Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.20.2
Stock-Based Compensation (Tables)
12 Months Ended
Mar. 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:
 
    
Number of
options
    
Weighted-
average
exercise price
    
Weighted average
remaining
contractual
term (years)
    
Aggregate

intrinsic
value

(in
thousands)
 
Balance – March 31, 2019
     189,269      $ 4.12        9.64      $ 707  
Granted
     4,785,939        8.30        
Forfeited
     (719,051      7.23        
Canceled
     (382,269      7.86        
  
 
 
    
 
 
    
 
 
    
 
 
 
Balance – March 31, 2020
  
 
3,873,888
 
  
 
8.33
 
  
 
9.37
 
  
 
28,029
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Exercisable – March 31, 2020
  
 
306,735
 
  
$
7.31
 
  
 
9.17
 
  
$
2,532
 
  
 
 
    
 
 
    
 
 
    
 
 
 
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:
 
    
Years Ended March 31,
 
    
2020
   
2019
 
Risk-free interest rate
     0.51% –
 
2.25
%
      2.38% – 2.97
%
 
Expected term, in years
     5.75 – 6.11       6.04 – 6.07  
Expected volatility
     74.69% –
 
77.93
%
      74.79% – 75.11
%
 
Expected dividend yield
    
%
     
%
 
Summary of stock-based compensation expense
For the years ended March 31, 2020 and 2019, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):
 
    
Years Ended March 31,
 
    
2020
    
2019
 
Research and development expenses
   $ 3,125      $ 29  
General and administrative expenses
     3,663        2  
  
 
 
    
 
 
 
Total stock-based compensation
  
$
6,788
 
  
$
31