0001564590-22-004952 | 10-Q | XBRL Viewer

Print Document View Excel Document

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Dec. 31, 2021	Feb. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	ONVO
Entity Registrant Name	Organovo Holdings, Inc.
Entity Central Index Key	0001497253
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		8,705,551
Entity File Number	001-35996
Entity Current Reporting Status	Yes
Entity Tax Identification Number	27-1488943
Entity Address, Address Line One	11555 Sorrento Valley Rd
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	224-1000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Current Assets
Cash and cash equivalents	$ 30,269	$ 37,364
Prepaid expenses and other current assets	902	1,034
Total current assets	31,171	38,398
Fixed assets, net	652	381
Restricted cash	143	111
Operating lease right-of-use assets	2,269	0
Prepaid expenses and other assets, net	860	1,027
Total assets	35,095	39,917
Current Liabilities
Accounts payable	605	281
Accrued expenses	926	440
Operating lease liability, current portion	475	0
Total current liabilities	2,006	721
Operating lease liability, net of current portion	1,796	0
Total liabilities	3,802	721
Stockholders’ Equity
Common stock, $0.001 par value; 200,000,000 shares authorized, 8,705,551 and 8,670,492 shares issued and outstanding at December 31, 2021 and March 31, 2021, respectively	9	9
Additional paid-in capital	337,113	335,479
Accumulated deficit	(305,828)	(296,291)
Treasury stock, 46 shares at cost	(1)	(1)
Total stockholders’ equity	31,293	39,196
Total Liabilities and Stockholders’ Equity	$ 35,095	$ 39,917

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Mar. 31, 2021
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	8,705,551	8,670,492
Common stock, shares outstanding	8,705,551	8,670,492
Treasury stock, shares	46	46

Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Operating Expenses
Research and development expenses	$ 926	$ 402	$ 2,185	$ 430
Selling, general and administrative expenses	2,574	2,090	7,381	13,798
Total costs and expenses	3,500	2,492	9,566	14,228
Loss from Operations	(3,500)	(2,492)	(9,566)	(14,228)
Other Income (Expense)
Gain (loss) on fixed asset disposals	0	(20)	0	(19)
Interest income	2	1	6	13
Other income	0	0	25	6
Total Other Income (Expense)	2	(19)	31	0
Income Tax Expense	(2)	0	(2)	(2)
Net Loss	$ (3,500)	$ (2,511)	$ (9,537)	$ (14,230)
Net loss per common share—basic and diluted	$ (0.40)	$ (0.37)	$ (1.10)	$ (2.14)
Weighted average shares used in computing net loss per common share—basic and diluted	8,705,503	6,859,258	8,702,959	6,651,751
Comprehensive Loss:
Net loss	$ (3,500)	$ (2,511)	$ (9,537)	$ (14,230)
Comprehensive loss	$ (3,500)	$ (2,511)	$ (9,537)	$ (14,230)

