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11. STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Mar. 31, 2025
STOCK-BASED COMPENSATION |
Summary of stock option activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Number of Shares | ​ | Average | ​ | Weighted | ​ | ​ | Weighted | ​
​ | ​ | Shares | ​ | Underlying | ​ | Remaining | ​ | Average | ​ | ​ | Average Grant | ​
​ | ​ | Available for | ​ | Options | ​ | Contractual | ​ | Exercise | ​ | Date Fair | ​
​ |  | Grant |  | Outstanding |  | Life (Years) |  | Price |  | Value Per Share |
Balance at March 31, 2024 | ​ | 2,584,186 | ​ | 8,968,199 | ​ | ​ | ​ | $ | 5.26 | ​ | $ | 2.11 | ​
Granted | ​ | (831,635) | ​ | 831,635 | ​ | ​ | ​ | $ | 3.08 | ​ | $ | 2.23 | ​
Exercised | ​ | — | ​ | (73,730) | ​ | ​ | ​ | $ | 2.08 | ​ | $ | 0.99 | ​
Forfeited | ​ | 1,343,425 | ​ | (2,089,388) | ​ | ​ | ​ | $ | 5.36 | ​ | $ | 2.19 | ​
Balance at March 31, 2025 | ​ | 3,095,976 | ​ | 7,636,716 | ​ | 5.38 | ​ | $ | 5.03 | ​ | $ | 2.11 | ​
Options vested and exercisable | ​ | ​ | ​ | 5,480,321 | ​ | 4.28 | ​ | $ | 5.47 | ​ | $ | 2.07 | ​
Options vested and expected to vest | ​ | ​ | ​ | 7,585,284 | ​ | 5.36 | ​ | $ | 5.03 | ​ | $ | 2.11 | ​
Options unvested | ​ | ​ | ​ | 2,179,020 | ​ | 8.16 | ​ | $ | 3.90 | ​ | $ | 2.21 | ​
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 |
$ | 0.00 | - | 2.00 | ​ | 822,453 | ​ | $ | 1.91 | ​ | 8.39 | ​ | 632,965 | ​ | $ | 1.91 | ​
$ | 2.01 | - | 4.00 | ​ | 1,356,822 | ​ | $ | 3.02 | ​ | 7.20 | ​ | 594,312 | ​ | $ | 2.93 | ​
$ | 4.01 | - | 6.00 | ​ | 3,216,716 | ​ | $ | 5.07 | ​ | 5.04 | ​ | 2,012,319 | ​ | $ | 5.28 | ​
$ | 6.01 | - | 8.00 | ​ | 1,616,512 | ​ | $ | 6.97 | ​ | 3.40 | ​ | 1,616,512 | ​ | $ | 6.97 | ​
$ | 8.01 | - | 10.00 | ​ | 624,213 | ​ | $ | 8.23 | ​ | 4.33 | ​ | 624,213 | ​ | $ | 8.23 | ​
​ | ​ | ​ | ​ | ​ | 7,636,716 | ​ | $ | 5.03 | ​ | 5.38 | ​ | 5,480,321 | ​ | $ | 5.47 | ​
Summary of stock-based compensation expense by line item | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended March 31, | ​
​ |  | 2025 |  | 2024 |  | 2023 |
​ | ​ | (In thousands) | ​
Cost of revenues | ​ | $ | 199 | ​ | $ | 228 | ​ | $ | 202 | ​
Research and development | ​ | ​ | 1,010 | ​ | ​ | 1,411 | ​ | ​ | 1,316 | ​
Selling, general and administrative | ​ | ​ | 1,053 | ​ | ​ | 1,199 | ​ | ​ | 951 | ​
​ | ​ | $ | 2,262 | ​ | $ | 2,838 | ​ | $ | 2,469 | ​
Schedule of weighted average assumptions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended March 31, | ​
​ |  | 2025 |  | 2024 |  | 2023 |
Stock Option Plans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk-free interest rate | ​ | 4.05 | - | 4.48 | % | 3.69 | - | 4.80 | % | 2.95 | - | 4.27 | %
Expected life (in years) | ​ | 4.89 | - | 5.00 | ​ | 4.46 | - | 4.94 | ​ | 4.55 | - | 5.00 | ​
Volatility | ​ | 91.0 | - | 96.7 | % | 80.7 | - | 85.9 | % | 49.2 | - | 53.1 | %
Dividend yield | ​ | ​ | ​ | — | % | ​ | ​ | — | % | ​ | ​ | — | %
Employee Stock Purchase Plan: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Risk-free interest rate | ​ | 4.44 | - | 5.41 | % | 5.26 | - | 5.38 | % | 1.54 | - | 4.54 | %
Expected life (in years) | ​ | ​ | ​ | 0.50 | ​ | ​ | ​ | 0.50 | ​ | ​ | ​ | 0.50 | ​
Volatility | ​ | 6.1 | - | 12.4 | % | 28.8 | - | 83.9 | % | 49.3 | - | 58.2 | %
Dividend yield | ​ | ​ | ​ | — | % | ​ | ​ | — | % | ​ | ​ | — | %

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