FAIR VALUE MEASUREMENTS

9 Months Ended

Dec. 31, 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 December 31, 2024
	Amortized Costs		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value		Cash and Cash Equivalents		Restricted Cash (Current)		Short-Term Investments
Cash	$	84,209	$	—	$	—	$	84,209	$	84,209	$	—	$	—
Level 1:
Money market funds	20,418		—		—		20,418		19,956		462		—
Total assets	$	104,627	$	—	$	—	$	104,627	$	104,165	$	462	$	—

	As of March 31, 2024
	Amortized Costs		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value		Cash and Cash Equivalents		Restricted Cash (Current & Non-current)		Short-Term Investments
Cash	$	53,943	$	—	$	—	$	53,943	$	53,943	$	—	$	—
Level 1:
Money market funds	37,633		—		—		37,633		37,172		461		—
Subtotal	91,576		—		—		91,576		91,115		461		—
Level 2:
Term deposit	25,147		—		—		25,147		25,147		—		—
Commercial paper	1,049		—		(1)		1,048		—		—		1,048
Subtotal	26,196		—		(1)		26,195		25,147		—		1,048
Total assets	$	117,772	$	—	$	(1)	$	117,771	$	116,262	$	461	$	1,048

As of December 31, 2023, cash, cash equivalents and restricted cash of $169.3 million included $168.5 million, $0.4 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 December 31, 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 December 31, 2024. Changes in the fair values of the detachable warrants liability are recorded as a gain (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 December 31, 2024 and March 31, 2024 (dollars in thousands):

	December 31, 2024			March 31, 2024
Estimated fair value of detachable warrants	$	2,124		$	3,321
Unobservable inputs:
Stock volatility	78.4		%	87.2		%
Risk-free rate	4.3		%	4.3		%
Expected term	2.6 years			3.4 years

As of December 31, 2024 and March 31, 2024, the estimated fair value of the Company’s convertible senior notes due in 2028 was $169.4 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 December 31, 2024 and March 31, 2024, the carrying value of the Company’s 2024 Term Loan approximates its estimated fair value.