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Stockholders' Equity (Tables)

3 Months Ended

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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