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Stockholders' Equity (Tables)
 3 Months Ended
Jun. 30, 2023
Class Of Stock [Line Items]  
Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity from March 31, 2023 to June 30, 2023:

 

 

 

Options
Outstanding

 

 

Weighted
Average
Exercise Price

 

 

Aggregate
Intrinsic
Value

 

Outstanding at March 31, 2023

 

 

1,451,217

 

 

$

6.49

 

 

$

38,327

 

Options granted

 

 

131,257

 

 

$

1.81

 

 

$

—

 

Options cancelled / forfeited

 

 

—

 

 

$

—

 

 

$

—

 

Options exercised

 

 

—

 

 

$

—

 

 

$

—

 

Outstanding at June 30, 2023

 

 

1,582,474

 

 

$

6.10

 

 

$

7,732

 

Vested and Exercisable at June 30, 2023

 

 

626,849

 

 

$

6.95

 

 

$

175

 
Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at June 30, 2023:

 

Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan

 

 

1,345,664

 

Common stock reserved under the 2012 Plan

 

 

—

 

Common stock issuable pursuant to options outstanding and reserved under the 2022 Plan

 

 

186,810

 

Common stock reserved under the 2022 Plan

 

 

940,214

 

Common stock reserved under the ESPP

 

 

58,426

 

Common stock reserved under the 2021 Inducement Equity Plan

 

 

1,000

 

Common stock issuable pursuant to restricted stock units outstanding under the 2012 Plan

 

 

8,750

 

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 June 30, 2023

 

 

2,708,506

 
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

 

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

Research and development

 

$

107

 

 

$

121

 

 

General and administrative

 

 

368

 

 

 

539

 

 

Total

 

$

475

 

 

$

660

 

 
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

 

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

Dividend yield

 

 

—

 

 

 

—

 

 

Volatility

 

 

98.51

%

 

 

94.50

%

 

Risk-free interest rate

 

 

3.95

%

 

 

2.97

%

 

Expected life of options

 

6.00 years

 

 

6.00 years

 

 

Weighted average grant
   date fair value

 

$

1.45

 

 

$

2.25

 

 
Restricted stock units (RSUs) [Member]  
Class Of Stock [Line Items]  
Summary of Company's RSUs Activity

The following table summarizes the Company’s RSUs activity for the three months ended June 30, 2023:

 

 

 

Number of
Shares

 

 

Weighted
Average Price

 

Unvested at March 31, 2023

 

 

127,717

 

 

$

2.22

 

Granted

 

 

—

 

 

$

—

 

Vested

 

 

(1,325

)

 

$

10.79

 

Cancelled / forfeited

 

 

—

 

 

$

—

 

Unvested at June 30, 2023

 

 

126,392

 

 

$

2.15