0001564590-21-032980 | 10-K | XBRL Viewer

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Mar. 31, 2021	Jun. 01, 2021	Sep. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Trading Symbol	ONVO
Entity Registrant Name	ORGANOVO HOLDINGS, INC.
Entity Central Index Key	0001497253
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,698,128
Entity Public Float			$ 41,853,138
Entity File Number	001-35996
Entity Tax Identification Number	27-1488943
Entity Address, Address Line One	440 Stevens Ave
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Solana Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92075
City Area Code	858
Local Phone Number	224-1000
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.001 per share
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Certain information required for Part III of this report is incorporated herein by reference to the definitive proxy statement for the 2021 annual meeting of the registrant’s stockholders, expected to be filed within 120 days of the end of the registrant’s fiscal year.

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Current Assets
Cash and cash equivalents	$ 37,364	$ 27,356
Accounts receivable	0	111
Prepaid expenses and other current assets	1,034	851
Total current assets	38,398	28,318
Fixed assets, net	381	0
Restricted cash	111	0
Other assets, net	1,027	123
Total assets	39,917	28,441
Current Liabilities
Accounts payable	281	720
Accrued expenses	440	1,090
Total current liabilities	721	1,810
Commitments and Contingencies	0	0
Stockholders' Equity
Common stock, $0.001 par value; 200,000,000 shares authorized, 8,670,492 and 6,527,905 shares issued and outstanding at March 31, 2021 and 2020, respectively	9	7
Additional paid-in capital	335,479	306,089
Accumulated deficit	(296,291)	(279,465)
Treasury stock, 46 shares at cost	(1)	0
Total stockholders' equity	39,196	26,631
Total Liabilities and Stockholders' Equity	$ 39,917	$ 28,441

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	8,670,492	6,527,905
Common stock, shares outstanding	8,670,492	6,527,905
Treasury stock, shares	46	0

Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Total Revenues	$ 0	$ 2,196
Cost of revenues	0	328
Research and development expenses	1,103	5,284
Selling, general, and administrative expenses	15,723	18,059
Total costs and expenses	16,826	23,671
Loss from Operations	(16,826)	(21,475)
Other Income (Expense)
Gain (loss) on fixed asset disposals	(19)	113
Gain on lease termination	0	525
Interest income	15	594
Other income (expense)	6	1,535
Total Other Income (Expense)	2	2,767
Income Tax Expense	(2)	(2)
Net Loss	$ (16,826)	$ (18,710)
Net loss per common share—basic and diluted	$ (2.44)	$ (2.80)
Weighted average shares used in computing net loss per common share—basic and diluted	6,902,000	6,477,808
Comprehensive Loss:
Net Loss	$ (16,826)	$ (18,710)
Comprehensive Loss	(16,826)	(18,710)
Products and Services [Member]
Revenues
Total Revenues	0	2,055
Collaborations and Licenses [Member]
Revenues
Total Revenues	0	89
Grants [Member]
Revenues
Total Revenues	$ 0	$ 52

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]
Beginning balance at Mar. 31, 2019	$ 36,298	$ 6	$ 297,047	$ 0	$ (260,755)
Beginning balance, Shares at Mar. 31, 2019		6,201,000
Issuance of common stock under employee and director stock option, RSU and purchase plans	(61)	$ 1	(62)	0	0
Issuance of common stock under employee and director stock option, RSU and purchase plans, Shares		23,000
Stock-based compensation expense	4,108	$ 0	4,108	0	0
Issuance of common stock from public offering, net	4,996	$ 0	4,996	0	0
Issuance of common stock from public offering, Shares		304,000
Net loss	(18,710)	$ 0	0	0	(18,710)
Ending balance at Mar. 31, 2020	26,631	$ 7	306,089	$ 0	(279,465)
Ending balance, Shares at Mar. 31, 2020		6,528,000		0
Stock option exercises	$ 42	$ 0	42	$ 0	0
Stock option exercises, Shares	7,800	8,000
Issuance of common stock under employee and director stock option, RSU and purchase plans	$ (4)	$ 0	(4)	0	0
Issuance of common stock under employee and director stock option, RSU and purchase plans, Shares		203,000
Stock-based compensation expense	5,556	$ 0	5,556	0	0
Issuance of common stock from public offering, net	23,798	$ 2	23,796	0	0
Issuance of common stock from public offering, Shares		1,932,000
Purchase of treasury stock	(1)	$ 0	0	$ (1)	0
Purchase of treasury stock, shares				0
Net loss	(16,826)	0	0	$ 0	(16,826)
Ending balance at Mar. 31, 2021	$ 39,196	$ 9	$ 335,479	$ (1)	$ (296,291)
Ending balance, Shares at Mar. 31, 2021		8,671,000		0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities
Net loss	$ (16,826)	$ (18,710)
Adjustments to reconcile net loss to net cash used in operating activities:
(Gain) loss on disposal of fixed assets	19	(113)
(Gain) loss on lease termination	0	(525)
Depreciation and amortization	41	1,142
Stock-based compensation	5,556	4,108
Inventory write-off	0	214
Increase (decrease) in cash resulting from changes in:
Accounts receivable	111	392
Grants receivable	0	55
Inventory	0	276
Prepaid expenses and other assets	(1,135)	269
Accounts payable	(439)	92
Accrued expenses	(650)	(1,459)
Deferred revenue	0	(525)
Operating Right-of-use asset and lease liability, net	0	(98)
Net cash used in operating activities	(13,323)	(14,882)
Cash Flows From Investing Activities
Purchases of fixed assets	(405)	0
Proceeds from disposals of fixed assets	12	747
Net cash provided by (used in) investing activities	(393)	747
Cash Flows From Financing Activities
Proceeds from issuance of common stock, net	23,798	4,996
Employee taxes paid related to net share settlement of equity awards	(4)	(61)
Proceeds from exercise of stock options	42	0
Purchase of treasury stock	(1)	0
Net cash provided by financing activities	23,835	4,935
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	10,119	(9,200)
Cash, cash equivalents, and restricted cash at beginning of period	27,356	36,556
Cash, cash equivalents, and restricted cash at end of period	37,475	27,356
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	37,364	27,356
Restricted cash	111	0
Cash, cash equivalents, and restricted cash at end of period	37,475	27,356
Supplemental Disclosure of Cash Flow Information:
Restricted cash released	0	79
Tenant improvements funded by landlord	0	37
Assets held for sale	0	33
Income taxes paid	$ 2	$ 2

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Note 1. Description of Business and Summary of Significant Accounting Policies

Nature of operations and basis of presentation

Organovo Holdings, Inc. (“Organovo Holdings,” “Organovo,” and the “Company”) is an early-stage biotechnology company that focuses on building high fidelity, 3D tissues that recapitulate key aspects of human disease. The Company uses these models to identify gene targets capable of modulating the disease phenotype across multiple patients and intends to initiate drug discovery programs around these validated targets. The Company is initially targeting the intestine and has ongoing 3D tissue development efforts in Ulcerative colitis (“UC”) and Crohn’s disease (“CD”). The Company intends to add additional tissues/diseases/targets to its portfolio in the coming year. In line with these plans, the Company is building upon both its external and in house scientific expertise, which will be essential to its drug development effort.

The Company uses its proprietary technology to build functional 3D human tissues that mimic key aspects of native human tissue composition, architecture, function and disease. Organovo’s advances include cell type-specific compartments, prevalent intercellular tight junctions, and the formation of microvascular structures. Management believes these attributes can enable critical complex, multicellular disease models that can be used to develop clinically effective drugs for a variety of therapeutic areas.

The Company’s NovoGen Bioprinters^® are automated devices that enable the fabrication of 3D living tissues comprised of mammalian cells. The Company believes that the use of its bioprinting platform as well as complementary 3D technologies will allow it to develop an understanding of disease biology that leads to validated novel drug targets, and that it can develop therapeutics to those targets to treat disease.

The majority of the Company’s current focus is in inflammatory bowel disease (“IBD”), including CD and UC. The Company expects to create disease models, leveraging its prior work including the work found in its peer-reviewed publication on bioprinted intestinal tissues (Madden et al. Bioprinted 3D Primary Human Intestinal Tissues Model Aspects of Native Physiology and ADME/Tox Functions. iScience. 2018 Apr 27;2:156-167. doi: 10.1016/j.isci.2018.03.015.) The Company’s current understanding of intestinal tissue models and IBD disease models leads it to believe that it can create models that provide greater insight into the biology of these diseases than are generally currently available. Using these disease models, the Company intends to identify and validate therapeutic targets. After finding novel therapeutic drug targets, the Company intends to develop novel small molecule, antibody, or other therapeutic drug candidates to treat the disease, and advance these novel drug candidates towards an Investigational New Drug (“IND”) filing and clinical trials.

The Company expects to broaden its work into additional therapeutic areas over time and is currently exploring specific tissues for development. In the Company’s work to identify the areas of interest, it evaluates areas that might be better served with 3D disease models than currently available models as well as the potential commercial opportunity.

Except where specifically noted or the context otherwise requires, references to “Organovo Holdings”, “the Company”, and “Organovo” in these notes to the consolidated financial statements refers to Organovo Holdings, Inc. and its wholly owned subsidiaries, Organovo, Inc., and Opal Merger Sub, Inc.

Historical Operations and Strategic Alternatives Process

From early 2018 to August 2019, the Company has focused its efforts on developing its in vivo liver tissues to treat end-stage liver disease and a select group of life-threatening, orphan diseases, for which there are limited treatment options other than organ transplantation. The Company also explored the development of other potential pipeline in vivo tissue constructs in-house and through collaborations with academic and government researchers. In the past, the Company also explored the development of in vitro tissues, including proof of concept models of diseased tissues, for use in drug discovery and development.

In August 2019, after a rigorous assessment of its in vivo liver therapeutic tissue program, the Company concluded that the variability of biological performance and related duration of potential benefits no longer supported an attractive opportunity due to redevelopment challenges and lengthening timelines to compile sufficient data to support an IND filing. As a result, the Company suspended development of its lead program and all other related in-house pipeline development activities.

The Company’s Board of Directors (the “Board”) also engaged a financial advisory firm to explore the Company’s available strategic alternatives, including evaluating a range of ways to generate value from its technology platform and intellectual property, its commercial and development capabilities, its listing on the Nasdaq Capital Market, and the Company’s remaining financial assets. These strategic alternatives included possible mergers and business combinations, sales of part or all of its assets, and licensing and partnering arrangements. The Company implemented various restructuring steps to manage its resources and extend its cash runway, including reducing commercial activities related to its liver tissues, except for sales of primary human cells out of inventory, negotiating an exit from its long-term facility lease, selling various assets, and reducing its workforce. Additionally, in November 2019, the Company sold certain inventory and equipment and related proprietary information held by its wholly-owned subsidiary, Samsara Sciences, Inc. (“Samsara”), and as a result of such sale, Samsara ceased its operations.

After conducting a diligent and extensive process of evaluating strategic alternatives and identifying and reviewing potential candidates for a strategic acquisition or other transaction, which included the receipt of more than 27 non-binding indications of interest from interested parties and careful evaluation and consideration of those proposals, and following extensive negotiation with Tarveda Therapeutics, Inc. (“Tarveda”), on December 13, 2019, the Company entered into a merger agreement with Tarveda (the “Merger Agreement”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, the Company’s wholly-owned merger subsidiary would merge with and into Tarveda (the “Merger”), with Tarveda becoming a wholly-owned subsidiary of Organovo and the surviving corporation of the Merger . The Merger Agreement included various conditions to the consummation of the Merger, including approval by the Company’s stockholders at a Special Meeting of Stockholders that was held on April 7, 2020 (the “Special Meeting”).

At the Special Meeting, the Merger was not approved by the Company’s stockholders. As a result, the Company terminated the Merger Agreement with Tarveda. Pursuant to the terms of the Merger Agreement, the Company was obligated to reimburse certain of Tarveda’s merger-related expenses not to exceed $300,000, which was offset by Tarveda’s portion of shared expenses incurred by Organovo in fiscal 2020.

The Cooperation Agreement and Advisory Nominees Proposal

Following the Special Meeting and the termination of the Merger Agreement, the Board continued to solicit stockholder feedback regarding the Company’s strategic alternatives and how to maximize stockholder value. In response to feedback from its largest stockholder regarding its desire for the Board to consider opportunities in the 3D bioprinting field and suggestion that the Board should speak with Keith Murphy, the Company’s founder, stockholder and former Chief Executive Officer and Chairman, for potential business ideas, the Board initiated discussions with Mr. Murphy. Based on these discussions, the Company entered into a Cooperation Agreement with Mr. Murphy on July 14, 2020 (the “Cooperation Agreement”). Under the terms of the Cooperation Agreement, the Board appointed Mr. Murphy and Adam K. Stern to the Board as Class III directors, and two of the Company’s existing directors, Richard Maroun and David Shapiro, resigned from the Board and all Board committees. The Board also agreed to nominate, recommend, support and solicit proxies for the re-election of Messrs. Murphy and Stern at the Company’s 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”). The Board also agreed to nominate, recommend, support and solicit proxies for an advisory stockholder vote (the “Advisory Nominees Proposal”) at the 2020 Annual Meeting to appoint three individuals, Douglas Jay Cohen, David Gobel and Alison Tjosvold Milhous (collectively, the “Advisory Nominees”), to the Board. Mr. Murphy identified each of the Advisory Nominees. The Board approved the appointment of the Advisory Nominees, to be automatically effective immediately following the final adjournment of the 2020 Annual Meeting if the final vote tabulation for the Advisory Nominees Proposal received more votes cast “FOR” than “AGAINST” its approval. In addition, each of the Company’s then-current directors (other than Messrs. Murphy and Stern) agreed to resign from the Board immediately following the appointment of the Advisory Nominees. At the 2020 Annual Meeting held on September 15, 2020, the Company’s stockholders approved the re-election of Messrs. Murphy and Stern to the Board as Class III directors to hold office until the 2023 Annual Meeting of Stockholders and the final vote tabulation for the Advisory Nominees Proposal received more votes cast “FOR” than “AGAINST” its approval and, accordingly, effective upon the final adjournment of the 2020 Annual Meeting, Ms. Milhous was appointed as a Class I director to hold office until the 2021 Annual Meeting of Stockholders and Messrs. Cohen and Gobel were appointed as Class II directors to hold office until the 2022 Annual Meeting (collectively, the “New Director Slate”) and Carolyn Beaver, Taylor Crouch, Mark Kessel and Kirk Malloy, Ph.D. each resigned as directors.

COVID-19

In December 2019, a respiratory illness caused by a novel strain of coronavirus, SARS-CoV-2, causing the Coronavirus Disease 2019, also known as COVID-19 emerged. While initially the outbreak was largely concentrated in China, it has since spread globally and has been declared a pandemic by the World Health Organization. Global health concerns relating to the COVID-19 pandemic have been weighing on the macroeconomic environment, and the pandemic has significantly increased economic volatility and uncertainty. The pandemic has resulted in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns. In 2020, the Company adapted quickly to COVID-19, instituting universal masking and distancing in the lab and in the offices. The Company encouraged and enabled remote work whenever possible. The Company instituted safety check software to monitor symptoms and successfully maintained a robust level of progress while ensuring the safety of its employees. As the viral load and variants allow, the Company intends to carefully return to more typical lab and office work flow.

The extent to which the coronavirus impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the rise of vaccine-resistant variants, duration of the outbreak, travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns. In particular, the continued coronavirus pandemic could adversely impact various aspects of the Company’s operations, including among others, the ability to raise additional capital, the timing and ability to pursue the Company’s strategy, given the impact the pandemic may have on the manufacturing and supply chain, sales and marketing and clinical trial operations of potential strategic partners, and the ability to advance its research and development activities and pursue development of its pipeline products, each of which could have an adverse impact on the Company’s business and financial results.

Nasdaq Listing and Reverse Stock Split

On June 25, 2019, the Company received a notice letter from the Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the closing bid price of its common stock for the last 30 consecutive business days, the Company no longer met the requirement to maintain a minimum closing bid price of $1 per share, as set forth in Nasdaq Listing Rule 5450(a)(1). On December 26, 2019, the Company obtained an additional compliance period of 180 calendar days by electing to transfer to The Nasdaq Capital Market to take advantage of the additional compliance period offered on that market. On March 26, 2020, the Company obtained shareholder approval to effect a reverse stock split in a range from 20:1 to 40:1. On August 18, 2020, the Company effected a 1-for-20 reverse stock split of its common stock (the “Reverse Stock Split”), and on September 2, 2020, the Company received notification from Nasdaq that the closing bid of its common stock had been at $1.00 per share or greater for ten consecutive business days. Unless otherwise indicated, all share amounts, per share data, share prices, exercise prices and conversion rates set forth in these notes and the accompanying consolidated financial statements have, where applicable, been adjusted retroactively to reflect the Reverse Stock Split.

Liquidity

As of March 31, 2021, the Company had cash and cash equivalents of approximately $37.4 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $296.3 million. The restricted cash was pledged as collateral for a letter of credit that the Company is required to maintain as a security deposit under the terms of the lease agreements for its facilities.The Company also had negative cash flows from operations of approximately $13.3 million during the year ended March 31, 2021.

Through March 31, 2021, the Company has financed its operations primarily through the sale of convertible notes, warrants, the private placement of equity securities, the sale of common stock through public and at-the-market (“ATM”) offerings, and through revenue derived from product and research service-based agreements, collaborative agreements, licenses, and grants. During the year ended March 31, 2021, the Company issued 1,932,972 shares of its common stock through its ATM facility and received net proceeds of approximately $23.8 million.

The Company believes its cash and cash equivalents on hand will be sufficient to meet its financial obligations for at least the next 12 months of operations. The approval of the Advisory Nominees Proposal triggered a “Change of Control” under the Company’s severance plan, as well as its Directors and Officers (“D&O”) liability insurance policies, which required the following cash outlays: (i) approximately $2.8 million for severance obligations; (ii) approximately $2.0 million (or $1.7 million net of returned premium) for a six year D&O tail insurance policy; and (iii) a new D&O policy premium at approximately $0.8 million. The cash outlays for severance obligations and D&O tail insurance policies were one-time non-recurring expenses that occurred in September 2020 and therefore are reflected in the ending cash balance. In addition, as the Company recommences its operations and is focusing its efforts on drug discovery and development, the Company will need to raise additional capital to implement this new business plan. The Company cannot predict with certainty the exact amount or timing for any future capital raises. If required, the Company may seek to raise additional capital through debt or equity financings, or through some other financing arrangement. However, the Company cannot be sure that additional financing will be available if and when needed, or that, if available, it can obtain financing on terms favorable to its stockholders. Any failure to obtain financing when required will have a material adverse effect on the Company’s business, operating results, financial condition and ability to continue as a going concern.

Use of estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates used in preparing the consolidated financial statements include those assumed in revenue recognition, the valuation of stock-based compensation expense, and the valuation allowance on deferred tax assets. On an ongoing basis, management reviews these estimates and assumptions. Though the impact of the COVID-19 pandemic to the Company’s business and operating results presents additional uncertainty, the Company continues to use the best information available to inform its significant accounting estimates.

Financial instruments

For certain of the Company’s financial instruments, including cash and cash equivalents, prepaid expenses and other assets, accounts payable, accrued expenses, the carrying amounts are generally considered to be representative of their respective fair values because of the short-term nature of those instruments.

Cash and cash equivalents

The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents.

Restricted cash

As of March 31, 2021 and 2020, the Company had approximately $0.1 million and $0 of restricted cash, respectively, deposited with a financial institution. The entire amount was held in certificates of deposit to support a letter of credit agreement related to the Company’s facility leases entered into in November 2020.

Fixed assets and depreciation

Fixed assets are carried at cost. Expenditures that extend the life of the asset are capitalized and depreciated. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the related assets or, in the case of leasehold improvements, over the lesser of the useful life of the related asset or the remaining lease term. The estimated useful lives of the fixed assets range between one and seven years.

Impairment of long-lived assets

In accordance with authoritative guidance, the Company reviews its long-lived assets, including fixed assets and other assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. To determine recoverability of its long-lived assets, the Company evaluates whether future undiscounted net cash flows will be less than the carrying amount of the assets and adjusts the carrying amount of its assets to fair value. Management has determined that no impairment of long-lived assets occurred as of March 31, 2021 and 2020.

Assets held for sale

The Company classifies assets held for sale if all held for sale criteria is met pursuant to ASC 360-10. Assets classified as held for sale are not depreciated and are measured at the lower of their carrying amount or fair value less cost to sell. Further, assets held for sale are presented as current assets on the consolidated balance sheet.

Research and development

Research and development expenses, including direct and allocated expenses, consist of independent research and development costs, as well as costs associated with sponsored research and development. Research and development costs are expensed as incurred.

Income taxes

Deferred income taxes are recognized for the tax consequences in future years for differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the combination of the tax payable for the year and the change during the year in deferred tax assets and liabilities. The Company’s policy regarding uncertainty in income taxes is pursuant to ASC 740-10. Interest and penalties that would be assessed in relation to the settlement value of unrecognized tax benefits is recognized as a component of income tax expense.

Revenue recognition

The Company has generated revenues from payments received from research service agreements, product sales, collaborative agreements with partners including pharmaceutical and biotechnology companies and academic institutions, licenses, and grants from the National Institutes of Health (“NIH”) and private not-for-profit organizations.

Billings to customers or payments received from customers are included in deferred revenue on the consolidated balance sheet until all revenue recognition criteria are met. As of March 31, 2021 and 2020, the Company had no deferred revenue related to its research service agreements, collaborative agreements, and licenses within the scope of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“Topic 606”). In the year ended March 31, 2020, the Company recognized revenue of approximately $525,000, of which $490,000 related to the expiration of an agreement with a non-refundable up-front fee, that had been recorded as deferred revenue at March 31, 2019. The Company did not generate any revenues for the year ended March 31, 2021.

Service revenues

The Company’s service-based business, Organovo, Inc., previously utilized its NovoGen® bioprinting platform to provide customers access to its highly specialized tissues that model human biology and disease, and to in vitro testing services based on that technology. These contracts with customers contained multiple performance obligations including: (i) bioprinting tissues for the customer, (ii) reporting the results of tests performed on the printed tissues pursuant to the agreed upon work plan through exposure of the tissue to various factors (including the customer’s proprietary compound), and (iii) delivering specific byproduct study materials, which were satisfied, respectively, at each of the following points in time: (i) upon completion of manufacturing of the bioprinted tissue for the customer, (ii) upon delivery of the report on tests performed on the tissue, and (iii) upon making certain study materials generated from the aforementioned testing process available to the customer. The customer did not have access or control of any performance obligation prior to the point in time of full completion of the corresponding performance satisfying event as defined above. Furthermore, although the service could be customized for each customer, it was not so highly customized as to not have an alternative use either to other customers or to the Company without significant economic consequences or rework. Accordingly, the Company’s service-based business utilized point-in-time recognition under Topic 606.

For service contracts, the Company allocates the transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The transaction price for service business contracts is a fixed consideration.

In connection with the Company’s decision to pursue its strategic alternatives, the Company halted commercial activities related to its liver tissues in the year ended March 31, 2020.

Product sales, net

The Company’s former product-based business, Samsara, produced high-quality cell-based products for use in Organovo’s 3D tissue manufacturing and for use by life science customers. The Company recognizes product revenue when the performance obligation is satisfied, which is at the point in time the customer obtains control of the Company’s product, typically upon delivery. Product revenues are recorded at the transaction price, net of any estimates for variable consideration under Topic 606. The Company’s process for estimating variable consideration does not differ materially from its historical practices. Variable consideration is estimated using the expected value method which considers the sum of probability-weighted amounts in a range of possible amounts under the contract. Product revenue reflects the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the individual contracts. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary materially from the Company’s estimates, the Company will adjust these estimates, which will affect revenue from product sales and earnings in the period such estimates are adjusted.

The Company provides no right of return to its customers except in cases where a customer obtains authorization from the Company for the return. To date, there have been no product returns.

On November 7, 2019, the Company entered into an agreement to sell substantially all of the Samsara inventory and associated assets for $1.5 million, which was recorded to other income. As a result, the Company had no further product sales of cells nor tissues beyond what it sold prior to the November2019 sale. In March 2020, the Company dissolved Samsara.

Collaborative research, development, and licenses

The Company has entered into collaborative agreements with partners that typically include one or more of the following: (i) non-exclusive license fees; (ii) non-refundable up-front fees; (iii) payments for reimbursement of research costs; (iv) payments associated with achieving specific development milestones; and (v) royalties based on specified percentages of net product sales, if any. At the initiation of an agreement, the Company has analyzed whether it results in a contract with a customer under Topic 606 or in an arrangement with a collaborator subject to guidance under ASC Topic 808, Collaborative Arrangements (“Topic 808”).

The Company has considered a variety of factors in determining the appropriate estimates and assumptions under these arrangements, such as whether the elements are distinct performance obligations, whether there are determinable stand-alone prices, and whether any licenses are functional or symbolic. The Company has evaluated each performance obligation to determine if it can be satisfied and recognized as revenue at a point in time or over time. Typically, non-exclusive license fees, non-refundable upfront fees, and funding of research activities have been considered fixed, while milestone payments have been identified as variable consideration which must be evaluated to determine if it has been constrained and, therefore, excluded from the transaction price.

The Company’s collaborative agreements that were not completed at the implementation of Topic 606 on April 1, 2018, consisted of research collaboration and limited technology access licenses. These agreements provide the licensee with a non-exclusive, non-transferable, limited, royalty-free technology license, including access to Organovo’s proprietary bioprinter platform, training, and continued support by means of consumables and consultation throughout the duration of the contract. The Company has determined that the intellectual property license is not distinct from the continued support promised under the agreement and is therefore a single combined performance obligation. The Company recognized revenue for these combined performance obligations over time for the duration of the license period, as the combined performance obligation would not be fully satisfied until the end of the contract.

As of September 30, 2019, the Company completed its obligations under the existing agreements with respect to receipts of revenue and did not generate revenue for the year ended March 31, 2021. See “Note 4. Collaborative Research, Development, and License Agreements” for more information on the Company’s collaborative agreements.

Grant revenue

In July 2017, the NIH awarded the Company a “Research and Development” grant totaling approximately $1,657,000 of funding over three years. The Company has concluded this government grant is not within the scope of Topic 606, as government entities do not meet the definition of a “customer” as defined by Topic 606, as there is not considered to be a transfer of control of goods or services to the government entity funding the grant. Additionally, the Company has concluded this government grant does meet the definition of a contribution and is a non-reciprocal transaction, however, Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition does not apply, as the Company is a business entity and the grant is with a governmental agency.

Revenues from this grant have been based upon internal costs incurred that are specifically covered by the grant, plus an additional rate that provides funding for overhead expenses. Revenue has been recognized as the Company incurs expenses that are related to the grant. The Company believes this policy is consistent with the overarching premise in Topic 606, to ensure that it recognizes revenues to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services, even though there is no “exchange” as defined in the Financial Accounting Standards Board’s Accounting Standards Codification (“ASC”). The Company believes the recognition of revenue as costs are incurred and amounts become earned/realizable is analogous to the concept of transfer of control of a service over time under Topic 606.

Revenue recognized under this grant was approximately $0 and $52,000 during the years ended March 31, 2021 and 2020, respectively.

In connection with the Company’s decision to pursue its strategic alternatives, specific to the NIH grant, all internal research activities have been halted and transferred to the University of California, San Diego, leaving a remaining available balance of approximately $0.5 million that will not be utilized by the Company.

Cost of revenue

The Company reported $0 and $0.3 million in cost of revenue for the years ended March 31, 2021 and 2020, respectively. Cost of revenues consists of the Company’s costs related to manufacturing and delivering its product and service revenue.

Stock-based compensation

The Company accounts for stock-based compensation in accordance with the ASC Topic 718, Compensation — Stock Compensation, which establishes accounting for equity instruments exchanged for employee and non-employee services. Under such provisions, stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award (determined using either the Black-Scholes or Monte Carlo option-pricing models, depending on the complexity of the equity grant), and is recognized as an expense, under the straight-line method, over the employee’s requisite service period (generally the vesting period of the equity grant).

Comprehensive income (loss)

Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company is required to record all components of comprehensive income (loss) in the financial statements in the period in which they are recognized. Net income (loss) and other comprehensive income (loss), including unrealized gains and losses on investments, are reported, net of their related tax effect, to arrive at comprehensive income (loss). For the years ended March 31, 2021 and 2020, the comprehensive loss was equal to the net loss.

Net loss per share

Basic and diluted net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares used to compute diluted loss per share excludes any assumed exercise of stock options and warrants, shares reserved for purchase under the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), the assumed release of restriction of restricted stock units (“RSUs”), and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the years ended March 31, 2021 and 2020 as the Company reported a net loss for each respective period and the effect would have been anti-dilutive.

Common stock equivalents excluded from computing diluted net loss per share were approximately 1.0 million shares and 0.6 million shares for the years ended March 31, 2021 and 2020, respectively.

Fixed Assets

12 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Fixed Assets

Note 2. Fixed Assets

Fixed assets consisted of the following (in thousands):

	March 31, 2021			March 31, 2020
Laboratory equipment	$	978		$	—
Computer software and equipment		405			415
Fixed Assets, gross		1,383			415
Less accumulated depreciation		(1,002	)		(415	)
Fixed Assets, net	$	381		$	—

As of March 31, 2021, all of the Company’s fixed assets were active and in use. Depreciation expense for the years ended March 31, 2021 and 2020 was approximately $27,000 and $1,128,000, respectively.

Assets held for sale consisted of the following (in thousands):

	March 31, 2021		March 31, 2020
Laboratory equipment	$	—	$	683
Vehicles		—		9
Assets held for sale, gross		—		692
Less accumulated depreciation		—		(659	)
Assets held for sale, net	$	—	$	33

As of March 31, 2020, all of the Company’s vehicles and lab equipment were categorized as held for sale. Assets held for sale are reflected on the consolidated balance sheet as other current assets.

Accrued Expenses

12 Months Ended

Mar. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses

Note 3. Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	March 31, 2021		March 31, 2020
Accrued compensation	$	378	$	829
Accrued legal and professional fees		31		240
Other accrued expenses		31		21
	$	440	$	1,090

Collaborative Research, Development, and License Agreements

12 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaborative Research, Development, and License Agreements

Note 4. Collaborative Research, Development, and License Agreements

Collaboration Agreements

In December 2016, the Company signed a collaborative non-exclusive research affiliation with a university medical school and a non-profit medical charity, under which the Company received a one-time grant from the charity towards the placement of a NovoGen® Bioprinter at the university for the purpose of developing a kidney organoid for potential therapeutic applications. Revenue of $0 and $19,000 was recorded under this agreement for the years ended March 31, 2021 and 2020, respectively. The Company completed its obligations under this agreement and does not anticipate receiving any additional cash or recording any further revenue.

In November 2019, the Company signed a non-exclusive patent license agreement with Viscient Biosciences, Inc. (“Viscient”), a related party, including a one-time, non-refundable fee of $70,000 for a license to certain Company patents for in vitro research limited to certain fields of use. The Company received the one-time payment in November 2019, which was recorded as revenue. The Company completed its obligations under these agreements with respect to receipts of revenue and does not anticipate recording any further revenue. See “Note 10. Related Parties” for more information.

University of Missouri

In March 2009, the Company entered into a license agreement with the Curators of the University of Missouri to in-license certain technology and intellectual property relating to self-assembling cell aggregates and to intermediate cellular units. The Company received the exclusive worldwide rights to commercialize products comprising this technology for all fields of use. The Company is required to pay the University of Missouri royalties ranging from 1% to 3% of net sales of covered tissue products, and of the fair market value of covered tissues transferred internally for use in the Company’s commercial service business, depending on the level of net sales achieved by the Company each year. The Company paid minimum annual royalties of $25,000 in January 2021 and January 2020 for their respective calendar years, which is credited against royalties due during the subsequent twelve months. No payments have been made in excess of the minimum annual royalties in the years ended March 31, 2021 and 2020. The license agreement terminates upon expiration of the patents licensed and is subject to certain conditions as defined in the license agreement, which is expected to expire after 2029.

