XML 51 R31.htm IDEA: XBRL DOCUMENT
v3.24.4

COMMON STOCK (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2024 | Mar. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
Shares available for issuance at beginning of period | 4.4 |  |  | 34.4 |  |  | 53.9 |
Shares issued during the period | — |  |  | (30.0) |  |  | (19.5) |
Total shares available for future issuance at end of period | 4.4 |  |  | 4.4 |  |  | 34.4 |
Summary of valuation assumptions |  | The weighted-average grant date fair value and the assumptions used in calculating fair values of shares forecasted to be issued pursuant to the Company's ESPP are as follows:
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Expected life | n/a |  | 0.5 years |  | 0.5 years
Volatility | n/a |  | 96% |  | 51% - 57%
Risk-free interest rate | n/a |  | 3.10% |  | 0.06% - 0.23%
Dividend yield | n/a |  | — | % |  | — | %
Fair value of common stock | n/a |  | $ | 37 |  |  | $92 - $128
Assumptions used in the Monte Carlo model to calculate fair values of market PSU’s during each fiscal period are as follows:
Weighted-Average |  | 2024 |  | 2023 |  | 2022
Discount period (years) |  | 3.00 |  | 3.00 |  | 2.98
Risk-free interest rate |  | 3.53 | % |  | 2.84 | % |  | 0.93 | %
Stock price volatility |  | 80.50 | % |  | 80.00 | % |  | 75.00 | %
Grant date fair value |  | $ | 18.20 |  |  | $ | 23.40 |  |  | $ | 108.00 |
Summary of activity for PSUs |  | The following table summarizes activity for Market PSUs and Performance PSUs for the year ended March 31, 2024 (shares in thousands):
| Shares |  | Weighted-Average Grant Date Fair Value per Share
Outstanding as of March 31, 2023 | 81 |  |  | $ | 54.40 |
Granted | 53 |  |  | $ | 10.26 |
Vested | (14) |  |  | $ | 70.57 |
Forfeited or cancelled | (43) |  |  | $ | 31.49 |
Outstanding as of March 31, 2024 | 77 |  |  | $ | 35.79 |
Summary of activity relating to restricted stock |  | The following table summarizes activity for restricted stock units for the year ended March 31, 2024 (shares in thousands):
| Shares |  | Weighted-Average Grant Date Fair Value per Share
Outstanding as of March 31, 2023 | 225 |  |  | $ | 61.80 |
Granted | 60 |  |  | $ | 10.80 |
Vested | (100) |  |  | $ | 63.80 |
Forfeited or cancelled | (41) |  |  | $ | 64.72 |
Outstanding as of March 31, 2024 | 144 |  |  | $ | 37.40 |
Summary of share-based compensation expense |  | Compensation Expense The following table details the Company's stock-based compensation expense, net of forfeitures (in thousands):
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Cost of revenue | $ | 774 |  |  | $ | 929 |  |  | $ | 1,112 |
Research and development | 1,091 |  |  | 2,997 |  |  | 5,843 |
Sales and marketing | 669 |  |  | 2,397 |  |  | 2,516 |
General and administrative | 2,187 |  |  | 4,427 |  |  | 4,358 |
Total stock-based compensation | $ | 4,721 |  |  | $ | 10,750 |  |  | $ | 13,829 |
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Restricted stock units | $ | 4,551 |  |  | $ | 9,299 |  |  | $ | 9,331 |
Performance share units | 170 |  |  | 878 |  |  | 3,811 |
Employee stock purchase plan | — |  |  | 573 |  |  | 687 |
Total stock-based compensation | $ | 4,721 |  |  | $ | 10,750 |  |  | $ | 13,829 |
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 | % |  |
Grant date fair value |  | $ | 6.60 |  |  | $ | 6.00 |  |  | $ | 9.00 |  |  |
March 31, 2023: |  |  |  |  |  |  |  |
Discount period (years) |  | 5.7 years |  | 7.2 years |  | n/a |  |
Risk-free interest rate |  | 3.55 | % |  | 3.52 | % |  | n/a |  |
Stock price volatility |  | 79.00 | % |  | 77.00 | % |  | n/a |  |
Grant date fair value |  | $ | 15.40 |  |  | $ | 13.80 |  |  | n/a |  |
March 31, 2022: |  |  |  |  |  |  |  |
Discount period (years) |  | 6.7 years |  | 8.2 years |  | n/a |  |
Risk-free interest rate |  | 2.39 | % |  | 2.36 | % |  | n/a |  |
Stock price volatility |  | 79.00 | % |  | 74.00 | % |  | n/a |  |
Grant date fair value |  | $ | 36.00 |  |  | $ | 31.80 |  |  | n/a |  |
The Company has adopted ASC 2017-11, Earnings per share (Topic 260) ; Distinguishing liabilities from equity (Topic 480); Derivatives and hedging (Topic 718) ("ASC 2017-11") which provides guidance that the inclusion of certain anti-dilution provisions including down-round provisions in which the exercise price and number of shares underlying an equity-linked instrument are adjusted based on certain specified events does not preclude an instrument from being equity classified. The Company has concluded the Warrant Repricing Feature does not meet the definition of a down-round provision that would provide a scope exception allowing equity classification; therefore, the Company's warrants are required to be classified as liabilities. In addition, the Company has concluded that the use of the greater of three share price inputs to the Black-Scholes valuation model in the Warrant Settlement Price Provision precludes the warrants from being indexed to the Company's own common stock under Topic 815 therefore requiring the Company to classify the warrants as liabilities with changes in fair value being recognized in the Company’s consolidated statement of operations.
