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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Total Estimated Fair Value

The carrying value and estimated fair value of the Company’s long-term debt were as follows (in thousands):

						September 30, 2025												March 31, 2025
						Carrying Value						Fair Value						Carrying Value						Fair Value
Term Loans						$	106,086					$	99,135					$	102,507					$	91,576
PNC Credit Facility						—						—						26,600						24,755

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the key assumptions used in estimating the fair value of the Forbearance Warrant at issuance and at September 30, 2025:

			September 30, 2025						September 23, 2025
Discount period (years)			6.98 years						7.0 years
Risk-free interest rate			3.57% - 3.89%						3.52% - 3.83%
Stock price volatility			98.00%						98.00%
Stock price at valuation date			$9.92						$10.69
Probability1			35% - 15% - 50%						35% - 15% - 50%
Fair value (in thousands)			$23,895						$25,420

(1) Scenario probability as of issuance was based on timing expectations of management that a liquidation event occurring was estimated at 35%; a fundamental transaction occurring was estimated at 15%; and none of the previous events was estimated at 50%.

Schedule of Changes in Level 2 Liabilities

The table below sets forth a summary of changes in the fair value of the Company’s warrant liabilities for the period ended September 30, 2025:

Balance at June 30, 2025			$	—
Issuance of warrants			25,420
Change in fair value of warrant liabilities			(1,525)
Balance at September 30, 2025			$	23,895

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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.

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