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]
Beginning balance at Mar. 31, 2020	$ 26,631	$ 7	$ 306,089	$ 0	$ (279,465)
Beginning balance, Shares at Mar. 31, 2020		6,528		0
Issuance of common stock under employee and director stock option, RSU, and purchase plans	(1)	$ 0	(1)	$ 0	0
Issuance of common stock under employee and director stock option, restricted stock units, and purchase plans, Shares		3
Stock-based compensation expense	925	$ 0	925	0	0
Net loss	(2,769)	0	0	0	(2,769)
Ending balance at Jun. 30, 2020	24,786	$ 7	307,013	$ 0	(282,234)
Ending balance, Shares at Jun. 30, 2020		6,531		0
Beginning balance at Mar. 31, 2020	26,631	$ 7	306,089	$ 0	(279,465)
Beginning balance, Shares at Mar. 31, 2020		6,528		0
Net loss	(14,230)
Ending balance at Dec. 31, 2020	20,752	$ 7	314,441	$ (1)	(293,695)
Ending balance, Shares at Dec. 31, 2020		7,117		0
Beginning balance at Jun. 30, 2020	24,786	$ 7	307,013	$ 0	(282,234)
Beginning balance, Shares at Jun. 30, 2020		6,531		0
Issuance of common stock under employee and director stock option, RSU, and purchase plans	13	$ 0	13	$ 0	0
Issuance of common stock under employee and director stock option, restricted stock units, and purchase plans, Shares		201
Stock-based compensation expense	4,138	$ 0	4,138	0	0
Treasury stock	(1)	0	0	$ (1)	0
Treasury stock, shares				0
Net loss	(8,950)	0	0	$ 0	(8,950)
Ending balance at Sep. 30, 2020	19,986	$ 7	311,164	$ (1)	(291,184)
Ending balance, Shares at Sep. 30, 2020		6,732		0
Issuance of common stock under employee and director stock option, RSU, and purchase plans	27	$ 0	27	$ 0	0
Issuance of common stock under employee and director stock option, restricted stock units, and purchase plans, Shares		6
Issuance of common stock from public offering, net	3,044	$ 0	3,044	0	0
Issuance of common stock from public offering, Shares		379
Stock-based compensation expense	206	$ 0	206	0	0
Net loss	(2,511)	0	0	0	(2,511)
Ending balance at Dec. 31, 2020	20,752	$ 7	314,441	$ (1)	(293,695)
Ending balance, Shares at Dec. 31, 2020		7,117		0
Beginning balance at Mar. 31, 2021	39,196	$ 9	335,479	$ (1)	(296,291)
Beginning balance, Shares at Mar. 31, 2021		8,671		0
Issuance of common stock from public offering, net	251	$ 0	251	$ 0	0
Issuance of common stock from public offering, Shares		27
Stock-based compensation expense	415	$ 0	415	0	0
Net loss	(2,532)	0	0	0	(2,532)
Ending balance at Jun. 30, 2021	37,330	$ 9	336,145	$ (1)	(298,823)
Ending balance, Shares at Jun. 30, 2021		8,698		0
Beginning balance at Mar. 31, 2021	39,196	$ 9	335,479	$ (1)	(296,291)
Beginning balance, Shares at Mar. 31, 2021		8,671		0
Net loss	(9,537)
Ending balance at Dec. 31, 2021	31,293	$ 9	337,113	$ (1)	(305,828)
Ending balance, Shares at Dec. 31, 2021		8,705		0
Beginning balance at Jun. 30, 2021	37,330	$ 9	336,145	$ (1)	(298,823)
Beginning balance, Shares at Jun. 30, 2021		8,698		0
Issuance of common stock under employee and director stock option, RSU, and purchase plans	(45)	$ 0	(45)	$ 0	0
Issuance of common stock under employee and director stock option, restricted stock units, and purchase plans, Shares		7
Stock-based compensation expense	426	$ 0	426	0	0
Net loss	(3,505)	0	0	0	(3,505)
Ending balance at Sep. 30, 2021	34,206	$ 9	336,526	$ (1)	(302,328)
Ending balance, Shares at Sep. 30, 2021		8,705		0
Issuance of common stock under employee and director stock option, RSU, and purchase plans	(1)	$ 0	(1)	$ 0	0
Issuance of common stock under employee and director stock option, restricted stock units, and purchase plans, Shares		0
Stock-based compensation expense	588	$ 0	588	0	0
Net loss	(3,500)	0	0	0	(3,500)
Ending balance at Dec. 31, 2021	$ 31,293	$ 9	$ 337,113	$ (1)	$ (305,828)
Ending balance, Shares at Dec. 31, 2021		8,705		0

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities
Net loss	$ (3,500)	$ (2,511)	$ (9,537)	$ (14,230)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on disposal of fixed assets			0	19
Depreciation and amortization			96	18
Stock-based compensation	588	206	1,429	5,269
Increase (decrease) in cash resulting from changes in:
Accounts receivable			0	111
Prepaid expenses and other assets			288	(1,415)
Accounts payable			324	(309)
Accrued expenses			486	(672)
Operating lease right-of-use assets and liabilities, net			2	0
Net cash used in operating activities			(6,912)	(11,209)
Cash Flows From Investing Activities
Purchases of fixed assets			(356)	(294)
Proceeds from disposals of fixed assets			0	12
Net cash used in investing activities			(356)	(282)
Cash Flows From Financing Activities
Proceeds from issuance of common stock, net			251	3,044
Employee taxes paid related to net share settlement of equity awards			(46)	(3)
Proceeds from exercise of stock options			0	42
Purchase of treasury stock			0	(1)
Net cash provided by financing activities			205	3,082
Net decrease in cash, cash equivalents, and restricted cash			(7,063)	(8,409)
Cash, cash equivalents, and restricted cash at beginning of period			37,475	27,356
Cash, cash equivalents, and restricted cash at end of period	30,412	18,947	30,412	18,947
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	30,269	18,836	30,269	18,836
Restricted cash	143	111	143	111
Cash, cash equivalents, and restricted cash at end of period	$ 30,412	$ 18,947	30,412	18,947
Supplemental Disclosure of Cash Flow Information:
Fixed asset reclass			0	31
Income taxes paid			$ 2	$ 2

Description of Business

9 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business

Note 1. Description of Business

Nature of Operations

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 unaudited condensed consolidated financial statements refers to Organovo Holdings, Inc. and its wholly owned subsidiaries, Organovo, Inc. and Opal Merger Sub, Inc.

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 COVID-19 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 COVID-19

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.