In March 2010, the Company entered into a license agreement with the Curators of the University of Missouri to in-license certain technology and intellectual property relating to engineered biological nerve grafts. The Company received the exclusive worldwide rights to commercialize products comprising this technology for all fields of use. The Company was required to pay the University of Missouri royalties ranging from 1% to 3% of net sales of covered tissue products depending on the level of net sales achieved by the Company each year. The license agreement was terminated on February 18, 2021. No payments were made in the years ended March 31, 2021 and 2020.

Clemson University

In May 2011, the Company entered into a license agreement with Clemson University Research Foundation to in-license certain technology and intellectual property relating to ink-jet printing of viable cells. The Company received the exclusive worldwide rights to commercialize products comprising this technology for all fields of use. The Company is required to pay the university royalties ranging from 1.5% to 3% of net sales of covered tissue products and the fair market value of covered tissues transferred internally for use in the Company’s commercial service business, depending on the level of net sales reached each year. The license agreement terminates upon expiration of the patents licensed, which are expected to expire in May 2024, and is subject to certain conditions as defined in the license agreement. Minimum annual royalty payments of $20,000 were due for each of the two years beginning with calendar 2014, and $40,000 per year beginning with calendar 2016. Royalty payments of $40,000 were made in each of the years ended March 31, 2021 and 2020. The annual minimum royalty is creditable against royalties owed during the same calendar year.

UniQuest

In August 2015, the Company entered into a license agreement with UniQuest Pty Limited (“UniQuest”) to in-license certain technology and intellectual property relating to technologies for in vitro applications with the exclusion of individual cell types isolated and purified from the organoids or induced pluripotent stem-derived kidney structures. The Company received the exclusive worldwide rights to commercialize products comprising this technology for all fields of use. The Company was required to pay UniQuest certain royalties based on net sales of licensed products, depending on the level of net sales reached each year, and certain royalties for any consideration invoiced or received by the Licensee in return for the grant of sub-licenses, options, marketing, or distribution rights, arising from the licensed intellectual property. In addition, the Company was required to pay certain milestone payments. As of March 31, 2021, the Company had made two milestone payments of $20,000. The license agreement was terminated on April 22, 2021 and the intellectual property was returned to UniQuest.

In December 2016, the Company entered into a license agreement with UniQuest to in-license certain technology and intellectual property relating to technologies for generation of organoids or cells in a 3D configuration via a bioprinter or other device for additive cellular manufacturing and use in in vivo applications. The Company received the exclusive worldwide rights to commercialize products comprising this technology for all fields of use. The Company was required to pay UniQuest certain royalties based on net sales of licensed products, depending on the level of net sales reached each year, and certain royalties for any consideration invoiced or received by the Company in return for the grant of sub-licenses, options, marketing, or distribution rights, arising from the licensed intellectual property. In addition, the Company was required to pay certain milestone payments. As of March 31, 2021, the Company had not made any milestone payments. The license agreement was terminated on April 22, 2021 and the intellectual property was returned to UniQuest.

Capitalized license fees consisted of the following (in thousands):

	March 31, 2021			March 31, 2020
License fees	$	218		$	218
Less accumulated amortization		(109	)		(95	)
License fees, net	$	109		$	123

The above license fees, net of accumulated amortization, are included in Other Assets in the accompanying consolidated balance sheets and are being amortized over the life of the related patents. Amortization expense of licenses was approximately $14,000 for each of the years ended March 31, 2021 and 2020. At March 31, 2021, the weighted average remaining amortization period for all licenses was approximately 9 years. The annual amortization expense of licenses for the next five years is estimated to be approximately $14,000 per year.

Stockholders' Equity

12 Months Ended

Mar. 31, 2021

Equity [Abstract]

Stockholders' Equity

Note 5. Stockholders’ Equity

Stock-based compensation expense and valuation information

Stock-based awards include stock options and RSUs under the Amended and Restated 2012 Equity Incentive Plan (“2012 Plan”), inducement awads, performance-based RSUs under an Incentive Award Performance-Based Restricted Stock Unit Agreement, the 2021 Inducement Equity Incentive Plan (“Inducement Plan”), and rights to purchase stock under the ESPP. The Company calculates the grant date fair value of all stock-based awards in determining the stock-based compensation expense.

Stock-based compensation expense for all stock-based awards consists of the following (in thousands):

	Year Ended March 31, 2021		Year Ended March 31, 2020
Research and development	$	105	$	111
General and administrative	$	5,451	$	3,997
Total	$	5,556	$	4,108

The total unrecognized compensation cost related to unvested stock option grants as of March 31, 2021 was approximately $4,300,000 and the weighted average period over which these grants are expected to vest is 2.86 years.

The total unrecognized stock-based compensation cost related to unvested RSUs (not including performance-based RSUs) as of March 31, 2021 was approximately $222,000, which will be recognized over a weighted average period of 3.75 years.

The total unrecognized stock-based compensation cost related to unvested performance-based RSUs as of March 31, 2021 was approximately $15,000, which will be recognized over a weighted average period of 0.25 years.

As of March 31, 2021, there are no participants enrolled into the ESPP for the current purchase period, beginning March 1, 2021.

The Company uses either the Black-Scholes or Monte Carlo option-pricing models to calculate the fair value of stock options, depending on the complexity of the equity grants. Stock-based compensation expense is recognized over the vesting period using the straight-line method. The fair value of stock options was estimated at the grant date using the following weighted average assumptions:

	Year Ended March 31, 2021			Year Ended March 31, 2020
Dividend yield		—			—
Volatility		107.88	%		84.36	%
Risk-free interest rate		0.61	%		1.53	%
Expected life of options	5.81 years			6.00 years
Weighted average grant date fair value	$	6.97		$	4.60

The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. The Company uses its Company-specific historical volatility rate. The risk-free interest rate assumption was based on U.S. Treasury rates. The weighted average expected life of options was estimated using the average of the contractual term and the weighted average vesting term of the options.

The fair value of each RSU is recognized as stock-based compensation expense over the vesting term of the award. The fair value is based on the closing stock price on the date of the grant.

The Company uses the Black-Scholes valuation model to calculate the fair value of shares issued pursuant to the Company’s ESPP. Stock-based compensation expense is recognized over the purchase period using the straight-line method. The fair value of ESPP shares was estimated at the purchase period commencement date using the following weighted average assumptions:

	Year Ended March 31, 2021*			Year Ended March 31, 2020
Dividend yield		—			—
Volatility		0.00	%		43.69	%
Risk-free interest rate		0.00	%		2.52	%
Expected term	6 months			6 months
Grant date fair value	$	—		$	5.80

*There were no participants in the ESPP for the purchase period September 1, 2020 – February 28, 2021 nor any participants in the ESPP for the current purchase period (beginning March 1, 2021).

The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. The Company uses the Company-specific historical volatility rate as the indicator of expected volatility. The risk-free interest rate assumption was based on U.S. Treasury rates. The expected life is the 6-month purchase period.

Preferred stock

The Company is authorized to issue 25,000,000 shares of preferred stock. There are no shares of preferred stock currently outstanding, and the Company has no present plans to issue shares of preferred stock.

Common stock

In May of 2008, the Board approved the 2008 Equity Incentive Plan (the “2008 Plan”). The 2008 Plan authorized the issuance of up to 76,079 common shares for awards of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock award units, and stock appreciation rights. The 2008 Plan terminated on July 1, 2018. As of March 31, 2021, 44,812 shares under the 2008 Plan have been issued.

In January 2012, the Board approved the 2012 Plan. The 2012 Plan authorized the issuance of up to 327,699 shares of common stock for awards of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, RSUs, performance units, performance shares, and other stock or cash awards. The Board and stockholders of the Company approved an amendment to the 2012 Plan in August 2013 to increase the number of shares of common stock that may be issued under the 2012 Plan by 250,000 shares. In August 2015, the Board and stockholders of the Company approved an amendment to the 2012 Plan to further increase the number of shares of common stock that may be issued under the 2012 Plan by 300,000 shares. In July 2018, the Board and stockholders of the Company approved an amendment to the 2012 Plan to further increase the number of shares of common stock that may be issued under the 2012 Plan by 550,000 shares, bringing the aggregate shares issuable under the 2012 Plan to 1,427,699. The 2012 Plan as amended and restated became effective on July 26, 2018 and terminates ten years after such date. As of March 31, 2021, 63,759 shares remain available for issuance under the 2012 Plan.

On April 24, 2017, the Company filed a Registration Statement on Form S-8 with the Securities and Exchange Commission (the “SEC”) authorizing the issuance of 114,852 shares of the Company’s common stock, pursuant to the terms of an Inducement Award Stock Option Agreement and an Inducement Award Performance-Based Restricted Stock Unit Agreement (collectively, the “2017 Inducement Award Agreements”).

On August 14, 2018, the Company filed a Registration Statement on Form S-8 with the SEC authorizing the issuance of 56,770 shares of the Company’s common stock, pursuant to the terms of an Inducement Award Stock Option Agreement and an Inducement Award Restricted Stock Unit Agreement (collectively, the “2018 Inducement Award Agreements” and, together with the 2017 Inducement Award Agreements the “Inducement Award Agreements”).

In March 2021, the Board approved the Inducement Plan. The Inducement Plan authorized the issuance of up to 750,000 shares of common stock for awards of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, RSUs, performance units, performance shares, and other stock or cash awards.

The Company previously had an effective shelf registration statement on Form S-3 (File No. 333-222929) and the related prospectus supplement previously declared effective by the SEC on February 22, 2018 (the “2018 Shelf”), which registered $100.0 million of common stock, preferred stock, warrants and units, or any combination of the foregoing, that was set to expire on February 22, 2021. On January 19, 2021, the Company filed a shelf registration statement on Form S-3 (File No 333-252224) and related prospectus supplement. The shelf registration statement was declared effective by the SEC on January 29, 2021 (the “2021 Shelf”). The 2021 Shelf registered $150.0 million of the Company’s common stock, preferred stock, debt securities, warrants and units, or any combination of the foregoing. The 2021 Shelf replaced the 2018 Shelf on January 29, 2021.

On March 16, 2018, the Company entered into a Sales Agreement (“2018 Sales Agreement”) with H.C. Wainwright & Co., LLC and Jones Trading Institutional Services LLC (each an “Agent” and together, the “Agents”) and filed a prospectus supplement to the 2018 Shelf, pursuant to which the Company could offer and sell, from time to time through the Agents, shares of its common stock in at-the-market sales transactions having an aggregate offering price of up to $50.0 million. During the years ended March 31, 2021 and 2020, the Company issued 379,655 shares and 304,369 shares of common stock, respectively, for net proceeds of $3.0 million and $5.0 million in at-the-market offerings under the 2018 Sales Agreement pursuant to the 2018 Shelf. As of March 31, 2021, the Company has sold an aggregate of 1,265,614 shares of common stock in at-the-market offerings under the 2018 Sales Agreement pursuant to the 2018 Shelf, with gross proceeds of approximately $22.0 million.

On January 29, 2021, the Company filed a prospectus supplement to the 2021 Shelf, pursuant to which the Company may offer and sell, from time to time through the Agents, shares of its common stock in at-the-market sales transactions having an aggregate offering price of up to $50.0 million less at-the-market proceeds raised under the 2018 Shelf. Any shares offered and sold will be issued pursuant to the Company’s 2021 Shelf. During the year ended March 31, 2021, the Company issued 1,553,317 shares of common stock for net proceeds of $20.8 million in at-the-market offerings under the 2018 Sales Agreement pursuant to the 2021 Shelf. As of March 31, 2021, the Company has sold an aggregate of 1,553,317 shares of common stock in at-the-market offerings under the 2018 Sales Agreement pursuant to the 2021 Shelf, with gross proceeds of approximately $21.4 million. As of March 31, 2021, there was approximately $128.6 million available in future offerings under the 2021 Shelf, and approximately $28.0 million available for future offerings through the Company’s at-the-market program.

During the years ended March 31, 2021 and 2020, the Company issued 7,800 and 0 shares of common stock, respectively, upon exercise of stock options.

On June 25, 2019, the Company received a notice letter from the Listing Qualifications Staff of Nasdaq indicating that, based upon the closing bid price of the Company’s common stock for the last 30 consecutive business days, the Company no longer met the requirement to maintain a minimum closing bid price of $1 per share, as set forth in Nasdaq Listing Rule 5450(a)(1). On December 26, 2019, the Company obtained an additional compliance period of 180 calendar days by electing to transfer to The Nasdaq Capital Market. On March 26, 2020, the Company obtained shareholder approval to effect a reverse stock split in a range from 20:1 to 40:1. On August 18, 2020, the Company effected the Reverse Stock Split of its common stock, and on September 2, 2020, the Company received notification from Nasdaq that it had regained compliance with the requirement to maintain a minimum closing bid price of $1 per share, as set forth in Nasdaq Listing Rule 5450(a)(1).

Restricted stock units

During the year ended March 31, 2021, the Company issued RSUs for an aggregate of 20,000 shares of common stock to its employees. These shares of common stock will be issued upon vesting of the RSUs.

The following table summarizes the Company’s RSUs (not including performance-based RSUs) activity for the year ended March 31, 2021:

	Number of Shares			Weighted Average Price
Unvested at March 31, 2020		24,031		$	38.93
Granted		20,000		$	10.27
Vested		(16,726	)	$	45.35
Cancelled / forfeited		(6,248	)	$	24.79
Unvested at March 31, 2021		21,057		$	10.79

Performance-based restricted stock units

On April 24, 2017, the Company issued a Performance-Based Restricted Stock Unit Award for 10,441 shares of common stock (the “PBRSU”) to its newly hired Chief Executive Officer (“CEO”). The PBRSU was issued outside of the 2012 Plan, pursuant to an Inducement Award Performance-Based Restricted Stock Unit Agreement, as an “inducement award” within the meaning of Nasdaq Marketplace Rule 5635(c)(4). While outside the Company’s 2012 Plan, the terms and conditions of this award are consistent with awards granted to the Company’s executive officers pursuant to the 2012 Plan. On August 23, 2017, the Board approved the vesting criteria for the PBRSU. The vesting of the PBRSU was divided into five separate tranches each with independent vesting criteria. The first four tranches had performance criteria related to annual revenue goals with measurement at the end of fiscal year 2019 (20 percent), fiscal year 2020 (20 percent), fiscal year 2021 (20 percent), and fiscal year 2022 (20 percent). The fifth tranche has a performance metric related to a path to profitability goal measured as Negative Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) achievable at any point between the grant date and the end of fiscal year 2020 (20 percent). The number of units that could ultimately vest for each tranche ranged from 0 percent to 120 percent of the target amount, not to exceed 10,441 in aggregate. On December 12, 2018, the Board approved an amendment to the vesting criteria for the PBRSU. As of March 31, 2020, 100% of the Negative Adjusted EBITDA tranche, or 2,088 shares, had vested and 418 units had been forfeited. Based on the amendment to the vesting criteria, the remaining 7,935 units eligible to vest upon future performance were divided into three separate but equal tranches with independent vesting criteria based on the achievement of certain regulatory milestones.

Based on the amended PBRSU vesting terms, a Type III modification, the modified grant date fair value of the PBRSUs is $165,000 of which one-third is being recognized over the expected service period of each tranche ending April 23, 2023. The Company began recording stock-based compensation expense for the initial performance tranches after the August 23, 2017 grant date when the initial financial performance goals were established and approved and has modified its recording of compensation expense in accordance with the amended performance tranches beginning on December 12, 2018. On September 15, 2020, vesting of all tranches accelerated due to a change in control.

On July 2, 2019, the Company issued Performance-Based Restricted Stock Unit Awards (the “PBRSU Retention Awards”) for an aggregate of 301,391 shares of common stock to its management team. The PBRSUs were issued pursuant to the 2012 Plan. The PBRSU Retention Awards were to vest in full upon the earlier of: (i) the Company’s engagement in a pre-IND meeting with the FDA, (ii) twenty-four months from the grant date, or (iii) a change in control. As of March 31, 2021, 111,682 shares were forfeited due to terminations, and vesting for 177,480 shares was accelerated due to a change in control. The remaining 12,229 shares are expected to vest twenty-four months from the grant date as these particular shares require two of the conditions to be met in order to vest.

The following table summarizes the Company’s performance-based restricted stock unit activity for the year ended March 31, 2021:

	Number of Shares			Weighted Average Price
Unvested at March 31, 2020		197,644		$	10.24
Granted		—		$	—
Vested		(185,415	)	$	10.27
Canceled / forfeited		—		$	—
Unvested at March 31, 2021		12,229		$	9.80

Stock options

During the year ended March 31, 2021 under the 2012 Plan, 751,875 stock options were issued at various exercise prices.

On April 24, 2017, in connection with the appointment of a new CEO, the Company granted 104,410 stock options outside of the 2012 Plan. The Company intended for these to be “inducement awards” within the meaning of Nasdaq Marketplace Rule 5635(c)(4). While granted outside the Company’s 2012 Plan, the terms and conditions of this stock option award are consistent with awards granted to the Company’s executive officers pursuant to the 2012 Plan. On September 15, 2020, vesting of all these options accelerated due to a change in control. On August 14, 2018, in connection with the appointment of a new CMO, the Company allocated 48,734 stock options outside of the 2012 Plan. The Company intended for these to be “inducement awards” within the meaning of Nasdaq Marketplace Rule 5635(c)(4). While outside the Company’s 2012 Plan, the terms and conditions of these awards were consistent with awards granted to the Company’s executive officers pursuant to the 2012 Plan. These stock options were to vest over a four-year period, with a quarter of the option shares vesting on the one-year anniversary of the vesting commencement date and the remaining options shares vesting in equal quarterly installments over the next 12 quarterly periods. The CMO was terminated in August 2019 and all of the options were forfeited.

On March 8, 2021, the Company granted 120,000 and 25,000 stock options, respectively, to its Executive Chairman and its Chief Scientific Officer under the 2012 Plan. These stock options have unique vesting criteria based on market conditions, more specifically the Company’s stock price. As these market condition based stock options require significant estimates and assumptions to calculate their fair value, the Company engaged with valuation specialists to calculate the fair value and requisite service periods using Monte Carlo simulations. The stock options will be expensed over their determined requisite service periods.

The following table summarizes stock option activity for the year ended March 31, 2021:

	Options Outstanding			Weighted- Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2020		377,980		$	41.81	$	—
Options granted		751,875		$	8.48	$	—
Options canceled		(117,400	)	$	17.15	$	—
Options exercised		(7,800	)	$	5.32	$	—
Outstanding at March 31, 2021		1,004,655		$	20.03	$	856,400
Vested and Exercisable at March 31, 2021		363,700		$	40.11	$	58,340

The weighted-average remaining contractual term of stock options exercisable and outstanding at March 31, 2021 was approximately 1.18 years.

Employee Stock Purchase Plan

In June 2016, the Board, and in August 2016, its stockholders subsequently approved, the ESPP. The Company reserved 75,000 shares of common stock for issuance thereunder. The ESPP permits employees after five months of service to purchase common stock through payroll deductions, limited to 15 percent of each employee’s compensation up to $25,000 per employee per year or 500 shares per employee per six-month purchase period. Shares under the ESPP are purchased at 85 percent of the fair market value at the lower of (i) the closing price on the first trading day of the six-month purchase period or (ii) the closing price on the last trading day of the six-month purchase period. The initial offering period commenced in September 2016. During the year ended March 31, 2021, no shares were issued under the ESPP. At March 31, 2021, there were 59,435 shares remaining available for the purchase under the ESPP.

Common stock reserved for future issuance

Common stock reserved for future issuance consisted of the following at March 31, 2021:

Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			900,245
Common stock reserved under the 2012 Plan			63,759
Common stock reserved under the ESPP			59,435
Common stock reserved under the 2021 Inducement Equity Plan			750,000
Common stock issuable pursuant to restricted stock units outstanding under the 2012 Plan			21,057
Common stock issuable pursuant to performance-based restricted stock units outstanding under the 2012 Plan			12,229
Common stock issuable pursuant to options outstanding and reserved under the Incentive Award Agreements			104,410
Total at March 31, 2021			1,911,135

Leases

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Note 6. Leases

After the initial adoption of ASC 842, on an on-going basis, the Company evaluates all contracts upon inception and determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of identified asset in exchange for consideration over a period of time. If a lease is identified, the Company will apply the guidance from ASC 842 to properly account for the lease.

Operating Leases

From July 2012 to November 2019, the Company leased its main facilities at 6275 Nancy Ridge Drive, San Diego, California 92121. The lease, as amended in 2013, 2015, 2016, 2018, and 2019, consisted of approximately 45,580 rentable square feet containing laboratory, clean room and office space. Monthly rental payments were approximately $87,000 with 3% annual escalators. The lease for 14,685 of the total rentable square footage was amended to accelerate the expiration date from December 15, 2018 to October 31, 2018. On November 30, 2018, the Company agreed to extend the term for the remainder of the total rentable square footage under the lease from August 31, 2021 to August 31, 2024 in exchange for $500,000 of landlord funded tenant improvements and a rescission of its option to terminate the lease on or after September 1, 2019 with 9 months prior written notice. On October 11, 2019, the Company entered into an agreement to accelerate the expiration date of the term of the lease for its main facilities on 6275 Nancy Ridge Drive from August 31, 2024 to November 15, 2019. Under this agreement, the landlord and the Company agreed that the other is excused as of the termination date from any further obligations. As such, the Company wrote-off its associated right-of-use asset of approximately $4.1 million and lease liabilities of approximately $4.6 million in fiscal 2020, which resulted in a $0.5 million gain on lease termination.

In addition to the Company’s main facility lease, on March 21, 2019, the Company entered into an agreement to lease several copy machines for a term of 36 months. The lease contained fixed monthly payments through the entire term of the lease, and it did not contain an option to extend the term or a bargain purchase option. This lease was also carried forward as an operating lease through the adoption of Topic 842. On October 9, 2019, the Company entered into an agreement to assume its leased copy machines, which terminates future obligations. As such, the Company wrote-off its associated right-of-use asset of approximately $26,000 and lease liabilities of approximately $26,000 in the third quarter of fiscal 2020.

On October 2, 2019, the Company entered into an agreement to rent office space at 440 Stevens Avenue, Suite 200, Solana Beach, California 92075. This agreement is a month-to-month contract and can be terminated at-will by either party at any time. As such, the Company has concluded that this agreement does not contain a lease and will be expensed as incurred (referred to as “rent expense”). Monthly rental payments are approximately $4,000 per month.

On November 23, 2020, the Company entered into two lease agreements, pursuant to which the Company will temporarily lease approximately 3,212 square feet of office space (the “Temporary Lease”) in San Diego and permanently lease approximately 8,051 square feet of office space (the “Permanent Lease”) in San Diego once certain tenant improvements for the Company’s permanent premises have been completed by the landlord and the premises are ready for occupancy. The Temporary Lease commenced on November 27, 2020 and is intended to serve as temporary premises for approximately ten months. The Permanent Lease is projected to commence in the third quarter of fiscal 2022 and is intended to serve as the Company’s permanent premises for approximately sixty-two months. Once the Permanent Lease commences, monthly rental payments will be approximately $32,000 with 3% annual escalators.

The Company determined that the Temporary Lease is considered a short term lease under ASC 842 and therefore elected an accounting policy for short term leases to recognize lease payments as an expense on a straight-line basis over the lease term (referred to as “short term lease expense”). Variable lease expenses related to the short term lease are expensed as incurred. The Company also determined that the Permanent Lease will require balance sheet recognition of a right-of-use asset and lease liability under ASC 842 once the Permanent Lease commences. The Company is currently evaluating the financial statement impact of the Permanent Lease.

For the years ended March 31, 2021 and 2020, the Company recorded operating lease expense of approximately $0 and $568,000, respectively. In addition, for the years ended March 31, 2021 and 2020, the Company recorded rent expense for the office space of approximately $50,000 and $19,000, respectively. Variable lease costs associated with the Company’s leases, such as payments for additional monthly fees to cover the Company’s share of certain facility expenses (common area maintenance, or CAM) are expensed as incurred. Variable lease expense was approximately $13,000 and $305,000 for the years ended March 31, 2021 and 2020, respectively. Lastly, for the years ended March 31, 2021 and 2020, short term lease expense was approximately $54,000 and $37,000, respectively.

Commitments and Contingencies

12 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

Legal matters

In addition to commitments and obligations in the ordinary course of business, the Company may be subject, from time to time, to various claims and pending and potential legal actions arising out of the normal conduct of its business. On October 10, 2019, a putative class action lawsuit was filed in the U.S. District Court for the District of Delaware against the Company and the Board in connection with the annual proxy statement filed by the Company on July 26, 2019. The case was captioned Rianhard v. Crouch, et al., Case No. 19-cv-1922 (D. Del. Oct. 10, 2019) (the “Action”). The complaint alleged that the Schedule 14A proxy statement contained material misrepresentations in connection with the reverse stock split proposal recommended therein and asserted claims for violations of Section 14(a) of the Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder, as well as claims for breach of fiduciary duty. On November 25, 2019, the Action was voluntarily dismissed.

On December 31, 2019, the Company received a demand pursuant to Delaware General Corporation Law Section 220 for certain books and records of the Company (the “Demand”). The Company objected to the Demand and made a limited production of certain records to the demanding stockholder. As of March 31, 2021, the demanding stockholder withdrew its Demand.

On January 30, 2020, the Company received a demand letter (the “Letter”) from a purported stockholder alleging that the disclosures in the Form S-4 filed with the SEC on December 23, 2019 violated federal securities laws by failing to disclose certain allegedly material information. The Letter demanded, among other things, that the Company make corrective disclosures and reserves the right to pursue legal action. The Company believes the assertions in the Letter are without merit and now moot.

On March 4, 2020, the Company received a letter from the SEC regarding an inquiry into certain of the Company’s prior disclosures and related operations. The Company has cooperated with the SEC in response to this subpoena. On October 5, 2020, the Company received a letter from the SEC with the following response: “We have concluded the investigation as to Organovo Holdings, Inc. (“Organovo”). Based on the information we have as of this date, we do not intend to recommend an enforcement action by the Commission against Organovo.”

The Company assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in its financial statements. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing litigation contingencies is subjective and requires judgments about future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. In addition, damage amounts claimed in litigation against it may be unsupported, exaggerated or unrelated to possible outcomes, and as such are not meaningful indicators of its potential liability.

The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. During the period presented, the Company has not recorded any accrual for loss contingencies associated with any claims or legal proceedings; determined that an unfavorable outcome is probable or reasonably possible; or determined that the amount or range of any possible loss is reasonably estimable. However, the outcome of legal proceedings and claims brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, if one or more of these legal matters were resolved against the Company in a reporting period, the Company’s consolidated financial statements for that reporting period could be materially adversely affected.

Income Taxes

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 8. Income Taxes

A reconciliation of the statutory federal rate and the effective rate, for operations, is as follows for the years ended March 31, 2021 and 2020 (in thousands, except percentages):

	March 31, 2021				March 31, 2020
Tax computed at federal statutory rate	$	(3,533	)	21%	$	(3,929	)	21%
State income tax, net of federal benefit		(823	)	4.9%		(714	)	3.8%
Executive compensation		509		-3.0%		—		0.0%
Stock-based compensation		2,662		-15.8%		893		-4.8%
Research credits		(35	)	0.1%		(421	)	2.2%
Change in tax rate		(282	)	1.7%		(193	)	1.0%
Removal of net operating losses and research development credits		3,269		-19.4%		5,091		-27.2%
Other		(215	)	1.4%		70		-0.3%
Valuation allowance		(1,552	)	9.1%		(797	)	4.2%
Provision (benefit) for income taxes	$	—		0.0%	$	—		0.0%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred tax assets are as follows as of March 31, 2021 and 2020 (in thousands, except percentages):

	March 31, 2021			March 31, 2020
Deferred tax assets:
Net operating loss carry forwards	$	—		$	—
Research and development credits		9			—
Depreciation and amortization		(7	)		5
Accrued expenses and reserves		86			173
Stock compensation		2,433			3,899
Other, net		3			1
Total deferred tax assets		2,524			4,078
Valuation allowance		(2,524	)		(4,078	)
	$	—		$	—

A full valuation allowance has been established to offset the deferred tax assets as management cannot conclude that realization of such assets is more likely than not. Under the Internal Revenue Code (“IRC”) Sections 382 and 383, annual use of the Company’s net operating loss and research tax credit carryforwards to offset taxable income may be limited based on cumulative changes in ownership. The Company has not completed an analysis to determine whether any such limitations have been triggered as of March 31, 2021. Until this analysis is completed, the Company has removed the deferred tax assets related to net operating losses from its deferred tax asset schedule. Further, until a study is completed and any limitation known, no amounts are being considered as an uncertain tax position or disclosed as an unrecognized tax benefit. Due to the existence of the valuation allowance, future changes in the Company’s unrecognized tax benefits will not impact its effective tax rate. Any carryforwards that will expire prior to utilization as a result of such limitations will be removed from deferred tax assets with a corresponding reduction of the valuation allowance. The valuation allowance decreased by approximately $1,552,000 and approximately $797,000 for the years ended March 31, 2021 and 2020, respectively.

The Company had federal and state net operating loss carryforwards of approximately $194.6 million and $40.4 million, respectively, as of March 31, 2021. Federal net operating loss carryforwards of approximately $51.0 million will carryforward indefinitely and be available to offset up to 80% of future taxable income each year subject to revisions made by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The remaining federal net operating losses will begin to expire in 2028, unless previously utilized. The state net operating loss carryforwards (“NOLs”) will begin to expire in 2028, unless previously utilized.

The Company had federal and state research tax credit carryforwards of approximately $4.2 million and $3.9 million at March 31, 2021, respectively. The federal research tax credit carryforwards begin expiring in 2028. The state research tax credit carryforwards do not expire.

On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The CARES Act contains temporary taxpayer favorable provisions related to the use of net operating losses and the deductibility of interest expense, charitable contributions, and qualified improvement property. Due to the generation of losses, the Company does not expect to be materially impacted by the CARES Act.

The Company did not record any accruals for income tax accounting uncertainties for the year ended March 31, 2021.

The Company did not accrue either interest or penalties from inception through March 31, 2021.

The Company does not expect its unrecognized tax benefits to significantly increase or decrease within the next 12 months.

The Company is subject to tax in the United States and in various state jurisdictions. As of March 31, 2021, the Company’s tax years from inception are subject to examination by the tax authorities due to the generation of net operating losses. The Company is not currently under examination by any jurisdiction.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Concentrations

12 Months Ended

Mar. 31, 2021

Risks And Uncertainties [Abstract]

Concentrations

Note 9. Concentrations

Credit risk and significant customers

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company maintains cash balances at various financial institutions located within the United States. Accounts at these institutions are secured by the Federal Deposit Insurance Corporation. Balances may exceed federally insured limits. The Company has not experienced losses in such accounts, and management believes that the Company is not exposed to any significant credit risk with respect to its cash and cash equivalents.

The Company is also potentially subject to concentrations of credit risk in its revenues and accounts receivable. Because it is in the early commercial stage, the Company’s revenues to date have been derived from a relatively small number of customers and collaborators. However, the Company has not historically experienced any accounts receivable write-downs and management does not believe significant credit risk exists as of March 31, 2021.

Related Parties

12 Months Ended

Mar. 31, 2021

Related Parties

Note 10. Related Parties

From time to time, the Company will enter into an agreement with a related party in the ordinary course of its business. These agreements are ratified by the Board or a committee thereof pursuant to its related party transaction policy.

