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Commitments and Contingencies | 9 Months Ended
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Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Litigation The Company may be subject to various lawsuits, claims and other legal matters from time to time that arise in the ordinary course of conducting business. The Company records a liability when a particular contingency is probable and estimable. As of December 31, 2024, the Company was not party to any material legal proceedings and thus no contingent liabilities were recorded. In February 2021, a putative securities class action complaint was filed against the Company and certain of its current and former officers in the U.S. District Court for the Eastern District of New York alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Following appointment of lead plaintiff and extensive briefing by the parties, including multiple amendments to the complaint and motions to dismiss, on March 29, 2024, the court dismissed the operative complaint with prejudice. On April 5, 2024, the Court entered judgment in favor of defendants. Plaintiffs did not appeal the Court’s judgment, so the litigation is now concluded. The Company has not recorded a liability related to this lawsuit. Commitments During the year ended March 31, 2022, ISG entered into the PSA with Samsung to manufacture a certain quantity of batoclimab drug substance for, among other things, commercial sale, if approved. As of December 31, 2024, in connection with this agreement, the Company has a remaining minimum obligation to Samsung of approximately $43.6 million, of which $1.7 million, $13.5 million, $14.4 million and $14.0 million is expected to be paid during the remainder of the fiscal year ending March 31, 2025, and for the fiscal years ending March 31, 2026, 2027, and 2029, respectively. During the three and nine months ended December 31, 2024, the Company recorded $1.0 million and $1.2 million, respectively, of research and development expenses related to the PSA. During the three and nine months ended December 31, 2023, the Company recorded $0.3 million and $1.7 million, respectively, of research and development expenses related to the PSA. The Company made cash payments of $2.6 million related to the PSA during the nine months ended December 31, 2024 and recorded $2.7 million in accrued expenses in the accompanying unaudited condensed consolidated balance sheet as of December 31, 2024. As of December 31, 2024, the Company did not have any other ongoing material contractual obligations for which cash flows were fixed and determinable. In the normal course of business, the Company enters into agreements with CROs for clinical trials and with vendors for nonclinical studies, manufacturing and other services and products for operating purposes, which agreements are generally cancellable by the Company at any time, subject to payment of remaining obligations under binding purchase orders and, in certain cases, nominal early-termination fees. These commitments are not deemed significant. There are certain contracts wherein the Company has a minimum purchase commitment, however, most of it is due and payable within one year. Contingencies The extent of the impact of geopolitical tensions, changes in inflation and interest rates, changes in trade policy and any resulting economic slowdown or recession on the Company’s future operational and financial performance will depend on certain developments, including the potential impact on the Company’s clinical trial plans and timelines, such as the enrollment, activation and initiation of additional clinical trial sites, and the results of the Company’s clinical trials, all of which are uncertain and cannot be predicted. At this point, the extent to which these events may impact the Company’s future financial condition or results of operations is uncertain.

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