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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table

Tabular Disclosure of Pay Versus Performance

The following table presents the pay versus performance information for our named executive officers. The amounts set forth in the table below under the headings "Compensation Actually Paid to PEO" and "Average Compensation Actually Paid to Non-PEO NEOs" have been calculated in a manner consistent with Item 402(v) of Regulation S-K. Use of the term "compensation actually paid" is required by the SEC's rules and, as a result of the calculation methodology required by the SEC, such amounts differ from compensation actually received by such individuals included in the table. Our Executive Chairman is our principal executive officer and is referred to as PEO in the headers of the following tables.

 

Fiscal Year

Summary Compensation Table Total for PEO(1)
($)

Compensation Actually Paid to PEO(2)

($)

Average Summary Compensation Table Total for Non-PEO NEOs
($)

Average Compensation Actually Paid to Non-PEO NEOs(2)
($)

Value of Initial Fixed $100 Investment Based on Total Shareholder Return ("TSR")(3)
($)

Net Loss (in thousands)(4)
($)

2025

1,165,657

887,668

135,900

135,900

1.94

(2,488)

2024

681,136

595,609

343,084

325,899

10.68

(14,671)

2023

621,448

368,248

390,863

301,185

22.72

(17,259)

_____________

(1)
Represents the amounts of total compensation reported for Mr. Murphy (our Executive Chairman) for each corresponding year in the "Total" column of the Summary Compensation Table. Please refer to "Executive Compensation - Summary Compensation Table" for additional details.
(2)
Represents the amount of compensation actually paid as computed in accordance with Item 402(v) of Regulation S-K. Please refer to the table below for adjustments made to the total compensation for our PEO and average total compensation for our Non-PEO NEOs each year to determine the compensation actually paid:

 

 

 

 

PEO

 

 

Average of Non-PEO NEOs

 

 

 

2025

 

2024

2023

 

2025

 

2024

2023

Summary Compensation Table Total

 

$

1,165,657

 

$

681,136

$

621,448

$

135,900

 

$

343,084

$

390,863

Less: Grant Date Fair Value of Equity Awards as reported in Summary Compensation Table(a)

 

 

428,113

 

 

—

 

 

73,921

 

 

—

 

 

15,446

 

 

73,921

Adjusted fair value of equity awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value at year-end of awards granted during the year that are outstanding and unvested

 

 

163,003

 

 

—

 

 

60,894

 

 

—

 

 

7,502

 

 

60,894

Change in fair value at year-end of awards granted in prior years that are outstanding and unvested from prior year-end

 

 

(10,074)

 

 

(56,805)

 

 

(47,955)

 

 

—

 

 

—

 

 

(15,523)

Fair value at vesting date of equity awards granted during the year that vested during the year

 

 

—

 

 

—

 

 

7,691

 

 

—

 

 

5,020

 

 

7,691

Change in fair value at vesting date of equity awards granted in prior years that vested during the year from prior year-end

 

 

(2,806)

 

 

(28,723)

 

 

(199,909)

 

 

—

 

 

(14,261)

 

 

(68,819)

Compensation Actually Paid

 

$

887,668

 

$

595,609

$

368,248

 

$

135,900

 

$

325,899

$

301,185

_____________

(a)
Represents the total of the amounts reported in the "Stock Awards" and "Option Awards" columns in the Summary Compensation Table for the applicable year.

 

(3)
TSR is determined based on the value of an initial fixed investment of $100 on March 31, 2021. Cumulative TSR is calculated by dividing (i) the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company's stock price at the end and the beginning of the measurement period by (ii) the Company's stock price at the beginning of the measurement period.
(4)
Represents the net loss attributable to the Company for each applicable fiscal year as reported in our audited financial statements included in our Annual Reports on Form 10-K for the years ended March 31, 2025 and 2024, as filed with the SEC on June 5, 2025 and May 31, 2024, respectively.
      
Named Executive Officers, Footnote
(1)
Represents the amounts of total compensation reported for Mr. Murphy (our Executive Chairman) for each corresponding year in the "Total" column of the Summary Compensation Table. Please refer to "Executive Compensation - Summary Compensation Table" for additional details.
      
Peer Group Issuers, Footnote
(3)
TSR is determined based on the value of an initial fixed investment of $100 on March 31, 2021. Cumulative TSR is calculated by dividing (i) the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company's stock price at the end and the beginning of the measurement period by (ii) the Company's stock price at the beginning of the measurement period.
      
PEO Total Compensation Amount $ 1,165,657 $ 681,136 $ 621,448  
PEO Actually Paid Compensation Amount $ 887,668 595,609 368,248  
Adjustment To PEO Compensation, Footnote Please refer to the table below for adjustments made to the total compensation for our PEO and average total compensation for our Non-PEO NEOs each year to determine the compensation actually paid:

 

 

 

 

PEO

 

 

Average of Non-PEO NEOs

 

 

 

2025

 

2024

2023

 

2025

 

2024

2023

Summary Compensation Table Total

 

$

1,165,657

 

$

681,136

$

621,448

$

135,900

 

$

343,084

$

390,863

Less: Grant Date Fair Value of Equity Awards as reported in Summary Compensation Table(a)

 

 

428,113

 

 

—

 

 

73,921

 

 

—

 

 

15,446

 

 

73,921

Adjusted fair value of equity awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value at year-end of awards granted during the year that are outstanding and unvested

 

 

163,003

 

 

—

 

 

60,894

 

 

—

 

 

7,502

 

 

60,894

Change in fair value at year-end of awards granted in prior years that are outstanding and unvested from prior year-end

 

 

(10,074)

 

 

(56,805)

 

 

(47,955)

 

 

—

 

 

—

 

 

(15,523)

Fair value at vesting date of equity awards granted during the year that vested during the year

 

 

—

 

 

—

 

 

7,691

 

 

—

 

 

5,020

 

 

7,691

Change in fair value at vesting date of equity awards granted in prior years that vested during the year from prior year-end

 

 

(2,806)

 

 

(28,723)

 

 

(199,909)

 

 

—

 

 

(14,261)

 

 

(68,819)

Compensation Actually Paid

 

$

887,668

 

$

595,609

$

368,248

 

$

135,900

 

$

325,899

$

301,185

_____________

(a)
Represents the total of the amounts reported in the "Stock Awards" and "Option Awards" columns in the Summary Compensation Table for the applicable year.

