FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Total Estimated Fair Value

The carrying value and estimated fair value of the Company’s debt were as follows (in thousands):

	December 31, 2025				March 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Loans	$	54,636	$	52,096	$	102,507	$	91,576
PNC Credit Facility	$	—	$	—	$	26,600	$	24,755
Convertible Note	$	75,873	$	75,873	$	—	$	—

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the key assumptions used in estimating the fair value of the Forbearance Warrant at issuance and at December 31, 2025:

	December 31, 2025	September 23, 2025
Discount period (years)	6.73 years	7.0 years
Risk-free interest rate	3.46% - 3.87%	3.52% - 3.83%
Stock price volatility	100.00%	98.00%
Stock price at valuation date	$6.45	$10.69
Probability1	35% - 15% - 50%	35% - 15% - 50%
Fair value (in thousands)	$16,335	$25,420

(1) Scenario probability as of issuance was based on timing expectations of management that a liquidation event occurring was estimated at 35%; a fundamental transaction occurring was estimated at 15%; and none of the previous events were estimated at 50%.

The significant assumptions used by the Company to estimate the fair value of the Convertible Note as of December 18, 2025 and December 31, 2025 are summarized below:

	December 31, 2025	December 18, 2025
Term (years)	2.97 years	3.0 years
Volatility	80.0%	120.0%
Dividend yield	0.00%	0.00%
Risk-free interest rate	3.52%	3.47%
Probability for maturity	65%	65%
Probability for liquidation event	35%	35%

Schedule of Changes in Level 2 Liabilities

The table below sets forth a summary of changes in the fair value of the Company’s warrant liabilities for the period ended December 31, 2025:

Issuance of warrants	$	25,420
Change in fair value of warrant liabilities	(1,525)
Balance at September 30, 2025	23,895
Change in fair value of warrant liabilities	(7,560)
Balance at December 31, 2025	$	16,335

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The table below sets forth a summary of changes in the fair value of the Convertible Note for the period ended December 31, 2025:

Issuance of Convertible Note	$	77,472
Change in fair value of Convertible Note	(1,599)
Balance at December 31, 2025	$	75,873