Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

A summary of our stock option activity for the year ended March 31, 2026 is as follows (in thousands, except share and per share data and years):


	Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at March 31, 2025	3,239,642	$	10.32	8.4	$	—
Granted	1,831,827	$	2.31
Exercised	(2,330)	$	3.32
Forfeited	(482,103)	$	2.81
Expired	(129,668)	$	12.26
Outstanding at March 31, 2026	4,457,368	$	7.78	7.8	$	—
Exercisable at March 31, 2026	2,419,193	$	12.96	6.8	$	—
Vested and expected to vest as of March 31, 2026	4,457,368	$	7.78	7.8	$	—

Schedule of Fair Value of Stock Options Assumptions

The fair value of stock options granted was estimated using the following assumptions:


	Year Ended March 31,
	2026	2025
Risk-free interest rate	3.6 % - 4.2 %	3.5 % - 4.5 %
Expected term (years)	5.27 - 6.08	5.07 - 6.14
Expected stock price volatility	155.1% - 164.3%	163.4% - 176.2%
Dividend yield	—	—

Schedule of Stock-Based Compensation Expense Recognized

Stock-based compensation expense recognized for all equity awards has been included in the consolidated statements of operations and comprehensive loss as follows (in thousands):


	Year Ended March 31,
	2026		2025

Research and development expense	$	1,732	$	1,938
General and administrative expense	2,265		2,377
Total stock-based compensation expense	$	3,997	$	4,315