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Stockholders' Equity (Tables) | 6 Months Ended
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Sep. 30, 2022
Class Of Stock [Line Items] |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense for all stock-based awards consists of the following (in thousands):
|  | Three Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |
|  | September 30, 2022 |  |  | September 30, 2021 |  |  | September 30, 2022 |  |  | September 30, 2021 |
Research and development |  | $ | 125 |  |  | $ | 80 |  |  | $ | 246 |  |  | $ | 156 |
General and administrative |  | $ | 548 |  |  | $ | 346 |  |  | $ | 1,087 |  |  | $ | 685 |
Total |  | $ | 673 |  |  | $ | 426 |  |  | $ | 1,333 |  |  | $ | 841 |
Fair Value of Employee Stock Options | The fair value of stock options was estimated at the grant date using the following weighted average assumptions:
|  | Three Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |
|  | September 30, 2022 |  |  | September 30, 2021 |  |  | September 30, 2022 |  |  | September 30, 2021 |
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Volatility |  |  | 95.93 | % |  |  | 116.83 | % |  |  | 95.41 | % |  |  | 116.83 | %
Risk-free interest rate |  |  | 3.30 | % |  |  | 0.73 | % |  |  | 3.18 | % |  |  | 0.73 | %
Expected life of options |  | 6.00 years |  |  | 6.00 years |  |  | 6.00 years |  |  | 6.00 years |
Weighted average grant date fair value |  | $ | 1.85 |  |  | $ | 6.52 |  |  | $ | 1.99 |  |  | $ | 6.52 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity from March 31, 2022 to September 30, 2022:
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
Outstanding at March 31, 2022 |  |  | 1,203,671 |  |  | $ | 7.36 |  |  | $ | 71,650 |
Options granted |  |  | 199,921 |  |  | $ | 2.56 |  |  | $ | — |
Options cancelled / forfeited |  |  | — |  |  | $ | — |  |  | $ | — |
Options exercised |  |  | — |  |  | $ | — |  |  | $ | — |
Outstanding at September 30, 2022 |  |  | 1,403,592 |  |  | $ | 6.68 |  |  | $ | 1,503 |
Vested and Exercisable at September 30, 2022 |  |  | 339,232 |  |  | $ | 7.57 |  |  | $ | — |
Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following at September 30, 2022:
Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan |  |  | 1,353,592 |
Common stock reserved under the 2012 Plan |  |  | 510,412 |
Common stock reserved under the ESPP |  |  | 59,435 |
Common stock reserved under the 2021 Inducement Equity Plan |  |  | 700,000 |
Common stock issuable pursuant to restricted stock units outstanding under the 2012 Plan |  |  | 12,774 |
Common stock issuable pursuant to options outstanding and reserved under the Inducement Plan |  |  | 50,000 |
Total at September 30, 2022 |  |  | 2,686,213 |
Restricted stock units (RSUs) [Member] |
Class Of Stock [Line Items] |
Summary of Company's RSUs Activity and Performance-Based RSUs Activity | The following table summarizes the Company’s RSUs (not including performance-based RSUs) activity from March 31, 2022 through September 30, 2022:
|  | Number of Shares |  |  | Weighted Average Price |
Unvested at March 31, 2022 |  |  | 15,500 |  |  | $ | 10.58 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | (2,726 | ) |  | $ | 11.07 |
Cancelled / forfeited |  |  | — |  |  | $ | — |
Unvested at September 30, 2022 |  |  | 12,774 |  |  | $ | 10.47 |
ESPP Shares [Member] |
Class Of Stock [Line Items] |
Fair Value of Employee Stock Options | The fair value of ESPP shares was estimated at the purchase period commencement date using the following assumptions:
|  | Three Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |  |
|  | September 30, 2022 |  |  | September 30, 2021* |  |  | September 30, 2022 |  |  | September 30, 2021* |  |
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
Volatility |  |  | 86.58 | % |  |  | 0.00 | % |  |  | 86.58 | % |  |  | 0.00 | % |
Risk-free interest rate |  |  | 3.34 | % |  |  | 0.00 | % |  |  | 3.34 | % |  |  | 0.00 | % |
Expected term |  | 6 months |  |  |  | — |  |  | 6 months |  |  |  | — |  |
Grant date fair value |  | $ | 0.82 |  |  | $ | — |  |  | $ | 0.82 |  |  | $ | — |  |
*There were no participants in the ESPP for the purchase periods beginning March 1, 2021 or September 1, 2021.

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