Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of stock option activity

The following table summarizes stock option activity and related information for the periods presented:

	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (1) (in thousands)
Outstanding at October 1, 2021	2,506,531	$	4.77	5.67	$	590
Options granted	473,077	$	6.52
Options exercised	—	$	—
Options canceled	(21,704)	$	9.32
Outstanding at December 31, 2021	2,957,904	$	5.02	6.14	$	9,218
Exercisable at December 31, 2021	2,227,540	$	4.61	5.00	$	7,958
Outstanding at October 1, 2020	2,327,423	$	4.68	6.16	$	167
Options granted	—	$	—
Options exercised	—	$	—
Options canceled	(7,105)	$	8.96
Outstanding at December 31, 2020	2,320,318	$	4.67	5.92	$	—
Exercisable at December 31, 2020	2,267,154	$	4.70	5.86	$	—

(1) Intrinsic value represents the excess of the fair value on the last day of the period, which was $8.00 and $3.00 as of December 31, 2021 and 2020, respectively, over the exercise price, multiplied by the number of options.

	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (1) (in thousands)
Outstanding at April 1, 2021	2,543,125	$	4.82	6.05	$	—
Options granted	528,077	$	6.31
Options exercised	(31,925)	$	4.21
Options canceled	(81,373)	$	7.46
Outstanding at December 31, 2021	2,957,904	$	5.02	6.14	$	9,218
Exercisable at December 31, 2021	2,227,540	$	4.61	5.00	$	7,958
Outstanding at April 1, 2020	2,458,091	$	4.74	6.58	$	—
Options granted	—	$	—
Options exercised	(3,475)	$	3.80
Options canceled	(134,298)	$	6.01
Outstanding at December 31, 2020	2,320,318	$	4.67	5.92	$	—
Exercisable at December 31, 2020	2,267,154	$	4.70	5.86	$	—

(1) Intrinsic value represents the excess of the fair value on the last day of the period, which was $8.00 and $3.00 as of December 31, 2021 and 2020, respectively, over the exercise price, multiplied by the number of options.

Schedule of valuation assumptions

The assumptions used to value options granted to employees during the periods presented was as follows:

	Three Months Ended December 31,		Nine Months Ended December 31,
	2021	2020	2021	2020
Weighted average expected life (in years)	5.85	—	5.88	—
Risk-free interest rate	1.32%	—	1.30%	—
Expected volatility	42.65%	—	42.77%	—
Grant date fair market value	$6.55	—	$6.34	—
Grant date fair value	$3.11	—	$2.99	—
Dividend yield	—%	—	—%	—

Schedule of unvested restricted stock units

The following table summarizes RSU activity and related information for the periods presented:

	December 31, 2021
	Three Months Ended			Nine Months Ended
	Number of Shares	Weighted-Average Grant Date Fair Value Per Share		Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Balance at beginning of period	951,637	$	3.96	935,397	$	3.96
Granted	307,640	$	6.60	342,640	$	6.31
Vested	(9,750)	$	3.75	(12,750)	$	3.75
Canceled	(1,520)	$	3.85	(17,280)	$	3.97
Balance at end of period	1,248,007	$	4.61	1,248,007	$	4.61

	December 31, 2020
	Three Months Ended			Nine Months Ended
	Number of Shares	Weighted-Average Grant Date Fair Value Per Share		Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Balance at beginning of period	812,180	$	4.00	—	$	—
Granted	—	$	—	816,180	$	4.00
Vested	—	$	—	(4,000)	$	4.00
Canceled	(6,855)	$	4.00	(6,855)	$	4.00
Balance at end of period	805,325	$	4.00	805,325	$	4.00

Stock-based compensation expense

The accompanying unaudited condensed consolidated statement of operations and comprehensive loss includes stock-based compensation expense for the periods presented as follows (in thousands):

	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Cost of revenue	$	52	$	50	$	118	$	78
Research and development	145		158		383		260
Sales and marketing	88		45		159		61
General and administrative	563		452		1,196		994
Total	$	848	$	705	$	1,856	$	1,393

Unrecognized stock-based compensation

Unrecognized stock-based compensation expense as of dates presented was as follows (in thousands):

	December 31, 2021			December 31, 2020
	Unrecognized Expense		Average Expected Recognition Period (in years)	Unrecognized Expense		Average Expected Recognition Period (in years)
Stock options	$	1,531	2.23	$	54	0.67
Restricted stock	3,117		1.74	2,687		1.87
Total	$	4,648	1.90	$	2,741	1.85