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6. INCOME TAXES (Tables)

12 Months Ended

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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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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