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Stockholders' Equity (Tables)

9 Months Ended

Dec. 31, 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 December 31, 2024:

		Options Outstanding				Weighted Average Exercise Price				Aggregate Intrinsic Value
Outstanding at March 31, 2024			698,007			$	4.26			$	—
Options granted			1,154,172			$	0.59			$	—
Options cancelled / forfeited			(76,404	)		$	1.82			$	—
Options expired			(6,072	)		$	5.14			$	—
Outstanding at December 31, 2024			1,769,703			$	1.97			$	—
Vested and Exercisable at December 31, 2024			511,668			$	4.91			$	—

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at December 31, 2024:

Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			415,553
Common stock reserved under the 2012 Plan			—
Common stock issuable pursuant to options outstanding and reserved under the A&R 2022 Plan			1,304,150
Common stock reserved under the A&R 2022 Plan			517,701
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			1,250
Common stock issuable pursuant to restricted stock units outstanding under the A&R 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			1,034,000
Common stock issuable pursuant to outstanding common warrants			6,562,500
Total at December 31, 2024			10,048,296

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, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Research and development		$	19			$	40			$	70			$	87
General and administrative			111				117				371				1,220
Total		$	130			$	157			$	441			$	1,307

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, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Dividend yield			—				—				—				—
Volatility			100.83	%			100.31	%			99.38	%			98.93	%
Risk-free interest rate			4.32	%			4.66	%			3.75	%			4.12	%
Expected life of options		6 years				6 years				6 years				6 years
Weighted average grant    date fair value		$	0.32			$	1.16			$	0.47			$	1.38

Summary of Warrant Activity

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

		Number of Warrants				Exercise Price
Outstanding at March 31, 2024			—			$	—
Issued			6,562,500			$	0.80
Exercised			—			$	0.80
Outstanding at December 31, 2024			6,562,500			$	0.80

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

		Number of Warrants				Exercise Price
Outstanding at March 31, 2024			—			$	—
Issued			5,000,000			$	0.001
Exercised			(3,966,000	)		$	0.001
Outstanding at December 31, 2024			1,034,000			$	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 nine months ended December 31, 2024:

		Number of Shares				Weighted Average Price
Unvested at March 31, 2024			122,642			$	1.75
Granted			117,642			$	0.55
Vested			(121,392	)		$	1.66
Cancelled / forfeited			—			$	—
Unvested at December 31, 2024			118,892			$	0.65

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, 2024*				December 31, 2023*				December 31, 2024				December 31, 2023*
Dividend yield			—				—				—				—
Volatility			0.00	%			0.00	%			95.20	%			0.00	%
Risk-free interest rate			0.00	%			0.00	%			5.27	%			0.00	%
Expected term			—				—			6 months					—
Grant date fair value		$	—			$	—			$	0.39			$	—

*There were no participants in the ESPP for the purchase periods that commenced on March 1, 2023, September 1, 2023, or September 1, 2024.

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