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Stock-Based Compensation (Tables)

6 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Topic 718
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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.

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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.

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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.

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