Summary of Significant Accounting Policies

9 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not necessarily include all information and notes required by GAAP for complete financial statements. The condensed consolidated balance sheet at March 31, 2021 is derived from the Company’s audited consolidated balance sheet at that date.

The unaudited condensed consolidated financial statements include the accounts of Organovo and its wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, which are only normal and recurring, necessary for a fair statement of the Company’s financial position, results of operations, stockholders’ equity and cash flows. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021, as filed with the Securities and Exchange Commission (“SEC”). Operating results for any interim period are not necessarily indicative of the operating results for any other interim period or the Company’s full fiscal year ending March 31, 2022 (see “Note 1. Description of Business”).

Liquidity

As of December 31, 2021, the Company had cash and cash equivalents of approximately $30.3 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $305.8 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 agreement for its facilities. The Company also had negative cash flows from operations of approximately $6.9 million during the nine months ended December 31, 2021.

Through December 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 three and nine months ended December 31, 2021, the Company issued 0 and 27,545 shares of its common stock through its ATM facility and received net proceeds of approximately $0 and $0.3 million, respectively.

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. As the Company continues to recommence operations and focus its efforts on drug discovery and development, it 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 unaudited condensed consolidated financial statements include those assumed in the valuation of stock-based compensation expense and the measurement of operating lease right-of-use assets and lease liabilities. On an ongoing basis, management reviews these estimates and assumptions. Though the impact of the COVID-19 pandemic to its business and operating results presents additional uncertainty, the Company continues to use the best information available to inform its significant accounting estimates.

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, shares reserved for purchase under the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), the assumed vesting of restricted stock units (“RSUs”), and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the three and nine months ended December 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 due to their anti-dilutive effect were approximately 1.1 million at December 31, 2021 and 0.8 million at December 31, 2020.

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.

Stockholders' Equity

9 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

Note 3. Stockholders’ Equity

Stock-based Compensation Expense and Valuation Information

Stock-based awards include stock options and RSUs under the Company’s Amended and Restated 2012 Equity Incentive Plan (“2012 Plan”), inducement awards, performance-based RSUs under an Incentive Award Performance-Based Restricted Stock Unit Agreement, the Company’s 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):

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Research and development	$	111	$	45	$	267	$	51
General and administrative	$	477	$	161	$	1,162	$	5,218
Total	$	588	$	206	$	1,429	$	5,269

The total unrecognized compensation cost related to unvested stock option grants as of December 31, 2021 was approximately $4.7 million and the weighted average period over which these grants are expected to vest is 2.45 years.

The total unrecognized compensation cost related to unvested RSUs (not including performance-based RSUs) as of December 31, 2021 was approximately $0.2 million, which will be recognized over a weighted average period of 3.06 years.

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 assumed dividend yield is 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 is 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 measurement and classification of share-based payments to non-employees is consistent with the measurement and classification of share-based payments to employees. The fair value of stock options was estimated at the grant date using the following weighted average assumptions:

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Dividend yield		—			—			—			—
Volatility		95.42	%		108.74	%		95.96	%		108.41	%
Risk-free interest rate		1.20	%		0.33	%		1.19	%		0.27	%
Expected life of options	5.69 years			6.00 years			5.70 years			6.00 years
Weighted average grant date fair value	$	5.20		$	6.09		$	5.23		$	6.21

The fair value of each RSU and performance-based 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 ESPP. Stock-based compensation expense is recognized over the purchase period using the straight-line method. The assumed dividend yield is 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 is based on U.S. Treasury rates. The expected life is the 6-month purchase period. There were no participants in the ESPP for the current purchase period (beginning September 1, 2021), nor any participants in the ESPP for the comparative 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 current plans to issue shares of preferred stock.

Common Stock

The Company previously had an effective shelf registration statement on Form S-3 (File No. 333-222929) and the related prospectus 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) to register $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”) and a related prospectus. The 2021 Shelf was declared effective by the SEC on January 29, 2021 and replaced the 2018 Shelf at that time.

On January 29, 2021, the Company entered into a Sales Agreement (“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 2021 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. Any shares offered and sold will be issued pursuant to the 2021 Shelf. During the three and nine months ended December 31, 2021, the Company issued 0 and 27,545 shares of common stock for net proceeds of $0 and $0.3 million in at-the-market offerings under the Sales Agreement, respectively. As of December 31, 2021, the Company has sold an aggregate of 1,580,862 shares of common stock in at-the-market offerings under the Sales Agreement, with gross proceeds of approximately $21.7 million. As of December 31, 2021, there was approximately $128.3 million available for future offerings under the 2021 Shelf, and approximately $28.3 million available for future offerings through the Company’s ATM program under the Sales Ageement.

In March 2021, the Company’s Board of Directors (“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.