Viscient is an entity for which Keith Murphy, the Company’s Executive Chairman, serves as the Chief Executive Officer and President. Dr. Jeffrey Miner, the Company’s Chief Scientific Officer, is also the Chief Scientific Officer of Viscient, and Thomas Jurgensen, the Company’s General Counsel, previously served as outside legal counsel to Viscient through his law firm, Optima Law Group, APC. During fiscal 2020, the Company provided services to Viscient. For the year ended March 31, 2020, the Company recognized revenue of $107,000 for research services provided to Viscient. In November 2019, the Company entered into an agreement with Viscient to sell certain bioprinting equipment and a non-exclusive license to certain intellectual property for approximately $171,000, of which $101,000 was recognized as other income and $70,000 was recognized as revenue in the year ended March 31 2020. In addition to the services provided by the Company, Viscient purchased primary human cell-based products from the Company’s former subsidiary, Samsara. For the year ended March 31, 2020, the Company recognized revenue of $128,000 related to the sales of products to Viscient. The Company had no revenue activity for the year ended March 31, 2021. There was $0 of accounts receivable outstanding as of March 31, 2021, and approximately $111,000 of accounts receivable outstanding as of March 31, 2020. Further, in July 2020, the Company entered into a Cooperation Agreement with Mr. Murphy and in September 2020, the Company hired three of Viscient’s employees. See “Note 1. Description of Business and Summary of Significant Accounting Policies” for more information.

On December 28, 2020, the Company entered into an intercompany agreement (the “Intercompany Agreement”) with Viscient and Organovo, Inc., the Company’s wholly-owned subsidiary, which included an asset purchase agreement for certain lab equipment. Pursuant to the Intercompany Agreement, the Company agreed to provide Viscient certain services related to 3D bioprinting technology which includes, but is not limited to, histology services, cell isolation, and proliferation of cells and Viscient agreed to provide the Company certain services related to 3D bioprinting technology, including bioprinter training, bioprinting services, and qPCR assays, in each case on payment terms specified in the Intercompany Agreement and as may be further determined by the parties. In addition, the Company and Viscient each agreed to share certain facilities and equipment, and, subject to further agreement, to each make certain employees available for specified projects for the other party at prices to be determined in good faith by the parties. The Company evaluated the accounting for the Intercompany Agreement and concluded that any services provided by Viscient to the Company will be expensed as incurred, and any compensation for services provided by the Company to Viscient will be considered a reduction of personnel related expenses. Any services provided to Viscient do not fall under Topic 606 as the Intercompany Agreement is not a contract with a customer. For the year ended March 31, 2021, the Company incurred approximately $38,000 in consulting expenses from Viscient. Additionally, the Company purchased lab equipment from Viscient for approximately $35,000 as part of the asset purchase agreement.

Defined Contribution Plan

12 Months Ended

Mar. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Defined Contribution Plan

Note 11. Defined Contribution Plan

The Company has a defined contribution 401(k) plan covering substantially all employees. During the year ended March 31, 2015, the 401(k) plan was amended (the “Amended Plan”) to include an employer matching provision. Under the terms of the Amended Plan, the Company will make matching contributions on up to the first 6% of compensation contributed by its employees. Amounts expensed under the Company’s 401(k) plan for the years ended March 31, 2021 and 2020 were approximately $39,000 and $152,000, respectively.

Recent Accounting Pronouncements

12 Months Ended

Mar. 31, 2021

Accounting Changes And Error Corrections [Abstract]

Recent Accounting Pronouncements

Note 12. Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies. Unless otherwise stated, the Company believes that the impact of the recently issued accounting pronouncements that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption.

Adoption of New Accounting Pronouncements

In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which provides guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606. The amendments in this update provide more comparability in the presentation of revenue for certain transactions between collaborative arrangement participants. The key improvements to GAAP for collaborative arrangements resulting from this amendment are to (i) clarify that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit-of-account, (ii) add unit-of-account guidance in Topic 808 to align with the guidance in Topic 606, and (iii) require that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted. This new guidance became effective for the Company on April 1, 2020 and did not have a significant impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring

12 Months Ended

Mar. 31, 2021

Restructuring And Related Activities [Abstract]

Restructuring

Note 13. Restructuring

In August 2019, after a rigorous assessment of the Company’s lead liver therapeutic tissue program following completion of various preclinical studies, the Company’s Board concluded that the variability of biological performance and related duration of potential benefits presented development challenges and lengthy redevelopment timelines that no longer supported an attractive opportunity for the Company and its stockholders. Furthermore, the Company’s Board deemed the stage of development of the Company’s other therapeutic pipeline assets, including stem cell based tissue programs, to be too premature to potentially reach IND filing status within an acceptable investment horizon and with the Company’s available resources. As a result, the Company suspended all development of its lead program and all other related pipeline development activity and engaged a financial advisory firm to explore its strategic alternatives, including evaluating a range of ways to generate value from the Company’s technology platform and intellectual property, its commercial and development capabilities, its listing on the Nasdaq Capital Market, and its remaining financial assets. Under the restructuring plan, the Company terminated the employment of 52 employees, or 90% of its workforce, and recorded a restructuring charge during the year ended March 31, 2020 of approximately $2.7 million, related to employee severance and benefits costs, of which $1.7 million was paid out during the fiscal second quarter of fiscal 2020, $0.9 million was paid out during the fiscal third quarter of fiscal 2020, and $0.1 million was paid out during the fiscal fourth quarter of fiscal 2020. Less than $0.1 million was paid out during the first quarter of fiscal 2021.

The approval of the Advisory Nominees Proposal in September 2020 triggered a “Change of Control” under the Company’s severance plan. As a result, the Company terminated the employment of its executive officers and recorded a restructuring charge of approximately $2.8 million, related to employee severance and benefits costs, of which approximately $2.6 million was paid out during the second quarter of fiscal 2021. The Company expects to pay approximately $30,000 each quarter through the end of fiscal 2022 as part of the severance and benefit obligations.

Restructuring charges were recorded in selling, general and administrative expenses and were comprised of the following (in thousands):

	Year Ended		Year Ended
	March 31, 2021		March 31, 2020
Severance for Involuntary Employee Terminations	$	2,808	$	2,727
Total Restructuring Expense	$	2,808	$	2,727

The following table summarizes the activity and balances of the restructuring reserve (in thousands):

	Severance for Involuntary Employee Terminations
Balance at March 31, 2020	$	21
Increase to reserve	$	2,808
Utilization of reserve:
Payments	$	(2,694	)
Balance at March 31, 2021	$	135

The restructuring accrual is reflected on the consolidated balance sheet at March 31, 2021 as accrued expenses.

Subsequent Events

12 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 14. Subsequent Events

Between April 1, 2021 and the date of filing, the Company issued 27,545 shares of its common stock pursuant to its ATM facility for net proceeds of approximately $271,000.

In June 2021, the Company’s U.S. Pat. Nos. 9,855,369 and 9,149,952, which relate to its bioprinter technology, are the subject of IPR proceedings filed by Cellink AB and its subsidiaries, MatTek Incorporated and Visikol, Inc. collectively (“Cellink AB”). The objective of the IPR proceedings is to invalidate the claims in the noted patents. As of the date of this filing, the Company concluded that the probability of a loss contingency or unfavorable outcome from this event is remote.

In addition, U.S. Patent Nos. 9,149,952, 9,855,369, 8,931,880, 9,227,339 and 9,315,043 (all assigned to Organovo, Inc.) and U.S. Patent Nos. 7,051,654 and 9,752,116 (licensed exclusively to Organovo) are subject to a declaratory judgment complaint against the Company brought by Cellink AB to obtain a declaration from the court that they do not infringe any claims of the noted patents. As of the date of this filing, the Company concluded that the probability of a loss contingency or unfavorable outcome from this event is reasonably possible. However, the Company is currently unable to estimate a possible loss or range of loss related to the declaratory judgment complaint.

