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Note 4 - Stock-based Compensation | 9 Months Ended
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Dec. 31, 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 nine months ended December 31, 2022 and 2021 (in thousands):
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Cost of revenues |  | $ | 89 |  |  | $ | 36 |  |  | $ | 195 |  |  | $ | 148 |
Research and development |  |  | 214 |  |  |  | 190 |  |  |  | 570 |  |  |  | 629 |
Selling, general and administrative |  |  | 1,137 |  |  |  | 894 |  |  |  | 2,727 |  |  |  | 2,736 |
Total |  | $ | 1,440 |  |  | $ | 1,120 |  |  | $ | 3,492 |  |  | $ | 3,513 |
The Company issued 550,000 shares of restricted stock during the three months ended December 31, 2022, and 888,500 shares of restricted stock and 25,806 shares of immediately vested common stock during the nine months ended December 31, 2022. The Company issued 61,000 shares of restricted stock during the three months ended December 31, 2021, and 370,700 shares of restricted stock and 166,648 shares of immediately vested common stock, of which 158,356 shares were issued in-lieu of cash bonuses during the nine months ended December 31, 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 $0.1 million during the nine months ended December 31, 2022. This expense will be recognized over a weighted average of approximately 1.4 years. The total unrecognized compensation cost for unvested outstanding restricted stock was $6.1 million at December 31, 2022. This expense will be recognized over a weighted-average expense period of approximately 1.7 years. The Company granted 20,564 stock options during the nine months ended December 31, 2022. The Company did not grant any stock options during the three months ended December 31, 2022 or the three and nine months ended December 31, 2021. The stock options granted during the nine months ended December 31, 2022 will vest over 2 years. The weighted average assumptions used in the Black Scholes valuation model for stock options granted during the nine months ended December 31, 2022 are as follows:
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 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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