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Note 4 - Stock-based Compensation | 6 Months Ended
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Sep. 30, 2022
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 six months ended September 30, 2022 and 2021 (in thousands):
|  | Three Months Ended September 30, |  |  | Six Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Cost of revenues |  | $ | 78 |  |  | $ | 21 |  |  | $ | 107 |  |  | $ | 112 |
Research and development |  |  | 177 |  |  |  | 192 |  |  |  | 356 |  |  |  | 439 |
Selling, general and administrative |  |  | 764 |  |  |  | 888 |  |  |  | 1,590 |  |  |  | 1,842 |
Total |  | $ | 1,019 |  |  | $ | 1,101 |  |  | $ | 2,052 |  |  | $ | 2,393 |
The Company issued 338,500 shares of restricted stock awards during the three and six months ended September 30, 2022, and 25,806 shares of immediately vested common stock during the six months ended September 30, 2022. The Company issued 47,604 shares of immediately vested common stock, all of which were issued in lieu of cash bonuses, during the three months ended September 30, 2021, and 166,648 shares of immediately vested common stock, of which 158,356 shares were issued in-lieu of cash bonuses, and 309,700 shares of restricted stock awards during the six months ended September 30, 2021. 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 stock options was less than $0.1 million during the six months ended September 30, 2022. This expense will be recognized over a weighted average of approximately 1.7 years. The total unrecognized compensation cost for unvested outstanding restricted stock was $5.2 million at September 30, 2022. This expense will be recognized over a weighted-average expense period of approximately 1.6 years. The Company granted 20,564 stock options during the six months ended September 30, 2022. The Company did not grant any stock options during the three months ended September 30, 2022 or the three and six months ended September 30, 2021. The stock options granted during the six months ended September 30, 2022 will vest over 2 years. The weighted average assumptions used in the Black Scholes valuation model for stock options granted during the six months ended September 30, 2022 are as follows:
|  | Three Months Ended September 30, |  |  | Six Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Expected volatility |  |  | N/A |  |  |  | N/A |  |  |  | 71.40 | % |  |  | N/A |
Risk-free interest rate |  |  | N/A |  |  |  | N/A |  |  |  | 3.10 | % |  |  | N/A |
Expected life (years) |  |  | N/A |  |  |  | N/A |  |  |  | 6.14 |  |  |  | N/A |
Dividend yield |  |  | N/A |  |  |  | N/A |  |  |  | None |  |  |  | N/A |

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