Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of the stock option activity under the Company’s equity incentive plans is as follows:

	Options Outstanding
	Number of options	Weighted- Average Exercise Price		Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance - March 31, 2020	3,873,888	$	8.33	9.37	$	28,029
Granted	2,602,268	25.92
Exercised	(114,084)	8.57
Forfeited	(378,107)	16.94
Canceled	(226,233)	7.86
Balance - December 31, 2020	5,757,732	$	15.73	8.99	$	175,578
Exercisable - December 31, 2020	1,372,915	$	8.44	8.60	$	51,828

Schedule of Fair Value Assumptions

The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table:

	Three Months Ended December 31,		Nine Months Ended December 31,
	2020	2019	2020	2019
Risk-free interest rate	0.38% - 0.56%	1.61% - 1.78%	0.30% - 0.56%	1.61% - 2.25%
Expected term, in years	6.08 - 6.11	5.97 - 6.11	5.56 - 6.11	5.75 - 6.11
Expected volatility	83.40% - 83.80%	75.55% - 76.01%	78.16% - 84.05%	74.69% - 76.01%
Expected dividend yield	—%	—%	—%	—%

Schedule of Restricted Stock Unit Awards Activity

A summary of RSUs activity under the Company’s equity incentive plans is as follows:

	Number of RSUs	Weighted- Average Grant Date Fair Value
Unvested as of March 31, 2020	—	$	—
Issued	224,980	30.38
Vested	(10,000)	44.60
Outstanding, non-vested as of December 31, 2020	214,980	$	29.72

Summary of Stock-based Compensation Expense

For the three and nine months ended December 31, 2020 and 2019, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):

	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
Research and development expenses	$	2,549	$	311	$	3,919	$	2,680
General and administrative expenses	3,443		1,021		9,298		2,308
Total stock-based compensation	$	5,992	$	1,332	$	13,217	$	4,988