Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2022

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, 2022	3,045,662	$	4.89	5.80	$	1,783
Options granted	87,803	4.77
Options exercised	(154,904)	4.22
Options canceled	(49,076)	5.25
Outstanding at December 31, 2022	2,929,485	4.92		5.76	2,608
Exercisable at December 31, 2022	2,221,319	4.62		4.70	2,342
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

(1) Intrinsic value represents the excess of the fair value on the last day of the period (which was $5.44 and $8.00 as of December 31, 2022 and 2021, 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, 2022	2,879,008	$	4.88	6.02	$	6,747
Options granted	281,712	5.09
Options exercised	(168,326)	4.22
Options canceled	(62,909)	5.75
Outstanding at December 31, 2022	2,929,485	4.92		5.76	2,608
Exercisable at December 31, 2022	2,221,319	4.62		4.70	2,342
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

(1) Intrinsic value represents the excess of the fair value on the last day of the period (which was $5.44 and $8.00 as of December 31, 2022 and 2021, 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 were as follows:

	Three Months Ended December 31,		Nine Months Ended December 31,
	2022	2021	2022	2021
Weighted average expected life (in years)	5.66	5.58	5.68	5.88
Risk-free interest rate	3.73% - 3.75%	1.32%	3.12% - 3.75%	1.30%
Expected volatility	45.91% - 47.20%	42.65%	42.49% - 47.20%	42.77%
Grant date fair market value	$4.77	$6.55	$4.77 - $5.24	$6.34
Grant date fair value	$2.21- $2.30	$3.11	$2.21 - $3.01	$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, 2022
	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	1,027,754	$	4.96	954,775	$	4.61
Granted	75,250	4.77		239,690	5.09
Vested	(80,551)	7.17		(115,731)	6.31
Canceled	(3,975)	4.04		(60,256)	3.98
Balance at end of period	1,018,478	4.77		1,018,478	4.77

	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

Stock-Based Compensation Expense

he accompanying condensed consolidated statement of operations includes stock-based compensation expense for the periods presented as follows (in thousands):

	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Cost of revenue	$	88	$	52	$	180	$	118
Research and development	410		145		365		383
Sales and marketing	62		88		171		159
General and administrative	563		563		1,626		1,196
Total	$	1,123	$	848	$	2,342	$	1,856

Unrecognized Stock-Based Compensation

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

	December 31, 2022			December 31, 2021
	Unrecognized Expense		Average Expected Recognition Period (in years)	Unrecognized Expense		Average Expected Recognition Period (in years)
Stock options	$	1,553	1.17	$	1,531	2.23
Restricted stock	1,979		1.59	3,117		1.74
Total	$	3,532	1.41	$	4,648	1.90