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Investments and Fair Value Measurement - Summary of Investments in Debt Securities that are Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Investments in debt securities, Amortized costs basis	$ 997	$ 4,943
Investments in debt securities, Gross unrealized gains	1	2
Investments in debt securities, Gross unrealized losses	0	0
Investments in debt securities, Fair value	$ 998	$ 4,945

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,508	$ 2,377
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	138	473
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,370	$ 1,904

Accrued Expenses (Tables)

12 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31, 2024		March 31, 2023
Accrued compensation	$	536	$	609
Accrued legal and professional fees		93		193
Acquired in-process research and development		—		2,000
Other accrued expenses		98		46
	$	727	$	2,848

Stockholders' Equity - Summary of Stock Option Activity (Details)	12 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning balance \| shares	1,451,217
Granted, Options Outstanding \| shares	184,158
Canceled, Options Outstanding \| shares	(937,368)
Exercised, Options Outstanding \| shares	0
Options Outstanding, Ending balance \| shares	698,007
Vested and Exercisable, Options Outstanding \| shares	401,536
Weighted-Average Exercise Price, Options Beginning balance \| $ / shares	$ 6.49
Options granted, Weighted-Average Exercise Price \| $ / shares	1.67
Options canceled, Weighted-Average Exercise Price \| $ / shares	7.2
Options exercised, Weighted-Average Exercise Price \| $ / shares	0
Weighted-Average Exercise Price, Options Ending balance \| $ / shares	4.26
Vested and Exercisable, Weighted-Average Exercise Price \| $ / shares	$ 5.61
Aggregate Intrinsic Value, Options Beginning balance \| $	$ 38,327
Options Exercised, Aggregate Intrinsic Value \| $	0
Aggregate Intrinsic Value, Options Ending balance \| $	0
Vested and Exercisable, Aggregate Intrinsic Value \| $	$ 0

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Mar. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2024		March 31, 2023
Prepaid insurance	$	445	$	507
Prepaid expenses		256		313
Other current assets		4		69
	$	705	$	889

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 445	$ 507
Prepaid expenses	256	313
Other current assets	4	69
Prepaid expenses and other current assets	$ 705	$ 889

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2024

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 a clinical stage biotechnology company that is focused on developing FXR314 in inflammatory bowel disease (“IBD”), including ulcerative colitis (“UC”), based on demonstration of clinical promise in three-dimensional (“3D”) human tissues as well as strong preclinical data. FXR is a mediator of gastrointestinal and liver diseases. FXR agonism has been tested in a variety of preclinical models of IBD. FXR314 is the lead compound in the Company's established FXR program containing two clinically tested compounds (including FXR314) and over 2,000 discovery or preclinical compounds. FXR314 is a drug with safety and tolerability after daily oral dosing in Phase 1 and Phase 2 trials. Further, FXR314 has FDA clinical trial authorization for a Phase 2 trial in UC.

The Company's current clinical focus is in advancing FXR314 in IBD, including UC and Crohn’s disease (“CD”). The Company plans to start a Phase 2a clinical trial in UC in the calendar year 2024. The Company released Phase 2 data for FXR314 for the treatment of metabolic function-associated steatohepatitis (“MASH”) in April 2024 that is supportive of ongoing development, and the Company believes FXR314 has a commercial opportunity in MASH, most likely in combination therapy. The Company is exploring the potential for combination therapies using FXR314 and currently approved mechanisms in preclinical animal studies and the Company's IBD disease models.

The Company's second focus is building high fidelity, 3D tissues that recapitulate key aspects of human disease. 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. The Company believes these attributes can enable critical complex, multicellular disease models that can be used to develop clinically effective drugs across multiple therapeutic areas.

As with the clinical development program, the Company is initially focusing on the intestine and has ongoing 3D tissue development efforts in human tissue models of UC and CD. The Company uses these models to identify new molecular targets responsible for driving the disease and to explore the mechanism of action of known drugs including FXR314 and related molecules. The Company intends to initiate drug discovery programs around these new validated targets to identify drug candidates for partnering and/or internal clinical development.

