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Income Taxes | 12 Months Ended
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Mar. 31, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | 8. Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred tax assets are as follows as of March 31, 2017 and 2016 (in thousands):
|  | March 31, 2017 |  |  | March 31, 2016 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carry forwards |  | $ | — |  |  | $ | — |
Research and development credits |  |  | — |  |  |  | — |
Depreciation and amortization |  |  | (71 | ) |  |  | (105 | )
Accrued expenses and reserves |  |  | 1,373 |  |  |  | 862 |
Stock compensation |  |  | 6,720 |  |  |  | 5,584 |
Other, net |  |  | 7 |  |  |  | 12 |
Total deferred tax assets |  |  | 8,029 |  |  |  | 6,353 |
Valuation allowance |  |  | (8,029 | ) |  |  | (6,353 | )
|  | $ | — |  |  | $ | — |
A full valuation allowance has been established to offset the deferred tax assets as management cannot conclude that realization of such assets is more likely than not. Under the Internal Revenue Code (“IRC”) Sections 382 and 383, annual use of our net operating loss and research tax credit carryforwards to offset taxable income may be limited based on cumulative changes in ownership. We have not completed an analysis to determine whether any such limitations have been triggered as of March 31, 2017. Until this analysis is completed, we have removed the deferred tax assets related to net operating losses and research credits from our deferred tax asset schedule. Further, until a study is completed and any limitation known, no amounts are being considered as an uncertain tax position or disclosed as an unrecognized tax benefit. Due to the existence of the valuation allowance, future changes in the Company’s unrecognized tax benefits will not impact its effective tax rate. Any carryforwards that will expire prior to utilization as a result of such limitations will be removed from deferred tax assets with a corresponding reduction of the valuation allowance. The valuation allowance increased by approximately $1,676,000 and $2,107,000 for the years ended March 31, 2017 and 2016, respectively. The Company had federal, state, and foreign net operating loss carryforwards of approximately $119,845,000 and $69,040,000 and $326,000, respectively, as of March 31, 2017. The federal and state net operating loss carryforwards will begin expiring in 2028, unless previously utilized. The foreign net operating loss carry forwards do not expire. In March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Updated No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies how several aspects of share-based payments are accounted for and presented in the financial statements. ASU 2016-09 is effective for public companies for annual reporting periods beginning after December 15, 2016. The Company will adopt this ASU in the quarter ended June 30, 2017. The Company has excess tax benefits for which a benefit could not be previously recognized of approximately $6,332, 000. Upon adoption, the balance of the unrecognized excess tax benefits will be reversed with the impact recorded to retained earnings including any change to the valuation allowance as a result of the adoption. Due to the full valuation allowance of the U.S. deferred tax assets, the Company does not expect any impact to the financial statements as a result of this adoption. The Company had federal and state research tax credit carryforwards of approximately $1,793,000 and $2,076,000 at March 31, 2017, respectively. The federal research tax credit carryforwards begin expiring in 2028. The state research tax credit carryforwards do not expire. In 2009, the Company adopted the accounting guidance for uncertainty in income taxes pursuant to ASC 740-10. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. The Company did not record any accruals for income tax accounting uncertainties for the year ended March 31, 2017. The Company’s policy is to recognize interest and penalties that would be assessed in relation to the settlement value of unrecognized tax benefits as a component of income tax expense. The Company did not accrue either interest or penalties from inception through March 31, 2017. The Company does not have any unrecognized tax benefits that will significantly decrease or increase within 12 months of March 31, 2017. The Company is subject to tax in the United States, in various state jurisdictions, and in the United Kingdom. As of March 31, 2017, the Company’s tax years from inception are subject to examination by the tax authorities due to the generation of net operating losses. The Company is not currently under examination by any jurisdiction.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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