Leases

6 Months Ended

Sep. 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 2.3 years to 7.8 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 September 30, 2023. The Company did not have any finance leases for all the periods presented.

For each of the three months ended September 30, 2023 and 2022, the Company recorded operating lease costs of $3.4 million and variable operating lease costs of $1.2 million. For the six months ended September 30, 2023 and 2022, the Company recorded operating lease costs of $6.8 million and $6.7 million, respectively, and variable operating lease costs of $2.5 million and $2.7 million, respectively.

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

	September 30, 2023
	(in thousands)
Fiscal years ending March 31,
Remainder of 2024 (Remaining six months)	$	6,333
2025		15,474
2026		15,946
2027		15,472
2028		11,666
Thereafter		41,429
Total future operating lease payments		106,320
Less: imputed interest		(25,271	)
Total operating lease liabilities	$	81,049