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8. LEASES

6 Months Ended

Sep. 30, 2025

NOTE 8—LEASES

The Company has operating leases for corporate offices and research and development facilities. The Company’s leases have remaining lease terms of 2 months to 104 months, some of which include options to extend for up to 10 years.

On June 6, 2024, the Company completed a sale and leaseback transaction pursuant to a previously executed purchase and sale agreement (the “Agreement”) with an unrelated party, as purchaser, for the sale of the Company’s 1213 Elko Drive property in Sunnyvale, California (the “Sunnyvale Property”) for a purchase price, net of closing and other expenses payable by the Company, of $11.3 million in cash. Concurrent with the sale, the Company entered into a lease agreement (the “Lease”) to lease all of the Sunnyvale Property that it occupied from the purchaser for an initial term of ten years from the closing of the sale of the Sunnyvale Property. The Company has the option to renew the term of the Lease for two additional five-year periods. Pursuant to the Lease, the Company is responsible for base rent initially at a rate of approximately $90,768 per month and the monthly operational expenses, such as maintenance, insurance, property taxes and utilities. The rental rate increases three percent (3%) per year beginning on June 30, 2025. The transaction was accounted for as a sale and leaseback and operating lease accounting classification. The Company recorded a gain of $5.7 million that was recorded in the gain from sale of assets in the Condensed Consolidated Statements of Operations in the quarter ended June 30, 2024.

Supplemental balance sheet information related to leases was as follows:


	As of		As of
	September 30, 2025		March 31, 2025

	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	8,913	$	9,547

Lease liabilities-current	$	1,602	$	1,642
Lease liabilities-non-current		7,460		8,001
Total operating lease liabilities	$	9,062	$	9,643

The following table provides the details of lease costs:


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024

	(In thousands)				(In thousands)
Operating lease cost	$	468	$	458	$	933	$	691
Short-term lease cost		7		8		13		16
	$	475	$	466	$	946	$	707

The following table provides other information related to leases:


	Six Months Ended September 30,
	2025		2024

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	866	$	635

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	—	$	9,092

Weighted-average remaining lease term (years):
Operating leases		8.17		8.94

Weighted-average discount rate:
Operating leases		6.26%		6.19%

The following table provides the maturities of the Company’s operating lease liabilities as of September 30, 2025:


	Operating Lease
	Liabilities
Fiscal Year	(In thousands)
2026 (remaining six months)	$	776
2027		1,623
2028		1,192
2029		1,220
2030		1,257
Thereafter		5,651
Total undiscounted future cash flows		11,719
Less: Imputed interest		(2,657)
Present value of undiscounted future cash flows	$	9,062

Presentation on statement of financial position
Current	$	1,602
Non-current	$	7,460