FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jun. 30, 2023

Cash, cash equivalents, and available-for-sale investments were as follows (dollars in thousands):


As of June 30, 2023	Amortized Costs		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value		Cash and Cash Equivalents		Restricted Cash (Current & Non-current)		Short-Term Investments
Cash	$	91,556	$	—	$	—	$	91,556	$	91,556	$	—	$	—
Level 1:
Money market funds	22,148		—		—		22,148		21,165		983		—
Treasury securities	3,590		—		(2)		3,588		—		—		3,588
Subtotal	117,294		—		(2)		117,292		112,721		983		3,588
Level 2:
Certificate of deposit	4,290		—		—		4,290		4,290		—		—
Commercial paper	15,357		—		(2)		15,355		5,218				10,137
Corporate debt	2,223				(2)		2,221		—				2,221
Subtotal	21,870		—		(4)		21,866		9,508		—		12,358
Total assets	$	139,164	$	—	$	(6)	$	139,158	$	122,229	$	983	$	15,946


As of March 31, 2023	Amortized Costs		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value		Cash and Cash Equivalents		Restricted Cash (Current & Non-current)		Short-Term Investments
Cash	$	95,828	$	—	$	—	$	95,828	$	95,828	$	—	$	—
Level 1:
Money market funds	8,935		—		—		8,935		8,935		—		—
Treasury securities	1,599		4		(1)		1,602		—		—		1,602
Subtotal	$	106,362	$	4	$	(1)	$	106,365	$	104,763	$	—	$	1,602
Level 2:
Certificate of deposit	1,329		—		$	—	1,329		—		1,329		—
Commercial paper	8,610		—		(2)		8,608		6,637		—		1,971
Corporate debt	22,625		55		(25)		22,655		—		—		22,655
Subtotal	32,564		55		(27)		32,592		6,637		1,329		24,626
Total assets	$	138,926	$	59	$	(28)	$	138,957	$	111,400	$	1,329	$	26,228

Summary of Assumptions Used in Determination of Fair Value

The following table presents additional information about valuation techniques and inputs used for the detachable warrants (see Note 6, Convertible Senior Notes and Term Loan) that are measured at fair value and categorized within Level 3 as of June 30, 2023 and March 31, 2023 (dollars in thousands):


	June 30, 2023		March 31, 2023
Estimated fair value of detachable warrants	$	5,748	$	5,497
Unobservable inputs:
Stock volatility	70.0%		67.2%
Risk-free rate	4.2%		3.6%
Expected term	4.1 years		4.4 years