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Stockholders' Equity (Tables)

6 Months Ended

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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