v3.25.2
Stock-Based Compensation (Tables)
 3 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
A summary of the stock option activity under the Company’s equity incentive plans is as follows:

 Number of Stock
Options		Weighted-
Average
Exercise Price		Remaining
Contractual
Term (Years)		Aggregate
Intrinsic Value
(in thousands)
Balance - March 31, 202512,963,834 $12.00 6.25$88,960 
Granted2,838,551 $15.28 
Exercised(433,635)$6.97 
Forfeited(584,983)$16.40 
Expired(6,894)$24.88 
Balance - June 30, 202514,776,873 $12.62 5.43$73,814 
Exercisable - June 30, 20259,619,053 $9.97 4.22$65,233 
Schedule of Fair Value Assumptions
The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table:

 Three Months Ended June 30,
 20252024
Risk-free interest rate
3.97%
4.38%
Expected term, in years
6.06
6.11
Expected volatility
78.52%
 83.22%
Expected dividend yield—%—%
Schedule of Restricted Stock Unit Awards Activity
A summary of RSUs activity under the Company’s equity incentive plans is as follows:
Number of RSUsWeighted- Average Grant Date Fair Value
Nonvested as of March 31, 2025
3,239,901 $21.70 
Issued2,462,153 $15.23 
Vested(511,496)$21.80 
Forfeited(467,242)$17.66 
Nonvested as of June 30, 2025
4,723,316 $18.71 
Schedule of Stock-based Compensation Expense
For the three months ended June 30, 2025 and 2024, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):

 Three Months Ended
June 30,
 20252024
Research and development expenses$7,865 $7,185 
General and administrative expenses10,530 6,258 
Total stock-based compensation$18,395 $13,443