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10. STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Dec. 31, 2021
STOCK-BASED COMPENSATION |
Summary of stock option activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Number of Shares | ​ | Average | ​ | Weighted | ​ | ​ | ​ | ​
​ | ​ | Shares | ​ | Underlying | ​ | Remaining | ​ | Average | ​ | ​ | ​ | ​
​ | ​ | Available for | ​ | Options | ​ | Contractual | ​ | Exercise | ​ | Intrinsic | ​
​ |  | Grant |  | Outstanding |  | Life (Years) |  | Price |  | Value |
Balance at March 31, 2021 | ​ | 1,331,562 | ​ | 8,432,877 | ​ | ​ | ​ | $ | 6.17 | ​ | ​ | ​ | ​
Options reserved | ​ | 4,000,000 | ​ | — | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​
Granted | ​ | (1,081,951) | ​ | 1,081,951 | ​ | ​ | ​ | $ | 5.61 | ​ | ​ | ​ | ​
Exercised | ​ | — | ​ | (313,097) | ​ | ​ | ​ | $ | 5.13 | ​ | $ | 149,121 | ​
Forfeited | ​ | 239,287 | ​ | (526,604) | ​ | ​ | ​ | $ | 6.62 | ​ | ​ | ​ | ​
Balance at December 31, 2021 | ​ | 4,488,898 | ​ | 8,675,127 | ​ | 5.68 | ​ | $ | 6.11 | ​ | ​ | ​ | ​
Options vested and exercisable | ​ | ​ | ​ | 5,453,751 | ​ | 4.06 | ​ | $ | 5.84 | ​ | $ | 516,592 | ​
Options vested and expected to vest | ​ | ​ | ​ | 8,569,093 | ​ | 5.64 | ​ | $ | 6.11 | ​ | $ | 516,592 | ​
Schedule of options outstanding by exercise price | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Number of | ​ | Options Outstanding | ​ | Options Exercisable | ​
​ | ​ | ​ | ​ | ​ | Shares | ​ | Weighted | ​ | Weighted Average | ​ | ​ | ​ | Weighted | ​
​ | ​ | ​ | ​ | ​ | Underlying | ​ | Average | ​ | Remaining | ​ | Number | ​ | Average | ​
​ | ​ | ​ | ​ | ​ | Options | ​ | Exercise | ​ | Contractual | ​ | Vested and | ​ | Exercise | ​
Exercise Price |  | Outstanding |  | Price |  | Life (Years) |  | Exercisable |  | Price |
$ | 3.40 | - | 4.98 | ​ | 1,312,240 | ​ | $ | 4.39 | ​ | 2.73 | ​ | 1,312,240 | ​ | $ | 4.39 | ​
$ | 4.92 | - | 5.23 | ​ | 1,107,906 | ​ | $ | 5.10 | ​ | 3.69 | ​ | 1,107,906 | ​ | $ | 5.10 | ​
$ | 5.28 | - | 5.58 | ​ | 994,343 | ​ | $ | 5.54 | ​ | 9.00 | ​ | 121,802 | ​ | $ | 5.30 | ​
$ | 5.59 | - | 5.83 | ​ | 1,205,877 | ​ | $ | 5.77 | ​ | 5.92 | ​ | 493,572 | ​ | $ | 5.70 | ​
$ | 5.91 | - | 6.70 | ​ | 1,494,019 | ​ | $ | 6.44 | ​ | 6.02 | ​ | 824,239 | ​ | $ | 6.36 | ​
$ | 6.86 | - | 7.26 | ​ | 986,473 | ​ | $ | 7.08 | ​ | 4.49 | ​ | 986,473 | ​ | $ | 7.08 | ​
$ | 7.40 | - | 7.88 | ​ | 729,506 | ​ | $ | 7.61 | ​ | 7.91 | ​ | 357,059 | ​ | $ | 7.63 | ​
$ | 8.06 | ​ | ​ | ​ | 157,210 | ​ | $ | 8.06 | ​ | 8.09 | ​ | 78,604 | ​ | $ | 8.06 | ​
$ | 8.09 | ​ | ​ | ​ | 82,160 | ​ | $ | 8.09 | ​ | 6.08 | ​ | 82,160 | ​ | $ | 8.09 | ​
$ | 8.30 | ​ | ​ | ​ | 605,393 | ​ | $ | 8.30 | ​ | 7.53 | ​ | 89,696 | ​ | $ | 8.30 | ​
​ | ​ | ​ | ​ | ​ | 8,675,127 | ​ | $ | 6.11 | ​ | 5.68 | ​ | 5,453,751 | ​ | $ | 5.84 | ​
Summary of stock-based compensation expense by line item | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended December 31, | ​ | Nine Months Ended December 31,
​ | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020
​ | ​ | (In Thousands) | ​ | (In Thousands)
Cost of revenues | ​ | $ | 58 | ​ | $ | 88 | ​ | $ | 192 | ​ | $ | 260
Research and development | ​ | ​ | 416 | ​ | ​ | 343 | ​ | ​ | 1,304 | ​ | ​ | 1,109
Selling, general and administrative | ​ | ​ | 266 | ​ | ​ | 262 | ​ | ​ | 783 | ​ | ​ | 732
Total | ​ | $ | 740 | ​ | $ | 693 | ​ | $ | 2,279 | ​ | $ | 2,101
Schedule of weighted average assumptions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended December 31, | ​ | ​ | ​ | Nine Months Ended December 31,
​ | ​ | 2021 | ​ | ​ | 2020 | ​ | ​ | ​ | ​ | 2021 | ​ | ​ | ​ | ​ | 2020 | ​
Stock Option Plans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk-free interest rate | ​ | 1.20 | % | ​ | 0.38 | % | ​ | 0.66 | - | 1.20 | % | ​ | 0.22 | - | 0.38 | %
Expected life (in years) | ​ | 5.00 | ​ | ​ | 5.00 | ​ | ​ | ​ | ​ | 5.00 | ​ | ​ | ​ | ​ | 5.00 | ​
Volatility | ​ | 49.1 | % | ​ | 47.1 | % | ​ | 47.7 | - | 49.1 | % | ​ | 41.9 | - | 47.1 | %
Dividend yield | ​ | — | % | ​ | — | % | ​ | ​ | ​ | — | % | ​ | ​ | ​ | — | %
Employee Stock Purchase Plan: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk-free interest rate | ​ | 0.07 | % | ​ | 0.12 | % | ​ | 0.04 | - | 0.07 | % | ​ | 0.12 | - | 0.15 | %
Expected life (in years) | ​ | 0.50 | ​ | ​ | 0.50 | ​ | ​ | ​ | ​ | 0.50 | ​ | ​ | ​ | ​ | 0.50 | ​
Volatility | ​ | 45.6 | % | ​ | 68.6 | % | ​ | 45.6 | ​ | 57.4 | % | ​ | 67.1 | - | 68.6 | %
Dividend yield | ​ | — | % | ​ | — | % | ​ | ​ | ​ | — | % | ​ | ​ | ​ | — | %

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