Leases

3 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

10. Leases

The Company has entered into operating leases for its corporate offices, lab facilities, and storage spaces, with remaining contractual periods ranging from 2.5 years to 8.1 years. For the Company’s facility in Sunnyvale, California, there is an option to extend the lease for a period of seven years. The Company is not reasonably certain that it will exercise this option and therefore it is not included in its right-of-use (“ROU”) assets and lease liabilities as of June 30, 2023. The Company did not have any finance leases for all the periods presented.

For the three months ended June 30, 2023 and 2022, the Company recorded operating lease costs of $3.4 million and $3.4 million, respectively, and variable operating lease costs of $1.3 million and $1.5 million, respectively.

As of June 30, 2023, the future minimum lease payments included in the measurement of the Company’s operating lease liabilities were as follows:

	June 30, 2023
	(in thousands)
Fiscal years ending March 31,
2024 (remaining nine months)	$	10,104
2025		15,474
2026		15,946
2027		15,472
2028		11,666
Thereafter		41,430
Total future operating lease payments		110,092
Less: imputed interest		(26,857	)
Total operating lease liabilities	$	83,235