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FAIR VALUE MEASUREMENTS
 6 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Cash, cash equivalents, and available-for-sale investments were as follows (in thousands):
As of September 30, 2024Amortized
Costs		Gross
Unrealized
Gain		Gross
Unrealized Loss		Estimated
Fair Value		Cash and Cash EquivalentsRestricted Cash
(Current)		Short-Term
Investments
Cash$89,771 $— $— $89,771 $89,771 $— $— 
Level 1:
Money market funds28,096 — — 28,096 27,634 462 — 
Total assets$117,867 $— $— $117,867 $117,405 $462 $— 
As of March 31, 2024Amortized
Costs		Gross
Unrealized
Gain		Gross
Unrealized Loss		Estimated
Fair Value		Cash and Cash EquivalentsRestricted Cash
(Current & Non-current)		Short-Term
Investments
Cash$53,943 $— $— $53,943 $53,943 $— $— 
Level 1:
Money market funds37,633 — — 37,633 37,172 461 — 
Subtotal91,576 — — 91,576 91,115 461 — 
Level 2:
Term deposit25,147 — — 25,147 25,147 — — 
Commercial paper1,049 — (1)1,048 — — 1,048 
Subtotal26,196 — (1)26,195 25,147 — 1,048 
Total assets$117,772 $— $(1)$117,771 $116,262 $461 $1,048 
As of September 30, 2023, cash, cash equivalents and restricted cash of $145.0 million included $144.0 million, $0.5 million, and $0.5 million of cash and cash equivalents, restricted cash and non-current restricted cash, respectively.
To support its current operations, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The restricted cash component of the money market funds is comprised of letters of credit securing leases for certain office facilities.
The Company uses the Black-Scholes option-pricing valuation model to value its detachable warrants from inception and at each reporting period. During the three months ended September 30, 2024, the Company used historical volatility to determine the fair value of the warrants liability due to the low trading volume and moneyness assessment as of September 30, 2024. Changes in the fair values of the detachable warrants liability are recorded as loss on warrants remeasurement within Other (expense) income, net in the condensed consolidated statements of operations.
The following table presents additional information about valuation techniques and inputs used for the detachable warrants (see Note 8, Convertible Senior Notes and Term Loan) that are measured at fair value and categorized within Level 3 as of September 30, 2024 and March 31, 2024 (dollars in thousands):
September 30, 2024March 31, 2024
Estimated fair value of detachable warrants$1,311$3,321
Unobservable inputs:
Stock volatility76.3 %87.2 %
Risk-free rate3.6 %4.3 %
Expected term2.9 years3.4 years
As of September 30, 2024 and March 31, 2024, the estimated fair value of the Company’s convertible senior notes due in 2028 was $147.4 million and $161.7 million, respectively (see Note 8, Convertible Senior Notes and Term Loan). The fair value of the convertible senior notes was determined based on the closing price of each of the securities on the last trading day of the reporting period, and each is Level 2 in the fair value hierarchy due to limited trading activity of the debt instruments. As of September 30, 2024 and March 31, 2024, the carrying value of the Company’s 2024 Term Loan approximates its estimated fair value.