v3.25.2
FAIR VALUE MEASUREMENTS
 3 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS Fair Value Measurements
Cash, cash equivalents, and available-for-sale investments were as follows (in thousands):
As of June 30, 2025
Amortized
Costs		Estimated
Fair Value		Cash and Cash EquivalentsRestricted Cash
(Current & Non-Current)
Cash$65,052 $65,052 $64,240 $812 
Level 1:
Money market funds17,180 17,180 17,075 105 
Total assets$82,232 $82,232 $81,315 $917 
As of March 31, 2025
Amortized
Costs		Estimated
Fair Value		Cash and Cash EquivalentsRestricted Cash
(Current & Non-Current)
Cash$64,765 $64,765 $63,953 $812 
Level 1:
Money market funds24,559 24,559 24,097 462 
Total assets$89,324 $89,324 $88,050 $1,274 
As of June 30, 2024, cash, cash equivalents and restricted cash of $131.2 million included $130.8 million and $0.5 million of cash and cash equivalents, restricted cash and non-current restricted cash, respectively.
To support its current operations, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The restricted cash component of the money market funds is comprised of letters of credit securing leases for certain office facilities and an accrued holdback related to a business combination.
The Company uses the Black-Scholes option-pricing valuation model to value its detachable warrants from inception and at each reporting period. During the three months ended June 30, 2025, the Company used historical volatility to determine the fair value of the warrants liability due to the low trading volume and moneyness assessment as of June 30, 2025. Changes in the fair values of the detachable warrants liability are recorded as a gain (loss) on warrants remeasurement within other income (expense), net in the condensed consolidated statements of operations and comprehensive income (loss).
The following table presents additional information about valuation techniques and inputs used for the detachable warrants (see Note 8, Convertible Senior Notes and Term Loan) that are measured at fair value and categorized within Level 3 as of June 30, 2025 and March 31, 2025 (dollars in thousands):
June 30, 2025March 31, 2025
Estimated fair value of detachable warrants$887$1,096
Unobservable inputs:
Stock volatility79.7 %79.8 %
Risk-free rate3.7 %3.9 %
Expected term2.1 years2.4 years
As of June 30, 2025 and March 31, 2025, the estimated fair value of the Company’s convertible senior notes due in 2028 was $171.2 million and $171.1 million, respectively (see Note 8, Convertible Senior Notes and Term Loan). The fair value of the convertible senior notes was determined based on the closing price of each of the securities on the last trading day of the reporting period, and each is Level 2 in the fair value hierarchy due to limited trading activity of the debt instruments. As of June 30, 2025 and March 31, 2025, the carrying value of the Company’s Term Loan approximates its estimated fair value.