Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2022

Assets and Liabilities Measured at Fair Value

The following table summarizes the Company’s 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 March 31, 2022
Assets:
Money market funds (1)	$	69	$	—	$	—	$	69
Commercial paper (2)	—		219,772		—		219,772
Total assets	$	69	$	219,772	$	—	$	219,841


	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 $192.3 million in cash and cash equivalents and $27.5 million in marketable securities as of March 31, 2022. 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 1,281,803 outstanding stock options remeasured using the Black-Scholes option-pricing model (see Note 10(H)).

(5) Includes 462,705 common shares remeasured using the Company’s March 31, 2021 closing market price of $20.58 per common share (see Note 10(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, 2022 and 2021 (in thousands):


	Year Ended March 31,
	2022		2021
Balance at beginning of year	$	21,636	$	—
Reclassification from additional paid-in capital	—		17,473
Change in fair value	1,699		10,609
Settlements	(23,335)		(6,446)
Balance at end of year	$	—	$	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	—	%