The Company's current understanding of intestinal tissue models and IBD disease models leads the Company to believe that it can create models that provide greater insight into the biology of these diseases than are generally currently available. The Company is creating high fidelity 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 advances include cell type-specific compartments, prevalent intercellular tight junctions, and the formation of microvascular structures.

Using these disease models, the Company intends to identify and validate novel therapeutic targets. After finding therapeutic drug targets, the Company intends to focus on developing novel small molecule, antibody, or other therapeutic drug candidates to treat the disease, and advance these novel drug candidates towards an Investigational New Drug filing and potential future clinical trials.

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

In February 2024, the Company formed its Mosaic Cell Sciences division (“Mosaic”) to serve as a key source of certain primary human cells that the Company utilizes in its research and development efforts. The Company believes Mosaic can help optimize its supply chain, reduce operating expenses related to cell sourcing and procurement and ensure that the cellular raw materials the Company uses are of the highest quality and are derived from tissues that are ethically sourced in full compliance with state and federal guidelines. The Company intends for Mosaic to provide it with qualified human cells for use in its clinical research and development programs. In addition to supplying the Company with primary human cells, the Company intends for Mosaic to offer human cells for sale to life science customers, both directly and through distribution partners, which the Company expects to offset costs and over time become a profit center that offsets overall research and development ("R&D") spending by the Company.

Liquidity and Going Concern

The accompanying consolidated financial statements have been prepared on the basis that we are a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of March 31, 2024, the Company had cash and cash equivalents of approximately $2.9 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $339.7 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 $14.7 million during the year ended March 31, 2024.

Through March 31, 2024, the Company has financed its operations primarily through the sale of common stock through public and at-the-market (“ATM”) offerings, the private placement of equity securities, from revenue derived from the licensing of intellectual property, products and research-based services, grants, and collaborative research agreements, and from the sale of convertible notes. During the year ended March 31, 2024, the Company issued 1,172,342 shares of its common stock through its ATM facility.

Based on the Company's current operating plan and available cash resources, including the total net proceeds of $4.7 million from the best efforts public offering that closed in May 2024, the Company will need substantial additional funding to support future operating activities. The Company has concluded that the prevailing conditions and ongoing liquidity risks faced by the Company raise substantial doubt about its ability to continue as a going concern for at least one year following the date these consolidated financial statements are issued. The accompanying consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. As the Company continues its operations and is focusing its efforts on drug discovery and development, the Company will need to raise additional capital to implement this business plan. The Company cannot predict with certainty the exact amount or timing for any future capital raises. The Company will 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, and financial condition.

Use of estimates

The preparation of the consolidated 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. On an ongoing basis, management reviews these estimates and assumptions.

Investments

Investments consist of investments in debt securities and investments in equity securities.

Investments in debt securities consist of investments in U.S. Treasury bills. As of March 31, 2024 and 2023, all investments that have original maturities of three months or less are classified as cash equivalents on the Consolidated Balance Sheets. As of March 31, 2024, all investments are classified as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies. Available-for-sale debt securities are recorded at fair value. Any unrealized gains and losses are included in accumulated other comprehensive income as a component of stockholders' equity until realized. As U.S. Treasury bills are risk-free, any declines in fair value are considered temporary.

Investments in equity securities consist of investments in the common stock of entities traded in active markets. The Company does not have the ability to exercise significant influence over any entities. Therefore, initial investments are recorded at cost, and are remeasured at fair value as of the balance sheet date. Any gains or losses resulting from the change in fair value are recorded in net income. The investments in equity securities are classified as current assets.

Fair value measurement

Financial assets and liabilities are measured at fair value, which is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The following is a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

•

Level 1 — Quoted prices in active markets for identical assets or liabilities.

•

Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

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 three months or less to be cash equivalents.

Restricted cash

As of each of March 31, 2024 and 2023, the Company had approximately $0.1 million of restricted cash, 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 and amended in November 2021.

Inventory

Inventories are stated at the lower of cost or net realizable value. Inventory as of March 31, 2024 consisted of approximately $0.3 million in finished goods, which is related to the Mosaic Cell Sciences division. There were no finished goods inventory as of March 31, 2023. Please refer to "Note 16. Business Segment Information" for further information.

