v3.22.4
Stock-Based Compensation (Tables)
 9 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
A summary of the stock option activity under the Company’s equity incentive plans is as follows:

 Number of
Options		Weighted-
Average
Exercise Price		Remaining
Contractual
Term (Years)		Aggregate
Intrinsic Value
(in thousands)
Balance - March 31, 20228,018,731 $8.48 8.52$60 
Granted3,622,676 5.60 
Exercised(57,678)7.35 
Forfeited(275,038)6.31 
Expired(31,409)8.69 
Balance - December 31, 202211,277,282 $7.61 8.34$114,573 
Exercisable - December 31, 20224,607,462 $8.86 7.28$41,192 
Schedule of Fair Value Assumptions
The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table:

 Three Months Ended December 31,Nine Months Ended December 31,
 2022202120222021
Risk-free interest rate
3.85% - 4.21%
1.17% - 1.36%
2.74% - 4.21%
0.80% - 1.36%
Expected term, in years
6.11
6.11
6.11
6.03 - 6.11
Expected volatility
89.37% - 92.43%
86.74% - 87.78%
87.12% - 92.43%
82.92% - 91.15%
Expected dividend yield—%—%—%—%
Schedule of Restricted Stock Unit Awards Activity
A summary of RSUs activity under the Company’s equity incentive plans is as follows:
Number of RSUsWeighted- Average Grant Date Fair Value
Nonvested as of March 31, 2022
2,670,864 $9.12 
Issued2,473,469 5.46 
Vested(383,109)12.24 
Forfeited(232,450)7.74 
Nonvested as of December 31, 2022
4,528,774 $6.92 
Summary of Stock-based Compensation Expense
For the three and nine months ended December 31, 2022 and 2021, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):

 Three Months Ended
December 31,		Nine Months Ended December 31,
 2022202120222021
Research and development expenses$4,137 $4,797 $11,556 $8,602 
General and administrative expenses4,719 5,157 12,906 12,841 
Total stock-based compensation$8,856 $9,954 $24,462 $21,443