Leases

12 Months Ended

Mar. 31, 2024

The Company has entered into operating leases for its corporate offices, lab facilities and storage spaces, with remaining contractual periods ranging from 1.8 years to 7.3 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 ROU assets and lease liabilities as of March 31, 2024. The Company did not have any finance leases as of March 31, 2024 and 2023.

The components of lease costs and other information related to leases were as follows:


	Year Ended March 31,
	2024			2023			2022
	(in thousands, except years and percentages)
Operating lease cost	$	13,487		$	13,650		$	13,640
Variable lease cost	4,403			5,422			6,425
Total lease cost	$	17,890		$	19,072		$	20,065

Cash paid for amounts included in the measurement of operating lease liabilities, net	$	(15,011)		$	(14,941)		$	(13,490)
ROU assets obtained in exchange for new operating lease obligations	$	—		$	7,930		$	—

Weighted average remaining lease term (years)	6.6			7.5			8.4
Weighted average discount rate	8		%	8		%	7		%

As of March 31, 2024, the future minimum lease payments included in the measurement of the Company’s operating lease liabilities were as follows:


	As of March 31, 2024
	(in thousands)
Years ending March 31,
2025	$	14,225
2026	15,946
2027	15,472
2028	11,666
2029	12,016
Thereafter	29,414
Total future operating lease payments	98,739
Less: imputed interest	(22,224)
Total operating lease liabilities	$	76,515