Summary of outstanding lender warrants | The following summarizes the Company's outstanding Lender Warrants (in thousands, except exercise price):
| December 2018 Warrants |  | June 2020 Warrants |  | June 2023 Warrants |  |  |  | May 2024 Warrants |  | July 2024 Warrants |  | August 2024 Warrants |  | Total
March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exercise price | $ | 26.60 |  |  | $ | 55.40 |  |  | $ | 20.00 |  |  |  |  | n/a |  | n/a |  | n/a |  |
Number shares under warrant(s) | 357 |  |  | 184 |  |  | 63 |  |  |  |  | n/a |  | n/a |  | n/a |  | 604 |
Fair value | $ | 2,320 |  |  | $ | 1,135 |  |  | $ | 591 |  |  |  |  | n/a |  | n/a |  | n/a |  | $ | 4,046 |
September 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exercise price | $6.20 - $26.04 |  | $6.20 - $54.19 |  | $ | 6.20 |  |  |  |  | $ | 6.20 |  |  | $ | 6.20 |  |  | $ | 6.20 |  |  |
Number shares under warrant(s) | 363 |  |  | 188 |  |  | 64 |  |  |  |  | 100 |  |  | 50 |  |  | 380 |  | 1,145 |
Fair value | $ | 516 |  |  | $ | 324 |  |  | $ | 174 |  |  |  |  | $ | 280 |  |  | $ | 140 |  |  | $ | 1,065 |  |  | $ | 2,499 |
| The following summarizes the Company's outstanding Lender Warrants (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 |
March 31, 2023: |  |  |  |  |  |  |  |  |
Exercise price | $ | 26.60 |  |  | $ | 55.80 |  |  | n/a |  |  |  |
Number shares under warrant(s) | 356 |  |  | 183 |  |  | n/a |  |  |  | 539 |
Fair value | $ | 5,447 |  |  | $ | 2,542 |  |  | n/a |  |  |  | $ | 7,989 |
March 31, 2022: |  |  |  |  |  |  |  |  |
Exercise price | $ | 26.60 |  |  | $ | 60.00 |  |  | n/a |  |  |  |
Number shares under warrant(s) | 356 |  |  | 170 |  |  | n/a |  |  |  | 526 |
Fair value | $ | 12,769 |  |  | $ | 5,468 |  |  | n/a |  |  |  | $ | 18,237 |
The Rights Offering triggered the Down Round Feature for the for June 2020 Warrants on April 22, 2022 due to the price per share received in the Rights Offering being lower than the exercise price. The exercise price for the June 2020 Warrants was adjusted to $55.80 per share and an additional 12,806 warrants were issued with an exercise price of $55.80. The issuance of the June 2023 Warrants triggered the Warrant Repricing Feature in the June 2020 Warrants and the December 2018 Warrants. The exercise price for the June 2020 Warrants was adjusted to $55.40 per share and an additional 1,363 warrants were issued with an exercise price of $55.40. The exercise price for the December 2018 warrants was not adjusted and an additional 1,021 warrants were issued with an exercise price of $26.60. The changes to the exercise price and number of warrants related to these adjustments were recorded as an adjustment to the warrant liability and reflected as a change in fair value of the warrant liability in the respective periods.
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 as of September 30, 2023 and 2024:
Balance at March 31, 2023 | $ | 7,989 |  |  |  |  |  |  |  |  |
Issuance of warrants | 1,195 |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities | (5,128) |  |  |  |  |  |  |  |  |
Balance at September 30, 2023 | $ | 4,056 |  |  |  |  |  |  |  |  |
Balance at March 31, 2024 | $ | 4,046 |  |  |  |  |  |  |  |  |
Issuance of warrants | 3,157 |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities | (5,216) |  |  |  |  |  |  |  |  |
Repricing adjustment | 512 |  |  |  |  |  |  |  |  |
Balance at September 30, 2024 | $ | 2,499 |  |  |  |  |  |  |  |  |
| The table below sets forth a summary of changes in the fair value of the Company’s Level 2 warrant liabilities for the year ended March 31, 2024:
Balance at March 31, 2021 | $ | 78,267 |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities | (60,030) |  |  |  |  |  |  |  |  |
Balance at March 31, 2022 | $ | 18,237 |  |  |  |  |  |  |  |  |
Change in fair value of warrant liabilities | (10,250) |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of employee stock purchase plan activity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardEmployeeStockPurchasePlanValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration