Stock-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

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

	Number of Stock Options	Weighted- Average Exercise Price		Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance - March 31, 2024	13,026,329	$	9.85	7.51	$	293,920
Granted	1,242,430	30.44
Exercised	(150,025)	8.65
Forfeited	(522,472)	14.61
Balance - September 30, 2024	13,596,262	$	11.56	6.88	$	235,080
Exercisable - September 30, 2024	8,975,814	$	8.76	6.06	$	177,257

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 September 30,		Six Months Ended September 30,
	2024	2023	2024	2023
Risk-free interest rate	3.59% - 4.16%	4.10% - 4.62%	3.59% - 4.71%	3.45% - 4.62%
Expected term, in years	6.11	6.11	6.11	6.11
Expected volatility	80.03% - 80.75%	97.68% - 97.81%	80.03% - 83.31%	93.66% - 98.15%
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, 2024	3,466,057	$	12.32
Issued	1,544,038	30.04
Vested	(960,856)	11.99
Forfeited	(398,658)	16.90
Nonvested as of September 30, 2024	3,650,581	$	19.40

Schedule of Stock-based Compensation Expense

For the three and six months ended September 30, 2024 and 2023, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):

	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Research and development expenses	$	6,756	$	5,182	$	13,941	$	10,060
General and administrative expenses	5,929		5,319		12,187		11,094
Total stock-based compensation	$	12,685	$	10,501	$	26,128	$	21,154