v3.26.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2026
Income Taxes [Abstract]  
Schedule of Income Tax Provision

The income tax provision consisted of the following:

 

    Year Ended March 31,  
    2026     2025  
    (in thousands)  
Current provision:            
Federal   $   —     $    —  
State     2       2  
      2       2  
Deferred provision:                
Federal     —       —  
State     —       —  
      —       —  
Total income tax provision   $ 2     $ 2  
Schedule of Reconciliation of Income Taxes

A reconciliation of income taxes provided at the federal statutory rate to the actual income tax provision is as follows:

 

    Year Ended March 31,
    2026   2025
U.S. Federal Statutory Tax Rate   $ (5,957 )     21.0 %   $ (3,953 )     21.0 %
State Taxes, Net of Federal Benefit (1)     (1,808 )     6.4 %     (1,143 )     6.1 %
Tax Credits                                
Research & development tax credits     (970 )     3.4 %     (1,235 )     6.6 %
Nontaxable or Nondeductible Items, net:                                
Stock-based compensation     333       (1.2 )%     383       (2.0 )%
Revaluation gain/loss     175       (0.6 )%     —       0.0 %
Other adjustments     143       (0.5 )%     12       (0.1 )%
Change in Valuation Allowance     7,316       (25.8 )%     5,567       (29.6 )%
Changes in Unrecognized Tax Benefits     291       (1.0 )%     370       (2.0 )%
Other Reconciling Items     479       (1.7 )%     1       0.0 %
Total Tax Provision   $ 2       0.0 %   $ 2       0.0 %
Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were (in thousands):

 

    March 31,  
    2026     2025  
Net operating loss carryforwards   $ 22,196     $ 14,343  
Capitalized research and development expense     3,863       5,391  
Stock-based compensation expense     1,298       1,267  
Research and development tax credits     3,099       2,420  
Lease liability     110       230  
Reserves, accruals and other     176       82  
Total gross deferred tax assets     30,742       23,733  
Right-of-use asset     (102 )     (215 )
Property and equipment     (288 )     (481 )
Total deferred tax liabilities     (390 )     (696 )
Less: valuation allowance     (30,352 )     (23,037 )
Deferred tax assets, net   $ —     $ —  
Schedule of Unrecognized Tax Benefits

The Company’s unrecognized tax benefits were as follows (in thousands):

 

    Year Ended March 31,
    2026     2025
Beginning balance   $ 1,104     $ —  
Additions based on tax positions related to the current year     321       405  
Additions for tax positions of prior years     —        699  
Ending balance   $ 1,425       1,104  
Schedule of Income Taxes Paid

The amount of income taxes paid by the Company were (in thousands):

 

    Year Ended March 31,  
    2026     2025  
Federal   $ —       —  
California     2       2  
Other states     —       —  
Total   $ 2     $ 2