RSUs

The following table summarizes the Company’s RSUs (not including performance-based RSUs) activity from March 31, 2021 through December 31, 2021:

	Number of Shares			Weighted Average Price
Unvested at March 31, 2021		21,057		$	10.79
Granted		—		$	—
Vested		(436	)	$	21.73
Cancelled / forfeited		—		$	—
Unvested at December 31, 2021		20,621		$	10.56

Performance-based RSUs

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 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 December 31, 2021, 111,682 shares were forfeited due to terminations, vesting for 177,480 shares was accelerated due to a change in control that was triggered by changes to the Board in 2020, and the remaining 12,229 shares vested on July 1, 2021, twenty-four months from the grant date, as these particular shares required two of the conditions to be met in order to vest.

The following table summarizes the Company’s performance-based RSUs activity from March 31, 2021 through December 31, 2021:

	Number of Shares			Weighted Average Price
Unvested at March 31, 2021		12,229		$	9.80
Granted		—		$	—
Vested		(12,229	)	$	9.80
Cancelled / forfeited		—		$	—
Unvested at December 31, 2021		—		$	—

Stock Options

The following table summarizes the Company’s stock option activity from March 31, 2021 to December 31, 2021:

	Options Outstanding			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2021		1,004,655		$	20.03	$	856,400
Options granted		476,046		$	6.65	$	—
Options cancelled / forfeited		(374,530	)	$	39.31	$	—
Options exercised		—		$	—	$	—
Outstanding at December 31, 2021		1,106,171		$	7.75	$	—
Vested and Exercisable at December 31, 2021		151,741		$	7.78	$	—

The weighted average remaining contractual term of stock options exercisable and outstanding at December 31, 2021 was approximately 8.75 years.

Employee Stock Purchase Plan

In June 2016, the Board adopted, and in August 2016, the Company’s 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. At December 31, 2021, there were 59,435 shares available for purchase under the ESPP.

Common Stock Reserved for Future Issuance

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

Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			1,106,171
Common stock reserved under the 2012 Plan			757,833
Common stock reserved under the ESPP			59,435
Common stock reserved under the Inducement Plan			750,000
Common stock issuable pursuant to RSUs outstanding under the 2012 Plan			20,621
Total at December 31, 2021			2,694,060

Commitments and Contingencies

9 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 4. 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.

The Company previously disclosed the following actions (collectively, the “Actions”):

•

In June 2021, the Company’s U.S. Pat. Nos. 9,855,369 and 9,149,952, which relate to its bioprinter technology, became the subject of IPR proceedings filed by Cellink AB and its subsidiaries, MatTek Incorporated and Visikol, Inc. (collectively, “Cellink AB”). The Company filed a preliminary response to Cellink AB’s IPR petition in September 2021, and the Patent Trial and Appeal Board (“PTAB”) denied institution of the proceedings in December 2021.

•

Also in June 2021, 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) were 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 (the “Action”).

•

Further, on July 28, 2021, the Company filed a complaint for patent infringement against Cellink AB in the United States District Court for the Western District of Texas (the “Patent Complaint”). The Patent Complaint alleged that Cellink AB has infringed U.S. Patent Nos. 9,149,952, 9,855,369 and 9,315,043 (all assigned to Organovo, Inc.) and U.S. Patent No. 9,752,116 (licensed exclusively to Organovo). The Company sought an injunction against continuing infringement of the foregoing patents by Cellink AB and monetary damages. The Company later amended the complaint to add U.S. Patent No. 8,852,932. The case was transferred to the District of Delaware in December 2021 to be consolidated with Cellink’s declaratory judgment action.

•

In addition, in September 2021, Cellink AB filed two additional IPR proceedings against the Company’s U.S. Pat. Nos. 9,315,043 and 9,752,116 (exclusively licensed by the Company from the MUSC Foundation for Research and Development), which relate to its bioprinter technology. The Company filed preliminary responses to those proceedings in December 2021 and January 2022.

On January 24, 2022, the Company and BICO Group AB, the parent Company of Cellink AB (“BICO”), entered into a binding term sheet to settle the Actions. The binding term sheet contemplates the grant of an intellectual property license by the Company to BICO and certain payment obligations by BICO to the Company.

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. 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.

Leases

9 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Note 5. Leases

After the initial adoption of Accounting Standards Codification Topic 842 (“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 the 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 October 2019 to July 2021, the Company rented office space in Solana Beach, California. This agreement was a month-to-month contract and could be terminated at-will by either party at any time. As such, the Company concluded that this agreement did not contain a lease and was be expensed as incurred (referred to as “rent expense”). Monthly rental payments were approximately $4,000 per month.

