XML 38 R24.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Stock-Based Compensation (Tables) | 9 Months Ended
--- | ---
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule 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, 2024 | 13,026,329 |  |  | $ | 9.85 |  |  | 7.51 |  | $ | 293,920 |
Granted | 1,581,823 |  |  | 29.65 |  |  |  |  |
Exercised | (477,761) |  |  | 7.87 |  |  |  |  |
Forfeited | (923,526) |  |  | 14.43 |  |  |  |  |
Expired | (9,124) |  |  | 15.73 |  |  |  |  |
Balance - December 31, 2024 | 13,197,741 |  |  | $ | 11.97 |  |  | 6.50 |  | $ | 178,900 |
Exercisable - December 31, 2024 | 9,121,704 |  |  | $ | 8.92 |  |  | 5.63 |  | $ | 144,877 |
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 December 31, |  | Nine Months Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Risk-free interest rate | 4.11% - 4.48% |  | 3.90% - 4.94% |  | 3.59% - 4.71% |  | 3.45% - 4.94%
Expected term, in years | 6.11 |  | 6.11 |  | 6.11 |  | 6.11
Expected volatility | 78.64% - 79.44% |  | 96.54% - 97.68% |  | 78.64% - 83.31% |  | 93.66% - 98.15%
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, 2024 | 3,466,057 |  |  | $ | 12.32 |
Issued | 2,006,217 |  |  | 29.38 |
Vested | (1,255,095) |  |  | 12.17 |
Forfeited | (679,259) |  |  | 16.90 |
Nonvested as of December 31, 2024 | 3,537,920 |  |  | $ | 21.17 |
Schedule of Stock-based Compensation Expense | For the three and nine months ended December 31, 2024 and 2023, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):
| Three Months Ended December 31, |  | Nine Months Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Research and development expenses | $ | 6,604 |  |  | $ | 5,145 |  |  | $ | 20,545 |  |  | $ | 15,205 |
General and administrative expenses | 5,045 |  |  | 5,052 |  |  | 17,232 |  |  | 16,146 |
Total stock-based compensation | $ | 11,649 |  |  | $ | 10,197 |  |  | $ | 37,777 |  |  | $ | 31,351 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration