v3.26.1
SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (Tables)
 3 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
SCHEDULE OF FAIR VALUE ON A RECURRING BASIS

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis:

 

The fair value amounts as of June 30, 2026 are:

 

(in thousands)  Total   Level 1   Level 2   Level 3 
                 
Marketable securities:                    
Mutual funds  $4,303   $4,303   $-   $- 
Total assets measured and recorded at fair value  $4,303   $4,303   $-   $- 
                     
Liabilities:                    
Warrant liability  $1   $-   $-   $1 
Total liabilities measured and recorded at fair value  $1   $-   $-   $1 

 

The fair value amounts as of March 31, 2026 are:

 

(in thousands)  Total   Level 1   Level 2   Level 3 
                 
Marketable securities:                    
Mutual funds  $4,901   $4,901   $-   $- 
Total assets measured and recorded at fair value  $4,901   $4,901   $-   $- 
                     
Liabilities:                    
Warrant liability  $2   $-   $-   $2 
Total liabilities measured and recorded at fair value  $2   $-   $-   $2 
SUMMARY OF SHORT-TERM MARKETABLE SECURITIES WITH UNREALIZED GAINS AND LOSSES

The following table summarizes the Company’s short-term marketable securities with unrealized gains and losses as of June 30, 2026, aggregated by major security type:

 

(in thousands)  Fair Value   Unrealized Gains 
Mutual funds  $4,303   $38 
Total short-term marketable securities  $4,303   $38 

 

The following table summarizes our short-term marketable securities with unrealized gains and losses as of March 31, 2026, aggregated by major security type:

 

(in thousands)  Fair Value   Unrealized Gains 
Mutual funds  $4,901   $39 
Total short-term marketable securities  $4,901   $39 
SCHEDULE OF ASSUMPTIONS USED IN VALUING WARRANTS

The significant assumptions used in valuing the warrants were as follows:

 

At June 30, 2026  Warrants 
Expected term (in years)   2.0 
Volatility   128.9%
Risk-free rate   4.1%

 

At March 31, 2026  Warrants 
Expected term (in years)   2.25 
Volatility   132.1%
Risk-free rate   3.8%
SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANTS

The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the warrants for the three months ended June 30, 2026 (in thousands):

 

   Warrants 
Balance at March 31, 2026  $2 
Change in fair value   (1)
Balance at June 30, 2026  $1 
SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

The following table is the reconciliation of the presentation and disclosure of cash, cash equivalents, marketable securities by major security type, and restricted cash as shown on the Company’s condensed consolidated statements of cash flows:

 

(in thousands)  June 30, 2026   March 31, 2026 
Cash and cash equivalents  $5,509   $6,740 
Restricted cash   5,405    5,622 
Total cash, cash equivalents and restricted cash  $10,914   $12,362 
Marketable securities:          
Mutual funds   4,303    4,901 
Total marketable securities  $4,303   $4,901 
           
Total cash, cash equivalents, marketable securities and restricted cash  $15,217   $17,263