Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

The following table summarizes the Company’s assets and liabilities that require fair value remeasurements on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):

	Fair Value Measurement Using:
	Level 1		Level 2		Level 3		Total
As of March 31, 2021
Assets:
Money market funds (1)	$	36,903	$	—	$	—	$	36,903
Commercial paper (2)	—		21,689		—		21,689
U.S. agency securities (1)	—		10,000		—		10,000
Municipal bonds (3)	—		1,417		—		1,417
Total assets	$	36,903	$	33,106	$	—	$	70,009
Liabilities:
Share-based compensation liabilities - stock options (5)	$	—	$	12,113	$	—	$	12,113
Share-based compensation liabilities - common shares (6)	9,523		—		—		9,523
Total liabilities	$	9,523	$	12,113	$	—	$	21,636

	Fair Value Measurement Using:
	Level 1		Level 2		Level 3		Total
As of March 31, 2020
Assets:
Money market funds (1)	$	11,348	$	—	$	—	$	11,348
Commercial paper (4)	—		7,042		—		7,042
Total assets	$	11,348	$	7,042	$	—	$	18,390

(1) Included in cash and cash equivalents.

(2) Includes $12.7 million in cash and cash equivalents and $9.0 million in marketable securities.

(3) Included in marketable securities.

(4) Includes $4.0 million in cash and cash equivalents and $3.0 million in marketable securities.

(5) Includes 1,281,803 outstanding stock options remeasured using the Black-Scholes option-pricing model (see Note 13(H)).

(6) Includes 462,705 common shares remeasured using the Company’s March 31, 2021 closing market price of $20.58 per common share (see Note 13(H)).

Summary of Changes in Fair Value

The following table includes information regarding the Company’s share-based compensation liabilities (a current liability) for the year ended March 31, 2021 (in thousands):

March 31, 2020	$	—
Reclassification from additional paid-in capital	17,473
Change in fair value	10,609
Settlements	(6,446)
March 31, 2021	$	21,636

Fair Value of Share-based Compensation Liabilities Related to Stock Options

The fair value of the share-based compensation liabilities related to outstanding stock options was estimated as of March 31, 2021 using the Black-Scholes option-pricing model and the following assumptions:

Expected common share price volatility	72.9	%
Expected risk free interest rate	0.06	%
Expected term, in years	0.78
Expected dividend yield	—	%