v3.25.1
Equity Incentive Plans and Stock-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Summary of Stock Option Activity and Activity Regarding Shares Available for Grant
Stock option activity and activity regarding shares available for grant under the Second A&R Plan are as follows:
Options Outstanding
Outstanding
Stock
Options
Weighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
(in thousands, except share, years, and per share data)
Balance as of March 31, 20243,537,668$73.62 5.1$306 
Granted200,990$6.03 
Exercised(6,889)$8.46 
Canceled/forfeited/expired(875,384)$82.73 
Balance as of March 31, 20252,856,385$66.23 4.6$— 
Vested and exercisable as of March 31, 20252,242,451$76.21 3.5$— 
Schedule of Assumptions Used in the Black-Scholes Option-Pricing Model The Company estimated the fair value of options granted using the Black-Scholes option-pricing model. The fair value of stock options is being amortized on a straight-line basis over the requisite service period of the awards.
The weighted average Black-Scholes assumptions used to value stock options at the grant dates are as follows:
Year Ended March 31,
202520242023
MinMaxMinMaxMinMax
Expected term (years)6.06.05.86.06.06.8
Expected volatility range75 %75 %78 %79 %76 %81 %
Expected weighted-average volatility 75%79%79%
Risk-free interest rate3.5 %3.9 %3.6 %4.4 %2.8 %4.2 %
Expected dividend yield——————
The per share weighted average grant date fair value of shares issued pursuant to the A&R ESPP for the fiscal years ended March 31, 2025, 2024 and 2023 was $2.52, $8.74 and $27.02, respectively, using the following assumptions:
Year Ended March 31,
202520242023
Min
Max
Min
Max
Min
Max
Expected term (years)0.51.00.51.00.51.0
Expected volatility range76 %77 %67 %99 %78 %109 %
Expected weighted-average volatility76%70%96%
Risk-free interest rate4.4 %4.8 %4.9 %5.5 %3.3 %5.2 %
Expected dividend yield——————
The Company suspended purchases under the A&R ESPP plan effective March 1, 2025.
Schedule of Restricted Stock Awards Activity under the Equity Incentive Plan
The following table summarizes the RSU activity under the equity incentive plans and related information:
Unvested RSUs
Weighted-Average
Grant Date Fair
Value Per Share
Balance as of March 31, 20242,203,078$45.86 
Granted3,797,604$8.36 
Vested(2,457,795)$28.51 
Canceled/forfeited(1,475,820)$19.65 
Balance as of March 31, 20252,067,067$16.31 
Schedule of Share Based Compensation Costs
Total stock-based compensation expense from continuing operations, including stock-based compensation expense related to awards classified as liabilities, was included in costs and expenses as follows:
Year Ended March 31,
202520242023
(in thousands)
Cost of service revenue$2,820 $4,908 $9,513 
Cost of product revenue1,424 1,683 1,917 
Research and development24,804 26,007 31,377 
Sales and marketing6,502 6,853 8,976 
General and administrative (1)
21,622 68,416 48,198 
Restructuring and other charges (2)
2,113 631 — 
Total stock-based compensation expense$59,285 $108,498 $99,981 
(1)     Includes $32.8 million of stock-based compensation charges related to the termination of two Former Lemonaid Officers during the fiscal year ended March 31, 2024.
(2)     In connection with the November 2024 Reduction in Force, the Company approved the modification of equity awards with regard to the acceleration of certain non-vested awards as part of the termination of employment for approximately 206 effected employees. The Company accounted for the award modifications under ASC Topic 718, Compensation – Stock Compensation, and recorded $2.1 million of stock-based compensation modification expense from continuing operations related to the November 2024 Reduction in Force during the fiscal year ended March 31, 2025.