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Income taxes (Tables)

12 Months Ended

Mar. 31, 2024

Income Taxes - Open [Abstract]

Schedule of Reconciliation of Income Taxes Provided at the Federal Statutory Rate

The income tax provision consisted of the following:

		Year Ended March 31,
		2024				2023
		(in thousands)
Current portion:
Federal		$	—			$	—
State			2				2
			2				2
Deferred portion:
Federal			(3,730	)			(2,933	)
State			(657	)			(1,467	)
			(4,387	)			(4,400	)
Change in valuation allowance			4,387				4,400
Provision for income taxes		$	2			$	2

Schedule of Reconciliation of Income Taxes Provided at the Federal Statutory Rate

A reconciliation of income taxes provided at the federal statutory rate to the actual income tax provision is as follows:

		Year Ended March 31,
		2024				2023
Federal statutory rate			(21	)%			(21	)%
State tax rate, net of federal benefit			(6	)%			(6	)%
Research and development tax credits			(7	)%			(6	)%
Change in valuation allowance			32	%			29	%
Other			2	%			4	%
Effective income tax rate			—	%			—	%

Schedule of Significant Components of the Company’s Deferred Tax Assets and Liabilities

The losses before income tax provision for the years ended March 31, 2024 and 2023 were solely attributable to US operations. Significant components of the Company’s deferred tax assets and liabilities were (in thousands):

		March 31,
		2024				2023
Net operating loss carryforwards		$	10,860			$	8,742
Capitalized research and development expense			3,058				1,933
Stock-based compensation expense			2,818				2,587
Research and development tax credits			2,568				1,658
Property and equipment			193				105
Total deferred tax assets			19,497				15,025
Section 179 assets			(239	)			(111	)
Reserves, accruals and other			(49	)			(92	)
Total deferred tax liabilities			(288	)			(203	)
Less: valuation allowance			(19,209	)			(14,822	)
Deferred tax assets, net		$	—			$	—

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- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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