Balance Sheet Components

12 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following:


	March 31, 2023			March 31, 2022
	(in thousands)
Computer and software	$	10,376		$	10,573
Laboratory equipment and software		52,785			51,557
Furniture and office equipment		8,946			8,926
Leasehold improvements		40,964			40,566
Capitalized asset retirement obligations		853		853
Property and equipment, gross		113,924			112,475
Less: accumulated depreciation and amortization		(75,316	)		(62,624	)
Property and equipment, net	$	38,608		$	49,851

Depreciation and amortization expense was $14.8 million, $16.1 million and $18.1 million for the fiscal years ended March 31, 2023, 2022 and 2021, respectively.

Internal-Use Software, Net

Internal-use software, net consisted of the following:


	March 31, 2023			March 31, 2022
	(in thousands)
Capitalized internal-use software	$	25,180		$	14,804
Less: accumulated amortization		(9,519	)		(5,169	)
Internal-use software, net	$	15,661		$	9,635

During the fiscal years ended March 31, 2023, 2022 and 2021, the Company capitalized $10.8 million, $5.7 million and $4.0 million, respectively, in internal-use software, including $3.2 million, $1.2 million and $0.6 million, respectively, of stock-based compensation expense. For the fiscal years ended March 31, 2023, 2022 and 2021, amortization and impairment of internal-use software was $4.8 million, $2.9 million and $2.0 million, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following:


	March 31, 2023
	Weighted Average Remaining Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Cumulative Impairment Charge			Cumulative Currency Translation			Net Carrying Amount
	(in thousands, except years)
Customer relationships		0.6	$	14,900	$	(10,554	)	$	—		$	—		$	4,346
Partnerships		8.6		23,200		(4,385	)		(9,968	)		(1,122	)		7,725
Trademark		3.6		11,000		(3,117	)		—			—			7,883
Developed technology		5.6		24,100		(4,877	)		—			—			19,223
Non-compete agreements		3.6		2,800		(793	)		—			—			2,007
Patents		5.5		5,500		(1,164	)		—			—			4,336
Total intangible assets			$	81,500	$	(24,890	)	$	(9,968	)	$	(1,122	)	$	45,520


	March 31, 2022
	Weighted Average Remaining Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(in thousands, except years)
Customer relationships		1.6	$	14,900	$	(3,104	)	$	11,796
Partnerships		6.6		23,200		(1,558	)		21,642
Trademark		4.6		11,000		(917	)		10,083
Developed technology		6.6		24,100		(1,436	)		22,664
Non-compete agreements		4.6		2,800		(233	)		2,567
Patents		6.4		5,500		(347	)		5,153
Total intangible assets			$	81,500	$	(7,595	)	$	73,905

Amortization expense for intangible assets was $17.3 million and $7.6 million for the fiscal years ended March 31, 2023 and 2022, respectively. There were no intangible assets as of March 31, 2021.

During the third quarter of the fiscal year ended March 31, 2023, due to decreased revenue associated with a delayed product launch and margin forecasts for the U.K. partnership business, the Company performed an interim quantitative impairment test for the U.K. partnership asset group as of December 31, 2022. The fair value of the asset group was calculated using a discounted cash flow and was determined to be lower than its carrying value. As a result, the Company recorded a $10.0 million impairment charge to write down the value of the partnership intangible asset to its estimated fair value. The charge was recorded within sales and marketing expenses in its Consumer and Research segment in the consolidated statements of operations and comprehensive loss. There was no impairment to intangible assets during the fiscal years ended March 31, 2022 and 2021.

Estimated future amortization expense of the identified intangible assets as of March 31, 2023 was as follows:


	Estimated Amortization
	(in thousands)
Fiscal years ending March 31,
2024	$	12,265
2025		7,919
2026		7,919
2027		6,770
2028		5,006
Thereafter		5,641
Total estimated future amortization expense	$	45,520

Accrued Expense and Other Current Liabilities

Accrued expense and other current liabilities consisted of the following:


	March 31, 2023		March 31, 2022
	(in thousands)
Accrued payables	$	17,030	$	20,937
Accrued compensation and benefits		14,737		14,241
Accrued bonus		21,600		657
Accrued clinical expenses		11,707		6,717
Accrued taxes and other		1,356		2,036
Total accrued expenses and other current liabilities	$	66,430	$	44,588