Options outstanding | 22,984 |  |  | 24,312 |
2021 Plan |  |  |
Awards outstanding | 1,067 |  |  | 546 |
Shares available for future grant | 31,807 |  |  | 22,466 |
2021 ESPP | 6,395 |  |  | 4,471 |
Options outstanding outside the plans | 2,671 |  |  | 2,671 |
Total | 65,565 |  |  | 55,232 |
Stock Option Activity | Stock option activities within the Plans as well as outside of the Plans were as follows (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, 2022 | 26,983 |  |  | $ | 4.15 |  |  | 7.63 |  | $ | 1,293,545 |
Options exercised | (1,079) |  |  | 2.72 |  |  |  |  |
Options forfeited or expired | (249) |  |  | 5.80 |  |  |  |  |
Balance, June 30, 2022 | 25,655 |  |  | 4.20 |  |  | 7.40 |  | 785,680 |
Vested and exercisable as of June 30, 2022 | 10,549 |  |  | 1.96 |  |  | 6.11 |  | 346,650 |
Vested and expected to vest as of June 30, 2022 | 23,892 |  |  | 4.09 |  |  | 7.33 |  | 734,265 |
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:
|  |  |  |  |  |  | Three Months Ended June 30,
|  |  |  |  |  |  | 2021
Fair value of common stock |  |  |  |  |  |  |  |  |  |  |  |  | $18.41 - $21.41
Volatility |  |  |  |  |  |  |  |  |  |  |  |  | 46.5% - 47.0%
Risk-free interest rate |  |  |  |  |  |  |  |  |  |  |  |  | 0.77% - 1.02%
Expected term (in years) |  |  |  |  |  |  |  |  |  |  |  |  | 5.00 - 6.09
Expected dividend |  |  |  |  |  |  | —%
Restricted Stock Unit Activity | The following table summarizes RSU activity during the three months ended June 30, 2022 (in thousands, except per share information):
| Number of Shares |  | Weighted- Average Grant Date Fair Value
Unvested balance, March 31, 2022 | 534 |  |  | $ | 68.23 |
Granted | 536 |  |  | 32.99 |
Vested | (11) |  |  | 53.13 |
Forfeited | (29) |  |  | 45.42 |
Unvested balance, June 30, 2022 | 1,030 |  |  | 50.69 |
Stock-Based Compensation Expense | Total stock-based compensation expense recognized in the condensed consolidated statement of operations for the three months ended June 30, 2022 and 2021 was as follows (in thousands):
|  |  | Three Months Ended June 30,
|  |  |  |  | 2022 |  | 2021
Cost of revenue |  |  |  |  | $ | 2,122 |  |  | $ | 268 |
Research and development |  |  |  |  | 2,552 |  |  | 970 |
Sales and marketing |  |  |  |  | 3,074 |  |  | 1,028 |
General and administrative |  |  |  |  | 1,758 |  |  | 2,861 |
Total stock-based compensation expense |  |  |  |  | $ | 9,506 |  |  | $ | 5,127 |

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