Commitments and contingencies

3 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Leases

The table below presents the lease-related costs which are included in the consolidated statements of operations for the three months ended June 30, 2024 and 2023:


	Three Months Ended June 30,
	2024		2023
Lease cost
Finance lease costs:
Amortization of right-to-use asset	$	607	$	607
Interest on lease liabilities	534		544
Operating lease costs	281		280
Total lease cost	$	1,422	$	1,431

The following table summarizes the classification of lease costs in the consolidated statement of operations for the three months ended June 30, 2024 and 2023 as follows:


	Three Months Ended June 30,
	2024		2023
Finance Lease Costs
Research and development	$	607	$	607
Other income (expense)	534		544
Operating Lease Costs
Research and development	229		229
Selling, general and administrative	52		51
Total lease cost	$	1,422	$	1,431

The following table summarizes the maturity of the Company's lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating and financing lease liabilities recognized on its balance sheet as of June 30, 2024:


	June 30, 2024
	Operating leases		Financing lease		Total
2025 (remaining nine months)	$	872	$	2,050	$	2,922
2026	1,171		2,799		3,970
2027	1,137		2,883		4,020
2028	1,086		2,969		4,055
2029	1,005		3,058		4,063
Thereafter	925		31,995		32,920
Total lease payments	6,196		45,754		51,950
Less: interest	1,432		19,760		21,192
Total lease liabilities	$	4,764	$	25,994	$	30,758

The following table provides lease disclosure as of June 30, 2024 and March 31, 2024:


	June 30, 2024		March 31, 2024
Leases
Right-to-use operating lease asset	$	4,475	$	4,635
Right-to-use finance lease asset	36,629		37,237
Total lease assets	$	41,104	$	41,872

Operating lease liabilities, current	$	1,164	$	1,161
Finance lease liabilities, current	2,738		2,718
Operating lease liabilities, non-current	3,600		3,771
Finance lease liabilities, non-current	23,256		23,410
Total lease liabilities	$	30,758	$	31,060

The following table provides lease disclosure for the three months ended June 30, 2024 and 2023:


	Three Months Ended June 30,
	2024				2023
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	152			$	263
Operating cash flows from finance leases	$	534			$	544
Financing cash flows from finance leases	$	134			$	104
Right-to-use asset obtained in exchange for new operating lease liabilities	$	—			$	—
Weighted-average remaining lease term - operating leases	5.6			years	6.3			years
Weighted-average remaining lease term - financing leases	15.3			years	16.1			years
Weighted-average discount rate - operating leases	10.3		%		10.3		%
Weighted-average discount rate - financing leases	8.3		%		8.3		%

The variable lease costs and short-term lease costs were insignificant for the three months ended June 30, 2024 and 2023.

Manufacturing commitments

The Company has entered into an agreement with a contract manufacturing organization to provide clinical trial products. As of June 30, 2024 and March 31, 2024, the Company had committed to minimum payments under these arrangements totaling $0.9 million and $0.9 million, respectively.

Indemnification agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its executive management team and its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and therefore it has not accrued any liabilities related to such obligations in its consolidated financial statements as of June 30, 2024 or March 31, 2024.

Legal proceedings

The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities.