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Stock-Based Compensation (Tables) | 6 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | A summary of the stock option activity under the Company’s equity incentive plans is as follows:
| Number of Stock Options |  | Weighted- Average Exercise Price |  | Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands)
Balance - March 31, 2023 | 11,682,481 |  |  | $ | 8.05 |  |  | 8.16 |  | $ | 88,919 |
Granted | 2,080,263 |  |  | 15.13 |  |  |  |  |
Exercised | (340,329) |  |  | 7.98 |  |  |  |  |
Forfeited | (46,432) |  |  | 9.85 |  |  |  |  |
Expired | (3,627) |  |  | 8.62 |  |  |  |  |
Balance - September 30, 2023 | 13,372,356 |  |  | $ | 9.14 |  |  | 7.99 |  | $ | 391,077 |
Exercisable - September 30, 2023 | 6,648,722 |  |  | $ | 8.14 |  |  | 7.09 |  | $ | 201,142 |
Schedule of Fair Value Assumptions | The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table:
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Risk-free interest rate | 4.10% - 4.62% |  | 2.89% - 4.11% |  | 3.45% - 4.62% |  | 2.74% - 4.11%
Expected term, in years | 6.11 |  | 6.11 |  | 6.11 |  | 6.11
Expected volatility | 97.68% - 97.81% |  | 88.53% - 88.78% |  | 93.66% - 98.15% |  | 87.12% - 88.78%
Expected dividend yield | —% |  | —% |  | —% |  | —%
Schedule of Restricted Stock Unit Awards Activity | A summary of RSUs activity under the Company’s equity incentive plans is as follows:
| Number of RSUs |  | Weighted- Average Grant Date Fair Value
Nonvested as of March 31, 2023 | 3,692,979 |  |  | $ | 7.63 |
Issued | 1,559,349 |  |  | 15.08 |
Vested | (1,184,029) |  |  | 6.55 |
Forfeited | (31,636) |  |  | 9.96 |
Nonvested as of September 30, 2023 | 4,036,663 |  |  | $ | 10.80 |
Summary of Stock-based Compensation Expense | For the three and six months ended September 30, 2023 and 2022, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Research and development expenses | $ | 5,182 |  |  | $ | 3,813 |  |  | $ | 10,060 |  |  | $ | 7,419 |
General and administrative expenses | 5,319 |  |  | 4,238 |  |  | 11,094 |  |  | 8,187 |
Total stock-based compensation | $ | 10,501 |  |  | $ | 8,051 |  |  | $ | 21,154 |  |  | $ | 15,606 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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