Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

The following table summarizes the Company’s financial assets and liabilities measured at fair value 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 December 31, 2021
Assets:
Money market funds (1)	$	129	$	—	$	—	$	129
Commercial paper (2)	—		215,635		—		215,635
Corporate bonds (3)	—		4,000		—		4,000
Total assets	$	129	$	219,635	$	—	$	219,764
Liabilities:
Share-based compensation liabilities - stock options (4)	$	—	$	2,724	$	—	$	2,724
Total liabilities	$	—	$	2,724	$	—	$	2,724

	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 (4)	$	—	$	12,113	$	—	$	12,113
Share-based compensation liabilities - common shares (5)	9,523		—		—		9,523
Total liabilities	$	9,523	$	12,113	$	—	$	21,636

(1) Included in cash and cash equivalents.

(2) Includes $149.6 million in cash and cash equivalents and $66.0 million in marketable securities as of December 31, 2021. Includes $12.7 million in cash and cash equivalents and $9.0 million in marketable securities as of March 31, 2021.

(3) Included in marketable securities.

(4) Includes 390,083 and 1,281,803 outstanding stock options remeasured using the Black-Scholes option-pricing model as of December 31, 2021 and March 31, 2021, respectively. See Note 7(D).

(5) As of March 31, 2021, includes 462,705 common shares remeasured using the Company’s March 31, 2021 closing market price of $20.58 per common share. See Note 7(D).

Summary of Changes in Fair Value

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

March 31, 2021	$	21,636
Change in fair value	1,738
Settlements	(20,650)
December 31, 2021	$	2,724

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 December 31, 2021 and March 31, 2021, respectively, using the Black-Scholes option-pricing model and the following assumptions:

	December 31, 2021		March 31, 2021
Expected common share price volatility	60.8	%	72.9	%
Expected risk free interest rate	0.06	%	0.06	%
Expected term, in years	0.03		0.78
Expected dividend yield	—	%	—	%