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, 2024 and 2023.

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.

Acquired in-process research and development

The Company has acquired drug candidates in development. The costs to acquire a drug candidate are immediately expensed as acquired in-process research and development, provided that the drug candidate has no alternative future use. Acquired in-process research and development expenses are included in total research and development expenses on the Consolidated Statements of Operations and Other Comprehensive Loss.

FXR Program

In March 2023, the Company acquired Metacrine's FXR program for $4.0 million. The FXR program was determined to have no alternative future use, and therefore was considered acquired in-process research and development and fully expensed. In the year

ended March 31, 2023, the Company paid a $2.0 million upfront payment, and the remaining $2.0 million was paid in the year ended March 31, 2024, upon the final transfer of the drug compounds, related data, and IP.

Segment Reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision making group, in deciding how to allocate resources to an individual segment and in assessing performance. As of March 31, 2024, the Company identified two operating segments. Please refer to "Note 16. Business Segment Information" for further information.

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 Accounting Standard Codification (“ASC”) Topic 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 licensing intellectual property.

The Company has entered into a license agreement with a company that includes the following: (i) non-refundable upfront fees and (ii) royalties based on specified percentages of net product sales, if any. At the initiation of the agreement, the Company has analyzed whether it results in a contract with a customer under Topic 606.

The Company has considered a variety of factors in determining the appropriate estimates and assumptions under these arrangements, such as whether the Company is a principal vs. agent, 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-refundable upfront fees have been considered fixed, while sales-based royalty 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. Please refer to “Note 6. Collaborative Research, Development, and License Agreements” for further information.

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 or non-employee's requisite service period (generally the vesting period of the equity grant). The assumed dividend yield is 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 is based on U.S. Treasury rates. The weighted average expected life of options is estimated using the average of the contractual term and the weighted average vesting term of the options. Option forfeitures are treated as a reduction of stock-based compensation expense and accounted for as they occur.

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 consolidated 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).

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 2023 Employee Stock Purchase Plan (“2023 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, 2024 and 2023 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 0.8 million shares and 1.6 million shares for the years ended March 31, 2024 and 2023, respectively.

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0
Uncertain tax position netted against deferred tax asset	1,700,000	$ 1,600,000
Increase (decrease) in valuation allowance	525,000	$ 1,875,000
Federal net operating loss carryforwards	219,400,000
State net operating loss carryforwards	$ 42,800,000
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	75,800,000
Research tax credit carryforwards	$ 5,000,000.0
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	$ 4,500,000

