CASH, CASH EQUIVALENTS, MARKETABLE SECURITIES AND INVESTMENTS

6 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

CASH, CASH EQUIVALENTS, MARKETABLE SECURITIES AND INVESTMENTS

NOTE 5 – CASH, CASH EQUIVALENTS, MARKETABLE SECURITIES AND INVESTMENTS

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents and those investments with original maturities greater than three months to be marketable securities. Cash and cash equivalents mainly consisted of U.S. government and municipal obligations, commercial paper, agency bonds, money market instruments and cash maintained with various financial institutions at September 30, 2025 and March 31, 2025.

Marketable Securities

The following is a summary of marketable securities held by the Company at September 30, 2025, classified as short-term and long-term (in thousands):


	Amortized Cost		Unrealized Gains		Fair Value
Type of security:
U.S. government and municipal obligations	$	7,982	$	4	$	7,986
Commercial paper	18,991		—		18,991
Corporate bonds	995		1		996
Certificates of deposit	3,543		—		3,543

Agency bonds	1,964		3		1,967
Total short-term marketable securities	33,475		8		33,483
U.S. government and municipal obligations	2,007		3		2,010
Agency bonds	8,026		6		$	8,032


Total long-term marketable securities	10,033		9		10,042
Total marketable securities	$	43,508	$	17	$	43,525

The following is a summary of marketable securities held by the Company at March 31, 2025, classified as short-term and long-term (in thousands):


	Amortized Cost		Unrealized Gains (Losses)		Fair Value
Type of security:
U.S. government and municipal obligations	$	4,413	$	1	$	4,414
Commercial paper	17,358		—		17,358

Certificates of deposit	505		—		505
Total short-term marketable securities	22,276		1		22,277
U.S. government and municipal obligations	1,005		(1)		1,004

Total long-term marketable securities	1,005		(1)		1,004
Total marketable securities	$	23,281	$	—	$	23,281

Contractual maturities of the Company's marketable securities held at September 30, 2025 and March 31, 2025 were as follows (in thousands):


	September 30, 2025		March 31, 2025
Available-for-sale securities:
Due in 1 year or less	$	33,483	$	22,277
Due after 1 year through 5 years	10,042		1,004
	$	43,525	$	23,281

Investments

In February 2023, the Company entered into a forward share purchase agreement with Napatech A/S (Napatech), a publicly traded Danish company registered on the Oslo stock exchange, to purchase approximately 6.2 million shares of Napatech's common stock for $7.5 million. In April 2023, the Company settled the forward share purchase contract with Napatech in exchange for approximately 6.2 million shares of Napatech's common stock. The Company accounted for the investment under the equity method and elected to apply the fair value option to the investment. The Company recorded the investment at fair value at the end of each period based on the closing price of Napatech's stock and any change in fair value during the period is recorded in other (expense) income, net within the Company's consolidated statement of operations. On August 4, 2025, the Company sold its entire equity investment in Napatech, receiving cash proceeds of $11.8 million. During the six months ended September 30, 2025 and 2024, the Company recognized a $1.0 million loss and a $7.6 million gain, respectively, on the Napatech equity investment, in other (expense) income, net. For the six months ended September 30, 2024, the unrealized gain related to foreign currency translation on the equity investment in Napatech was $0.7 million.