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Stockholders' Equity (Tables)
 12 Months Ended
Mar. 31, 2024
Class Of Stock [Line Items]  
Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended March 31, 2024:

 

 

 

Options
Outstanding

 

 

Weighted-
Average
Exercise Price

 

 

Aggregate
Intrinsic
Value

 

Outstanding at March 31, 2023

 

 

1,451,217

 

 

$

6.49

 

 

$

38,327

 

Options granted

 

 

184,158

 

 

$

1.67

 

 

$

—

 

Options canceled

 

 

(937,368

)

 

$

7.20

 

 

$

—

 

Options exercised

 

 

—

 

 

$

—

 

 

$

—

 

Outstanding at March 31, 2024

 

 

698,007

 

 

$

4.26

 

 

$

—

 

Vested and Exercisable at March 31, 2024

 

 

401,536

 

 

$

5.61

 

 

$

—

 
Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at March 31, 2024:

 

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

 

 

431,416

 

Common stock reserved under the 2012 Plan

 

 

—

 

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

 

 

216,591

 

Common stock reserved under the 2022 Plan

 

 

1,641,250

 

Common stock reserved under the ESPP

 

 

45,000

 

Common stock reserved under the 2021 Inducement Equity Plan

 

 

1,000

 

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

 

 

5,000

 

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 March 31, 2024

 

 

2,507,899

 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense for all stock-based awards consists of the following (in thousands):

 

 

 

Year Ended
March 31, 2024

 

 

Year Ended
March 31, 2023

 

Research and development

 

$

138

 

 

$

473

 

General and administrative

 

 

1,370

 

 

 

1,904

 

Total

 

$

1,508

 

 

$

2,377

 
Fair Value of Employee Stock Options

The fair value of stock options was estimated at the grant date using the following weighted average assumptions:

 

 

 

Year Ended
March 31, 2024

 

 

Year Ended
March 31, 2023

 

Dividend yield

 

 

—

 

 

 

—

 

Volatility

 

 

99.04

%

 

 

95.53

%

Risk-free interest rate

 

 

4.11

%

 

 

3.32

%

Expected life of options

 

6 years

 

 

6 years

 

Weighted average grant date fair value

 

$

1.34

 

 

$

1.83

 
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 year ended March 31, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average Price

 

Unvested at March 31, 2023

 

 

127,717

 

 

$

2.22

 

Granted

 

 

117,642

 

 

$

1.39

 

Vested

 

 

(122,717

)

 

$

1.90

 

Cancelled / forfeited

 

 

—

 

 

$

—

 

Unvested at March 31, 2024

 

 

122,642

 

 

$

1.75

 
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:

 

 

 

Year Ended
March 31, 2024

 

 

Year Ended
March 31, 2023

 

Dividend yield

 

 

—

 

 

 

—

 

Volatility

 

 

95.20

%

 

 

86.58

%

Risk-free interest rate

 

 

5.27

%

 

 

3.34

%

Expected term

 

6 months

 

 

6 months

 

Grant date fair value

 

$

0.39

 

 

$

0.82