On November 23, 2020, the Company entered into two lease agreements, pursuant to which the Company temporarily leased approximately 3,212 square feet of lab and office space (the “Temporary Lease”) in San Diego and permanently leased approximately 8,051 square feet of lab and office space (the “Permanent Lease”) in San Diego once certain tenant improvements for the Company’s permanent premises were completed by the landlord and the premises were ready for occupancy. Additionally, on November 17, 2021, the Permanent Lease was amended to add an additional 2,892 square feet of office space in the same building. The Temporary Lease commenced on November 27, 2020 and served as temporary premises until the Permanent Lease was ready for occupancy. The Permanent Lease commenced on December 17, 2021 and is intended to serve as the Company’s permanent premises for approximately sixty-two months. Monthly rental payments will be approximately $40,800 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, 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.

The Company determined that the Permanent Lease is considered an operating lease under ASC 842, and therefore upon the lease commencement date of December 17, 2021, recognized lease liabilities and corresponding right-of-use assets of $2.3 million. The Company records operating lease expense on a straight-line basis over the life of the lease (referred to as “operating lease expense”). Variable lease expenses 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.

The table below summarizes the Company’s lease liabilities and corresponding right-of-use assets as of December 31, 2021 (in thousands):

	December 31, 2021
ASSETS
Operating lease right-of-use assets	$	2,269
Total lease right-of-use assets	$	2,269

LIABILITIES
Current
Operating lease liability	$	475
Noncurrent
Operating lease liability, net of current portion	$	1,796
Total lease liabilities	$	2,271

Weighted average remaining lease term:	5.08 years
Weighted average discount rate:		6	%

The Company recorded rent expense of approximately $0 and $18,000 for the three and nine months ended December 31, 2021, respectively, and $13,000 and $25,000 for the three and nine months ended December 31, 2020, respectively. Variable lease expense was approximately $9,000 and $27,000 for the three and nine months ended December 31, 2021, respectively, and $0 for the three and nine months ended December 31, 2020. For the three and nine months ended December 31, 2021, short term lease expense was approximately $39,000 and $117,000, respectively, and $0 for the three and nine months ended December 31, 2020. Lastly, operating

lease expense was approximately $43,000 for the three and nine months ended December 31, 2021, and $0 for the three and nine months ended December 31, 2020.

Cash flows associated with the Company’s operating lease for the three months ended December 31, 2021 was zero.

Future lease payments relating to the Company’s operating lease liabilities as of December 31, 2021, are as follows (in thousands):

Fiscal year ending March 31, 2022	$	122
Fiscal year ending March 31, 2023		495
Fiscal year ending March 31, 2024		509
Fiscal year ending March 31, 2025		524
Fiscal year ending March 31, 2026		539
Thereafter		461
Total future lease payments		2,650
Less: Imputed interest		(379	)
Total lease obligations		2,271
Less: Current obligations		(475	)
Noncurrent lease obligations	$	1,796

Concentrations

9 Months Ended

Dec. 31, 2021

Risks And Uncertainties [Abstract]

Concentrations

Note 6. Concentrations

Credit Risk

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.

Related Parties

9 Months Ended

Dec. 31, 2021

Related Parties

Note 7. 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 Biosciences (“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.

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 three and nine months ended December 31, 2021, the Company incurred approximately $15,000 and $35,000 in consulting expenses from Viscient, respectively. Additionally, for the three and nine months ended December 31, 2021, the Company provided approximately $12,000 and $38,000 of histology services to Viscient, respectively.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not necessarily include all information and notes required by GAAP for complete financial statements. The condensed consolidated balance sheet at March 31, 2021 is derived from the Company’s audited consolidated balance sheet at that date. The unaudited condensed consolidated financial statements include the accounts of Organovo and its wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, which are only normal and recurring, necessary for a fair statement of the Company’s financial position, results of operations, stockholders’ equity and cash flows. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021, as filed with the Securities and Exchange Commission (“SEC”). Operating results for any interim period are not necessarily indicative of the operating results for any other interim period or the Company’s full fiscal year ending March 31, 2022 (see “Note 1. Description of Business”).
Liquidity	Liquidity As of December 31, 2021, the Company had cash and cash equivalents of approximately $30.3 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $305.8 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 agreement for its facilities. The Company also had negative cash flows from operations of approximately $6.9 million during the nine months ended December 31, 2021. Through December 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 three and nine months ended December 31, 2021, the Company issued 0 and 27,545 shares of its common stock through its ATM facility and received net proceeds of approximately $0 and $0.3 million, respectively. 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. As the Company continues to recommence operations and focus its efforts on drug discovery and development, it 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 unaudited condensed consolidated financial statements include those assumed in the valuation of stock-based compensation expense and the measurement of operating lease right-of-use assets and lease liabilities. On an ongoing basis, management reviews these estimates and assumptions. Though the impact of the COVID-19 pandemic to its business and operating results presents additional uncertainty, the Company continues to use the best information available to inform its significant accounting estimates.
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, shares reserved for purchase under the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), the assumed vesting of restricted stock units (“RSUs”), and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the three and nine months ended December 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 due to their anti-dilutive effect were approximately 1.1 million at December 31, 2021 and 0.8 million at December 31, 2020.
Recent Accounting Pronouncements	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.

