Equity Incentive Plans and Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2024

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 2021 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	(2,082,713)	$	0.44
Canceled/forfeited/expired	(8,325,285)	$	4.94
Balance as of March 31, 2024	70,739,770	$	3.68	5.1	$	306
Vested and exercisable as of March 31, 2024	52,562,963	$	4.12	4.0	$	306

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:

	Year Ended March 31,
	2024				2023				2022
	Min		Max		Min		Max		Min		Max
Expected term (years)	5.8		6.0		6.0		6.8		3.3		6.1
Expected volatility range	78	%	79	%	76	%	81	%	72	%	75	%
Expected weighted-average volatility	79%				79%				74%
Risk-free interest rate	3.6	%	4.4	%	2.8	%	4.2	%	1.0	%	2.5	%
Expected dividend yield	—		—		—		—		—		—

The weighted average grant date fair value of ESPP award per share for the fiscal years ended March 31, 2024, 2023, and 2022 was $0.44, $1.35 and $1.84, respectively, using the following assumptions:

	Year Ended March 31,
	2024				2023				2022
	Min		Max		Min		Max		Min		Max
Expected term (years)	0.5		1.0		0.5		1.0		0.5		1.0
Expected volatility range	67	%	99	%	78	%	109	%	77	%	86	%
Expected weighted-average volatility	70%				96%				82%
Risk-free interest rate	4.9	%	5.5	%	3.3	%	5.2	%	0.6	%	0.9	%
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	50,324,367	$	1.67
Vested	(21,703,098)	$	3.14
Canceled/forfeited	(11,127,165)	$	3.66
Balance as of March 31, 2024	44,056,670	$	2.29

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:

	Year Ended March 31,
	2024		2023		2022
	(in thousands)
Cost of revenue (1)	$	6,234	$	10,874	$	4,029
Research and development	37,765		48,837		26,540
Sales and marketing	6,567		8,635		5,122
General and administrative (2)	68,020		47,671		22,242
Restructuring and other charges	1,623		—		—
Total stock-based compensation expense	$	120,209	$	116,017	$	57,933

(1)     Primarily relates to cost of service revenue. Stock-based compensation expense related to cost of product was immaterial for the fiscal years ended March 31, 2024, 2023, and 2022.

(2)     Includes $32.8 million of stock-based compensation charges related to the termination of two Former Lemonaid Officers during the fiscal year ended March 31, 2024.