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Nature of operations and basis of presentation	Nature of operations and basis of presentation Organovo Holdings, Inc. (“Organovo Holdings,” “Organovo,” and the “Company”) is an early-stage biotechnology company that focuses on building high fidelity, 3D tissues that recapitulate key aspects of human disease. The Company uses these models to identify gene targets capable of modulating the disease phenotype across multiple patients and intends to initiate drug discovery programs around these validated targets. The Company is initially targeting the intestine and has ongoing 3D tissue development efforts in Ulcerative colitis (“UC”) and Crohn’s disease (“CD”). The Company intends to add additional tissues/diseases/targets to its portfolio in the coming year. In line with these plans, the Company is building upon both its external and in house scientific expertise, which will be essential to its drug development effort. The Company uses its proprietary technology to build functional 3D human tissues that mimic key aspects of native human tissue composition, architecture, function and disease. Organovo’s advances include cell type-specific compartments, prevalent intercellular tight junctions, and the formation of microvascular structures. Management believes these attributes can enable critical complex, multicellular disease models that can be used to develop clinically effective drugs for a variety of therapeutic areas. The Company’s NovoGen Bioprinters^® are automated devices that enable the fabrication of 3D living tissues comprised of mammalian cells. The Company believes that the use of its bioprinting platform as well as complementary 3D technologies will allow it to develop an understanding of disease biology that leads to validated novel drug targets, and that it can develop therapeutics to those targets to treat disease. The majority of the Company’s current focus is in inflammatory bowel disease (“IBD”), including CD and UC. The Company expects to create disease models, leveraging its prior work including the work found in its peer-reviewed publication on bioprinted intestinal tissues (Madden et al. Bioprinted 3D Primary Human Intestinal Tissues Model Aspects of Native Physiology and ADME/Tox Functions. iScience. 2018 Apr 27;2:156-167. doi: 10.1016/j.isci.2018.03.015.) The Company’s current understanding of intestinal tissue models and IBD disease models leads it to believe that it can create models that provide greater insight into the biology of these diseases than are generally currently available. Using these disease models, the Company intends to identify and validate therapeutic targets. After finding novel therapeutic drug targets, the Company intends to develop novel small molecule, antibody, or other therapeutic drug candidates to treat the disease, and advance these novel drug candidates towards an Investigational New Drug (“IND”) filing and clinical trials. The Company expects to broaden its work into additional therapeutic areas over time and is currently exploring specific tissues for development. In the Company’s work to identify the areas of interest, it evaluates areas that might be better served with 3D disease models than currently available models as well as the potential commercial opportunity. Except where specifically noted or the context otherwise requires, references to “Organovo Holdings”, “the Company”, and “Organovo” in these notes to the consolidated financial statements refers to Organovo Holdings, Inc. and its wholly owned subsidiaries, Organovo, Inc., and Opal Merger Sub, Inc.
Historical Operations and Strategic Alternatives Process	Historical Operations and Strategic Alternatives Process From early 2018 to August 2019, the Company has focused its efforts on developing its in vivo liver tissues to treat end-stage liver disease and a select group of life-threatening, orphan diseases, for which there are limited treatment options other than organ transplantation. The Company also explored the development of other potential pipeline in vivo tissue constructs in-house and through collaborations with academic and government researchers. In the past, the Company also explored the development of in vitro tissues, including proof of concept models of diseased tissues, for use in drug discovery and development. In August 2019, after a rigorous assessment of its in vivo liver therapeutic tissue program, the Company concluded that the variability of biological performance and related duration of potential benefits no longer supported an attractive opportunity due to redevelopment challenges and lengthening timelines to compile sufficient data to support an IND filing. As a result, the Company suspended development of its lead program and all other related in-house pipeline development activities. The Company’s Board of Directors (the “Board”) also engaged a financial advisory firm to explore the Company’s available strategic alternatives, including evaluating a range of ways to generate value from its technology platform and intellectual property, its commercial and development capabilities, its listing on the Nasdaq Capital Market, and the Company’s remaining financial assets. These strategic alternatives included possible mergers and business combinations, sales of part or all of its assets, and licensing and partnering arrangements. The Company implemented various restructuring steps to manage its resources and extend its cash runway, including reducing commercial activities related to its liver tissues, except for sales of primary human cells out of inventory, negotiating an exit from its long-term facility lease, selling various assets, and reducing its workforce. Additionally, in November 2019, the Company sold certain inventory and equipment and related proprietary information held by its wholly-owned subsidiary, Samsara Sciences, Inc. (“Samsara”), and as a result of such sale, Samsara ceased its operations. After conducting a diligent and extensive process of evaluating strategic alternatives and identifying and reviewing potential candidates for a strategic acquisition or other transaction, which included the receipt of more than 27 non-binding indications of interest from interested parties and careful evaluation and consideration of those proposals, and following extensive negotiation with Tarveda Therapeutics, Inc. (“Tarveda”), on December 13, 2019, the Company entered into a merger agreement with Tarveda (the “Merger Agreement”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, the Company’s wholly-owned merger subsidiary would merge with and into Tarveda (the “Merger”), with Tarveda becoming a wholly-owned subsidiary of Organovo and the surviving corporation of the Merger . The Merger Agreement included various conditions to the consummation of the Merger, including approval by the Company’s stockholders at a Special Meeting of Stockholders that was held on April 7, 2020 (the “Special Meeting”). At the Special Meeting, the Merger was not approved by the Company’s stockholders. As a result, the Company terminated the Merger Agreement with Tarveda. Pursuant to the terms of the Merger Agreement, the Company was obligated to reimburse certain of Tarveda’s merger-related expenses not to exceed $300,000, which was offset by Tarveda’s portion of shared expenses incurred by Organovo in fiscal 2020.
The Cooperation Agreement and Advisory Nominees Proposal	The Cooperation Agreement and Advisory Nominees Proposal Following the Special Meeting and the termination of the Merger Agreement, the Board continued to solicit stockholder feedback regarding the Company’s strategic alternatives and how to maximize stockholder value. In response to feedback from its largest stockholder regarding its desire for the Board to consider opportunities in the 3D bioprinting field and suggestion that the Board should speak with Keith Murphy, the Company’s founder, stockholder and former Chief Executive Officer and Chairman, for potential business ideas, the Board initiated discussions with Mr. Murphy. Based on these discussions, the Company entered into a Cooperation Agreement with Mr. Murphy on July 14, 2020 (the “Cooperation Agreement”). Under the terms of the Cooperation Agreement, the Board appointed Mr. Murphy and Adam K. Stern to the Board as Class III directors, and two of the Company’s existing directors, Richard Maroun and David Shapiro, resigned from the Board and all Board committees. The Board also agreed to nominate, recommend, support and solicit proxies for the re-election of Messrs. Murphy and Stern at the Company’s 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”). The Board also agreed to nominate, recommend, support and solicit proxies for an advisory stockholder vote (the “Advisory Nominees Proposal”) at the 2020 Annual Meeting to appoint three individuals, Douglas Jay Cohen, David Gobel and Alison Tjosvold Milhous (collectively, the “Advisory Nominees”), to the Board. Mr. Murphy identified each of the Advisory Nominees. The Board approved the appointment of the Advisory Nominees, to be automatically effective immediately following the final adjournment of the 2020 Annual Meeting if the final vote tabulation for the Advisory Nominees Proposal received more votes cast “FOR” than “AGAINST” its approval. In addition, each of the Company’s then-current directors (other than Messrs. Murphy and Stern) agreed to resign from the Board immediately following the appointment of the Advisory Nominees. At the 2020 Annual Meeting held on September 15, 2020, the Company’s stockholders approved the re-election of Messrs. Murphy and Stern to the Board as Class III directors to hold office until the 2023 Annual Meeting of Stockholders and the final vote tabulation for the Advisory Nominees Proposal received more votes cast “FOR” than “AGAINST” its approval and, accordingly, effective upon the final adjournment of the 2020 Annual Meeting, Ms. Milhous was appointed as a Class I director to hold office until the 2021 Annual Meeting of Stockholders and Messrs. Cohen and Gobel were appointed as Class II directors to hold office until the 2022 Annual Meeting (collectively, the “New Director Slate”) and Carolyn Beaver, Taylor Crouch, Mark Kessel and Kirk Malloy, Ph.D. each resigned as directors.
COVID-19	COVID-19 In December 2019, a respiratory illness caused by a novel strain of coronavirus, SARS-CoV-2, causing the Coronavirus Disease 2019, also known as COVID-19 emerged. While initially the outbreak was largely concentrated in China, it has since spread globally and has been declared a pandemic by the World Health Organization. Global health concerns relating to the COVID-19 pandemic have been weighing on the macroeconomic environment, and the pandemic has significantly increased economic volatility and uncertainty. The pandemic has resulted in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns. In 2020, the Company adapted quickly to COVID-19, instituting universal masking and distancing in the lab and in the offices. The Company encouraged and enabled remote work whenever possible. The Company instituted safety check software to monitor symptoms and successfully maintained a robust level of progress while ensuring the safety of its employees. As the viral load and variants allow, the Company intends to carefully return to more typical lab and office work flow. The extent to which the coronavirus impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the rise of vaccine-resistant variants, duration of the outbreak, travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns. In particular, the continued coronavirus pandemic could adversely impact various aspects of the Company’s operations, including among others, the ability to raise additional capital, the timing and ability to pursue the Company’s strategy, given the impact the pandemic may have on the manufacturing and supply chain, sales and marketing and clinical trial operations of potential strategic partners, and the ability to advance its research and development activities and pursue development of its pipeline products, each of which could have an adverse impact on the Company’s business and financial results.
Nasdaq Listing and Reverse Stock Split	Nasdaq Listing and Reverse Stock Split On June 25, 2019, the Company received a notice letter from the Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the closing bid price of its common stock for the last 30 consecutive business days, the Company no longer met the requirement to maintain a minimum closing bid price of $1 per share, as set forth in Nasdaq Listing Rule 5450(a)(1). On December 26, 2019, the Company obtained an additional compliance period of 180 calendar days by electing to transfer to The Nasdaq Capital Market to take advantage of the additional compliance period offered on that market. On March 26, 2020, the Company obtained shareholder approval to effect a reverse stock split in a range from 20:1 to 40:1. On August 18, 2020, the Company effected a 1-for-20 reverse stock split of its common stock (the “Reverse Stock Split”), and on September 2, 2020, the Company received notification from Nasdaq that the closing bid of its common stock had been at $1.00 per share or greater for ten consecutive business days. Unless otherwise indicated, all share amounts, per share data, share prices, exercise prices and conversion rates set forth in these notes and the accompanying consolidated financial statements have, where applicable, been adjusted retroactively to reflect the Reverse Stock Split.
Liquidity	Liquidity As of March 31, 2021, the Company had cash and cash equivalents of approximately $37.4 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $296.3 million. The restricted cash was pledged as collateral for a letter of credit that the Company is required to maintain as a security deposit under the terms of the lease agreements for its facilities.The Company also had negative cash flows from operations of approximately $13.3 million during the year ended March 31, 2021. Through March 31, 2021, the Company has financed its operations primarily through the sale of convertible notes, warrants, the private placement of equity securities, the sale of common stock through public and at-the-market (“ATM”) offerings, and through revenue derived from product and research service-based agreements, collaborative agreements, licenses, and grants. During the year ended March 31, 2021, the Company issued 1,932,972 shares of its common stock through its ATM facility and received net proceeds of approximately $23.8 million. The Company believes its cash and cash equivalents on hand will be sufficient to meet its financial obligations for at least the next 12 months of operations. The approval of the Advisory Nominees Proposal triggered a “Change of Control” under the Company’s severance plan, as well as its Directors and Officers (“D&O”) liability insurance policies, which required the following cash outlays: (i) approximately $2.8 million for severance obligations; (ii) approximately $2.0 million (or $1.7 million net of returned premium) for a six year D&O tail insurance policy; and (iii) a new D&O policy premium at approximately $0.8 million. The cash outlays for severance obligations and D&O tail insurance policies were one-time non-recurring expenses that occurred in September 2020 and therefore are reflected in the ending cash balance. In addition, as the Company recommences its operations and is focusing its efforts on drug discovery and development, the Company will need to raise additional capital to implement this new business plan. The Company cannot predict with certainty the exact amount or timing for any future capital raises. If required, the Company may seek to raise additional capital through debt or equity financings, or through some other financing arrangement. However, the Company cannot be sure that additional financing will be available if and when needed, or that, if available, it can obtain financing on terms favorable to its stockholders. Any failure to obtain financing when required will have a material adverse effect on the Company’s business, operating results, financial condition and ability to continue as a going concern.
Use of estimates	Use of estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates used in preparing the consolidated financial statements include those assumed in revenue recognition, the valuation of stock-based compensation expense, and the valuation allowance on deferred tax assets. On an ongoing basis, management reviews these estimates and assumptions. Though the impact of the COVID-19 pandemic to the Company’s business and operating results presents additional uncertainty, the Company continues to use the best information available to inform its significant accounting estimates.
Financial instruments	Financial instruments For certain of the Company’s financial instruments, including cash and cash equivalents, prepaid expenses and other assets, accounts payable, accrued expenses, the carrying amounts are generally considered to be representative of their respective fair values because of the short-term nature of those instruments.
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents.
Restricted cash	Restricted cash As of March 31, 2021 and 2020, the Company had approximately $0.1 million and $0 of restricted cash, respectively, deposited with a financial institution. The entire amount was held in certificates of deposit to support a letter of credit agreement related to the Company’s facility leases entered into in November 2020.
Fixed assets and depreciation	Fixed assets and depreciation Fixed assets are carried at cost. Expenditures that extend the life of the asset are capitalized and depreciated. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the related assets or, in the case of leasehold improvements, over the lesser of the useful life of the related asset or the remaining lease term. The estimated useful lives of the fixed assets range between one and seven years.
Impairment of long-lived assets	Impairment of long-lived assets In accordance with authoritative guidance, the Company reviews its long-lived assets, including fixed assets and other assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. To determine recoverability of its long-lived assets, the Company evaluates whether future undiscounted net cash flows will be less than the carrying amount of the assets and adjusts the carrying amount of its assets to fair value. Management has determined that no impairment of long-lived assets occurred as of March 31, 2021 and 2020.
Assets Held For Sale	Assets held for sale The Company classifies assets held for sale if all held for sale criteria is met pursuant to ASC 360-10. Assets classified as held for sale are not depreciated and are measured at the lower of their carrying amount or fair value less cost to sell. Further, assets held for sale are presented as current assets on the consolidated balance sheet.
Research and development	Research and development Research and development expenses, including direct and allocated expenses, consist of independent research and development costs, as well as costs associated with sponsored research and development. Research and development costs are expensed as incurred.
Income taxes	Income taxes Deferred income taxes are recognized for the tax consequences in future years for differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the combination of the tax payable for the year and the change during the year in deferred tax assets and liabilities. The Company’s policy regarding uncertainty in income taxes is pursuant to ASC 740-10. Interest and penalties that would be assessed in relation to the settlement value of unrecognized tax benefits is recognized as a component of income tax expense.
Revenue recognition	Revenue recognition The Company has generated revenues from payments received from research service agreements, product sales, collaborative agreements with partners including pharmaceutical and biotechnology companies and academic institutions, licenses, and grants from the National Institutes of Health (“NIH”) and private not-for-profit organizations. Billings to customers or payments received from customers are included in deferred revenue on the consolidated balance sheet until all revenue recognition criteria are met. As of March 31, 2021 and 2020, the Company had no deferred revenue related to its research service agreements, collaborative agreements, and licenses within the scope of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“Topic 606”). In the year ended March 31, 2020, the Company recognized revenue of approximately $525,000, of which $490,000 related to the expiration of an agreement with a non-refundable up-front fee, that had been recorded as deferred revenue at March 31, 2019. The Company did not generate any revenues for the year ended March 31, 2021. Service revenues The Company’s service-based business, Organovo, Inc., previously utilized its NovoGen® bioprinting platform to provide customers access to its highly specialized tissues that model human biology and disease, and to in vitro testing services based on that technology. These contracts with customers contained multiple performance obligations including: (i) bioprinting tissues for the customer, (ii) reporting the results of tests performed on the printed tissues pursuant to the agreed upon work plan through exposure of the tissue to various factors (including the customer’s proprietary compound), and (iii) delivering specific byproduct study materials, which were satisfied, respectively, at each of the following points in time: (i) upon completion of manufacturing of the bioprinted tissue for the customer, (ii) upon delivery of the report on tests performed on the tissue, and (iii) upon making certain study materials generated from the aforementioned testing process available to the customer. The customer did not have access or control of any performance obligation prior to the point in time of full completion of the corresponding performance satisfying event as defined above. Furthermore, although the service could be customized for each customer, it was not so highly customized as to not have an alternative use either to other customers or to the Company without significant economic consequences or rework. Accordingly, the Company’s service-based business utilized point-in-time recognition under Topic 606. For service contracts, the Company allocates the transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The transaction price for service business contracts is a fixed consideration. In connection with the Company’s decision to pursue its strategic alternatives, the Company halted commercial activities related to its liver tissues in the year ended March 31, 2020. Product sales, net The Company’s former product-based business, Samsara, produced high-quality cell-based products for use in Organovo’s 3D tissue manufacturing and for use by life science customers. The Company recognizes product revenue when the performance obligation is satisfied, which is at the point in time the customer obtains control of the Company’s product, typically upon delivery. Product revenues are recorded at the transaction price, net of any estimates for variable consideration under Topic 606. The Company’s process for estimating variable consideration does not differ materially from its historical practices. Variable consideration is estimated using the expected value method which considers the sum of probability-weighted amounts in a range of possible amounts under the contract. Product revenue reflects the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the individual contracts. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary materially from the Company’s estimates, the Company will adjust these estimates, which will affect revenue from product sales and earnings in the period such estimates are adjusted. The Company provides no right of return to its customers except in cases where a customer obtains authorization from the Company for the return. To date, there have been no product returns. On November 7, 2019, the Company entered into an agreement to sell substantially all of the Samsara inventory and associated assets for $1.5 million, which was recorded to other income. As a result, the Company had no further product sales of cells nor tissues beyond what it sold prior to the November2019 sale. In March 2020, the Company dissolved Samsara. Collaborative research, development, and licenses The Company has entered into collaborative agreements with partners that typically include one or more of the following: (i) non-exclusive license fees; (ii) non-refundable up-front fees; (iii) payments for reimbursement of research costs; (iv) payments associated with achieving specific development milestones; and (v) royalties based on specified percentages of net product sales, if any. At the initiation of an agreement, the Company has analyzed whether it results in a contract with a customer under Topic 606 or in an arrangement with a collaborator subject to guidance under ASC Topic 808, Collaborative Arrangements (“Topic 808”). The Company has considered a variety of factors in determining the appropriate estimates and assumptions under these arrangements, such as whether the elements are distinct performance obligations, whether there are determinable stand-alone prices, and whether any licenses are functional or symbolic. The Company has evaluated each performance obligation to determine if it can be satisfied and recognized as revenue at a point in time or over time. Typically, non-exclusive license fees, non-refundable upfront fees, and funding of research activities have been considered fixed, while milestone payments have been identified as variable consideration which must be evaluated to determine if it has been constrained and, therefore, excluded from the transaction price. The Company’s collaborative agreements that were not completed at the implementation of Topic 606 on April 1, 2018, consisted of research collaboration and limited technology access licenses. These agreements provide the licensee with a non-exclusive, non-transferable, limited, royalty-free technology license, including access to Organovo’s proprietary bioprinter platform, training, and continued support by means of consumables and consultation throughout the duration of the contract. The Company has determined that the intellectual property license is not distinct from the continued support promised under the agreement and is therefore a single combined performance obligation. The Company recognized revenue for these combined performance obligations over time for the duration of the license period, as the combined performance obligation would not be fully satisfied until the end of the contract. As of September 30, 2019, the Company completed its obligations under the existing agreements with respect to receipts of revenue and did not generate revenue for the year ended March 31, 2021. See “Note 4. Collaborative Research, Development, and License Agreements” for more information on the Company’s collaborative agreements. Grant revenue In July 2017, the NIH awarded the Company a “Research and Development” grant totaling approximately $1,657,000 of funding over three years. The Company has concluded this government grant is not within the scope of Topic 606, as government entities do not meet the definition of a “customer” as defined by Topic 606, as there is not considered to be a transfer of control of goods or services to the government entity funding the grant. Additionally, the Company has concluded this government grant does meet the definition of a contribution and is a non-reciprocal transaction, however, Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition does not apply, as the Company is a business entity and the grant is with a governmental agency. Revenues from this grant have been based upon internal costs incurred that are specifically covered by the grant, plus an additional rate that provides funding for overhead expenses. Revenue has been recognized as the Company incurs expenses that are related to the grant. The Company believes this policy is consistent with the overarching premise in Topic 606, to ensure that it recognizes revenues to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services, even though there is no “exchange” as defined in the Financial Accounting Standards Board’s Accounting Standards Codification (“ASC”). The Company believes the recognition of revenue as costs are incurred and amounts become earned/realizable is analogous to the concept of transfer of control of a service over time under Topic 606. Revenue recognized under this grant was approximately $0 and $52,000 during the years ended March 31, 2021 and 2020, respectively. In connection with the Company’s decision to pursue its strategic alternatives, specific to the NIH grant, all internal research activities have been halted and transferred to the University of California, San Diego, leaving a remaining available balance of approximately $0.5 million that will not be utilized by the Company.
Cost of revenues	Cost of revenue The Company reported $0 and $0.3 million in cost of revenue for the years ended March 31, 2021 and 2020, respectively. Cost of revenues consists of the Company’s costs related to manufacturing and delivering its product and service revenue.
Stock-based compensation	Stock-based compensation The Company accounts for stock-based compensation in accordance with the ASC Topic 718, Compensation — Stock Compensation, which establishes accounting for equity instruments exchanged for employee and non-employee services. Under such provisions, stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award (determined using either the Black-Scholes or Monte Carlo option-pricing models, depending on the complexity of the equity grant), and is recognized as an expense, under the straight-line method, over the employee’s requisite service period (generally the vesting period of the equity grant).
Comprehensive income (loss)	Comprehensive income (loss) Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company is required to record all components of comprehensive income (loss) in the financial statements in the period in which they are recognized. Net income (loss) and other comprehensive income (loss), including unrealized gains and losses on investments, are reported, net of their related tax effect, to arrive at comprehensive income (loss). For the years ended March 31, 2021 and 2020, the comprehensive loss was equal to the net loss.
Net loss per share	Net loss per share Basic and diluted net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares used to compute diluted loss per share excludes any assumed exercise of stock options and warrants, shares reserved for purchase under the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), the assumed release of restriction of restricted stock units (“RSUs”), and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the years ended March 31, 2021 and 2020 as the Company reported a net loss for each respective period and the effect would have been anti-dilutive. Common stock equivalents excluded from computing diluted net loss per share were approximately 1.0 million shares and 0.6 million shares for the years ended March 31, 2021 and 2020, respectively.