Stockholders' Equity (Tables)

9 Months Ended

Dec. 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):

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Research and development	$	111	$	45	$	267	$	51
General and administrative	$	477	$	161	$	1,162	$	5,218
Total	$	588	$	206	$	1,429	$	5,269

Fair Value of Employee Stock Options

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Dividend yield		—			—			—			—
Volatility		95.42	%		108.74	%		95.96	%		108.41	%
Risk-free interest rate		1.20	%		0.33	%		1.19	%		0.27	%
Expected life of options	5.69 years			6.00 years			5.70 years			6.00 years
Weighted average grant date fair value	$	5.20		$	6.09		$	5.23		$	6.21

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity from March 31, 2021 to December 31, 2021:

	Options Outstanding			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2021		1,004,655		$	20.03	$	856,400
Options granted		476,046		$	6.65	$	—
Options cancelled / forfeited		(374,530	)	$	39.31	$	—
Options exercised		—		$	—	$	—
Outstanding at December 31, 2021		1,106,171		$	7.75	$	—
Vested and Exercisable at December 31, 2021		151,741		$	7.78	$	—

Common Stock Reserved for Future Issuance

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

Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			1,106,171
Common stock reserved under the 2012 Plan			757,833
Common stock reserved under the ESPP			59,435
Common stock reserved under the Inducement Plan			750,000
Common stock issuable pursuant to RSUs outstanding under the 2012 Plan			20,621
Total at December 31, 2021			2,694,060

RSUs [Member]

Class Of Stock [Line Items]

Summary of Company's RSUs Activity and Performance-Based RSUs Activity

The following table summarizes the Company’s RSUs (not including performance-based RSUs) activity from March 31, 2021 through December 31, 2021:

	Number of Shares			Weighted Average Price
Unvested at March 31, 2021		21,057		$	10.79
Granted		—		$	—
Vested		(436	)	$	21.73
Cancelled / forfeited		—		$	—
Unvested at December 31, 2021		20,621		$	10.56

Performance-Based RSUs [Member]

Class Of Stock [Line Items]

Summary of Company's RSUs Activity and Performance-Based RSUs Activity

The following table summarizes the Company’s performance-based RSUs activity from March 31, 2021 through December 31, 2021:

	Number of Shares			Weighted Average Price
Unvested at March 31, 2021		12,229		$	9.80
Granted		—		$	—
Vested		(12,229	)	$	9.80
Cancelled / forfeited		—		$	—
Unvested at December 31, 2021		—		$	—

Leases (Tables)

9 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Lease Liabilities and Corresponding Right-of-use Assets

The table below summarizes the Company’s lease liabilities and corresponding right-of-use assets as of December 31, 2021 (in thousands):

	December 31, 2021
ASSETS
Operating lease right-of-use assets	$	2,269
Total lease right-of-use assets	$	2,269

LIABILITIES
Current
Operating lease liability	$	475
Noncurrent
Operating lease liability, net of current portion	$	1,796
Total lease liabilities	$	2,271

Weighted average remaining lease term:	5.08 years
Weighted average discount rate:		6	%

Schedule of Future Lease Payments

Future lease payments relating to the Company’s operating lease liabilities as of December 31, 2021, are as follows (in thousands):

Fiscal year ending March 31, 2022	$	122
Fiscal year ending March 31, 2023		495
Fiscal year ending March 31, 2024		509
Fiscal year ending March 31, 2025		524
Fiscal year ending March 31, 2026		539
Thereafter		461
Total future lease payments		2,650
Less: Imputed interest		(379	)
Total lease obligations		2,271
Less: Current obligations		(475	)
Noncurrent lease obligations	$	1,796

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 30,269,000	$ 18,836,000	$ 30,269,000	$ 18,836,000	$ 37,364,000
Restricted cash	143,000	111,000	143,000	111,000	111,000
Accumulated deficit	(305,828,000)		(305,828,000)		$ (296,291,000)
Cash flow from operations			6,912,000	11,209,000
Proceeds from sale of common stock shares			251,000	3,044,000
Dilutive effect	$ 0	$ 0	$ 0	$ 0
Common stock equivalents excluded from computing diluted net loss per share			1,100,000	800,000
At-The-Market Facility [Member]
Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock	0		27,545
Proceeds from sale of common stock shares	$ 0		$ 300,000

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 588	$ 206	$ 1,429	$ 5,269
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	111	45	267	51
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 477	$ 161	$ 1,162	$ 5,218

