Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.19.3.a.u2
Stock-Based Compensation (Tables)
9 Months Ended
Dec. 31, 2019
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, 2019
     189,269      $ 4.12        9.64      $ 707  
Granted
     4,590,731      $ 8.04        
Cancelled
     (570,427    $ 7.13        
  
 
 
          
Balance – December 31, 2019
     4,209,573      $ 7.86        9.50      $ 33,177  
  
 
 
    
 
 
    
 
 
    
 
 
 
Exercisable – December 31, 2019
     169,275      $ 6.93        7.40      $ 1,514  
  
 
 
    
 
 
    
 
 
    
 
 
 
           
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,
    
2019
 
2018
 
2019
 
2018
Risk-free interest rate
       1.61% – 1.78       2.97       1.61% – 2.25       2.97
Expected term, in years
       5.97 – 6.11       6.04       5.75 – 6.11       6.04
Expected volatility
       75.55% – 76.01       74.79       74.69% – 76.01       74.79
Expected dividend yield
       —         —         —         —  
Summary of stock-based compensation expense
For the three and nine months ended December 31, 2019 and 2018, 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,
 
    
2019
    
2018
    
2019
    
2018
 
Research and development expenses
   $ 311      $ 10      $ 2,680      $ 11  
General and administrative expenses
     1,021        2        2,308        2  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total stock-based compensation
   $ 1,332      $ 12      $ 4,988      $ 13