Stock-Based Compensation (Tables)
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3 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock Option Activity |
A summary of the stock option activity under the Company’s equity incentive plans is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Number of Stock
Options | | Weighted-
Average
Exercise Price | | Remaining
Contractual
Term (Years) | | Aggregate
Intrinsic Value
(in thousands) | | Balance - March 31, 2026 | 9,993,443 | | | $ | 15.22 | | | 6.10 | | $ | 104,098 | | | Granted | 1,069,060 | | | $ | 25.22 | | | | | | | Exercised | (1,654,258) | | | $ | 13.45 | | | | | | | Forfeited | (1,044,785) | | | $ | 18.26 | | | | | | | Expired | (6,866) | | | $ | 30.61 | | | | | | | Balance - June 30, 2026 | 8,356,594 | | | $ | 16.45 | | | 7.29 | | $ | 184,603 | | | Exercisable - June 30, 2026 | 4,416,757 | | | $ | 13.34 | | | 5.82 | | $ | 111,370 | |
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| Schedule of Fair Value Assumptions |
The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table:
| | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | | 2026 | | 2025 | | | | | | Risk-free interest rate | 4.05% | | 3.97% | | | | | | Expected term, in years | 6.02 | | 6.06 | | | | | | Expected volatility | 75.38% | | 78.52% | | | | | | Expected dividend yield | —% | | —% | | | | |
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| Schedule of Restricted Stock Unit Awards Activity |
A summary of the RSU activity under the Company’s equity incentive plans is as follows: | | | | | | | | | | | | | Number of RSUs | | Weighted- Average Grant- Date Fair Value | Nonvested as of March 31, 2026 | 3,485,074 | | | $ | 18.67 | | | Issued | 2,355,496 | | | $ | 25.11 | | | Vested | (703,120) | | | $ | 16.91 | | | Forfeited | (1,094,724) | | | $ | 19.68 | | Nonvested as of June 30, 2026 | 4,042,726 | | | $ | 22.46 | |
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| Schedule of Nonvested Performance-Based Units Activity |
A summary of the PSU activity under the Company’s equity incentive plans is as follows: | | | | | | | | | | | | | Number of PSUs | | Weighted- Average Grant Date Fair Value | Nonvested as of March 31, 2026 | 390,000 | | | $ | 15.23 | | | Forfeited | (160,000) | | | $ | 15.23 | | Nonvested as of June 30, 2026 | 230,000 | | | $ | 15.23 | |
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| Schedule of Stock-based Compensation Expense |
For the three months ended June 30, 2026 and 2025, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):
| | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | | | 2026 | | 2025 | | | | | | Research and development expenses | $ | 7,192 | | | $ | 7,865 | | | | | | | General and administrative expenses | 6,342 | | | 10,530 | | | | | | | Total stock-based compensation | $ | 13,534 | | | $ | 18,395 | | | | | | | | | | | | | |
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