v3.26.1
Equity
 6 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Equity

11. Equity

 

On February 28, 2024 the Company adopted a 2024 Equity Incentive Plan (the “Equity Plan”). The Plan provides for granting of stock options (“Options”), restricted stock units (“RSUs”), and other equity-based awards tied to the value of shares of common stock to key personnel, including directors, officers, employees, consultants, and advisors of the Company and its subsidiaries. The Plan provides for the grant of options (which may include “incentive stock options” (“ISOs”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”)), stock appreciation rights (“SARs”), restricted stock, restricted stock units (“RSUs”), and other stock-based awards. As of September 30, 2025, 40,000,000 shares are authorized for issuance and 36,783,500 shares remain available for issuance under the Equity Plan. The number of shares of Common Stock available for grant and issuance under this Plan will be automatically increased on the first day of each calendar year beginning with the first January 1 following the effective date and ending with the last January 1 during the initial ten-year term of the Equity Plan, equal to the lesser of (A) five percent (5%) of the shares of Common Stock outstanding (on an as-converted basis) on the final day of the immediately preceding calendar year and (B) such lesser number of shares of Common Stock as determined by the Board. The Board has determined that there will be no adjustment.

 

The following table summarizes the Company’s employee and non-employee Option activity under the Equity Plan for the following periods:

    

   Number of shares   Weighted average exercise price   Weighted average remaining term (years)   Aggregate intrinsic value (in thousands) 
Outstanding as of March 31, 2025   3,216,500   $0.79    3.44   $— 
Options granted   —    —    —    — 
Options forfeited   —    —    —    — 
Outstanding as of September 30, 2025   3,216,500   $0.79    2.94   $— 
Exercisable as of September 30, 2025   1,032,300    $0.76    3.15   $— 

 

No stock options were granted nor exercised during the six months ended September 30, 2025. 1,032,300 shares were vested during the six months ended September 30, 2025.

 

For the three and six months ended September 30, 2025, the Company recognized less than $0.1 million in stock based compensation, respectively. For the three and six months ended September 30, 2024, the Company recognized less than $0.1 million in stock based compensation, respectively, primarily included in general and administrative expenses in the accompanying statements of operations and comprehensive loss. As of September 30, 2025, there was $0.7 million of unrecognized share-based compensation expense related to unvested stock options over a weighted average term of 2.9 years. As of September 30, 2024, there was $0.1 million of unrecognized share-based compensation expense related to unvested stock options over a weighted average term of 3.8 years.

 

During the six months ended September 30, 2025, the Company issued an aggregate of 53,498 common shares to consultants, with an aggregate value of less than $0.1 million. During the six months ended September 30, 2024, the Company issued an aggregate of 33,329 common shares to consultants, with an aggregate value of less than $0.1 million. As these common shares were fully vested upon the date of grant, the grant date fair value was expensed in the respective period of the grant date. The Company used the Black-Scholes model to value the option grants.

 

The assumptions used to calculate the fair value of the options are summarized as follows:

 

    September 30, 2025
Volatility     36% - 75 %
Risk-free rate     3.5% - 4.6 %
Expected life (in years)     3 - 5  
Stock price   $ 0.75 - 0.88   
Exercise price   $ 0.75 - 0.88