Income Taxes (Tables)

12 Months Ended

Mar. 31, 2025

The components of the Company’s loss before income taxes are summarized as follows:

A reconciliation of income tax (benefit) computed at the statutory federal tax rate to the effective income tax rate is summarized as follows:


	Year Ended March 31,
	2025		2024		2023
Statutory federal tax expense rate	21	%	21	%	21	%
Non-deductible stock-based compensation	(6	%)	(3	%)	(4	%)


Goodwill impairment	—	%	(11	%)	—	%
Change in valuation allowance	(14	%)	(6	%)	(16	%)
Other	(1	%)	(1	%)	—	%
Effective tax rate	—	%	—	%	1	%

The components of the Company's deferred tax assets and liabilities as of March 31, 2025 and 2024 were as follows:


	March 31,
	2025		2024
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	309,739	$	280,549
Capitalized research and development expenses	63,445		48,027
Accruals and reserves	1,692		4,237
Stock-based compensation	8,260		13,397
Deferred revenue	11,996		17,570
Operating lease liabilities	16,635		17,966
Property and equipment	980		1,192
Capital loss carryover	5,289		5,109
Cyber Incident accrual	5,098		—
Other	314		303
Gross deferred tax assets	423,448		388,350
Valuation allowance	(412,860)		(364,871)
Total deferred tax assets	10,588		23,479
Deferred tax liabilities:
Prepaid expenses	(934)		(783)
Intangibles	(9,524)		(11,215)
Operating lease right-of-use assets	(130)		(11,481)

Gross deferred tax liabilities	(10,588)		(23,479)
Net deferred taxes	$	—	$	—