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2024
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 a clinical stage biotechnology company that is focused on developing FXR314 in inflammatory bowel disease (“IBD”), including ulcerative colitis (“UC”), based on demonstration of clinical promise in three-dimensional (“3D”) human tissues as well as strong preclinical data. FXR is a mediator of gastrointestinal and liver diseases. FXR agonism has been tested in a variety of preclinical models of IBD. FXR314 is the lead compound in the Company's established FXR program containing two clinically tested compounds (including FXR314) and over 2,000 discovery or preclinical compounds. FXR314 is a drug with safety and tolerability after daily oral dosing in Phase 1 and Phase 2 trials. Further, FXR314 has FDA clinical trial authorization for a Phase 2 trial in UC. The Company's current clinical focus is in advancing FXR314 in IBD, including UC and Crohn’s disease (“CD”). The Company plans to start a Phase 2a clinical trial in UC in the calendar year 2024. The Company released Phase 2 data for FXR314 for the treatment of metabolic function-associated steatohepatitis (“MASH”) in April 2024 that is supportive of ongoing development, and the Company believes FXR314 has a commercial opportunity in MASH, most likely in combination therapy. The Company is exploring the potential for combination therapies using FXR314 and currently approved mechanisms in preclinical animal studies and the Company's IBD disease models. The Company's second focus is building high fidelity, 3D tissues that recapitulate key aspects of human disease. 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. The Company believes these attributes can enable critical complex, multicellular disease models that can be used to develop clinically effective drugs across multiple therapeutic areas. As with the clinical development program, the Company is initially focusing on the intestine and has ongoing 3D tissue development efforts in human tissue models of UC and CD. The Company uses these models to identify new molecular targets responsible for driving the disease and to explore the mechanism of action of known drugs including FXR314 and related molecules. The Company intends to initiate drug discovery programs around these new validated targets to identify drug candidates for partnering and/or internal clinical development. The Company's current understanding of intestinal tissue models and IBD disease models leads the Company to believe that it can create models that provide greater insight into the biology of these diseases than are generally currently available. The Company is creating high fidelity 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 advances include cell type-specific compartments, prevalent intercellular tight junctions, and the formation of microvascular structures. Using these disease models, the Company intends to identify and validate novel therapeutic targets. After finding therapeutic drug targets, the Company intends to focus on developing novel small molecule, antibody, or other therapeutic drug candidates to treat the disease, and advance these novel drug candidates towards an Investigational New Drug filing and potential future clinical trials. The Company expects to broaden its work into additional therapeutic areas over time and is currently exploring specific tissues for development. In its work to identify the areas of interest, the Company evaluates areas that might be better served with 3D disease models than currently available models as well as the potential commercial opportunity. 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. In February 2024, the Company formed its Mosaic Cell Sciences division (“Mosaic”) to serve as a key source of certain primary human cells that the Company utilizes in its research and development efforts. The Company believes Mosaic can help optimize its supply chain, reduce operating expenses related to cell sourcing and procurement and ensure that the cellular raw materials the Company uses are of the highest quality and are derived from tissues that are ethically sourced in full compliance with state and federal guidelines. The Company intends for Mosaic to provide it with qualified human cells for use in its clinical research and development programs. In addition to supplying the Company with primary human cells, the Company intends for Mosaic to offer human cells for sale to life science customers, both directly and through distribution partners, which the Company expects to offset costs and over time become a profit center that offsets overall research and development ("R&D") spending by the Company.
Liquidity and Going Concern	Liquidity and Going Concern The accompanying consolidated financial statements have been prepared on the basis that we are a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of March 31, 2024, the Company had cash and cash equivalents of approximately $2.9 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $339.7 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 $14.7 million during the year ended March 31, 2024. Through March 31, 2024, the Company has financed its operations primarily through the sale of common stock through public and at-the-market (“ATM”) offerings, the private placement of equity securities, from revenue derived from the licensing of intellectual property, products and research-based services, grants, and collaborative research agreements, and from the sale of convertible notes. During the year ended March 31, 2024, the Company issued 1,172,342 shares of its common stock through its ATM facility. Based on the Company's current operating plan and available cash resources, including the total net proceeds of $4.7 million from the best efforts public offering that closed in May 2024, the Company will need substantial additional funding to support future operating activities. The Company has concluded that the prevailing conditions and ongoing liquidity risks faced by the Company raise substantial doubt about its ability to continue as a going concern for at least one year following the date these consolidated financial statements are issued. The accompanying consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. As the Company continues its operations and is focusing its efforts on drug discovery and development, the Company will need to raise additional capital to implement this business plan. The Company cannot predict with certainty the exact amount or timing for any future capital raises. The Company will 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, and financial condition.
Use of estimates	Use of estimates The preparation of the consolidated 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. On an ongoing basis, management reviews these estimates and assumptions.
Investments	Investments Investments consist of investments in debt securities and investments in equity securities. Investments in debt securities consist of investments in U.S. Treasury bills. As of March 31, 2024 and 2023, all investments that have original maturities of three months or less are classified as cash equivalents on the Consolidated Balance Sheets. As of March 31, 2024, all investments are classified as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies. Available-for-sale debt securities are recorded at fair value. Any unrealized gains and losses are included in accumulated other comprehensive income as a component of stockholders' equity until realized. As U.S. Treasury bills are risk-free, any declines in fair value are considered temporary. Investments in equity securities consist of investments in the common stock of entities traded in active markets. The Company does not have the ability to exercise significant influence over any entities. Therefore, initial investments are recorded at cost, and are remeasured at fair value as of the balance sheet date. Any gains or losses resulting from the change in fair value are recorded in net income. The investments in equity securities are classified as current assets.
Fair value measurement	Fair value measurement Financial assets and liabilities are measured at fair value, which is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The following is a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
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 three months or less to be cash equivalents.
Restricted cash	Restricted cash As of each of March 31, 2024 and 2023, the Company had approximately $0.1 million of restricted cash, 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 and amended in November 2021.
Inventory	Inventory Inventories are stated at the lower of cost or net realizable value. Inventory as of March 31, 2024 consisted of approximately $0.3 million in finished goods, which is related to the Mosaic Cell Sciences division. There were no finished goods inventory as of March 31, 2023. Please refer to "Note 16. Business Segment Information" for further information.
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, 2024 and 2023.
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.
Acquired in-process research and development	Acquired in-process research and development The Company has acquired drug candidates in development. The costs to acquire a drug candidate are immediately expensed as acquired in-process research and development, provided that the drug candidate has no alternative future use. Acquired in-process research and development expenses are included in total research and development expenses on the Consolidated Statements of Operations and Other Comprehensive Loss. FXR Program In March 2023, the Company acquired Metacrine's FXR program for $4.0 million. The FXR program was determined to have no alternative future use, and therefore was considered acquired in-process research and development and fully expensed. In the year ended March 31, 2023, the Company paid a $2.0 million upfront payment, and the remaining $2.0 million was paid in the year ended March 31, 2024, upon the final transfer of the drug compounds, related data, and IP.
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 Accounting Standard Codification (“ASC”) Topic 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 licensing intellectual property. The Company has entered into a license agreement with a company that includes the following: (i) non-refundable upfront fees and (ii) royalties based on specified percentages of net product sales, if any. At the initiation of the agreement, the Company has analyzed whether it results in a contract with a customer under Topic 606. The Company has considered a variety of factors in determining the appropriate estimates and assumptions under these arrangements, such as whether the Company is a principal vs. agent, 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-refundable upfront fees have been considered fixed, while sales-based royalty 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. Please refer to “Note 6. Collaborative Research, Development, and License Agreements” for further information.
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 or non-employee's requisite service period (generally the vesting period of the equity grant). The assumed dividend yield is 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 is based on U.S. Treasury rates. The weighted average expected life of options is estimated using the average of the contractual term and the weighted average vesting term of the options. Option forfeitures are treated as a reduction of stock-based compensation expense and accounted for as they occur.
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 consolidated 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).
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 2023 Employee Stock Purchase Plan (“2023 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, 2024 and 2023 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 0.8 million shares and 1.6 million shares for the years ended March 31, 2024 and 2023, respectively.

