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Note 4 - Stock-based Compensation
 9 Months Ended
Dec. 31, 2024
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, 2024 and 2023 (in thousands):

 

  

Three Months Ended December 31,

  

Nine Months Ended December 31,

 
  

2024

  

2023

  

2024

  

2023

 

Cost of revenues

 $211  $62  $309  $230 

Research and development

  442   158   697   469 

Selling, general and administrative

  2,208   920   3,927   2,909 

Total

 $2,861  $1,140  $4,933  $3,608 

  

The Company issued 30,000 shares and 872,500 shares of restricted stock during the three and nine months ended December 31, 2024, respectively. The Company issued no shares and 19,200 shares of immediately vested common stock during the three and nine months ended December 31, 2024, respectively. The Company issued no shares and 681,500 shares of restricted stock during the three and nine months ended December 31, 2023, respectively. No shares of immediately vested common stock were issued during the three months ended  December 31, 2023 and 53,675 shares of immediately vested common stock were issued during the nine months ended December 31, 2023. 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. There were no unrecognized compensation costs for unvested stock options as of December 31, 2024. The total unrecognized compensation cost for unvested outstanding restricted stock was $18.2 million as of  December 31, 2024. This expense will be recognized over a weighted-average expense period of approximately 1.6 years.

 

The Company granted no stock options during the three and nine months ended  December 31, 2024 and 2023.