Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Schedule of Components of Income Tax Expense (Benefit)

The loss before income taxes and the related tax expense (benefit) are as follows (in thousands):


	Year ended March 31, 2022		Year ended March 31, 2021
Loss before income taxes:
Domestic	$	(71,444)	$	(17,382)
Foreign	(184)		(15,255)




Total loss before income taxes	$	(71,628)	$	(32,637)
Current taxes:
Domestic	$	259	$	(212)
Foreign	—		—




Total current tax expense (benefit)	259		(212)
Deferred taxes:
Domestic	$	—	$	—
Foreign	—		—




Total deferred tax expense	—		—
Total income tax expense (benefit)	$	259	$	(212)

Reconciliation of Income Tax Benefit to Statutory Rate

A reconciliation of income tax benefit computed at the U.S/Bermuda statutory rate to income tax expense (benefit) reflected in the financial statements is as follows (in thousands):


	Year Ended				Year Ended
	March 31, 2022				March 31, 2021
	$		%		$		%
Income tax benefit at federal statutory rate	$	(15,042)	21.00	%	$	(6,854)	21.00	%
Foreign rate differential (1)	13		(0.02)		1,118		(3.43)
Nondeductible/nontaxable items	118		(0.16)		(1,823)		5.59
Valuation allowance	15,129		(21.12)		10,749		(32.94)
Research and development credit	(300)		0.42		(914)		2.80
Research and development true-up	(106)		0.15		(301)		0.92
Deferred adjustments	(10)		0.01		2,139		(6.55)
Restructuring	—		—		(4,108)		12.59
Other	457		(0.64)		(218)		0.67
Total income tax expense (benefit)	$	259	(0.36)	%	$	(212)	0.65	%

(1) Primarily related to current tax on United States operations including permanent and temporary differences, Swiss net operating losses and United Kingdom taxation of the parent company.

Schedule of Deferred Tax Assets and Liabilities

Significant components of the deferred tax assets (liabilities) at March 31, 2022 and 2021 are as follows (in thousands):


	March 31, 2022		March 31, 2021
Deferred tax assets:
Net operating loss	$	172,292	$	154,877
Research tax credits	12,205		11,798
Stock-based compensation	9,609		8,341
Intangibles	8,025		8,747
Lease liability	540		257
Other	10		51
Subtotal	202,681		184,071
Valuation allowance	(201,976)		(183,703)
Deferred tax liabilities:
Right of use assets	(513)		(250)
Other	(192)		(118)
Total net deferred tax assets	$	—	$	—