 

(3)
TSR is determined based on the value of an initial fixed investment of $100 on March 31, 2021. Cumulative TSR is calculated by dividing (i) the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company's stock price at the end and the beginning of the measurement period by (ii) the Company's stock price at the beginning of the measurement period.
(4)
Represents the net loss attributable to the Company for each applicable fiscal year as reported in our audited financial statements included in our Annual Reports on Form 10-K for the years ended March 31, 2025 and 2024, as filed with the SEC on June 5, 2025 and May 31, 2024, respectively.
      
Non-PEO NEO Average Total Compensation Amount $ 135,900 343,084 390,863  
Non-PEO NEO Average Compensation Actually Paid Amount $ 135,900 325,899 301,185  
Adjustment to Non-PEO NEO Compensation Footnote Please refer to the table below for adjustments made to the total compensation for our PEO and average total compensation for our Non-PEO NEOs each year to determine the compensation actually paid:

 

 

 

 

PEO

 

 

Average of Non-PEO NEOs

 

 

 

2025

 

2024

2023

 

2025

 

2024

2023

Summary Compensation Table Total

 

$

1,165,657

 

$

681,136

$

621,448

$

135,900

 

$

343,084

$

390,863

Less: Grant Date Fair Value of Equity Awards as reported in Summary Compensation Table(a)

 

 

428,113

 

 

—

 

 

73,921

 

 

—

 

 

15,446

 

 

73,921

Adjusted fair value of equity awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value at year-end of awards granted during the year that are outstanding and unvested

 

 

163,003

 

 

—

 

 

60,894

 

 

—

 

 

7,502

 

 

60,894

Change in fair value at year-end of awards granted in prior years that are outstanding and unvested from prior year-end

 

 

(10,074)

 

 

(56,805)

 

 

(47,955)

 

 

—

 

 

—

 

 

(15,523)

Fair value at vesting date of equity awards granted during the year that vested during the year

 

 

—

 

 

—

 

 

7,691

 

 

—

 

 

5,020

 

 

7,691

Change in fair value at vesting date of equity awards granted in prior years that vested during the year from prior year-end

 

 

(2,806)

 

 

(28,723)

 

 

(199,909)

 

 

—

 

 

(14,261)

 

 

(68,819)

Compensation Actually Paid

 

$

887,668

 

$

595,609

$

368,248

 

$

135,900

 

$

325,899

$

301,185

_____________

(a)
Represents the total of the amounts reported in the "Stock Awards" and "Option Awards" columns in the Summary Compensation Table for the applicable year.

 

(3)
TSR is determined based on the value of an initial fixed investment of $100 on March 31, 2021. Cumulative TSR is calculated by dividing (i) the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company's stock price at the end and the beginning of the measurement period by (ii) the Company's stock price at the beginning of the measurement period.
(4)
Represents the net loss attributable to the Company for each applicable fiscal year as reported in our audited financial statements included in our Annual Reports on Form 10-K for the years ended March 31, 2025 and 2024, as filed with the SEC on June 5, 2025 and May 31, 2024, respectively.
      
Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid and Cumulative TSR

The following graph sets forth the relationship between compensation actually paid to our PEO, the average of compensation actually paid to our non-PEO NEOs and the Company's cumulative TSR over the three most recently completed fiscal years.

 

img69967137_5.jpg

      
Compensation Actually Paid vs. Net Income

Compensation Actually Paid and Net Loss

The graph below shows the relationship between the compensation actually paid to our PEO, the average of compensation actually paid to our non-PEO NEOs and our net loss during the three most recently completed fiscal years.

 

img69967137_4.jpg

 

We do not use net loss as a performance measurement in our executive compensation. As a pre-commercial stage company, we do not believe there is any meaningful relationship between our net loss and compensation actually paid to our NEOs during the periods presented.

      
Total Shareholder Return Amount $ 1.94 10.68 22.72  
Net Income (Loss) $ (2,488,000) $ (14,671,000) $ (17,259,000)  
PEO Name   Mr. Murphy Mr. Murphy Mr. Murphy
Measure:: 1        
Pay vs Performance Disclosure        
Non-GAAP Measure Description
(4)
Represents the net loss attributable to the Company for each applicable fiscal year as reported in our audited financial statements included in our Annual Reports on Form 10-K for the years ended March 31, 2025 and 2024, as filed with the SEC on June 5, 2025 and May 31, 2024, respectively.
      
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (428,113) $ 0 $ (73,921)  
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 163,003 0 60,894  
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (10,074) (56,805) (47,955)  
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 7,691  
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (2,806) (28,723) (199,909)  
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (15,446) (73,921)  
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   7,502 60,894  
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   0 (15,523)  
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   5,020 7,691  
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   $ (14,261) $ (68,819)