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Commitments and contingencies | 6 Months Ended
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Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and contingencies | Commitments and contingencies Leases The table below presents the lease-related costs which are included in the consolidated statements of operations for the three and six months ended September 30, 2023 and 2022:
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Lease cost |  |  |  |  |  |  |
Finance lease costs: |  |  |  |  |  |  |
Amortization of right-to-use asset | $ | 607 |  |  | $ | 607 |  |  | $ | 1,214 |  |  | $ | 1,214 |
Interest on lease liabilities | 542 |  |  | 550 |  |  | 1,086 |  |  | 1,102 |
Operating lease costs | 281 |  |  | 252 |  |  | 561 |  |  | 511 |
Total lease cost | $ | 1,430 |  |  | $ | 1,409 |  |  | $ | 2,861 |  |  | $ | 2,827 |
The following table summarizes the classification of lease costs in the consolidated statement of operations for the three and six months ended September 30, 2023 and 2022 as follows:
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Finance Lease Costs |  |  |  |  |  |  |
Research and development | $ | 607 |  |  | $ | 518 |  |  | $ | 1,214 |  |  | $ | 1,035 |
Selling, general and administrative | — |  |  | 89 |  |  | — |  |  | 179 |
Other income (expense) | 542 |  |  | 550 |  |  | 1,086 |  |  | 1,102 |
Operating Lease Costs |  |  |  |  |  |  |
Research and development | 228 |  |  | 103 |  |  | 457 |  |  | 213 |
Selling, general and administrative | 53 |  |  | 149 |  |  | 104 |  |  | 298 |
Total lease cost | $ | 1,430 |  |  | $ | 1,409 |  |  | $ | 2,861 |  |  | $ | 2,827 |
The following table summarizes the maturity of the Company's lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating and financing lease liabilities recognized on its balance sheet as of September 30, 2023:
| September 30, 2023
| Operating leases |  | Financing lease |  | Total
2024 (remaining six months) | $ | 568 |  |  | $ | 1,335 |  |  | $ | 1,903 |
2025 | 1,143 |  |  | 2,718 |  |  | 3,861 |
2026 | 1,152 |  |  | 2,799 |  |  | 3,951 |
2027 | 1,120 |  |  | 2,883 |  |  | 4,003 |
2028 | 1,071 |  |  | 2,969 |  |  | 4,040 |
Thereafter | 1,891 |  |  | 35,054 |  |  | 36,945 |
Total lease payments | 6,945 |  |  | 47,758 |  |  | 54,703 |
Less: interest | 1,755 |  |  | 21,371 |  |  | 23,126 |
Total lease liabilities | $ | 5,190 |  |  | $ | 26,387 |  |  | $ | 31,577 |
The following table provides lease disclosure as of September 30, 2023 and March 31, 2023:
| September 30, 2023 |  | March 31, 2023
Leases |  |  |
Right-to-use operating lease asset | $ | 4,882 |  |  | $ | 5,208 |
Right-to-use finance lease asset | 38,451 |  |  | 39,665 |
Total lease assets | $ | 43,333 |  |  | $ | 44,873 |
Operating lease liabilities, current | $ | 1,138 |  |  | $ | 1,118 |
Finance lease liabilities, current | 2,678 |  |  | 2,639 |
Operating lease liabilities, non-current | 4,052 |  |  | 4,389 |
Finance lease liabilities, non-current | 23,709 |  |  | 23,965 |
Total lease liabilities | $ | 31,577 |  |  | $ | 32,111 |
The following table provides lease disclosure for the three months ended September 30, 2023 and 2022:
| Six Months Ended September 30,
| 2023 |  | 2022
Other information |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 528 |  |  |  |  | $ | 466 |  |  |
Operating cash flows from finance leases | $ | 1,086 |  |  |  |  | $ | 1,102 |  |  |
Financing cash flows from finance leases | $ | 217 |  |  |  |  | $ | 163 |  |  |
Right-to-use asset obtained in exchange for new operating lease liabilities | $ | — |  |  |  |  | $ | — |  |  |
Weighted-average remaining lease term - operating leases | 6.1 |  | years |  | 7.1 |  | years
Weighted-average remaining lease term - financing leases | 15.8 |  | years |  | 16.8 |  | years
Weighted-average discount rate - operating leases | 10.2 | % |  |  |  | 9.8 | % |  |
Weighted-average discount rate - financing leases | 8.3 | % |  |  |  | 8.3 | % |  |
The variable lease costs and short-term lease costs were insignificant for the three and six months ended September 30, 2023 and 2022. Manufacturing commitments The Company has entered into an agreement with a contract manufacturing organization to provide clinical trial products. As of September 30, 2023 and March 31, 2023, the Company had committed to minimum payments under these arrangements totaling $1.0 million and $1.0 million, respectively. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its executive management team and its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and therefore it has not accrued any liabilities related to such obligations in its consolidated financial statements as of September 30, 2023 or March 31, 2023. Legal proceedings The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities.

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