Annual report [Section 13 and 15(d), not S-K Item 405]

Stock-Based Compensation (Tables)

v3.25.2
Stock-Based Compensation (Tables)
12 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes stock option activity:
Number of Shares Weighted-Average Exercise Price
(per share)
Weighted-Average Remaining
Contractual
Life
(in years)
Aggregate Intrinsic Value
(in thousands)
Options outstanding as of March 31, 2024
5,797,869  $ 13.26  5.39 $ 2,423 
Granted 2,286,553  2.71 
Exercised (95,318) 3.21 
Forfeited / Expired (749,721) 21.90 
Options outstanding as of March 31, 2025
7,239,383  $ 9.13  6.02 $ 3,738 
Exercisable as of March 31, 2025
4,816,583  $ 11.23  4.44 $ 2,762 
Schedule of RSU, PSU and RSA Activity
The following table summarizes RSU, PSU, and RSA activity:
Number of Shares Weighted-Average Grant Date Fair Value
Unvested restricted shares outstanding as of March 31, 2024
3,919,842  $ 12.44 
Granted 6,837,052  2.88 
Vested (3,937,366) 6.62 
Forfeited (1,243,584) 5.86 
Unvested restricted shares outstanding as of March 31, 2025
5,575,944  $ 5.53 
Schedule of Market-based Assumptions The assumptions utilized in this model during fiscal years 2025, 2024, and 2023 are presented below.
  Year ended March 31,
  2025 2024 2023
Risk-free interest rate
3.66% to 4.44%
3.82% to 4.29%
2.71% to 4.38%
Expected life of the options (years)
4.81 to 4.82
4.70 to 4.72
5.27 to 5.33
Expected volatility
94% to 97%
88% to 88%
72% to 80%
Expected dividend yield —% —% —%
Schedule of Intrinsic Value of Stock Option
Total fair value of options vested and total intrinsic value of options exercised was as follows for the fiscal years presented:
  Year ended March 31,
  2025 2024 2023
Total fair value of options vested $ 7,779  $ 12,334  $ 15,375 
Total intrinsic value of options exercised $ 138  $ 6,441  $ 16,909