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6. INCOME TAXES (Tables) | 12 Months Ended
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Mar. 31, 2025
INCOME TAXES |
Loss before income taxes and provision for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended March 31, | ​
​ |  | 2025 |  | 2024 |  | 2023 |
​ | ​ | (In thousands) | ​
Loss before income taxes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. | ​ | $ | (4,511) | ​ | $ | (12,414) | ​ | $ | (10,992) | ​
Foreign | ​ | ​ | (5,998) | ​ | ​ | (7,603) | ​ | ​ | (4,613) | ​
​ | ​ | $ | (10,509) | ​ | $ | (20,017) | ​ | $ | (15,605) | ​
Current income tax expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
Foreign | ​ | ​ | 126 | ​ | ​ | 67 | ​ | ​ | 382 | ​
State | ​ | ​ | 2 | ​ | ​ | 1 | ​ | ​ | 1 | ​
​ | ​ | ​ | 128 | ​ | ​ | 68 | ​ | ​ | 383 | ​
Deferred income tax expense (benefit): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | (7) | ​
State | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4) | ​
​ | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | (11) | ​
Provision for income taxes | ​ | $ | 130 | ​ | $ | 70 | ​ | $ | 372 | ​
Income tax reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended March 31, | ​
​ |  | 2025 |  | 2024 |  | 2023 |
​ | ​ | (In thousands) | ​
U.S. Federal taxes at statutory rate | ​ | $ | (2,203) | ​ | $ | (4,204) | ​ | $ | (3,277) | ​
State taxes, net of federal benefit | ​ | ​ | 2 | ​ | ​ | 1 | ​ | ​ | (3) | ​
Stock-based compensation | ​ | ​ | 566 | ​ | ​ | 408 | ​ | ​ | 463 | ​
Tax credits | ​ | ​ | (404) | ​ | ​ | (530) | ​ | ​ | (487) | ​
Foreign tax rate differential | ​ | ​ | 1,382 | ​ | ​ | 1,663 | ​ | ​ | 1,350 | ​
GILTI tax | ​ | ​ | — | ​ | ​ | 232 | ​ | ​ | 1,262 | ​
Lapses of applicable statute of limitations | ​ | ​ | (767) | ​ | ​ | — | ​ | ​ | — | ​
Non-deductible expenses and other | ​ | ​ | 1 | ​ | ​ | 2 | ​ | ​ | 1 | ​
​ | ​ | ​ | (1,423) | ​ | ​ | (2,428) | ​ | ​ | (691) | ​
Valuation allowance | ​ | ​ | 1,553 | ​ | ​ | 2,498 | ​ | ​ | 1,063 | ​
​ | ​ | $ | 130 | ​ | $ | 70 | ​ | $ | 372 | ​
Deferred tax assets and deferred tax liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31,
​ |  | 2025 |  | 2024
​ | ​ | (In thousands)
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Tax credits | ​ | $ | 10,242 | ​ | $ | 9,572
Net operating losses | ​ | ​ | 5,933 | ​ | ​ | 4,807
Capitalized research and development | ​ | ​ | 4,429 | ​ | ​ | 3,407
Stock-based compensation | ​ | ​ | 1,187 | ​ | ​ | 1,168
Property and equipment | ​ | ​ | 209 | ​ | ​ | 474
Operating lease liabilities | ​ | ​ | 2,103 | ​ | ​ | 18
Other reserves and accruals | ​ | ​ | 753 | ​ | ​ | 730
Total deferred tax assets | ​ | ​ | 24,856 | ​ | ​ | 20,176
Less valuation allowance | ​ | ​ | (22,794) | ​ | ​ | (20,165)
Deferred tax assets, net | ​ | ​ | 2,062 | ​ | ​ | 11
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Right of use assets | ​ | ​ | (2,078) | ​ | ​ | (25)
Total deferred tax liabilities | ​ | ​ | (2,078) | ​ | ​ | (25)
Net deferred tax liability | ​ | $ | (16) | ​ | $ | (14)
Unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended March 31, | ​
​ |  | 2025 |  | 2024 |  | 2023 |
​ | ​ | (In thousands) | ​
Unrecognized tax benefits, beginning of period | ​ | $ | 3,948 | ​ | $ | 3,723 | ​ | $ | 3,502 | ​
Lapses of applicable statute of limitations | ​ | ​ | (767) | ​ | ​ | — | ​ | ​ | — | ​
Additions based on tax positions related to current year | ​ | ​ | 175 | ​ | ​ | 225 | ​ | ​ | 221 | ​
Unrecognized tax benefits, end of period | ​ | $ | 3,356 | ​ | $ | 3,948 | ​ | $ | 3,723 | ​

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