Stockholders' Equity - Stock Options and Employee Stock Purchase Plan - Additional Information (Details) - USD ($)		12 Months Ended
	Aug. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	Oct. 31, 2023
Class Of Stock [Line Items]
Stock-based compensation		$ 1,508,000	$ 2,377,000
Revenue recognized		$ 109,000	$ 370,000
Weighted-average remaining contractual term of stock options exercisable		7 years 4 months 17 days
Weighted-average remaining contractual term of stock options outstanding		7 years 4 months 17 days
Issuance of common stock from stock options exercises, net, Shares		0	0
Number of common stock shares approved under ESPP		2,507,899
Expected life of options		6 years	6 years
Executive Chairman [Member]
Class Of Stock [Line Items]
Voluntarily forfeited outstanding stock options	462,500
Unvested, cancelled shares	312,918
Expired, Options Outstanding	149,582
Executive Chairman [Member] \| Selling, General and Administrative Expenses [Member]
Class Of Stock [Line Items]
Stock-based compensation	$ 519,000
Equity Incentive Plan 2022 [Member]
Class Of Stock [Line Items]
Stock options granted		184,158
Number of common stock shares approved under ESPP		1,641,250
2016 Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Number of common stock shares approved under ESPP		75,000
2023 Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Number of common stock shares approved under ESPP				45,000
Employee subscription rate		15.00%
Compensation amount per employee		$ 25,000,000
Number of shares per employee		500
Fair market value at discount		85.00%
Purchase period		6 months
Initial offering period		2024-03
Description of plan		Shares under the 2023 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.

