Commitments and contingencies

3 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Leases

The table below presents the lease-related costs which are included in the consolidated statements of operations for the three months ended June 30, 2025 and 2024:


	Three Months Ended June 30,
	2025		2024
Lease cost
Finance lease costs:
Amortization of right-of-use asset	$	607	$	607
Interest on lease liabilities	521		534
Operating lease costs	288		281
Total lease cost	$	1,416	$	1,422

The following table summarizes the classification of lease costs in the consolidated statement of operations for the three months ended June 30, 2025 and 2024 as follows:


	Three Months Ended June 30,
	2025		2024
Finance Lease Costs
Research and development	$	607	$	607
Other income (expense)	521		534
Operating Lease Costs
Research and development	223		229
Selling, general and administrative	65		52
Total lease cost	$	1,416	$	1,422

The following table summarizes the maturity of the Company's lease liabilities on an undiscounted cash flow basis by fiscal year and a reconciliation to the operating and financing lease liabilities recognized on its balance sheet as of June 30, 2025:


	June 30, 2025
	Operating leases		Financing lease		Total
2026 (remaining nine months)	$	915	$	2,111	$	3,026
2027	1,180		2,883		4,063
2028	1,124		2,969		4,093
2029	1,034		3,058		4,092
2030	601		3,096		3,697
Thereafter	382		28,899		29,281
Total lease payments	5,236		43,016		48,252
Less: interest	1,063		17,654		18,717
Total lease liabilities	$	4,173	$	25,362	$	29,535

The following table provides lease disclosure as of June 30, 2025 and March 31, 2025:


	June 30, 2025		March 31, 2025
Leases
Right-of-use operating lease asset	$	3,918	$	3,998
Right-of-use finance lease asset	34,201		34,808
Total lease assets	$	38,119	$	38,806

Operating lease liabilities, current	$	1,220	$	1,184
Finance lease liabilities, current	2,820		2,799
Operating lease liabilities, non-current	2,953		3,076
Finance lease liabilities, non-current	22,542		22,729
Total lease liabilities	$	29,535	$	29,788

The following table provides lease disclosure for the three months ended June 30, 2025 and 2024:


	Three Months Ended June 30,
	2025				2024
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	299			$	152
Operating cash flows from finance leases	$	521			$	534
Financing cash flows from finance leases	$	166			$	134
Right-to-use asset obtained in exchange for new operating lease liabilities	$	—			$	—
Weighted-average remaining lease term - operating leases	4.5			years	5.6			years
Weighted-average remaining lease term - financing leases	14.1			years	15.3			years
Weighted-average discount rate - operating leases	10.5		%		10.3		%
Weighted-average discount rate - financing leases	8.3		%		8.3		%

The variable lease costs and short-term lease costs were insignificant for the three months ended June 30, 2025 and 2024.

Manufacturing commitments

The Company has entered into an agreement with a contract manufacturing organization to provide clinical trial products. As of June 30, 2025 and March 31, 2025, the Company had committed to minimum payments under these arrangements totaling $0.8 million and $0.8 million, respectively.

Indemnification agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its executive management team and its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and therefore it has not accrued any liabilities related to such obligations in its consolidated financial statements as of June 30, 2025 or March 31, 2025.

Legal proceedings

On July 24, 2025 a class action complaint alleging violations of the federal securities laws was filed against the Company in the United States District Court for the District of Massachusetts. The complaint was filed shortly after the Company announced it received a complete response letter from the FDA for its RP1 BLA for the treatment of advanced melanoma on July 22, 2025. The Company denies any wrongdoing and will vigorously defend this action.