Stockholders' Equity

3 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Series A Preferred Stock

As of June 30, 2023, 10,000 shares of Series A preferred stock, par value $0.0001 per share, were outstanding and held by RSL.

Each share of Series A preferred stock will automatically convert into one share of common stock at such time as the holder(s) of Series A preferred stock hold less than 25% of the total voting power of the Company’s outstanding shares. In the event of the Company’s liquidation, dissolution, or winding up, the holder(s) of the Series A preferred stock will receive first an amount per share equal to $0.01 and then will be entitled to share ratably in the assets legally available for distribution to all stockholders.

Preferred Stock

As of June 30, 2023, the Company has authorized 10,010,000 shares of preferred stock, par value $0.0001 per share. Other than the 10,000 shares of preferred stock designated as Series A preferred stock, there were no issued and outstanding shares of preferred stock as of June 30, 2023.

Common Stock

As of June 30, 2023, the Company has authorized 500,000,000 shares of common stock, par value $0.0001 per share and has 130,565,429 shares of common stock issued and outstanding.

The Company has reserved the following shares of common stock for issuance:

	June 30, 2023	March 31, 2023
Conversion of Series A preferred stock	10,000	10,000
Stock options outstanding	13,582,057	11,682,481
Restricted stock units outstanding	5,469,162	4,057,778
Equity awards available for future grants	2,256,986	590,317
Total	21,318,205	16,340,576

The reserved shares underlying restricted stock units above include 447,311 restricted stock units that vested but were not settled as of June 30, 2023. In addition, the Company has reserved 5,000,000 shares of its common stock that may be issued under its 2023 Inducement Plan as of June 30, 2023. See Note 8 – Stock-Based Compensation for further details.