Stockholders' Equity (Tables)
|
12 Months Ended |
Mar. 31, 2026 |
|---|
| Class Of Stock [Line Items] |
|
| Summary of Stock Option Activity |
The following table summarizes stock option activity for the year ended March 31, 2026:
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|
|
|
|
|
|
|
|
|
|
|
|
|
Options
Outstanding |
|
|
Weighted-
Average
Exercise Price |
|
|
Aggregate
Intrinsic
Value |
|
Outstanding at March 31, 2025 |
|
|
141,397 |
|
|
$ |
22.66 |
|
|
$ |
— |
|
Options granted |
|
|
127,952 |
|
|
$ |
2.05 |
|
|
$ |
— |
|
Options canceled |
|
|
(2,552 |
) |
|
$ |
14.51 |
|
|
$ |
— |
|
Options expired |
|
|
(5,713 |
) |
|
$ |
33.63 |
|
|
$ |
— |
|
Outstanding at March 31, 2026 |
|
|
261,084 |
|
|
$ |
12.40 |
|
|
$ |
— |
|
Vested and Exercisable at March 31, 2026 |
|
|
60,045 |
|
|
$ |
40.47 |
|
|
$ |
— |
|
|
| Common Stock Reserved for Future Issuance |
Common stock reserved for future issuance consisted of the following at March 31, 2026:
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|
|
|
Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan |
|
|
27,565 |
|
Common stock issuable pursuant to options outstanding and reserved under the A&R 2022 Plan |
|
|
229,353 |
|
Common stock reserved under the A&R 2022 Plan |
|
|
12,252 |
|
Common stock reserved under the ESPP |
|
|
3,708 |
|
Common stock reserved under the 2021 Inducement Equity Plan |
|
|
83 |
|
Common stock issuable pursuant to restricted stock units outstanding under the A&R 2022 Plan |
|
|
75,000 |
|
Common stock issuable pursuant to options outstanding and reserved under the Inducement Plan |
|
|
4,166 |
|
Common stock issuable pursuant to outstanding 2024 Common Warrants |
|
|
539,060 |
|
Common stock issuable pursuant to outstanding 2026 Pre-Funded Warrants |
|
|
2,345,022 |
|
Common stock issuable pursuant to outstanding 2026 Common Warrants |
|
|
3,947,369 |
|
Common stock issuable pursuant to outstanding Placement Agent Warrants |
|
|
131,579 |
|
Total at March 31, 2026 |
|
|
7,315,157 |
|
|
| Schedule of Stock-based Compensation Expense |
Stock-based compensation expense for all stock-based awards consists of the following (in thousands):
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|
|
|
|
|
|
|
|
|
Year Ended
March 31, 2026 |
|
|
Year Ended
March 31, 2025 |
|
Research and development |
|
$ |
56 |
|
|
$ |
86 |
|
General and administrative |
|
|
247 |
|
|
|
446 |
|
Total |
|
$ |
303 |
|
|
$ |
532 |
|
|
| Fair Value of Employee Stock Options |
The fair value of stock options was estimated at the grant date using the following weighted average assumptions:
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|
|
|
|
|
|
|
|
|
Year Ended
March 31, 2026 |
|
|
Year Ended
March 31, 2025 |
|
Dividend yield |
|
|
— |
|
|
|
— |
|
Volatility |
|
|
113.22 |
% |
|
|
99.38 |
% |
Risk-free interest rate |
|
|
3.68 |
% |
|
|
3.75 |
% |
Expected life of options |
|
6.00 years |
|
|
5.75 years |
|
Weighted average grant date fair value |
|
$ |
1.74 |
|
|
$ |
5.67 |
|
|
| Summary of Warrant Activity |
The following table summarizes the Company’s 2024 Common Warrants activity from March 31, 2025 to March 31, 2026:
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|
|
|
|
|
|
|
|
|
Number of Warrants |
|
|
Exercise Price |
|
Outstanding at March 31, 2025 |
|
|
539,060 |
|
|
$ |
9.60 |
|
Issued |
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
Outstanding at March 31, 2026 |
|
|
539,060 |
|
|
$ |
9.60 |
|
The following table summarizes information about shares issuable under the 2026 Pre-Funded Warrants, the 2026 Common Warrants, and the Placement Agent Warrants from March 31, 2025 to March 31, 2026:
