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Stockholders' Equity (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2023 | Mar. 31, 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 December 31, 2023:
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
Outstanding at March 31, 2023 |  |  | 1,451,217 |  |  | $ | 6.49 |  |  | $ | 38,327 |
Options granted |  |  | 171,257 |  |  | $ | 1.72 |  |  | $ | — |
Options cancelled / forfeited |  |  | (593,384 | ) |  | $ | 7.10 |  |  | $ | — |
Options expired |  |  | (333,631 | ) |  | $ | 7.42 |  |  | $ | — |
Outstanding at December 31, 2023 |  |  | 695,459 |  |  | $ | 4.35 |  |  | $ | — |
Vested and Exercisable at December 31, 2023 |  |  | 381,029 |  |  | $ | 5.83 |  |  | $ | — |
| The following table summarizes stock option activity for the year ended March 31, 2023:
|  | Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Aggregate Intrinsic Value |
Outstanding at March 31, 2022 |  |  | 1,203,671 |  |  | $ | 7.36 |  |  | $ | 71,650 |
Options granted |  |  | 255,474 |  |  | $ | 2.34 |  |  | $ | — |
Options canceled |  |  | (7,928 | ) |  | $ | 5.66 |  |  | $ | — |
Options exercised |  |  | — |  |  | $ | — |  |  | $ | — |
Outstanding at March 31, 2023 |  |  | 1,451,217 |  |  | $ | 6.49 |  |  | $ | 38,327 |
Vested and Exercisable at March 31, 2023 |  |  | 559,685 |  |  | $ | 7.07 |  |  | $ | 472 |
Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following at December 31, 2023:
Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan |  |  | 440,591 |
Common stock reserved under the 2012 Plan |  |  | — |
Common stock issuable pursuant to options outstanding and reserved under the 2022 Plan |  |  | 204,868 |
Common stock reserved under the 2022 Plan |  |  | 1,643,798 |
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 |  |  | 6,250 |
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 December 31, 2023 |  |  | 2,509,149 |
| Common stock reserved for future issuance consisted of the following at March 31, 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 |  |  | 55,553 |
Common stock reserved under the 2022 Plan |  |  | 1,071,471 |
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 |  |  | 10,075 |
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, 2023 |  |  | 2,709,831 |
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 |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | December 31, 2023 |  |  | December 31, 2022 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Research and development |  | $ | 40 |  |  | $ | 117 |  |  | $ | 87 |  |  | $ | 363 |
General and administrative |  |  | 117 |  |  |  | 427 |  |  |  | 1,220 |  |  |  | 1,514 |
Total |  | $ | 157 |  |  | $ | 544 |  |  | $ | 1,307 |  |  | $ | 1,877 |
| Stock-based compensation expense for all stock-based awards consists of the following (in thousands):
|  | Year Ended March 31, 2023 |  |  | Year Ended March 31, 2022 |
Research and development |  | $ | 473 |  |  | $ | 419 |
General and administrative |  |  | 1,904 |  |  |  | 1,837 |
Total |  | $ | 2,377 |  |  | $ | 2,256 |
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 |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | December 31, 2023 |  |  | December 31, 2022 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Volatility |  |  | 100.31 | % |  |  | 95.93 | % |  |  | 98.93 | % |  |  | 95.43 | %
Risk-free interest rate |  |  | 4.66 | % |  |  | 3.97 | % |  |  | 4.12 | % |  |  | 3.21 | %
Expected life of options |  | 6.00 years |  |  | 6.00 years |  |  | 6.00 years |  |  | 6.00 years |
Weighted average grant date fair value |  | $ | 1.16 |  |  | $ | 1.23 |  |  | $ | 1.38 |  |  | $ | 1.96 |
| The fair value of stock options was estimated at the grant date using the following weighted average assumptions:
|  | Year Ended March 31, 2023 |  |  | Year Ended March 31, 2022 |
Dividend yield |  |  | — |  |  |  | — |
Volatility |  |  | 95.53 | % |  |  | 95.65 | %
Risk-free interest rate |  |  | 3.32 | % |  |  | 1.30 | %
Expected life of options |  | 6.00 years |  |  | 5.75 years |
Weighted average grant date fair value |  | $ | 1.83 |  |  | $ | 4.73 |
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 nine months ended December 31, 2023:
|  | Number of Shares |  |  | Weighted Average Price |
Unvested at March 31, 2023 |  |  | 127,717 |  |  | $ | 2.22 |
Granted |  |  | 117,642 |  |  | $ | 1.39 |
Vested |  |  | (121,467 | ) |  | $ | 1.81 |
Cancelled / forfeited |  |  | — |  |  | $ | — |
Unvested at December 31, 2023 |  |  | 123,892 |  |  | $ | 1.84 |
| The following table summarizes the Company’s RSUs activity for the year ended March 31, 2023:
|  | Number of Shares |  |  | Weighted Average Price |
Unvested at March 31, 2022 |  |  | 15,500 |  |  | $ | 10.58 |
Granted |  |  | 117,642 |  |  | $ | 1.53 |
Vested |  |  | (5,425 | ) |  | $ | 11.02 |
Cancelled / forfeited |  |  | — |  |  | $ | — |
Unvested at March 31, 2023 |  |  | 127,717 |  |  | $ | 2.22 |
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 |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | December 31, 2023* |  |  | December 31, 2022* |  |  | December 31, 2023* |  |  | December 31, 2022 |
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Volatility |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 86.58 | %
Risk-free interest rate |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 3.34 | %
Expected term |  |  | — |  |  |  | — |  |  |  | — |  |  | 6 months |
Grant date fair value |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.82 |
*There were no participants in the 2016 ESPP or the 2023 ESPP for the purchase periods beginning September 1, 2022, March 1, 2023 or September 1, 2023. | The fair value of ESPP shares was estimated at the purchase period commencement date using the following assumptions:
|  | Year Ended March 31, 2023 |  |  | Year Ended March 31, 2022* |
Dividend yield |  |  | — |  |  |  | — |
Volatility |  |  | 86.58 | % |  |  | 0.00 | %
Risk-free interest rate |  |  | 3.34 | % |  |  | 0.00 | %
Expected term |  | 6 months |  |  |  | — |
Grant date fair value |  | $ | 0.82 |  |  | $ | — |

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