Stockholders' Equity - Summary of Company's RSUs Activity (Details) - Restricted stock units (RSUs) [Member]	12 Months Ended
	Mar. 31, 2024 $ / shares shares
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	127,717
Granted, Number of Shares \| shares	117,642
Vested, Number of Shares \| shares	(122,717)
Cancelled / forfeited, Number of Shares \| shares	0
Ending balance, Unvested, Number of Shares \| shares	122,642
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 2.22
Granted, Weighted Average Price \| $ / shares	1.39
Vested, Weighted Average Price \| $ / shares	1.9
Cancelled / forfeited, Weighted Average Price \| $ / shares	0
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 1.75

Defined Contribution Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Percentage of employees contribution	6.00%
Administration expenses	$ 61,000	$ 10,000

Business Segment Information - Summary of R&D Segment Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 109	$ 370
Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	109	370
Operating Segments [Member] \| R&D [Member] \| Royalty [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	109	370
Operating Segments [Member] \| Mosaic [Member] \| Product [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 0	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Accrued Expenses

12 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Note 5. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31, 2024		March 31, 2023
Accrued compensation	$	536	$	609
Accrued legal and professional fees		93		193
Acquired in-process research and development		—		2,000
Other accrued expenses		98		46
	$	727	$	2,848

Fixed Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.3	$ 0.2

Leases - Additional Information (Details)			12 Months Ended
Leases - Additional Information (Details)	Nov. 17, 2021 ft²	Nov. 23, 2020 USD ($) ft²	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 17, 2021 USD ($)
Operating Lease [Line Items]
Operating lease, liability			$ 1,394,000		$ 2,300,000
Operating lease right-of-use assets			1,299,000	$ 1,705,000	$ 2,300,000
Rent expense			503,000	499,000
Variable lease expense			153,000	146,000
Operating cash flows from operating leases			$ 509,000	$ 430,000
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%

Income Taxes - Summary of Reconciliation of Statutory Federal Rate and Effective Rate for Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Tax computed at federal statutory rate	$ (3,081)	$ (3,624)
State income tax, net of federal benefit	(110)	(44)
Stock-based compensation	721	167
Research credits	0	60
Change in tax rate	(62)	157
Removal of net operating losses and research development credits	1,910	1,410
Uncertain tax positions	111	0
Other	(16)	1
Valuation allowance	527	1,873
Provision (benefit) for income taxes	$ 0	$ 0
Tax computed at federal statutory rate	21.00%	21.00%
State income tax, net of federal benefit	0.70%	0.20%
Stock-based compensation	(4.90%)	(1.00%)
Research credits	0.00%	(0.40%)
Change in tax rate	0.40%	(0.90%)
Removal of net operating losses and research development credits	(13.00%)	(8.20%)
Uncertain tax positions	(0.80%)	0.00%
Other	0.20%	0.00%
Valuation allowance	(3.60%)	(10.70%)
Provision (benefit) for income taxes	0.00%	0.00%

Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 17, 2021
Leases [Abstract]
Fiscal year ending March 31, 2025	$ 523
Fiscal year ending March 31, 2026	538
Fiscal year ending March 31, 2027	460
Total future lease payments	1,521
Less: Imputed Interest	(127)
Total lease liabilities	1,394		$ 2,300
Less: Current obligations	(506)	$ (492)
Noncurrent lease obligations	$ 888	$ 1,313

