Leases

9 Months Ended

Dec. 31, 2023

The Company has entered into operating leases for its corporate offices, lab facilities, and storage spaces, with remaining contractual periods ranging from 2.0 years to 7.6 years. For the Company’s facility in Sunnyvale, California, there is an option to extend the lease for a period of 7 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 December 31, 2023. The Company did not have any finance leases for all the periods presented.

For the three months ended December 31, 2023 and 2022, the Company recorded operating lease costs of $3.4 million and $3.3 million, respectively, and variable operating lease costs of $1.5 million and $1.4 million, respectively. For each of the nine months ended December 31, 2023 and 2022, the Company recorded operating lease costs of $10.1 million, and variable operating lease costs of $4.0 million.

As of December 31, 2023, the future minimum lease payments included in the measurement of the Company’s operating lease liabilities were as follows:


	December 31, 2023
	(in thousands)
Fiscal years ending March 31,
Remainder of 2024 (Remaining three months)	$	2,560
2025	15,474
2026	15,946
2027	15,472
2028	11,666
Thereafter	41,430
Total future operating lease payments	102,548
Less: imputed interest	(23,726)
Total operating lease liabilities	$	78,822