v3.26.3
SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (Tables)
 6 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
SCHEDULE OF DISPOSAL OF ASSETS AND LIABILITIES

 

(in thousands)  September 30, 2026 
Cash and cash equivalents  $2,656 
Other current assets   352 
Total current assets  $3,008 
      
Property and equipment, net   3 
Other assets   13 
Total assets  $3,024 
      
Accounts payable   672 
Accrued expenses   87 
Total current liabilities  $759 
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 September 30, 2026 are:

 

(in thousands)  Total   Level 1   Level 2   Level 3 
                 
Marketable securities:                    
Fixed income securities  $5,652   $5,652   $-   $- 
Total assets measured and recorded at fair value  $5,652   $5,652   $-   $- 
                     
Liabilities:                    
Warrant liability  $-   $-   $-   $- 
Total liabilities measured and recorded at fair value  $-   $-   $-   $- 

 

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

 

(in thousands)  Total   Level 1   Level 2   Level 3 
                 
Marketable securities:                    
Fixed income securities  $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 September 30, 2026, aggregated by major security type:

 

(in thousands)  Fair Value   Unrealized Gains 
Fixed income securities  $5,652   $60 
Total short-term marketable securities  $5,652   $60 

 

The following table summarizes the Company’s 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 
Fixed income securities  $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 September 30, 2026  Warrants 
Expected term (in years)   1.75 
Volatility   131.28%
Risk-free rate   4.8%

 

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 six months ended September 30, 2026 (in thousands):

 

   Warrants 
Balance at March 31, 2026  $2 
Change in fair value   (2)
Balance at September 30, 2026  $- 
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)  September 30, 2026   March 31, 2026 
Cash and cash equivalents  $5,397   $6,740 
Cash and cash equivalents, held for sale   2,656    - 
Restricted cash   4,832    5,622 
Total cash, cash equivalents and restricted cash  $12,885   $12,362 
Marketable securities:          
Fixed income securities   5,652    4,901 
Total marketable securities  $5,652   $4,901 
           
Total cash, cash equivalents, marketable securities and restricted cash  $18,537   $17,263