v3.25.1
Discontinued Operations (Tables)
 12 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The following table summarizes the major classes of assets and liabilities of the discontinued operations:
March 31,
2025		March 31,
2024
(in thousands)
Prepaid expenses and other current assets$— $1,400 
Total current assets of discontinued operations$— $1,400 
Property and equipment, net(1)
$— $5,852 
Operating lease ROU assets— 10,764 
Other assets— 1,219 
Total assets noncurrent assets of discontinued operations$— $17,835 
Accounts payable (includes related party amounts of nil and $3,809, respectively)
$— $6,203 
Accrued expenses and other current liabilities (includes related party amounts of nil and $6,752, respectively)
— 11,431 
Operating lease liabilities(2)
— 3,738 
Total current liabilities of discontinued operations$— $21,372 
Operating lease liabilities, noncurrent(2)
$— $8,010 
Total noncurrent liabilities of discontinued operations$— $8,010 
(1)Depreciation and amortization expense was $1.8 million, $3.2 million and $4.2 million for the fiscal years ended March 31, 2025, 2024 and 2023, respectively. In connection with the November 2024 Reduction Plan, the Company wrote off leasehold improvements and disposed of certain laboratory equipment and software. The loss on disposal of property and equipment was immaterial for the fiscal year ended March 31, 2025.
(2)As of March 31, 2025, operating lease liabilities have been classified as liabilities subject to compromise in the consolidated balance sheets because the related claims are subject to resolution through the bankruptcy reorganization process. See Note 12, “Leases,” for additional details.
The following table summarizes the operating results of the discontinued operations:
Year Ended March 31,
202520242023
(in thousands)
Operating expenses:
Research and development (includes related party expenses of $445, $12,771, and $10,709, respectively)(1)(2)
31,611 96,037 100,962 
Restructuring and other charges(2)
14,078 3,726 — 
Total operating expenses45,689 99,763 100,962 
Net loss from discontinued operations(3)
(45,689)(99,763)(100,962)

(1)For the fiscal years ended March 31, 2025, 2024 and 2023, the Company recorded operating lease costs of $3.0 million, $4.2 million and $3.8 million, respectively, and variable operating lease costs of $0.8 million, $0.9 million and $0.7 million, respectively, associated with the South San Francisco Facility.
(2)See Note 15, “Equity Incentive Plans and Stock-Based Compensation,” for details on total stock-based compensation related to discontinued operations.
(3)Pre-tax net loss from discontinued operations equals net loss from discontinued operations as there was no provision for (benefit from) income tax related to discontinued operations for the fiscal years ended March 31, 2025, 2024 and 2023.
The following table shows the total amount incurred and accrued related to one-time employee termination benefits from discontinued operations:

One-Time Employee Termination Benefits
(in thousands)
Accrued restructuring costs included in accrued expenses and other current liabilities as of March 31, 2024$22 
Restructuring charges incurred during the period4,045 
Amounts paid during the period(4,019)
Accrued restructuring costs included in accrued expenses and other current liabilities as of March 31, 2025$48 
The following table summarizes the cash flow information of the discontinued operations:
Year Ended March 31,
202520242023
(in thousands)
Discontinued operations:
Net cash used in operating activities (includes related party amounts of $(10,561), $(1,363), and $(6,415), respectively)
$(44,795)$(92,264)$(77,253)
Net cash used in investing activities$2,261 $(645)$(1,624)
Net decrease in cash and cash equivalents from discontinued operations$(42,534)$(92,909)$(78,877)