Stockholders' Equity (Tables)
|
9 Months Ended |
Dec. 31, 2025 |
|---|
| Class Of Stock [Line Items] |
|
| Summary of Stock Option Activity |
The following table summarizes the Company’s stock option activity from March 31, 2025 to December 31, 2025:
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Options
Outstanding |
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|
Weighted
Average
Exercise Price |
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|
Aggregate
Intrinsic
Value |
|
Outstanding at March 31, 2025 |
|
|
141,397 |
|
|
$ |
22.66 |
|
|
$ |
— |
|
Options granted |
|
|
101,474 |
|
|
$ |
2.01 |
|
|
$ |
— |
|
Options cancelled / forfeited |
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|
(2,552 |
) |
|
$ |
14.51 |
|
|
$ |
— |
|
Options expired |
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|
(5,713 |
) |
|
$ |
33.63 |
|
|
$ |
— |
|
Outstanding at December 31, 2025 |
|
|
234,606 |
|
|
$ |
13.55 |
|
|
$ |
1,200 |
|
Vested and Exercisable at December 31, 2025 |
|
|
57,964 |
|
|
$ |
41.27 |
|
|
$ |
— |
|
|
| Common Stock Reserved for Future Issuance |
Common stock reserved for future issuance consisted of the following at December 31, 2025:
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Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan |
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|
27,565 |
|
Common stock reserved under the 2012 Plan |
|
|
— |
|
Common stock issuable pursuant to options outstanding and reserved under the A&R 2022 Plan |
|
|
202,875 |
|
Common stock reserved under the A&R 2022 Plan |
|
|
113,730 |
|
Common stock reserved under the ESPP |
|
|
3,708 |
|
Common stock reserved under the 2021 Inducement Equity Plan |
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|
83 |
|
Common stock issuable pursuant to restricted stock units outstanding under the 2012 Plan |
|
|
— |
|
Common stock issuable pursuant to restricted stock units outstanding under the A&R 2022 Plan |
|
|
— |
|
Common stock issuable pursuant to options outstanding and reserved under the Inducement Plan |
|
|
4,166 |
|
Common stock issuable pursuant to outstanding pre-funded warrants |
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|
— |
|
Common stock issuable pursuant to outstanding common warrants |
|
|
539,060 |
|
Total at December 31, 2025 |
|
|
891,187 |
|
|
| Schedule of Stock-based Compensation Expense |
Stock-based compensation expense for all stock-based awards consists of the following (in thousands):
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Three Months Ended |
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Three Months Ended |
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Nine Months Ended |
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|
Nine Months Ended |
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|
December 31, 2025 |
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|
December 31, 2024 |
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|
December 31, 2025 |
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|
December 31, 2024 |
|
Research and development |
|
$ |
14 |
|
|
$ |
19 |
|
|
$ |
40 |
|
|
$ |
70 |
|
General and administrative |
|
|
53 |
|
|
|
111 |
|
|
|
177 |
|
|
|
371 |
|
Total |
|
$ |
67 |
|
|
$ |
130 |
|
|
$ |
217 |
|
|
$ |
441 |
|
|
| Fair Value of Employee Stock Options |
The fair value of stock options was estimated at the grant date using the following weighted average assumptions:
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|
Three Months Ended |
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|
Three Months Ended |
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|
Nine Months Ended |
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|
Nine Months Ended |
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|
December 31, 2025 |
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|
December 31, 2024 |
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|
December 31, 2025 |
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|
December 31, 2024 |
|
Dividend yield |
|
|
— |
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|
|
— |
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|
|
— |
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|
|
— |
|
Volatility |
|
|
113.12 |
% |
|
|
100.83 |
% |
|
|
112.72 |
% |
|
|
99.38 |
% |
Risk-free interest rate |
|
|
3.55 |
% |
|
|
4.32 |
% |
|
|
3.70 |
% |
|
|
3.75 |
% |
Expected life of options |
|
6 years |
|
|
6 years |
|
|
6 years |
|
|
6 years |
|
Weighted average grant date fair value |
|
$ |
1.86 |
|
|
$ |
3.84 |
|
|
$ |
1.71 |
|
|
$ |
5.64 |
|
|
| Summary of Warrant Activity |
The following table summarizes the Company’s Common Warrant activity from March 31, 2025 to December 31, 2025:
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|
Number of
Warrants |
|
|
Exercise
Price |
|
Outstanding at March 31, 2025 |
|
|
539,060 |
|
|
$ |
9.60 |
|
Issued |
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
Outstanding at December 31, 2025 |
|
|
539,060 |
|
|
$ |
9.60 |
|
|
| Restricted stock units (RSUs) [Member] |
|
| Class Of Stock [Line Items] |
|
| Summary of Company's RSUs Activity |
The following table summarizes the Company’s RSUs activity for the nine months ended December 31, 2025:
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|
Number of
Shares |
|
|
Weighted
Average Price |
|
Unvested at March 31, 2025 |
|
|
8,165 |
|
|
$ |
6.57 |
|
Granted |
|
|
— |
|
|
$ |
— |
|
Vested |
|
|
(8,165 |
) |
|
$ |
6.57 |
|
Cancelled / forfeited |
|
|
— |
|
|
$ |
— |
|
Unvested at December 31, 2025 |
|
|
— |
|
|
$ |
— |
|
|
| ESPP Shares [Member] |
|
| Class Of Stock [Line Items] |
|
| Fair Value of Employee Stock Options |
The fair value of ESPP shares was estimated at the purchase period commencement date using the following assumptions:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
|
December 31, 2025* |
|
|
December 31, 2024* |
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|
December 31, 2025* |
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|
December 31, 2024 |
|
Dividend yield |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Volatility |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
95.20 |
% |
Risk-free interest rate |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
5.27 |
% |
Expected term |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
6 months |
|
Grant date fair value |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4.68 |
|
*There were no participants in the ESPP for the purchase periods that commenced on September 1, 2024, September 1, 2025, or March 1, 2025.
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