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Stockholders' Equity (Tables) | 9 Months Ended
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Dec. 31, 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 |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2022 |  |  | December 31, 2021 |
Research and development |  | $ | 117 |  |  | $ | 111 |  |  | $ | 363 |  |  | $ | 267 |
General and administrative |  | $ | 427 |  |  | $ | 477 |  |  | $ | 1,514 |  |  | $ | 1,162 |
Total |  | $ | 544 |  |  | $ | 588 |  |  | $ | 1,877 |  |  | $ | 1,429 |
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 |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2022 |  |  | December 31, 2021 |
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Volatility |  |  | 95.93 | % |  |  | 95.42 | % |  |  | 95.43 | % |  |  | 95.96 | %
Risk-free interest rate |  |  | 3.97 | % |  |  | 1.20 | % |  |  | 3.21 | % |  |  | 1.19 | %
Expected life of options |  | 6.00 years |  |  | 5.69 years |  |  | 6.00 years |  |  | 5.70 years |
Weighted average grant date fair value |  | $ | 1.23 |  |  | $ | 5.20 |  |  | $ | 1.96 |  |  | $ | 5.23 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity from March 31, 2022 to December 31, 2022:
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
Outstanding at March 31, 2022 |  |  | 1,203,671 |  |  | $ | 7.36 |  |  | $ | 71,650 |
Options granted |  |  | 209,474 |  |  | $ | 2.51 |  |  | $ | — |
Options cancelled / forfeited |  |  | (6,092 | ) |  | $ | 5.38 |  |  | $ | — |
Options exercised |  |  | — |  |  | $ | — |  |  | $ | — |
Outstanding at December 31, 2022 |  |  | 1,407,053 |  |  | $ | 6.65 |  |  | $ | — |
Vested and Exercisable at December 31, 2022 |  |  | 487,477 |  |  | $ | 7.28 |  |  | $ | — |
Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following at December 31, 2022:
Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan |  |  | 1,347,500 |
Common stock reserved under the 2012 Plan |  |  | — |
Common stock issuable pursuant to options outstanding and reserved under the 2022 Plan |  |  | 9,553 |
Common stock reserved under the 2022 Plan |  |  | 1,115,635 |
Common stock reserved under the ESPP |  |  | 59,435 |
Common stock reserved under the 2021 Inducement Equity Plan |  |  | 1,000 |
Common stock issuable pursuant to restricted stock units outstanding under the 2012 Plan |  |  | 11,416 |
Common stock issuable pursuant to restricted stock units outstanding under the 2022 Plan |  |  | 117,642 |
Common stock issuable pursuant to options outstanding and reserved under the Inducement Plan |  |  | 50,000 |
Total at December 31, 2022 |  |  | 2,712,181 |
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 December 31, 2022:
|  | Number of Shares |  |  | Weighted Average Price |
Unvested at March 31, 2022 |  |  | 15,500 |  |  | $ | 10.58 |
Granted |  |  | 117,642 |  |  | $ | 1.53 |
Vested |  |  | (4,084 | ) |  | $ | 11.06 |
Cancelled / forfeited |  |  | — |  |  | $ | — |
Unvested at December 31, 2022 |  |  | 129,058 |  |  | $ | 2.32 |
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 |  |  | Nine Months Ended |  |  | Nine Months Ended |  |
|  | December 31, 2022 |  |  | December 31, 2021* |  |  | December 31, 2022 |  |  | December 31, 2021* |  |
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
Volatility |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 86.58 | % |  |  | 0.00 | % |
Risk-free interest rate |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 3.34 | % |  |  | 0.00 | % |
Expected term |  |  | — |  |  |  | — |  |  | 6 months |  |  |  | — |  |
Grant date fair value |  | $ | — |  |  | $ | — |  |  | $ | 0.82 |  |  | $ | — |  |

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