v3.26.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES    
Net loss for the year $ (147,998) $ (81,607)
Adjustments for items not affecting cash:    
Share-based compensation 10,863 31,282
Fair value loss on financial instruments 5,500 0
Depreciation and amortization 120 348
Gain on sale of lab equipment (7) 0
Unrealized foreign currency translation gain (492) (15,548)
Other loss 0 20
Cash flows used in operating activities before net changes in non-cash working capital items (132,014) (65,505)
Net changes in non-cash working capital items:    
Accounts receivable (934) (790)
Prepaid expenses (6,824) (13,278)
Other current assets 2,024 (417)
Accounts payable and accrued liabilities 4,477 7,662
Net cash flows used in operating activities (133,271) (72,328)
INVESTING ACTIVITIES    
Purchase of equipment and intangible assets (1,373) (1,396)
Proceeds on sale of lab equipment 10 0
Net cash flows used in investing activities (1,363) (1,396)
FINANCING ACTIVITIES    
Proceeds on issuance of common shares, net 146,052 14,305
Proceeds on issuance of convertible debentures 44,500 0
Proceeds from issuance of pre-funded warrants, net 28,099 0
Options exercised 53 0
Taxes paid related to net share settlement of RSUs (75) 0
Share issuance costs (240) 0
Repayment of convertible debentures (20,150) 0
Lease payments 0 (210)
Net cash flows provided by financing activities 198,239 14,095
Effects of exchange rate changes on cash (269) (687)
Net increase (decrease) in cash 63,336 (60,316)
Cash, beginning of year 93,922 154,238
Cash, end of year 157,258 93,922
Supplemental cash flow information:    
Interest received 4,946 5,658
Interest paid 5,500 0
Income taxes paid $ 0 $ 0