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COMMON STOCK (Tables) | 12 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of shares reserved fro future issuance under the ESPP | The Company has reserved shares of common stock for future issuance under its ESPP as follows (in thousands):
| March 31,
| 2025 |  | 2024 |  |
Shares available for issuance at beginning of period | 4.4 |  |  | 4.4 |  |  |
Shares issued during the period | 200 |  |  | — |  |  |
Total shares available for future issuance at end of period | 204.4 |  |  | 4.4 |  |  |
Summary of valuation assumptions | Assumptions used in the Monte Carlo model to calculate fair values of market PSU’s during each fiscal period are as follows:
Weighted-Average |  | 2025 |  | 2024 |  |
Discount period (years) |  | n/a |  | 3.00 |  |
Risk-free interest rate |  | n/a |  | 3.53% |  |
Stock price volatility |  | n/a |  | 80.50% |  |
Grant date fair value |  | n/a |  | $18.20 |  |
Summary of activity for PSUs | The following table summarizes activity for Market PSUs and Performance PSUs for the year ended March 31, 2025 (shares in thousands):
| Shares |  | Weighted-Average Grant Date Fair Value per Share
Outstanding as of March 31, 2024 | 59 |  |  | $ | 18.59 |
Granted | 180 |  |  | $ | 4.71 |
Vested | (13) |  |  | $ | 28.90 |
Forfeited or cancelled | (13) |  |  | $ | 8.82 |
Outstanding as of March 31, 2025 | 213 |  |  | $ | 6.87 |
Summary of activity relating to restricted stock | The following table summarizes activity for restricted stock units for the year ended March 31, 2025 (shares in thousands):
| Shares |  | Weighted-Average Grant Date Fair Value per Share
Outstanding as of March 31, 2024 | 152 |  |  | $ | 41.06 |
Granted | 312 |  |  | $ | 4.99 |
Vested | (118) |  |  | $ | 31.98 |
Forfeited or cancelled | (19) |  |  | $ | 17.39 |
Outstanding as of March 31, 2025 | 327 |  |  | $ | 11.32 |
Summary of share-based compensation expense | The following table details the Company's stock-based compensation expense (in thousands):
| Year Ended March 31,
| 2025 |  | 2024 |  |
Cost of revenue | $ | 373 |  |  | $ | 774 |  |  |
Research and development | 495 |  |  | 1,091 |  |  |
Sales and marketing | 317 |  |  | 669 |  |  |
General and administrative | 1,643 |  |  | 2,187 |  |  |
Total stock-based compensation | $ | 2,828 |  |  | $ | 4,721 |  |  |
| Year Ended March 31,
| 2025 |  | 2024 |  |
Restricted stock units | $ | 2,515 |  |  | $ | 4,551 |  |  |
Performance share units | 313 |  |  | 170 |  |  |
Total stock-based compensation | $ | 2,828 |  |  | $ | 4,721 |  |  |
Schedule of ranges of assumptions and estimates | The Company uses Level 2 inputs for its valuation methodology for the warrant liabilities as their fair values were determined by using the Black-Scholes model based on various assumptions. The assumptions used in calculating fair values of the Lender Warrants are as follows:
|  | December 2018 Warrants |  | June 2020 Warrants |  | June 2023 Warrants |  |  |  |  |  |  |  |  |  |
March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount period (years) |  | 4.7 years |  | 6.2 years |  | 9.2 years |  |  |  |  |  |  |  |  |  |
Risk-free interest rate |  | 4.19% |  | 4.16% |  | 4.16% |  |  |  |  |  |  |  |  |  |
Stock price volatility |  | 87.00% |  | 86.00% |  | 81.00% |  |  |  |  |  |  |  |  |  |
Exercise price |  | $6.60 |  | $6.00 |  | $9.00 |  |  |  |  |  |  |  |  |  |
Summary of changes in level 2 liabilities | The table below sets forth a summary of changes in the fair value of the Company’s Level 2 warrant liabilities for the years ended March 31, 2024 and March 31, 2025:
Balance at March 31, 2023 | $ | 7,989 |  |  |  |  |  |  |  |  |
Issuance of warrants | 1,194 |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities | (5,137) |  |  |  |  |  |  |  |  |
Balance at March 31, 2024 | $ | 4,046 |  |  |  |  |  |  |  |  |
Issuance of warrants | 3,157 |  |  |  |  |  |  |  |  |
Exercise of warrants | (52,985) |  |  |  |  |  |  |  |  |
Repricing adjustment | 512 |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities | 45,270 |  |  |  |  |  |  |  |  |
Balance at March 31, 2025 | $ | — |  |  |  |  |  |  |  |  |
Summary of outstanding lender warrants | The Company had no outstanding Lender Warrants as at March 31, 2025. The following table summarizes the Company's outstanding Lender Warrants as at March 31, 2024 (in thousands, except exercise price):
| December 2018 Warrants |  | June 2020 Warrants |  | June 2023 Warrants |  |  |  | Total
March 31, 2024: |  |  |  |  |  |  |  |  |
Exercise price | $ | 26.60 |  |  | $ | 55.40 |  |  | $ | 20.00 |  |  |  |  |
Number shares under warrant(s) | 357 |  |  | 184 |  |  | 63 |  |  |  |  | 604 |
Fair value | $ | 2,320 |  |  | $ | 1,135 |  |  | $ | 591 |  |  |  |  | $ | 4,046 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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