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Stockholders' Equity (Tables) | 3 Months Ended
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Jun. 30, 2024
Class Of Stock [Line Items] |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity from March 31, 2024 to June 30, 2024:
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
Outstanding at March 31, 2024 |  |  | 698,007 |  |  | $ | 4.26 |  |  | $ | — |
Options granted |  |  | 144,227 |  |  | $ | 0.99 |  |  | $ | — |
Options cancelled / forfeited |  |  | (6,912 | ) |  | $ | 3.30 |  |  | $ | — |
Options expired |  |  | — |  |  | $ | — |  |  | $ | — |
Outstanding at June 30, 2024 |  |  | 835,322 |  |  | $ | 3.70 |  |  | $ | — |
Vested and Exercisable at June 30, 2024 |  |  | 435,188 |  |  | $ | 5.40 |  |  | $ | — |
Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following at June 30, 2024:
Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan |  |  | 428,296 |
Common stock reserved under the 2012 Plan |  |  | — |
Common stock issuable pursuant to options outstanding and reserved under the 2022 Plan |  |  | 357,026 |
Common stock reserved under the 2022 Plan |  |  | 1,569,724 |
Common stock reserved under the 2023 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 |  |  | 3,750 |
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 |
Common stock issuable pursuant to outstanding pre-funded warrants |  |  | 3,621,000 |
Common stock issuable pursuant to outstanding common warrants |  |  | 6,562,500 |
Total at June 30, 2024 |  |  | 12,755,938 |
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, 2024 |  |  | June 30, 2023 |  |
Research and development |  | $ | 26 |  |  | $ | 107 |  |
General and administrative |  |  | 130 |  |  |  | 368 |  |
Total |  | $ | 156 |  |  | $ | 475 |  |
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, 2024 |  |  | June 30, 2023 |
Dividend yield |  |  | — |  |  |  | — |
Volatility |  |  | 101.69 | % |  |  | 98.51 | %
Risk-free interest rate |  |  | 4.47 | % |  |  | 3.95 | %
Expected life of options |  | 6 years |  |  | 6 years |
Weighted average grant date fair value |  | $ | 0.80 |  |  | $ | 1.45 |
Summary of Warrant Activity | The following table summarizes the Company’s Common Warrant activity from March 31, 2024 to June 30, 2024:
|  | Number of Warrants |  |  | Exercise Price |
Outstanding at March 31, 2024 |  |  | — |  |  | $ | — |
Issued |  |  | 6,562,500 |  |  | $ | 0.80 |
Exercised |  |  | — |  |  | $ | 0.80 |
Outstanding at June 30, 2024 |  |  | 6,562,500 |  |  | $ | 0.80 |
The following table summarizes the Company’s Pre-Funded Warrants activity from March 31, 2024 to June 30, 2024:
|  | Number of Warrants |  |  | Exercise Price |
Outstanding at March 31, 2024 |  |  | — |  |  | $ | — |
Issued |  |  | 5,000,000 |  |  | $ | 0.001 |
Exercised |  |  | (1,379,000 | ) |  | $ | 0.001 |
Outstanding at June 30, 2024 |  |  | 3,621,000 |  |  | $ | 0.001 |
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, 2024:
|  | Number of Shares |  |  | Weighted Average Price |
Unvested at March 31, 2024 |  |  | 122,642 |  |  | $ | 1.75 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | (1,250 | ) |  | $ | 10.27 |
Cancelled / forfeited |  |  | — |  |  | $ | — |
Unvested at June 30, 2024 |  |  | 121,392 |  |  | $ | 1.66 |
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 |
|  | June 30, 2024 |  |  | June 30, 2023* |
Dividend yield |  |  | — |  |  |  | — |
Volatility |  |  | 95.20 | % |  |  | 0.00 | %
Risk-free interest rate |  |  | 5.27 | % |  |  | 0.00 | %
Expected term |  | 6 months |  |  |  | — |
Grant date fair value |  | $ | 0.39 |  |  | $ | — |
*There were no participants in the ESPP for the purchase period beginning March 1, 2023.

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