v3.25.2
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
Income tax expense (benefit) differed from the amounts computed by applying the statutory federal income tax rate of 21% to pretax income (loss) as a result of the following:
Year Ended March 31,
20252024
Computed expected tax benefit(21.00)%(21.00)%
State income taxes, net of federal benefit0.00 %0.00 %
Tax effect of warrant modifications0.00 %— %
Tax effect of research and development credits(4.29)%0.00 %
Tax effect of stock compensation1.03 %1.11 %
Tax effect of other non-deductible items0.18 %0.03 %
Expired net operating loss carryforwards0.29 %0.92 %
Change in valuation allowance (federal only)23.19 %18.45 %
All other0.60 %0.49 %
Income tax expense0.00 %0.00 %
Schedule of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets are as follows (in thousands):
March 31,
20252024
Deferred tax assets:
Net operating loss carryovers$51,324 46,463 
Basis differences in property and equipment— — 
Research and development credit carryforwards6,875 — 
Stock based compensation3,041 2,962 
Operating lease Right-of-Use asset37 64 
Capitalized research and development costs15,087 10,188 
Deferred revenue632 460
Accruals and reserves709 404 
Total deferred tax assets77,705 60,541 
Valuation allowance(77,681)(60,521)
Total deferred tax assets net of valuation allowance24 20 
Deferred tax liabilities:
Intangibles(12)— 
Basis differences in property and equipment(12)(20)
Total deferred tax liabilities(24)(20)
Net deferred tax asset (liability)$— $— 
Schedule of Unrecognized Tax Benefits Roll Forward The following table summarizes the activity related to our unrecognized tax benefits (in thousands):
Year Ended March 31,
20252024
Unrecognized benefit - beginning of period$4,931 $1,283 
Prior period position increases (decreases)(3,329)3,648 
Current period tax position increases797 — 
Unrecognized benefit - end of period$2,399 $4,931