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Stockholders' Equity (Tables)
 12 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Schedule of Stock-based Compensation Expense

Stock-based compensation expense for all stock awards consists of the following (in thousands):

 

 

 

Year Ended

March 31, 2017

 

 

Year Ended

March 31, 2016 (1)

 

 

Year Ended

March 31, 2015

 

Research and development

 

$

1,646

 

 

$

1,248

 

 

$

1,190

 

General and administrative

 

$

5,746

 

 

$

7,308

 

 

$

5,830

 

Total

 

$

7,392

 

 

$

8,556

 

 

$

7,020

 

 
Fair Value of Employee Stock Options

The fair value of stock options was estimated at the grant date using the following weighted average assumptions:

 

 

 

Year Ended

March 31, 2017

 

 

Year Ended

March 31, 2016

 

 

Year Ended

March 31, 2015

 

Dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

Volatility

 

 

72.17

%

 

 

73.96

%

 

 

76.90

%

Risk-free interest rate

 

 

1.16

%

 

 

1.57

%

 

 

1.60

%

Expected life of options

 

6.00 years

 

 

6.00 years

 

 

6.00 years

 

Weighted average grant date fair value

 

$

2.41

 

 

$

2.52

 

 

$

4.14

 

 
Fair Value of Employee Stock Purchase Plan

The fair value of ESPP shares was estimated at the purchase period commencement date using the following weighted average assumptions:

 

 

 

Year Ended

March 31, 2017

 

Dividend yield

 

 

—

 

Volatility

 

72.89 % - 74.70 %

 

Risk-free interest rate

 

0.47 % - 0.79 %

 

Expected term

 

6 months

 

Grant date fair value

 

$

1.04 - 1.22

 

 
Summary of Company's Restricted Stock Award Activity

A summary of the Company’s restricted stock award activity for the year ended March 31, 2017 is as follows:

 

 

 

Number of

Shares

 

Unvested at March 31, 2016

 

 

6,250

 

Granted

 

 

—

 

Vested

 

 

(6,250

)

Canceled / forfeited

 

 

—

 

Unvested at March 31, 2017

 

 

—

 

 
Summary of Company's Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity for the year ended March 31, 2017 is as follows:

 

 

 

Number of

Shares

 

 

Weighted

Average Price

 

Unvested at March 31, 2016

 

 

—

 

 

 

—

 

Granted

 

 

1,309,656

 

 

$

3.59

 

Vested

 

 

(106,650

)

 

$

3.86

 

Canceled / forfeited

 

 

(24,892

)

 

$

3.21

 

Unvested at March 31, 2017

 

 

1,178,114

 

 

$

3.57

 

 
Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended March 31, 2017:

 

 

 

Options

Outstanding

 

 

Weighted-

Average

Exercise Price

 

 

Aggregate

Intrinsic

Value

 

Outstanding at March 31, 2016

 

 

9,614,627

 

 

$

4.79

 

 

$

1,927,137

 

Options granted

 

 

1,955,016

 

 

$

3.79

 

 

$

—

 

Options canceled

 

 

(368,171

)

 

$

5.64

 

 

$

—

 

Options exercised

 

 

(245,271

)

 

$

2.38

 

 

$

356,616

 

Outstanding at March 31, 2017

 

 

10,956,201

 

 

$

4.63

 

 

$

4,876,437

 

Vested and Exercisable at March 31, 2017

 

 

7,054,815

 

 

$

4.64

 

 

$

4,380,611

 

 
Summary of Warrant Activity

The following table summarizes warrant activity for the years ended March 31, 2017:

 

 

 

Warrants

 

 

Weighted-Average

Exercise Price

 

Balance at March 31, 2016

 

 

1,046,813

 

 

$

2.29

 

Granted

 

 

—

 

 

 

—

 

Expired / Canceled

 

 

(3,350

)

 

$

1.00

 

Exercised

 

 

(822,093

)

 

$

0.98

 

Balance at March 31, 2017

 

 

221,370

 

 

$

7.16

 

 
Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at March 31, 2017:

 

Common stock warrants outstanding

 

 

221,370

 

Common stock options outstanding under the 2008 Plan

 

 

622,192

 

Common stock options outstanding and reserved under the 2012 Plan

 

 

13,951,395

 

Restricted stock units outstanding under the 2012 Plan

 

 

1,178,114

 

Common stock reserved under the 2016 Employee Stock Purchase Plan

 

 

1,447,443

 

Total

 

 

17,420,514