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Stockholders' Equity (Tables)

9 Months Ended

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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