Recent Accounting Pronouncements (Policies)

12 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Adoption of New Accounting Pronouncements

Fixed Assets (Tables)

12 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets consisted of the following (in thousands):

	March 31, 2021			March 31, 2020
Laboratory equipment	$	978		$	—
Computer software and equipment		405			415
Fixed Assets, gross		1,383			415
Less accumulated depreciation		(1,002	)		(415	)
Fixed Assets, net	$	381		$	—

Summary of Assets Held for Sale

Assets held for sale consisted of the following (in thousands):

	March 31, 2021		March 31, 2020
Laboratory equipment	$	—	$	683
Vehicles		—		9
Assets held for sale, gross		—		692
Less accumulated depreciation		—		(659	)
Assets held for sale, net	$	—	$	33

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Accrued Expenses (Tables)

12 Months Ended

Mar. 31, 2021

Payables And Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	March 31, 2021		March 31, 2020
Accrued compensation	$	378	$	829
Accrued legal and professional fees		31		240
Other accrued expenses		31		21
	$	440	$	1,090

Collaborative Research, Development, and License Agreements (Tables)

12 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Capitalized License Fees

Capitalized license fees consisted of the following (in thousands):

	March 31, 2021			March 31, 2020
License fees	$	218		$	218
Less accumulated amortization		(109	)		(95	)
License fees, net	$	109		$	123

Stockholders' Equity (Tables)

12 Months Ended

Mar. 31, 2021

Class Of Stock [Line Items]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for all stock-based awards consists of the following (in thousands):

	Year Ended March 31, 2021		Year Ended March 31, 2020
Research and development	$	105	$	111
General and administrative	$	5,451	$	3,997
Total	$	5,556	$	4,108

Fair Value of Employee Stock Options

The fair value of stock options was estimated at the grant date using the following weighted average assumptions:

	Year Ended March 31, 2021			Year Ended March 31, 2020
Dividend yield		—			—
Volatility		107.88	%		84.36	%
Risk-free interest rate		0.61	%		1.53	%
Expected life of options	5.81 years			6.00 years
Weighted average grant date fair value	$	6.97		$	4.60

Fair Value of Employee Stock Purchase Plan

The fair value of ESPP shares was estimated at the purchase period commencement date using the following weighted average assumptions:

	Year Ended March 31, 2021*			Year Ended March 31, 2020
Dividend yield		—			—
Volatility		0.00	%		43.69	%
Risk-free interest rate		0.00	%		2.52	%
Expected term	6 months			6 months
Grant date fair value	$	—		$	5.80

*There were no participants in the ESPP for the purchase period September 1, 2020 – February 28, 2021 nor any participants in the ESPP for the current purchase period (beginning March 1, 2021).

Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended March 31, 2021:

	Options Outstanding			Weighted- Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2020		377,980		$	41.81	$	—
Options granted		751,875		$	8.48	$	—
Options canceled		(117,400	)	$	17.15	$	—
Options exercised		(7,800	)	$	5.32	$	—
Outstanding at March 31, 2021		1,004,655		$	20.03	$	856,400
Vested and Exercisable at March 31, 2021		363,700		$	40.11	$	58,340

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at March 31, 2021:

Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			900,245
Common stock reserved under the 2012 Plan			63,759
Common stock reserved under the ESPP			59,435
Common stock reserved under the 2021 Inducement Equity Plan			750,000
Common stock issuable pursuant to restricted stock units outstanding under the 2012 Plan			21,057
Common stock issuable pursuant to performance-based restricted stock units outstanding under the 2012 Plan			12,229
Common stock issuable pursuant to options outstanding and reserved under the Incentive Award Agreements			104,410
Total at March 31, 2021			1,911,135

Restricted stock units (RSUs) [Member]

Class Of Stock [Line Items]

Summary of Company's RSUs Activity and Performance Based Restricted Stock Unit Activity

The following table summarizes the Company’s RSUs (not including performance-based RSUs) activity for the year ended March 31, 2021:

	Number of Shares			Weighted Average Price
Unvested at March 31, 2020		24,031		$	38.93
Granted		20,000		$	10.27
Vested		(16,726	)	$	45.35
Cancelled / forfeited		(6,248	)	$	24.79
Unvested at March 31, 2021		21,057		$	10.79

Performance-Based Restricted Stock Units [Member]

Class Of Stock [Line Items]

Summary of Company's RSUs Activity and Performance Based Restricted Stock Unit Activity

The following table summarizes the Company’s performance-based restricted stock unit activity for the year ended March 31, 2021:

	Number of Shares			Weighted Average Price
Unvested at March 31, 2020		197,644		$	10.24
Granted		—		$	—
Vested		(185,415	)	$	10.27
Canceled / forfeited		—		$	—
Unvested at March 31, 2021		12,229		$	9.80

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Reconciliation of Statutory Federal Rate and Effective Rate for Operations

A reconciliation of the statutory federal rate and the effective rate, for operations, is as follows for the years ended March 31, 2021 and 2020 (in thousands, except percentages):

	March 31, 2021				March 31, 2020
Tax computed at federal statutory rate	$	(3,533	)	21%	$	(3,929	)	21%
State income tax, net of federal benefit		(823	)	4.9%		(714	)	3.8%
Executive compensation		509		-3.0%		—		0.0%
Stock-based compensation		2,662		-15.8%		893		-4.8%
Research credits		(35	)	0.1%		(421	)	2.2%
Change in tax rate		(282	)	1.7%		(193	)	1.0%
Removal of net operating losses and research development credits		3,269		-19.4%		5,091		-27.2%
Other		(215	)	1.4%		70		-0.3%
Valuation allowance		(1,552	)	9.1%		(797	)	4.2%
Provision (benefit) for income taxes	$	—		0.0%	$	—		0.0%

Summary of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets are as follows as of March 31, 2021 and 2020 (in thousands, except percentages):

	March 31, 2021			March 31, 2020
Deferred tax assets:
Net operating loss carry forwards	$	—		$	—
Research and development credits		9			—
Depreciation and amortization		(7	)		5
Accrued expenses and reserves		86			173
Stock compensation		2,433			3,899
Other, net		3			1
Total deferred tax assets		2,524			4,078
Valuation allowance		(2,524	)		(4,078	)
	$	—		$	—

Restructuring (Tables)

12 Months Ended

Mar. 31, 2021

Restructuring And Related Activities [Abstract]

Summary of Restructuring Charges Recorded in Selling, General and Administrative Expenses

Restructuring charges were recorded in selling, general and administrative expenses and were comprised of the following (in thousands):

	Year Ended		Year Ended
	March 31, 2021		March 31, 2020
Severance for Involuntary Employee Terminations	$	2,808	$	2,727
Total Restructuring Expense	$	2,808	$	2,727

Summary of Activity and Balances of Restructuring Reserve

The following table summarizes the activity and balances of the restructuring reserve (in thousands):

	Severance for Involuntary Employee Terminations
Balance at March 31, 2020	$	21
Increase to reserve	$	2,808
Utilization of reserve:
Payments	$	(2,694	)
Balance at March 31, 2021	$	135

Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail)					1 Months Ended	12 Months Ended
	Sep. 02, 2020 $ / shares	Aug. 18, 2020	Nov. 07, 2019 USD ($)	Jun. 25, 2019 $ / shares	Jul. 31, 2017 USD ($)	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($) shares
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Reverse stock split						20:1 to 40:1
Conversion ratio		20
Cash and cash equivalents						$ 37,364,000	$ 27,356,000
Restricted cash						111,000	0
Accumulated deficit						(296,291,000)	(279,465,000)
Cash flow from operations						$ 13,323,000	$ 14,882,000
Issuance of common stock \| shares						8,670,492	6,527,905
Proceeds from sale of common stock shares						$ 23,798,000	$ 4,996,000
Restricted cash						$ 100,000	0
Estimated useful life of the fixed assets						The estimated useful lives of the fixed assets range between one and seven years.
Impairment of long-lived assets						$ 0	0
Revenue recognized						0	525,000
Sale of inventory and associated assets						12,000	747,000
Revenue recognized under grants						0	2,196,000
Cost of revenue						0	300,000
Dilutive effect						$ 0	$ 0
Common stock equivalents excluded from computing diluted net loss per share \| shares						1,000,000	600,000
NIH Research Grants Two [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants					$ 1,657,000
Other Income [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Sale of inventory and associated assets			$ 1,500,000
Product [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Product return revenue						$ 0
Grants [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants						0	$ 52,000
Revenue unutilized remaining available balance						500,000
Grants [Member] \| NIH Research Grants Two [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants						0	52,000
Expiration Agreement [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue related to expiration of an agreement							490,000
Research and Development Services [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Deferred revenue						0	$ 0
Directors and Officers [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Severance Costs						2,800,000
New policy premium						$ 800,000
At-The-Market Facility [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock \| shares						1,932,972
Proceeds from sale of common stock shares						$ 23,800,000
Minimum [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Minimum closing bid price \| $ / shares	$ 1.00			$ 1
Conversion ratio						20
Useful life of fixed assets, range						1 year
Minimum [Member] \| Directors and Officers [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Net of returned insurance premium						$ 1,700,000
Maximum [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Reimbursement of merger-related expenses						$ 300,000
Conversion ratio						40
Maturity of highly liquid investment						90 days
Useful life of fixed assets, range						7 years
Maximum [Member] \| Directors and Officers [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Net of returned insurance premium						$ 2,000,000

Fixed Assets - Schedule of Fixed Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Laboratory equipment	$ 978	$ 0
Computer software and equipment	405	415
Fixed Assets, gross	1,383	415
Less accumulated depreciation	(1,002)	(415)
Fixed Assets, net	$ 381	$ 0

Fixed Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 27,000	$ 1,128,000

Fixed Assets - Summary of Assets Held for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Assets Held For Sale Not Part Of Disposal Group [Line Items]
Assets held for sale, gross	$ 0	$ 692
Less accumulated depreciation	0	(659)
Assets held for sale, net	0	33
Laboratory Equipment [Member]
Assets Held For Sale Not Part Of Disposal Group [Line Items]
Assets held for sale, gross	0	683
Vehicles [Member]
Assets Held For Sale Not Part Of Disposal Group [Line Items]
Assets held for sale, gross	$ 0	$ 9

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Payables And Accruals [Abstract]
Accrued compensation	$ 378	$ 829
Accrued legal and professional fees	31	240
Other accrued expenses	31	21
Accrued expenses	$ 440	$ 1,090

Collaborative Research, Development, and License Agreements - Additional Information (Detail)	1 Months Ended						12 Months Ended
	Jan. 03, 2020 USD ($)	Nov. 30, 2019 USD ($)	Jan. 31, 2019 USD ($)	May 31, 2011	Mar. 31, 2010	Mar. 31, 2009	Mar. 31, 2021 USD ($) Milestone	Mar. 31, 2020 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total Revenues							$ 0	$ 2,196,000
Licensing Agreements [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amortization expense of licenses							$ 14,000	14,000
Weighted average remaining amortization period for all licenses							9 years
Annual amortization expense of licenses year 1							$ 14,000
Annual amortization expense of licenses year 2							14,000
Annual amortization expense of licenses year 3							14,000
Annual amortization expense of licenses year 4							14,000
Annual amortization expense of licenses year 5							14,000
University of Missouri [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty fees percentage minimum					1.00%	1.00%
Royalty fees percentage maximum					3.00%	3.00%
Minimum annual royalty paid	$ 25,000		$ 25,000
Excess of minimum annual royalties payment							0	0
Expected expiration year of license agreement						2029
Upfront payment							$ 0	0
License agreement termination date							Feb. 18, 2021
Clemson University [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Minimum annual royalty paid							$ 40,000	40,000
Minimum annual royalty payment due									$ 40,000	$ 20,000	$ 20,000
Clemson University [Member] \| Licensing Agreements [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty fees percentage minimum				1.50%
Royalty fees percentage maximum				3.00%
Expected expiration year of license agreement				2024-05
UniQuest [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
License agreement termination date							Apr. 22, 2021
milestone payments							$ 20,000
Number of milestone payments \| Milestone							2
UniQuest [Member] \| Licensing Agreements [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
milestone payments							$ 0
Collaborations and Licenses [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total Revenues							0	89,000
Collaborations and Licenses [Member] \| December 2016 Non-exclusive Research Affiliation Collaborative [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total Revenues							$ 0	$ 19,000
Collaborations and Licenses [Member] \| November 2019 Agreement [Member] \| Viscient Biosciences [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total Revenues		$ 70,000

Collaborative Research, Development, and License Agreements - Schedule of Capitalized License Fees (Detail) - Licensing Agreements [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
License fees	$ 218	$ 218
Less accumulated amortization	(109)	(95)
License fees, net	$ 109	$ 123

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 5,556	$ 4,108
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	105	111
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 5,451	$ 3,997

Stockholders' Equity - Stock-based Compensation Expense and Valuation Information - Additional Information (Detail)	12 Months Ended
	Mar. 31, 2021 USD ($) Participant
Class Of Stock [Line Items]
Total unrecognized compensation cost related to unvested stock option grants	$ 4,300,000
Participants enrolled into the employee stock purchase plan \| Participant	0
Stock options [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	2 years 10 months 9 days
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	3 years 9 months
Unrecognized stock-based compensation expense	$ 222,000
Performance-Based Restricted Stock Units [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	3 months
Unrecognized stock-based compensation expense	$ 15,000

Stockholders' Equity - Fair Value of Employee Stock Options (Detail) - $ / shares	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Dividend yield	0.00%	0.00%
Volatility	107.88%	84.36%
Risk-free interest rate	0.61%	1.53%
Expected life of options	5 years 9 months 21 days	6 years
Weighted average grant date fair value	$ 6.97	$ 4.60

Stockholders' Equity - Fair Value of Employee Stock Purchase Plan (Detail) - $ / shares

12 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Dividend yield

0.00%

Volatility

107.88%

84.36%

Risk-free interest rate

0.61%

1.53%

Expected term

5 years 9 months 21 days

6 years

Grant date fair value

$ 6.97

$ 4.60

2016 Employee Stock Purchase Plan [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Dividend yield

0.00%

^[1]

0.00%

Volatility

0.00%

^[1]

43.69%

Risk-free interest rate

0.00%

^[1]

2.52%

Expected term

6 months

^[1]

6 months

Grant date fair value

$ 0

^[1]

$ 5.80

[1]	There were no participants in the ESPP for the purchase period September 1, 2020 – February 28, 2021 nor any participants in the ESPP for the current purchase period (beginning March 1, 2021).

Stockholders' Equity - Fair Value of Employee Stock Purchase Plan (Parenthetical) (Detail)	Mar. 31, 2021 Participant
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Participants enrolled into the employee stock purchase plan	0
2016 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Participants enrolled into the employee stock purchase plan	0

Stockholders' Equity - Preferred Stock - Additional Information (Detail)	Mar. 31, 2021 shares
Equity [Abstract]
Preferred stock, shares authorized	25,000,000
Preferred stock, shares outstanding	0

Stockholders' Equity - Common Stock - Additional Information (Detail)				12 Months Ended
	Sep. 02, 2020 $ / shares	Aug. 18, 2020	Jun. 25, 2019 $ / shares	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($) shares	Jan. 29, 2021 USD ($)	Jan. 19, 2021 USD ($)	Aug. 14, 2018 shares	Jul. 31, 2018 shares	Mar. 16, 2018 USD ($)	Apr. 24, 2017 shares	Aug. 31, 2015 shares	Aug. 31, 2013 shares	Jan. 31, 2012 shares	May 31, 2008 shares
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount \| $							$ 150,000,000
Issuance of common stock from stock options exercises, net, Shares				7,800	0
Issuance of common stock				8,670,492	6,527,905
Reverse stock split				20:1 to 40:1
Conversion ratio		20
Maximum [Member]
Class Of Stock [Line Items]
Conversion ratio				40
Minimum [Member]
Class Of Stock [Line Items]
Minimum closing bid price \| $ / shares	$ 1.00		$ 1
Conversion ratio				20
IPO [Member]
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount \| $				$ 100,000,000
At-The-Market Facility [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance \| $				$ 28,000,000
Issuance of common stock				1,932,972
2018 Sales Agreement [Member]
Class Of Stock [Line Items]
Equity sales agreement expiration date				Feb. 22, 2021
Value of shares sold under equity distribution agreement \| $				$ 22,000,000
Issuance of common stock				1,265,614
2018 Sales Agreement [Member] \| At-The-Market Facility [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares				379,655	304,369
Value of shares sold under equity distribution agreement \| $				$ 3,000,000	$ 5,000,000
2018 Sales Agreement [Member] \| At-The-Market Facility [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance \| $										$ 50,000,000
Prospectus to 2021 Shelf [Member] \| At-The-Market Facility [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance \| $						$ 50,000,000
2021 Shelf [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance \| $				$ 128,600,000
2018 Sales Agreement pursuant to 2021 Shelf [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares				1,553,317
Value of shares sold under equity distribution agreement \| $				$ 21,400,000
2018 Sales Agreement pursuant to 2021 Shelf [Member] \| At-The-Market Facility [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares				1,553,317
Value of shares sold under equity distribution agreement \| $				$ 20,800,000
Equity Incentive Plan 2008 [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued															76,079
Termination date of equity incentive plan				Jul. 01, 2018
Shares issued during the year				44,812
Equity Incentive Plan 2012 [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued									550,000			300,000	250,000	327,699
Shares available for issuance				63,759					1,427,699
Termination period of Equity Incentive Plan				10 years
2017 Inducement Award Agreements [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued											114,852
Inducement Award Agreements [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued								56,770
2021 Inducement Equity Plan [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued				750,000

