v3.26.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
Income tax expense (benefit) differed from the amounts computed by applying the statutory federal income tax rate of 21% to pretax income (loss) as a result of the following:
Year Ended March 31,
20262025
Amount%Amount%
Computed expected tax benefit$(14,633)(21.00)%$(10,798)(21.00)%
State income taxes, net of federal benefit7 0.01 %7 0.01 %
Tax effect of research and development credits(748)(1.08)%(2,204)(4.29)%
Tax effect of stock compensation— — %309 0.60 %
Tax effect of other non-deductible items430 0.62 %618 1.20%
Change in valuation allowance (federal only)13,998 20.09 %11,923 23.20%
All other953 1.37 %152 0.29 %
Income tax expense$7 0.01 %$7 0.01%
Schedule of Income Taxes Paid
Income taxes paid, net of refunds received, for the years ended March 31, 2026 and 2025 were as follows (in thousands):
Year ended March 31,
20262025
Federal$— $— 
State3—
Foreign——
Total income taxes paid, net of refunds$3 $— 
Schedule of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets are as follows (in thousands):
March 31,
20262025
Deferred tax assets:
Net operating loss carryovers$70,861 51,324 
Basis differences in property and equipment38 — 
Research and development credit carryforwards7,731 6,875 
Stock based compensation2,835 3,041 
Operating lease Right-of-Use asset31 37 
Capitalized research and development costs11,734 15,087 
Deferred revenue— 632
Accruals and other reserves138 709 
Total deferred tax assets93,368 77,705 
Valuation allowance(93,368)(77,681)
Total deferred tax assets net of valuation allowance— 24 
Deferred tax liabilities:
Intangibles— (12)
Basis differences in property and equipment— (12)
Total deferred tax liabilities— (24)
Net deferred tax asset (liability)$— $— 
Schedule of Unrecognized Tax Benefits Roll Forward The following table summarizes the activity related to our unrecognized tax benefits (in thousands):
Year Ended March 31,
20262025
Unrecognized benefit - beginning of period$2,399 $4,931 
Prior period position increases (decreases)— (3,329)
Current period tax position increases (decreases)178 797 
Unrecognized benefit - end of period$2,577 $2,399