Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2022

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:

	Number of options	Weighted- average exercise price		Weighted average remaining contractual term (years)	Aggregate intrinsic value (in thousands)
Balance – March 31, 2021	7,988,999	$	16.97	9.04	$	25,958
Granted	2,777,249	8.15
Forfeited	(2,591,110)	22.97
Expired	(156,407)	17.67
Balance – March 31, 2022	8,018,731	$	8.48	8.52	$	60
Exercisable – March 31, 2022	3,169,990	$	9.06	7.70	$	50

Schedule of Fair Value of Weighted-Average Assumptions

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

	Years Ended March 31,
	2022	2021
Risk-free interest rate	0.80% – 2.35%	0.30% – 1.14%
Expected term, in years	5.56 – 6.11	5.50 – 6.11
Expected volatility	82.92% – 91.15%	78.16% – 84.12%
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
Nonvested as of March 31, 2021	1,095,676	$	20.43
Issued	3,782,180	7.42
Vested	(1,642,134)	9.94
Forfeited	(564,858)	17.28
Nonvested as of March 31, 2022	2,670,864	$	9.12

Schedule of Stock-based Compensation Expense

For the years ended March 31, 2022 and 2021, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):

	Years Ended March 31,
	2022		2021
Research and development expenses	$	14,194	$	6,866
General and administrative expenses	18,949		11,772
Total stock-based compensation	$	33,143	$	18,638