v3.25.2
COMMON STOCK (Tables)
12 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of shares reserved fro future issuance under the ESPP
The Company has reserved shares of common stock for future issuance under its ESPP as follows (in thousands):
March 31,
20252024
Shares available for issuance at beginning of period4.4 4.4 
Shares issued during the period 200 — 
   Total shares available for future issuance at end of period204.4 4.4 
Summary of valuation assumptions
Assumptions used in the Monte Carlo model to calculate fair values of market PSU’s during each fiscal period are as follows:
Weighted-Average20252024
Discount period (years)n/a3.00
Risk-free interest raten/a3.53%
Stock price volatilityn/a80.50%
Grant date fair valuen/a$18.20
Summary of activity for PSUs
The following table summarizes activity for Market PSUs and Performance PSUs for the year ended March 31, 2025 (shares in thousands):
SharesWeighted-Average
Grant Date Fair Value per Share
Outstanding as of March 31, 202459 $18.59 
Granted180 $4.71 
Vested(13)$28.90 
Forfeited or cancelled(13)$8.82 
Outstanding as of March 31, 2025213 $6.87 
Summary of activity relating to restricted stock
The following table summarizes activity for restricted stock units for the year ended March 31, 2025 (shares in thousands):
SharesWeighted-Average
Grant Date Fair Value per Share
Outstanding as of March 31, 2024
152 $41.06 
Granted312 $4.99 
Vested(118)$31.98 
Forfeited or cancelled(19)$17.39 
Outstanding as of March 31, 2025
327 $11.32 
Summary of share-based compensation expense
The following table details the Company's stock-based compensation expense (in thousands):
Year Ended March 31,
20252024
Cost of revenue$373 $774 
Research and development495 1,091 
Sales and marketing317 669 
General and administrative1,643 2,187 
Total stock-based compensation$2,828 $4,721 
Year Ended March 31,
20252024
Restricted stock units$2,515 $4,551 
Performance share units313 170 
Total stock-based compensation$2,828 $4,721 
Schedule of ranges of assumptions and estimates
The Company uses Level 2 inputs for its valuation methodology for the warrant liabilities as their fair values were determined by using the Black-Scholes model based on various assumptions. The assumptions used in calculating fair values of the Lender Warrants are as follows:

December 2018 WarrantsJune 2020 WarrantsJune 2023 Warrants
March 31, 2024:
Discount period (years) 4.7 years 6.2 years 9.2 years
Risk-free interest rate4.19%4.16%4.16%
Stock price volatility87.00%86.00%81.00%
Exercise price
$6.60$6.00$9.00
Summary of changes in level 2 liabilities
The table below sets forth a summary of changes in the fair value of the Company’s Level 2 warrant liabilities for the years ended March 31, 2024 and March 31, 2025:
Balance at March 31, 2023$7,989 
Issuance of warrants1,194 
Change in fair value of warrant liabilities(5,137)
Balance at March 31, 2024$4,046 
Issuance of warrants3,157 
Exercise of warrants(52,985)
Repricing adjustment512 
Change in fair value of warrant liabilities45,270 
Balance at March 31, 2025$ 
Summary of outstanding lender warrants
The Company had no outstanding Lender Warrants as at March 31, 2025. The following table summarizes the Company's outstanding Lender Warrants as at March 31, 2024 (in thousands, except exercise price):

December 2018 WarrantsJune 2020 WarrantsJune 2023 WarrantsTotal
March 31, 2024:
   Exercise price$26.60 $55.40 $20.00 
   Number shares under warrant(s)357 184 63 604 
   Fair value$2,320 $1,135 $591 $4,046