Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of stock option activity

A summary of the stock option activity under the Company’s equity incentive plans is as follows:

	Number of options			Weighted- average exercise price		Weighted average remaining contractual term (years)		Aggregate intrinsic value (in thousands)
Balance – March 31, 2019		189,269		$	4.12		9.64	$	707
Granted		4,785,939			8.30
Forfeited		(719,051	)		7.23
Canceled		(382,269	)		7.86
Balance – March 31, 2020		3,873,888			8.33		9.37		28,029
Exercisable – March 31, 2020		306,735		$	7.31		9.17	$	2,532

Schedule of fair value assumptions

The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table:

	Years Ended March 31,
	2020		2019
Risk-free interest rate		0.51% – 2.25%		2.38% – 2.97%
Expected term, in years		5.75 – 6.11		6.04 – 6.07
Expected volatility		74.69% – 77.93%		74.79% – 75.11%
Expected dividend yield		—%		—%

Summary of stock-based compensation expense

For the years ended March 31, 2020 and 2019, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):

	Years Ended March 31,
	2020		2019
Research and development expenses	$	3,125	$	29
General and administrative expenses		3,663		2
Total stock-based compensation	$	6,788	$	31