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v3.25.2

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2025
Income Taxes [Abstract] |
Schedule of Income Tax Provision | The income tax provision consisted of the following:
|  | Year Ended March 31, |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
Current provision: |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | 2 |  |  |  | 2 |
|  |  | 2 |  |  |  | 2 |
Deferred provision: |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |
|  |  | — |  |  |  | — |
Total income tax provision |  | $ | 2 |  |  | $ | 2 |
Schedule of Reconciliation of Income Taxes Provided at Federal Statutory Rate to Actual Income Tax Provision | A reconciliation of income taxes provided at the federal statutory rate to the actual income tax provision is as follows:
|  | Year Ended March 31, |
|  | 2025 |  |  | 2024 |
Federal statutory rate |  |  | (21 | )% |  |  | (21 | )%
State tax rate, net of federal benefit |  |  | (6 | )% |  |  | (6 | )%
Research and development tax credits |  |  | (5 | )% |  |  | (7 | )%
Change in valuation allowance |  |  | 30 | % |  |  | 32 | %
Other |  |  | 2 | % |  |  | 2 | %
Effective income tax rate |  |  | — |  |  |  | — |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were (in thousands):
|  | March 31, |
|  | 2025 |  |  | 2024 |
Net operating loss carryforwards |  | $ | 14,343 |  |  | $ | 10,860 |
Capitalized research and development expense |  |  | 5,391 |  |  |  | 3,058 |
Stock-based compensation expense |  |  | 1,267 |  |  |  | 2,818 |
Research and development tax credits |  |  | 2,420 |  |  |  | 2,568 |
Lease liability |  |  | 230 |  |  |  | — |
Reserves, accruals and other |  |  | 82 |  |  |  | — |
Total gross deferred tax assets |  |  | 23,733 |  |  |  | 19,304 |
Right-of-use asset |  |  | (215 | ) |  |  | — |
Property and equipment |  |  | (481 | ) |  |  | (46 | )
Reserves, accruals and other |  |  | — |  |  |  | (49 | )
Total deferred tax liabilities |  |  | (696 | ) |  |  | (95 | )
Less: valuation allowance |  |  | (23,037 | ) |  |  | (19,209 | )
Deferred tax assets, net |  | $ | — |  |  | $ | — |
Schedule of Unrecognized Tax Benefits | The Company’s unrecognized tax benefits were as follows (in thousands):
|  | Year Ended March 31, |
|  | 2025 |  |  | 2024 |
Beginning balance |  |  | — |  |  |  | — |
Additions based on tax positions related to the current year |  | $ | 405 |  |  |  | — |
Additions for tax positions of prior years |  |  | 699 |  |  |  | — |
Ending balance |  | $ | 1,104 |  |  |  | — |

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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 + Details
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