Stockholders' Equity - Stock-based Compensation Expense and Valuation Information - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2021 USD ($) Participant	Dec. 31, 2020	Dec. 31, 2021 USD ($) Participant	Dec. 31, 2020
Class Of Stock [Line Items]
Total unrecognized compensation cost related to unvested stock option grants	$ 4.7		$ 4.7
Expected term	5 years 8 months 8 days	6 years	5 years 8 months 12 days	6 years
Participants enrolled in the ESPP \| Participant	0		0
ESPP [Member]
Class Of Stock [Line Items]
Expected term			6 months
Stock options [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period			2 years 5 months 12 days
RSUs [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period			3 years 21 days
Unrecognized stock-based compensation expense	$ 0.2		$ 0.2

Stockholders' Equity - Fair Value of Employee Stock Options (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Dividend yield	0.00%	0.00%	0.00%	0.00%
Volatility	95.42%	108.74%	95.96%	108.41%
Risk-free interest rate	1.20%	0.33%	1.19%	0.27%
Expected life of options	5 years 8 months 8 days	6 years	5 years 8 months 12 days	6 years
Weighted average grant date fair value	$ 5.20	$ 6.09	$ 5.23	$ 6.21

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

Stockholders' Equity - Common Stock - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Mar. 31, 2021	Jan. 29, 2021	Jan. 19, 2021
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount					$ 150,000,000.0
2021 Inducement Equity Plan [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued			750,000
2018 Sales Agreement [Member]
Class Of Stock [Line Items]
Equity sales agreement expiration date		Feb. 22, 2021
Sales Agreement pursuant to 2021 Shelf [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares		1,580,862
Value of shares sold under equity distribution agreement		$ 21,700,000
2021 Sales Agreement [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance	$ 128,300,000	128,300,000
IPO [Member]
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount	$ 100,000,000.0	$ 100,000,000.0
At-The-Market Facility [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares	0	27,545
At-The-Market Facility [Member] \| Sales Agreement [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance				$ 50,000,000.0
At-The-Market Facility [Member] \| Sales Agreement pursuant to 2021 Shelf [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares	0	27,545
Value of shares sold under equity distribution agreement	$ 0	$ 300,000
At-The-Market Facility [Member] \| 2021 Sales Agreement [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance	$ 28,300,000	$ 28,300,000

Stockholders' Equity - Summary of Company's RSUs Activity and Performance-Based RSUs Activity (Detail)	9 Months Ended
	Dec. 31, 2021 $ / shares shares
RSUs [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	21,057
Granted, Number of Shares \| shares	0
Vested, Number of Shares \| shares	(436)
Canceled / forfeited, Number of Shares \| shares	0
Ending balance, Unvested, Number of Shares \| shares	20,621
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 10.79
Granted, Weighted Average Price \| $ / shares	0
Vested, Weighted Average Price \| $ / shares	21.73
Canceled / forfeited, Weighted Average Price \| $ / shares	0
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 10.56
Performance-Based RSUs [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	12,229
Granted, Number of Shares \| shares	0
Vested, Number of Shares \| shares	(12,229)
Canceled / forfeited, Number of Shares \| shares	0
Ending balance, Unvested, Number of Shares \| shares	0
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 9.80
Granted, Weighted Average Price \| $ / shares	0
Vested, Weighted Average Price \| $ / shares	9.80
Canceled / forfeited, Weighted Average Price \| $ / shares	0
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 0

Stockholders' Equity - Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units - Additional Information (Detail) - PBRSU Retention Awards [Member] - Management Team [Member] - shares			9 Months Ended
	Jul. 01, 2021	Jul. 02, 2019	Dec. 31, 2021
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 vested	12,229

Stockholders' Equity - Summary of Stock Option Activity (Detail)	9 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning balance \| shares	1,004,655
Granted, Options Outstanding \| shares	476,046
Cancelled / forfeited, Options Outstanding \| shares	(374,530)
Exercised, Options Outstanding \| shares	0
Options Outstanding, Ending balance \| shares	1,106,171
Vested and Exercisable, Options Outstanding \| shares	151,741
Weighted-Average Exercise Price, Options Beginning balance \| $ / shares	$ 20.03
Options granted, Weighted-Average Exercise Price \| $ / shares	6.65
Options cancelled / forfeited, Weighted-Average Exercise Price \| $ / shares	39.31
Options exercised, Weighted-Average Exercise Price \| $ / shares	0
Weighted-Average Exercise Price, Options Ending balance \| $ / shares	7.75
Vested and Exercisable, Weighted-Average Exercise Price \| $ / shares	$ 7.78
Aggregate Intrinsic Value, Options Beginning balance \| $	$ 856,400
Options Exercised, Aggregate Intrinsic Value \| $	0
Aggregate Intrinsic Value, Options Ending balance \| $	0
Vested and Exercisable, Aggregate Intrinsic Value \| $	$ 0