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
2026 Pre-Funded Warrants |
|
Exercise Price |
|
2026 Common Warrants |
|
Exercise Price |
|
Placement Agent Warrants |
|
Exercise Price |
|
Outstanding at March 31, 2025 |
|
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
Issued |
|
|
2,345,022 |
|
$ |
0.001 |
|
|
3,947,369 |
|
$ |
1.71 |
|
|
131,579 |
|
$ |
1.43 |
|
Exercised |
|
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
Outstanding at March 31, 2026 |
|
|
2,345,022 |
|
$ |
0.001 |
|
|
3,947,369 |
|
$ |
1.71 |
|
|
131,579 |
|
$ |
1.43 |
|
The following table summarizes the Company’s common stock warrant liability, which represents a recurring measurement that is classified with Level 3 of the fair value hierarchy wherein the fair value is estimated using significant unobservable inputs (in thousands):
|
|
|
|
|
|
|
March 31, 2026 |
|
Beginning common stock warrant liability |
|
$ |
— |
|
Common warrants issued |
|
|
5,700 |
|
Common warrants exercised |
|
|
— |
|
Change in fair value |
|
|
— |
|
Ending common stock warrant liability |
|
$ |
5,700 |
|
|
| Summary of Assumptions Used to Determine the Fair Value |
The fair value of the common stock warrant liability was measured using a Monte Carlo model and will be remeasured each reporting period, and the change in fair value will be recorded in earnings. The fair value of the 2026 Common Warrants is inherently sensitive to changes in the Company's stock price and related volatility assumptions. The assumptions that the Company used to determine the fair value at the reporting date were as follows:
|
|
|
|
|
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|
Year Ended
March 31, 2026 |
|
Dividend yield |
|
|
— |
|
Volatility |
|
|
110.00 |
% |
Risk-free interest rate |
|
|
3.90 |
% |
Expected life of warrants |
|
5.00 years |
|
Weighted average grant date fair value |
|
$ |
1.71 |
|
|
| Placement Agent Warrants [Member] |
|
| Class Of Stock [Line Items] |
|
| Summary of Assumptions Used to Determine the Fair Value |
The assumptions that the Company used to determine the fair value of the placement agent warrants were as follows:
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|
|
|
|
|
|
Year Ended
March 31, 2026 |
|
Dividend yield |
|
|
— |
|
Volatility |
|
|
124.02 |
% |
Risk-free interest rate |
|
|
3.81 |
% |
Expected life of warrants |
|
3.00 years |
|
Weighted average grant date fair value |
|
$ |
1.43 |
|
|
| Restricted stock units (RSUs) [Member] |
|
| Class Of Stock [Line Items] |
|
| Summary of Company's RSUs Activity |
The following table summarizes the Company’s RSUs activity for the year ended March 31, 2026:
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|
Number of
Shares |
|
|
Weighted
Average Price |
|
Unvested at March 31, 2025 |
|
|
8,165 |
|
|
$ |
6.57 |
|
Granted |
|
|
75,000 |
|
|
$ |
1.73 |
|
Vested |
|
|
(8,165 |
) |
|
$ |
6.57 |
|
Cancelled / forfeited |
|
|
— |
|
|
$ |
— |
|
Unvested at March 31, 2026 |
|
|
75,000 |
|
|
$ |
1.73 |
|
|
| ESPP Shares [Member] |
|
| Class Of Stock [Line Items] |
|
| Fair Value of Employee Stock Options |
The fair value of the ESPP shares was estimated at the purchase period commencement date using the following assumptions:
|
|
|
|
|
|
|
|
|
|
|
Year Ended
March 31, 2026 |
|
|
Year Ended
March 31, 2025 |
|
Dividend yield |
|
|
— |
|
|
|
— |
|
Volatility |
|
|
0.00 |
% |
|
|
95.20 |
% |
Risk-free interest rate |
|
|
0.00 |
% |
|
|
5.27 |
% |
Expected term |
|
|
— |
|
|
6 months |
|
Grant date fair value |
|
$ |
— |
|
|
$ |
0.39 |
|
|