v3.25.4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024
Cash flows from operating activities: |  |
Net loss | $ (240,723) | $ (173,167)
Adjustments to reconcile net loss to net cash used in operating activities: |  |
Stock-based compensation expense | 24,147 | 26,764
Depreciation and amortization | 2,563 | 2,654
Operating lease, right-of-use-asset amortization | 570 | 506
Finance lease, right-of-use-asset amortization | 1,821 | 1,821
Net amortization of premiums and discounts on short-term investments | (2,232) | (7,008)
Noncash interest expense | 1,254 | 1,150
Unrealized foreign currency transaction (gains) losses | (865) | 850
Changes in operating assets and liabilities: |  |
Research and development incentives receivable | 915 | 1,864
Prepaid expenses and other current assets | 130 | 99
Other non-current assets | 0 | (1,200)
Accounts payable | (5,895) | 4,700
Accrued expenses and other current liabilities | (4,679) | 2,501
Operating lease liabilities | (605) | (533)
Other non-current liabilities | (584) | 480
Net cash used in operating activities | (224,183) | (138,519)
Cash flows from investing activities: |  |
Purchases of property, plant and equipment and software capitalization | (4,218) | (5,553)
Purchase of short-term investments | (73,941) | (331,953)
Proceeds from sales and maturities of short-term investments | 302,496 | 321,410
Net cash provided by (used in) investing activities | 224,337 | (16,096)
Cash flows from financing activities: |  |
Proceeds from issuance of prefunded warrants to purchase common stock, net of underwriting fees and offering costs | 0 | 97,000
Principal payment of finance lease obligation | (538) | (436)
Proceeds from exercise of stock options and pre-funded warrants | 791 | 235
Net cash provided by financing activities | 10,617 | 252,528
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,062 | (125)
Net increase in cash, cash equivalents and restricted cash | 11,833 | 97,788
Cash, cash equivalents and restricted cash at beginning of period | 112,822 | 76,157
Cash, cash equivalents and restricted cash at end of period | 124,655 | 173,945
Supplemental disclosure of cash flow information: |  |
Cash paid during the period for interest | 3,175 | 3,157
Cash paid for income taxes, net | 125 | 105
Supplemental disclosure of non-cash investing and financing activities: |  |
Purchases of property and equipment included in accounts payable and accrued expenses | 0 | 309
Common stock |  |
Cash flows from financing activities: |  |
Proceeds from issuance of common stock | 0 | 155,729
ATM Offering |  |
Cash flows from financing activities: |  |
Proceeds from issuance of common stock | $ 10,364 | $ 0

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