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Note 3 - Stock-based Compensation | 9 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 3. 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, 2023 and 2022 (in thousands):
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Cost of revenues |  | $ | 62 |  |  | $ | 89 |  |  | $ | 230 |  |  | $ | 195 |
Research and development |  |  | 158 |  |  |  | 214 |  |  |  | 469 |  |  |  | 570 |
Selling, general and administrative |  |  | 920 |  |  |  | 1,137 |  |  |  | 2,909 |  |  |  | 2,727 |
Total |  | $ | 1,140 |  |  | $ | 1,440 |  |  | $ | 3,608 |  |  | $ | 3,492 |
The Company issued no shares and 681,500 shares of restricted stock during the three and nine months ended December 31, 2023, respectively. The Company issued no shares of immediately vested common stock during the three months ended December 31, 2023 and 53,675 shares of immediately vested common stock during the nine months ended December 31, 2023. The Company issued 550,000 shares of restricted stock and no shares of immediately vested common 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. 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 as of December 31, 2023. This expense will be recognized over a weighted average of approximately 0.4 years. The total unrecognized compensation cost for unvested outstanding restricted stock was $5.8 million as of December 31, 2023. This expense will be recognized over a weighted-average expense period of approximately 1.7 years. The Company granted no stock options during the three and nine months ended December 31, 2023. The Company granted no stock options in the three months ended December 31, 2022, and 20,564 stock options during the nine months ended December 31, 2022. The stock options granted during the nine months ended December 31, 2022 will vest in equal annual installments 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:
Expected volatility |  |  | 71.40 | %
Risk-free interest rate |  |  | 3.10 | %
Expected life (years) |  |  | 6.14 |
Dividend yield |  | None |

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