Stockholders' Equity - Stock Options and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Weighted-average remaining contractual term of stock options exercisable			8 years 9 months
Weighted-average remaining contractual term of stock options outstanding			8 years 9 months
Number of common stock shares approved under ESPP	2,694,060		2,694,060
Expected term	5 years 8 months 8 days	6 years	5 years 8 months 12 days	6 years
ESPP [Member]
Class Of Stock [Line Items]
Number of common stock shares approved under ESPP	75,000		75,000
Employee subscription rate	15.00%		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 term			6 months
Shares available for purchase under ESPP	59,435		59,435

Stockholders' Equity - Common Stock Reserved for Future Issuance (Detail)	Dec. 31, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	2,694,060
Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	757,833
ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	75,000
Inducement Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	750,000
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	1,106,171
Stock options [Member] \| ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	59,435
RSUs [Member] \| Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	20,621

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended
	Sep. 30, 2021 Proceeding
Commitments And Contingencies Disclosure [Abstract]
Number of additional IPR proceedings filed	2

Leases - Additional Information (Details)			3 Months Ended		9 Months Ended		22 Months Ended
Leases - Additional Information (Details)	Nov. 17, 2021 ft²	Nov. 23, 2020 USD ($) ft² Agreement	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 31, 2021 USD ($)	Dec. 17, 2021 USD ($)
Operating Lease [Line Items]
Monthly rental payments							$ 4,000
Number of lease agreement \| Agreement		2
Operating lease, liability			$ 2,271,000		$ 2,271,000			$ 2,300,000
Rent expense			0	$ 13,000	18,000	$ 25,000
Variable lease expense			9,000	0	27,000	0
Short term lease cost			39,000	0	117,000	0
Operating Lease, Expense			$ 43,000,000	$ 0	43,000,000	$ 0
Operating cash flows from operating leases					$ 0
San Diego Temporary Lease [Member]
Operating Lease [Line Items]
Lab and Office space under lease agreement \| ft²		3,212
San Diego Permanent Lease [Member]
Operating Lease [Line Items]
Lab and Office space under lease agreement \| ft²	2,892	8,051
Lease term		62 months
Monthly rental payments		$ 40,800
Base rent escalators		3.00%

Leases - Schedule of Lease Liabilities and Corresponding Right-of-use Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 17, 2021	Mar. 31, 2021
Assets
Operating lease right-of-use assets	$ 2,269
Total lease right-of-use assets	2,269		$ 0
Current Liabilities
Operating lease liability, current portion	475		0
Noncurrent
Operating lease liability, net of current portion	1,796		$ 0
Total lease liabilities	$ 2,271	$ 2,300
Weighted average remaining lease term:	5 years 29 days
Weighted average discount rate:	6.00%

Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 17, 2021	Mar. 31, 2021
Leases [Abstract]
Fiscal year ending March 31, 2022	$ 122
Fiscal year ending March 31, 2023	495
Fiscal year ending March 31, 2024	509
Fiscal year ending March 31, 2025	524
Fiscal year ending March 31, 2026	539
Thereafter	461
Total future lease payments	2,650
Less: Imputed interest	(379)
Total lease liabilities	2,271	$ 2,300
Less: Current obligations	(475)		$ 0
Operating lease liability, net of current portion	$ 1,796		$ 0

Related Parties - Additional Information (Detail) - Viscient [Member] - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Consulting expenses	$ 15,000	$ 35,000
Histology services to related parties	$ 12,000	$ 38,000

Stockholders' Equity - Summary of Company's RSUs Activity and Performance-Based RSUs Activity (Detail)	9 Months Ended
	Dec. 31, 2021 $ / shares shares
RSUs [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	21,057
Granted, Number of Shares \| shares	0
Vested, Number of Shares \| shares	(436)
Canceled / forfeited, Number of Shares \| shares	0
Ending balance, Unvested, Number of Shares \| shares	20,621
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 10.79
Granted, Weighted Average Price \| $ / shares	0
Vested, Weighted Average Price \| $ / shares	21.73
Canceled / forfeited, Weighted Average Price \| $ / shares	0
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 10.56
Performance-Based RSUs [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	12,229
Granted, Number of Shares \| shares	0
Vested, Number of Shares \| shares	(12,229)
Canceled / forfeited, Number of Shares \| shares	0
Ending balance, Unvested, Number of Shares \| shares	0
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 9.80
Granted, Weighted Average Price \| $ / shares	0
Vested, Weighted Average Price \| $ / shares	9.80
Canceled / forfeited, Weighted Average Price \| $ / shares	0
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 0