v3.25.2
Income taxes (Tables)
12 Months Ended
Mar. 31, 2025
Income taxes [Abstract]  
Provision for Income Taxes
The provision for income taxes consisted of the following:
         
      March 31, 2025 

      March 31, 2024

 
     $     $ 
Current Provision
   
       
Federal
        2 
State
   3      
Total Current Provision
   3     2 
             
Deferred Provision
           
Federal
   (2,392    (1,834
State
   (810     
Total Deferred Provision
   (3,202    (1,834
             
Total Provision for Income Taxes
   (3,199    (1,832
Effective Income Tax Rate Reconciliation
The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended March 31, 2025 and 2024 were as follows:          
 
 
 
                                 
  For the year ended
      March 31, 2025 

        March 31, 2025

        March 31, 2024         March 31, 2024    
     $       
       $           
U.S. statutory rate
   (2,681      21.00%      (3,084      21.00%  
State taxes, net of federal
   (770      6.03%      (341      2.32%  
Difference in foreign tax rates
   (105      0.82%      (543      3.69%  
Return to provision
   (1      0.00%             0.00%  
Change in valuation allowance
   2,347       (18.39)%      1,635       (11.13)%  
Change in tax rates
          0.00%      (486      3.31%  
Non-deductible stock-based compensation
          0.00%      242       (1.65)%  
Non-deductible transaction costs
          0.00%      723       (4.92)%  
Tax credits
   (1,583      12.40%             0.00%  
Change in fair value of warrant liabilities
   (876      6.86%             0.00%  
Other permanent differences
   468       (3.67)%      23       (0.16)%  
Total tax (benefit) expense
   (3,199      25.06%      (1,832      12.47%  
Deferred Tax Assets and Liabilities
The table below presents the effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities as of March 31, 2025 and 2024:
 
 
 
 
 
          
      March 31, 2025       March 31, 2024    
     $     $   
Deferred income tax assets
             
Tax losses carried forward
   43,049     40,659   
Research and development expenses
   10,928     8,522   
Property, plant and equipment
        523   
Intangible assets
   206     328   
Financing expenses  
        169   
Net federal investment tax credits
   2,882     2,882   
Other accruals and other
   131     56   
Orphan drug credit  
   1,583        
Total deferred income tax assets
   58,779     53,139   
Valuation allowance
   (49,530    (47,284  
Total deferred income tax assets, net of valuation allowance
   9,249     5,855   
               
Deferred income tax liabilities
             
Intangible assets
   (11,561    (11,369  
Total deferred tax liabilities
   (11,561    (11,369  
               
Net deferred tax liabilities
   (2,312    (5,514  
   
March 31,
2025
   
March 31,
2024
 
   $   $ 
Investment tax credit
    356