Commitments and contingencies

6 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

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.