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