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Stockholders' Equity (Tables)
 6 Months Ended
Sep. 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 September 30, 2024:

 

 

 

Options
Outstanding

 

 

Weighted
Average
Exercise Price

 

 

Aggregate
Intrinsic
Value

 

Outstanding at March 31, 2024

 

 

698,007

 

 

$

4.26

 

 

$

—

 

Options granted

 

 

1,150,343

 

 

$

0.59

 

 

$

—

 

Options cancelled / forfeited

 

 

(6,912

)

 

$

3.30

 

 

$

—

 

Options expired

 

 

(6,072

)

 

$

5.14

 

 

$

—

 

Outstanding at September 30, 2024

 

 

1,835,366

 

 

$

1.96

 

 

$

—

 

Vested and Exercisable at September 30, 2024

 

 

478,301

 

 

$

5.08

 

 

$

—

 
Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at September 30, 2024:

 

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

 

 

423,488

 

Common stock reserved under the 2012 Plan

 

 

—

 

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

 

 

1,361,878

 

Common stock reserved under the 2022 Plan

 

 

452,038

 

Common stock reserved under the 2023 ESPP

 

 

44,500

 

Common stock reserved under the 2021 Inducement Equity Plan

 

 

1,000

 

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

 

 

2,500

 

Common stock issuable pursuant to restricted stock units outstanding under the 2022 Plan

 

 

235,284

 

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

 

 

50,000

 

Common stock issuable pursuant to outstanding pre-funded warrants

 

 

2,630,000

 

Common stock issuable pursuant to outstanding common warrants

 

 

6,562,500

 

Total at September 30, 2024

 

 

11,763,188

 
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

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 30, 2023

 

Research and development

 

$

25

 

 

$

(60

)

 

$

51

 

 

$

47

 

General and administrative

 

 

130

 

 

 

735

 

 

 

260

 

 

 

1,103

 

Total

 

$

155

 

 

$

675

 

 

$

311

 

 

$

1,150

 
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

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

September 30, 2024

 

 

September 30, 2023*

 

 

September 30, 2024

 

 

September 30, 2023

 

Dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Volatility

 

 

99.00

%

 

 

0.00

%

 

 

99.37

%

 

 

98.51

%

Risk-free interest rate

 

 

3.64

%

 

 

0.00

%

 

 

3.75

%

 

 

3.95

%

Expected life of options

 

6 years

 

 

0

 

 

6 years

 

 

6 years

 

Weighted average grant
   date fair value

 

$

0.43

 

 

$

—

 

 

$

0.47

 

 

$

1.45

 

*There were no stock options granted during the three months ended September 30, 2023.
Summary of Warrant Activity

The following table summarizes the Company’s Common Warrant activity from March 31, 2024 to September 30, 2024:

 

 

Number of
Warrants

 

 

Exercise
Price

 

Outstanding at March 31, 2024

 

 

—

 

 

$

—

 

Issued

 

 

6,562,500

 

 

$

0.80

 

Exercised

 

 

—

 

 

$

0.80

 

Outstanding at September 30, 2024

 

 

6,562,500

 

 

$

0.80

 

 

The following table summarizes the Company’s Pre-Funded Warrants activity from March 31, 2024 to September 30, 2024:

 

 

 

Number of
Warrants

 

 

Exercise
Price

 

Outstanding at March 31, 2024

 

 

—

 

 

$

—

 

Issued

 

 

5,000,000

 

 

$

0.001

 

Exercised

 

 

(2,370,000

)

 

$

0.001

 

Outstanding at September 30, 2024

 

 

2,630,000

 

 

$

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 six months ended September 30, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average Price

 

Unvested at March 31, 2024

 

 

122,642

 

 

$

1.75

 

Granted

 

 

117,642

 

 

$

0.55

 

Vested

 

 

(2,500

)

 

$

10.27

 

Cancelled / forfeited

 

 

—

 

 

$

—

 

Unvested at September 30, 2024

 

 

237,784

 

 

$

1.07

 
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

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

September 30, 2024

 

 

September 30, 2023*

 

 

September 30, 2024

 

 

September 30, 2023*

 

Dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Volatility

 

 

95.20

%

 

 

0.00

%

 

 

95.20

%

 

 

0.00

%

Risk-free interest rate

 

 

5.27

%

 

 

0.00

%

 

 

5.27

%

 

 

0.00

%

Expected term

 

6 months

 

 

 

—

 

 

6 months

 

 

 

—

 

Grant date fair value

 

$

0.39

 

 

$

—

 

 

$

0.39

 

 

$

—

 

*There were no participants in the ESPP for the purchase periods that commenced on March 1, 2023 September 1, 2023.