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Note 4 - Stock-based Compensation | 9 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | 4. Stock-Based Compensation The Company accounts for its stock-based compensation at fair value. The following table summarizes stock-based compensation expense by financial statement line item for the three and nine months ended December 31, 2020 and 2019 (in thousands):
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Cost of revenues |  | $ | (23 | ) |  | $ | 21 |  |  | $ | 35 |  |  | $ | 45 |
Research and development |  |  | 179 |  |  |  | 117 |  |  |  | 470 |  |  |  | 219 |
Selling, general and administrative |  |  | 683 |  |  |  | 452 |  |  |  | 2,092 |  |  |  | 971 |
Total |  | $ | 839 |  |  | $ | 590 |  |  | $ | 2,597 |  |  | $ | 1,236 |
The Company issued 27,341 shares of immediately vested common stock and 697,167 shares of restricted stock awards during the nine months ended December 31, 2020 and issued 13,174 shares of immediately vested common stock and 366,000 shares of restricted stock awards during the nine months ended December 31, 2019 . These restricted stock awards generally vest over 2 - 3 years. Awards for restricted stock include both time-based and performance-based awards. For options and restricted stock awards that vest upon the passage of time, expense is being recorded over the vesting period. Performance-based awards are expensed over the requisite service period based on probability of achievement. The estimated fair value of the Company's stock-based awards, less expected annual forfeitures, is amortized over the awards' service period. The total unrecognized compensation cost for unvested outstanding stock options was less than $ 0.1 million at December 31, 2020 . This expense will be recognized over a weighted average expense period of approximately 0.4 years. The total unrecognized compensation cost for unvested outstanding restricted stock was $ 5.2 million at December 31, 2020 . This expense will be recognized over a weighted-average expense period of approximately 1.9 years. The Company did not grant any stock options during the nine months ended December 31, 2020 . The Company granted 5,939 stock options during the nine months ended December 31, 2019 . The stock options granted during the nine months ended December 31, 2019 will vest over 2 ye ars. The weighted average assumptions used in the Black Scholes valuation model for stock options granted during the nine months ended December 31, 2019 are as follows:
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Expected volatility |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 66.5 | %
Risk-free interest rate |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 1.8 | %
Expected life (years) |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 5.91 |
Dividend yield |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  | None |

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