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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

 

 

$

—