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10. STOCK-BASED COMPENSATION | 9 Months Ended
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Dec. 31, 2021
STOCK-BASED COMPENSATION |
NOTE 10 - STOCK-BASED COMPENSATION | ​ NOTE 10—STOCK-BASED COMPENSATION ​ As of December 31, 2021, 4,488,898 shares of common stock were available for grant under the Company’s Amended and Restated 2016 Equity Incentive Plan. ​ The following table summarizes the Company’s stock option activities for the nine months ended December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 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 | ​
​ The weighted average fair value per underlying share of options granted during the three months ended December 31, 2021 and 2020 was $2.41 and $2.51, respectively, and $2.36 and $2.39 for the nine months ended December 31, 2021 and 2020, respectively. ​ Options outstanding by exercise price at December 31, 2021 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 | ​
​ The following table summarizes stock-based compensation expense by line item in the Condensed Consolidated Statements of Operations, all relating to employee stock plans: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ As stock-based compensation expense recognized in the Condensed Consolidated Statement of Operations is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures in accordance with authoritative guidance. The Company estimates forfeitures at the time of grant and revises the original estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. ​ No tax benefit related to stock-based compensation was recognized in the nine months ended December 31, 2021 due to a full valuation allowance. There were no windfall tax benefits realized from exercised stock options in either of these periods. Compensation cost capitalized within inventory at December 31, 2021 was immaterial. As of December 31, 2021, the Company’s total unrecognized compensation cost was $5.7 million, which will be recognized over a weighted average period of 2.13 years. The Company calculated the fair value of stock-based awards in the periods presented using the Black-Scholes option pricing model and the following 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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