Stockholders' Equity - Restricted Stock Units and Performance-Based Restricted Stock Units - Additional Information (Detail)	12 Months Ended
	Mar. 31, 2021 shares
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Restricted stock awards granted	20,000

Stockholders' Equity - Summary of Company's RSUs Activity and Performance Based Restricted Stock Unit Activity (Detail)	12 Months Ended
	Mar. 31, 2021 $ / shares shares
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	24,031
Granted, Number of Shares \| shares	20,000
Vested, Number of Shares \| shares	(16,726)
Cancelled / forfeited, Number of Shares \| shares	(6,248)
Ending balance, Unvested, Number of Shares \| shares	21,057
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 38.93
Granted, Weighted Average Price \| $ / shares	10.27
Vested, Weighted Average Price \| $ / shares	45.35
Cancelled / forfeited, Weighted Average Price \| $ / shares	24.79
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 10.79
Performance-Based Restricted Stock Units [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	197,644
Granted, Number of Shares \| shares	0
Vested, Number of Shares \| shares	(185,415)
Cancelled / forfeited, Number of Shares \| shares	0
Ending balance, Unvested, Number of Shares \| shares	12,229
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 10.24
Granted, Weighted Average Price \| $ / shares	0
Vested, Weighted Average Price \| $ / shares	10.27
Cancelled / forfeited, Weighted Average Price \| $ / shares	0
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 9.80

Stockholders' Equity - Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units - Additional Information (Detail)			12 Months Ended
	Jul. 02, 2019 shares	Aug. 23, 2017 USD ($) Tranche shares	Mar. 31, 2021 shares	Mar. 31, 2020 shares	Apr. 24, 2017 shares
Inducement Award Performance-Based Restricted Stock Unit [Member]
Class Of Stock [Line Items]
Number of tranches \| Tranche		5
Award vesting percentage				100.00%
Grant date fair values of tranches \| $		$ 165,000
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Number of shares allocated		10,441
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share-based Compensation Award, Tranche One [Member]
Class Of Stock [Line Items]
Award vesting percentage		20.00%
Stock units vesting year		2019
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share-based Compensation Award, Tranche One [Member] \| Minimum [Member]
Class Of Stock [Line Items]
Award vesting percentage		0.00%
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share-based Compensation Award, Tranche One [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Award vesting percentage		120.00%
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share-based Compensation Award, Tranche Two [Member]
Class Of Stock [Line Items]
Award vesting percentage		20.00%
Stock units vesting year		2020
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share-based Compensation Award, Tranche Two [Member] \| Minimum [Member]
Class Of Stock [Line Items]
Award vesting percentage		0.00%
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share-based Compensation Award, Tranche Two [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Award vesting percentage		120.00%
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share-based Compensation Award, Tranche Three [Member]
Class Of Stock [Line Items]
Award vesting percentage		20.00%
Stock units vesting year		2021
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share-based Compensation Award, Tranche Three [Member] \| Minimum [Member]
Class Of Stock [Line Items]
Award vesting percentage		0.00%
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share-based Compensation Award, Tranche Three [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Award vesting percentage		120.00%
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share Based Compensation Award Tranche Four [Member]
Class Of Stock [Line Items]
Award vesting percentage		20.00%
Stock units vesting year		2022
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share Based Compensation Award Tranche Four [Member] \| Minimum [Member]
Class Of Stock [Line Items]
Award vesting percentage		0.00%
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share Based Compensation Award Tranche Four [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Award vesting percentage		120.00%
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share Based Compensation Award Tranche Five [Member]
Class Of Stock [Line Items]
Award vesting percentage		20.00%
Stock units vesting year		2020
Share based compensation arrangement, number of shares vested				2,088
Share based compensation arrangement, number of shares forfeited				418
Share based compensation arrangement, number of shares eligible to vest upon future performance				7,935
Share based compensation arrangement amendment description and terms			Based on the amendment to the vesting criteria, the remaining 7,935 units eligible to vest upon future performance were divided into three separate but equal tranches with independent vesting criteria based on the achievement of certain regulatory milestones.
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share Based Compensation Award Tranche Five [Member] \| Minimum [Member]
Class Of Stock [Line Items]
Award vesting percentage		0.00%
Inducement Award Performance-Based Restricted Stock Unit [Member] \| Share Based Compensation Award Tranche Five [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Award vesting percentage		120.00%
Inducement Award Performance-Based Restricted Stock Unit [Member] \| CEO [Member]
Class Of Stock [Line Items]
Number of shares allocated					10,441
PBRSU Retention Awards [Member] \| Management Team [Member]
Class Of Stock [Line Items]
Number of shares allocated	301,391
Vesting period	24 months		24 months
Shares forfeited due to terminations			111,682
Shares accelerated vesting due to a change in control			177,480
Shares that are expected to vest			12,229

Stockholders' Equity - Stock Options and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)				12 Months Ended
	Mar. 08, 2021	Aug. 14, 2018	Apr. 24, 2017	Mar. 31, 2021	Mar. 31, 2020
Class Of Stock [Line Items]
Issuances of common stock from stock option exercises, Shares				7,800
Weighted-average remaining contractual term of stock options exercisable				1 year 2 months 4 days
Weighted-average remaining contractual term of stock options outstanding				1 year 2 months 4 days
Number of common stock shares approved under ESPP				1,911,135
Expected life of options				5 years 9 months 21 days	6 years
2012 Plan [Member]
Class Of Stock [Line Items]
Issuances of common stock from stock option exercises, Shares				751,875
2012 Plan [Member] \| Executive Chairman [Member]
Class Of Stock [Line Items]
Stock options granted	120,000
2012 Plan [Member] \| Chief Scientific Officer [Member]
Class Of Stock [Line Items]
Stock options granted	25,000
Inducement Award Agreement [Member]
Class Of Stock [Line Items]
Vesting period			4 years
Award vesting conditions				These stock options were to vest over a four-year period, with a quarter of the option shares vesting on the one-year anniversary of the vesting commencement date and the remaining options shares vesting in equal quarterly installments over the next 12 quarterly periods.
Award vesting percentage				25.00%
Inducement Award Agreement [Member] \| CEO [Member]
Class Of Stock [Line Items]
Stock options granted			104,410
Inducement Award Agreement [Member] \| CMO [Member]
Class Of Stock [Line Items]
Stock options granted		48,734
ESPP [Member]
Class Of Stock [Line Items]
Number of common stock shares approved under ESPP				75,000
Employee subscription rate				15.00%
Compensation amount per employee				$ 25,000
Number of shares per employee				500
Fair market value at discount				85.00%
Purchase period				6 months
Initial offering period				2016-09
Description of plan				Shares under the ESPP are purchased at 85 percent of the fair market value at the lower of (i) the closing price on the first trading day of the six-month purchase period or (ii) the closing price on the last trading day of the six-month purchase period.
Expected life of options				6 months
Shares issued under ESPP				0
Shares remaining available for purchase under ESPP				59,435

Stockholders' Equity - Summary of Stock Option Activity (Detail)	12 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning balance \| shares	377,980
Granted, Options Outstanding \| shares	751,875
Canceled, Options Outstanding \| shares	(117,400)
Exercised, Options Outstanding \| shares	(7,800)
Options Outstanding, Ending balance \| shares	1,004,655
Vested and Exercisable, Options Outstanding \| shares	363,700
Weighted-Average Exercise Price, Options Beginning balance \| $ / shares	$ 41.81
Options granted, Weighted-Average Exercise Price \| $ / shares	8.48
Options canceled, Weighted-Average Exercise Price \| $ / shares	17.15
Options exercised, Weighted-Average Exercise Price \| $ / shares	5.32
Weighted-Average Exercise Price, Options Ending balance \| $ / shares	20.03
Vested and Exercisable, Weighted-Average Exercise Price \| $ / shares	$ 40.11
Aggregate Intrinsic Value, Options Beginning balance \| $	$ 0
Options Exercised, Aggregate Intrinsic Value \| $	0
Aggregate Intrinsic Value, Options Ending balance \| $	856,400
Vested and Exercisable, Aggregate Intrinsic Value \| $	$ 58,340

Stockholders' Equity - Common Stock Reserved for Future Issuance (Detail)	Mar. 31, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,911,135
Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	63,759
ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	75,000
Stock options [Member] \| Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	900,245
Stock options [Member] \| ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	59,435
Stock options [Member] \| 2021 Inducement Equity Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	750,000
Stock options [Member] \| Incentive Award Agreements [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	104,410
Restricted stock units (RSUs) [Member] \| Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	21,057
Performance-Based Restricted Stock Units [Member] \| Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	12,229

Leases - Additional Information (Details)			12 Months Ended
Leases - Additional Information (Details)	Nov. 23, 2020 USD ($) ft² Agreement	Oct. 02, 2019 USD ($)	Mar. 31, 2021 USD ($) ft²	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 21, 2019
Operating Lease [Line Items]
Office space under lease agreement \| ft²			45,580
Monthly rental payments			$ 87,000
Base rent escalators			3.00%
Landlord tenant improvements funded amount			$ 500,000
Lease option termination description			option to terminate the lease on or after September 1, 2019 with 9 months prior written notice.
Right-of-use asset write-off					$ 26,000
Lease liabilities write-off					$ 26,000
Gain on lease termination			$ 0	$ 525,000
Lease term						36 months
Monthly rental payments		$ 4,000
Number of lease agreement \| Agreement	2
Operating lease expense			0	568,000
Rent expense			50,000	19,000
Variable lease expense			13,000	305,000
Short term lease cost			$ 54,000	$ 37,000
Main Facilities [Member]
Operating Lease [Line Items]
Lease expiration date			Nov. 15, 2019
Right-of-use asset write-off			$ 4,100,000
Lease liabilities write-off			4,600,000
Gain on lease termination			$ 500,000
San Diego Temporary Lease [Member]
Operating Lease [Line Items]
Office space under lease agreement \| ft²	3,212
Lease term	10 months
San Diego Permanent Lease [Member]
Operating Lease [Line Items]
Office space under lease agreement \| ft²	8,051
Monthly rental payments	$ 32,000
Base rent escalators	3.00%
Lease term	62 months
Lease Term For Remainder of Total Rentable Square Footage [Member]
Operating Lease [Line Items]
Lease expiration date			Aug. 31, 2024
Lease Term For 14,685 of Total Rentable Square Footage [Member]
Operating Lease [Line Items]
Office space under lease agreement \| ft²			14,685
Lease expiration date			Oct. 31, 2018

Income Taxes - Summary of Reconciliation of Statutory Federal Rate and Effective Rate for Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Tax computed at federal statutory rate	$ (3,533)	$ (3,929)
State income tax, net of federal benefit	(823)	(714)
Executive compensation	509	0
Stock-based compensation	2,662	893
Research credits	(35)	(421)
Change in tax rate	(282)	(193)
Removal of net operating losses and research development credits	3,269	5,091
Other	(215)	70
Valuation allowance	(1,552)	(797)
Provision (benefit) for income taxes	$ 0	$ 0
Tax computed at federal statutory rate	21.00%	21.00%
State income tax, net of federal benefit	4.90%	3.80%
Executive compensation	(3.00%)	0.00%
Stock-based compensation	(15.80%)	(4.80%)
Research credits	0.10%	2.20%
Change in tax rate	1.70%	1.00%
Removal of net operating losses and research development credits	(19.40%)	(27.20%)
Other	1.40%	(0.30%)
Valuation allowance	9.10%	4.20%
Provision (benefit) for income taxes	0.00%	0.00%

Income Taxes - Summary of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Deferred tax assets:
Net operating loss carry forwards	$ 0	$ 0
Research and development credits	9	0
Depreciation and amortization	(7)	5
Accrued expenses and reserves	86	173
Stock compensation	2,433	3,899
Other, net	3	1
Total deferred tax assets	2,524	4,078
Valuation allowance	(2,524)	(4,078)
Deferred tax assets net	$ 0	$ 0

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0
Increase (decrease) in valuation allowance	(1,552,000)	$ (797,000)
Federal net operating loss carryforwards	194,600,000
State net operating loss carryforwards	$ 40,400,000
Federal net operating loss carryforwards (“NOLs”) expiring year		2028
State net operating loss carryforwards (“NOLs”) expiring year		2028
Federal research tax credit carryforwards expiration period	2028
Accrued expense regarding interest or penalties	$ 0
Federal [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards	51,000,000
Research tax credit carryforwards	$ 4,200,000
Federal [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Percentage of future taxable income to be offset	80.00%
State [Member]
Operating Loss Carryforwards [Line Items]
Research tax credit carryforwards	$ 3,900,000

Related Parties - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Sale of productive assets		$ 12,000	$ 747,000
Accounts receivable		0	111,000
Purchase of lab equipment		405,000	0
Viscient
Related Party Transaction [Line Items]
Revenue recognized from related parties agreement			70,000
Sale of productive assets	$ 171,000
Other income	$ 101,000
Accounts receivable		0	111,000
Consulting expenses		38,000
Viscient \| Asset Purchase Agreement [Member]
Related Party Transaction [Line Items]
Purchase of lab equipment		$ 35,000
Viscient \| Research Services [Member]
Related Party Transaction [Line Items]
Revenue recognized from related parties agreement			107,000
Viscient \| Sales of Product [Member]
Related Party Transaction [Line Items]
Revenue recognized from related parties agreement			$ 128,000

Defined Contribution Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Percentage of employees contribution	6.00%
Administration expenses	$ 39,000	$ 152,000

Restructuring - Additional Information (Details)	3 Months Ended					12 Months Ended
Restructuring - Additional Information (Details)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($) Employee
Restructuring Cost And Reserve [Line Items]
Number of employees terminated \| Employee							52
Percentage of workforce terminated							90.00%
Employee Severance and Benefits Costs [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring charges						$ 2,800,000	$ 2,700,000
Payments for restructuring	$ 2,600,000		$ 100,000	$ 900,000	$ 1,700,000
Quarterly restructuring payment, description						The Company expects to pay approximately $30,000 each quarter through the end of fiscal 2022 as part of the severance and benefit obligations.
Expected quarterly restructuring payment						$ 30,000
Employee Severance and Benefits Costs [Member] \| Maximum [Member]
Restructuring Cost And Reserve [Line Items]
Payments for restructuring		$ 100,000

Restructuring - Summary of Restructuring Charges Recorded in Selling, General and Administrative Expenses (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost And Reserve [Line Items]
Severance for Involuntary Employee Terminations	$ 2,808	$ 2,727
Total Restructuring Expense	$ 2,808	$ 2,727

Restructuring - Summary of Activity and Balances of Restructuring Reserve (Details) - Severance for Involuntary Employee Terminations [Member] $ in Thousands	12 Months Ended
	Mar. 31, 2021 USD ($)
Restructuring Cost And Reserve [Line Items]
Balance at March 31, 2020	$ 21
Increase to reserve	2,808
Utilization of reserve:
Payments	(2,694)
Balance at March 31, 2021	$ 135

Subsequent Events - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 15, 2021	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Common stock, shares issued		8,670,492	6,527,905
Proceeds from issuance of common stock, net		$ 23,798,000	$ 4,996,000
At-The-Market Facility [Member]
Subsequent Event [Line Items]
Common stock, shares issued		1,932,972
Proceeds from issuance of common stock, net		$ 23,800,000
At-The-Market Facility [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares issued	27,545
Proceeds from issuance of common stock, net	$ 271,000