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7. FINANCIAL INSTRUMENTS

6 Months Ended

Sep. 30, 2025

FINANCIAL INSTRUMENTS

NOTE 7 - FINANCIAL INSTRUMENTS

NOTE 7—FINANCIAL INSTRUMENTS

Fair value measurements

Authoritative accounting guidance for fair value measurements provides a framework for measuring fair value and related disclosures. The guidance applies to all financial assets and financial liabilities that are measured on a recurring basis. The guidance requires fair value measurement to be classified and disclosed in one of the following three categories:

Level 1: Valuations based on quoted prices in active markets for identical assets and liabilities. The fair value of available-for-sale securities included in the Level 1 category is based on quoted prices that are readily and regularly available in an active market.

Level 2: Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. The fair value of available-for-sale securities included in the Level 2 category is based on the market values obtained from an independent pricing service that were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well-established independent pricing vendors and broker-dealers.

Level 3: Valuations based on inputs that are unobservable and involve management judgment and the reporting entity’s own assumptions about market participants and pricing.

The fair value of financial assets measured on a recurring basis is as follows (in thousands):


					Fair Value Measurements at Reporting Date Using
					Quoted Prices			Significant
					in Active			Other			Significant
					Markets for			Observable			Unobservable
					Identical Assets			Inputs			Inputs
		September 30, 2025			(Level 1)			(Level 2)			(Level 3)
Assets:
Money market funds		$	14,995		$	14,995		$	—		$	—
Total		$	14,995		$	14,995		$	—		$	—


					Fair Value Measurements at Reporting Date Using
					Quoted Prices			Significant
					in Active			Other			Significant
					Markets for			Observable			Unobservable
					Identical Assets			Inputs			Inputs
		March 31, 2025			(Level 1)			(Level 2)			(Level 3)
Assets:
Money market funds		$	4,836		$	4,836		$	—		$	—
Total		$	4,836		$	4,836		$	—		$	—

There were no unrealized gains or unrealized losses for money market funds as of September 30, 2025 or March 31, 2025.

The following table sets forth the changes in fair value of contingent consideration for the six months ended September 30, 2025 and 2024, respectively:


		Six Months Ended September 30,
		2025			2024

		(In thousands)
Contingent consideration, beginning of period		$	—		$	160
Change due to accretion			—			8
Re-measurement of contingent consideration			—			(117)
Contingent consideration, end of period		$	—		$	51

Short-term investments

The Company had money market funds of $15.0 million and $4.8 million at September 30, 2025 and March 31, 2025, respectively, included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when declines are determined to be other-than-temporary.

There were no available-for-sale investments at September 30, 2025 or March 31, 2025, respectively.