Equity Incentive Plans and Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Summary of Stock Option Activity and Activity Regarding Shares Available for Grant

Stock option activity and activity regarding shares available for grant under the A&R Plan are as follows:

	Options Outstanding
	Outstanding Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
	(in thousands, except share, years, and per share data)
Balance as of March 31, 2023	68,050,752	$	4.20	6.0	$	10,621
Granted	13,097,016	$	1.25
Exercised	(1,517,517)	$	0.45
Canceled/forfeited/expired	(5,983,369)	$	5.02
Balance as of December 31, 2023	73,646,882	$	3.69	5.6	$	1,555
Vested and exercisable as of December 31, 2023	51,938,674	$	4.14	4.4	$	1,555

Schedule of Assumptions Used in the Black-Scholes Option-Pricing Model

The Company estimated the fair value of options granted using the Black-Scholes option-pricing model. The fair value of stock options is being amortized on a straight-line basis over the requisite service period of the awards.

The weighted average Black-Scholes assumptions used to value stock options at the grant dates are as follows:

	Three Months Ended December 31,						Nine Months Ended December 31,
	2023		2022				2023				2022
	Min	Max	Min		Max		Min		Max		Min		Max
Expected term (years)	—	—	6.0		6.0		5.8		6.0		6.0		6.8
Expected volatility	—	—	79	%	79	%	78	%	79	%	76	%	81	%
Risk-free interest rate	—	—	4.2	%	4.2	%	3.6	%	4.4	%	2.8	%	4.2	%
Expected dividend yield	—	—	—		—		—		—		—		—

There were no stock options granted during the three months ended December 31, 2023.

The weighted average Black-Scholes assumptions used to value ESPP at the grant dates are as follows:

	Nine Months Ended December 31,
	2023				2022
	Min		Max		Min		Max
Expected term (years)	0.5		1.0		0.5		1.0
Expected volatility	67	%	73	%	98	%	109	%
Risk-free interest rate	5.4	%	5.5	%	3.3	%	3.5	%
Expected dividend yield	—		—		—		—

Summary of Restricted Stock Awards Activity under the Equity Incentive Plan

The following table summarizes the RSU activity under the equity incentive plans and related information:

	Unvested RSUs	Weighted-Average Grant Date Fair Value Per Share
Balance as of March 31, 2023	26,562,566	$	4.73
Granted	42,910,981	$	1.82
Vested	(18,421,168)	$	3.09
Canceled/forfeited	(9,708,287)	$	3.65
Balance as of December 31, 2023	41,344,092	$	2.69

Schedule of Share Based Compensation Costs

Total stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, was included in costs and expenses as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
	(in thousands)
Cost of revenue	$	1,024	$	3,200	$	4,993	$	8,940
Research and development	6,250		15,188		28,880		39,267
Sales and marketing	1,095		2,444		4,829		7,336
General and administrative(1)	17,007		13,506		60,873		38,225
Restructuring and other charges	981		—		1,623		—
Total stock-based compensation expense	$	26,357	$	34,338	$	101,198	$	93,768

(1)Includes $10.8 million and $32.8 million of stock-based compensation charges related to the termination of two Former Lemonaid Officers during the three and nine months ended December 31, 2023, respectively.