Collaborative Research, Development, and License Agreements - Additional Information (Details) - USD ($)			1 Months Ended		12 Months Ended
	Dec. 05, 2022	Feb. 22, 2022	May 31, 2011	Mar. 31, 2009	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2016
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total Revenues					$ 109,000	$ 370,000
Licensing Agreements [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amortization expense of licenses					$ 5,000	82,000
Weighted average remaining amortization period for all licenses					3 years
Annual amortization expense of licenses year 1					$ 3,000
Annual amortization expense of licenses year 2					3,000
Annual amortization expense of licenses year 3					3,000
Annual amortization expense of licenses year 4					3,000
Annual amortization expense of licenses year 5					3,000
BICO Group AB [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Nonrefundable upfront fee paid		$ 1,500,000
Total Revenues		$ 1,500,000			109,000	370,000
University of Missouri [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty fees percentage minimum				1.00%
Royalty fees percentage maximum				3.00%
Upfront payment	$ 50,000,000
Clemson University [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Minimum annual royalty paid					40,000	$ 40,000
Upfront payment					$ 0
Minimum annual royalty payment due							$ 40,000
Clemson University [Member] \| Sublicense Agreements [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of royalty revenue from sublicensee					40.00%
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
Salk Institute for Biological Studies [Member] \| Licensing Agreements [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty fees percentage minimum					1.00%
Royalty fees percentage maximum					1.125%
Percentage of sublicensing revenue					3.50%
Salk Institute for Biological Studies [Member] \| Licensing Agreements [Member] \| 45 days of Dosing of First Patient in a Phase III Clinical Trial [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments					$ 500,000
Salk Institute for Biological Studies [Member] \| Licensing Agreements [Member] \| 45 days of FDA Approval of First Licensed Product [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments					1,000,000
Salk Institute for Biological Studies [Member] \| Licensing Agreements [Member] \| 45 Days of First Commercial Sale of Licensed Product in Territory [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments					$ 1,500,000

Collaborative Research, Development, and License Agreements (Tables)

12 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Capitalized License Fees

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


	March 31, 2024			March 31, 2023
License fees	$	109		$	114
Less accumulated amortization		(101	)		(101	)
License fees, net	$	8		$	13

Collaborative Research, Development, and License Agreements

12 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborative Research, Development, and License Agreements

Note 6. Collaborative Research, Development, and License Agreements

License Agreements

BICO Group AB

From June 2021 to February 2022, certain patents owned or sublicensed by the Company became the subject of IPR proceedings filed by Cellink AB and its subsidiaries (collectively, “BICO Group AB”). The Company and BICO Group AB were also engaged in litigation regarding patent infringement during the same time period. On February 22, 2022, the Company and BICO Group AB signed a settlement and patent license agreement (“License Agreement”) to close all matters noted above. In addition to closing all legal matters and patent disputes noted above, as part of the agreement, the Company agreed to grant a non-exclusive license to BICO

Group AB to use the Company’s aforementioned patents for its business operations of manufacturing and selling bioprinters as well as bioinks. The Company concluded that the nature of the license granted represents functional intellectual property.

As part of the License Agreement, BICO Group AB agreed to pay the Company a one time, nonrefundable upfront fee of $1,500,000. Based on ASC Topic 606, the Company concluded that the performance obligation related to this upfront fee consisted of the Company filing stipulations of dismissal of all legal matters noted above, as well as the Company granting the non-exclusive license of the aforementioned patents within five days of receiving the upfront payment. The conditions of the performance obligation were satisfied, and therefore the Company recognized revenue of $1,500,000 on February 22, 2022, the executed date of the License Agreement.

Additionally, as part of the License Agreement, BICO Group AB agreed to pay the Company ongoing sales-based royalties (based on percentages of BICO Group AB’s net sales) for the use of the granted license. The sales-based royalties became effective beginning on February 22, 2022, the effective date of the License Agreement, and continue until the expiration of the last surviving licensed patent. As the sales-based royalties are required to be paid 45 days after the end of every quarter, there is variable consideration that must be estimated to determine royalty revenue within a given reporting period. Once actual revenue earned is determined in the following fiscal quarter, an adjustment is made from the previously estimated amount. For the years ended March 31, 2024 and 2023, the Company recorded $109,000 and $370,000, respectively, of royalty revenue based on sales-based royalties from the License Agreement.

Also as part of the License Agreement, certain patents involved in the agreement are sublicensed by the Company from the University of Missouri and Clemson University. See below for further 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.

On December 5, 2022, the Company amended the license agreement with the University of Missouri, whereby the Company agreed to pay a single, upfront payment of $50,000 to the University of Missouri in exchange for the aforementioned licensed intellectual property to be fully paid up by the Company. As a result, the Company will continue to have rights to the licensed intellectual property until its expiration in June 2028, but will no longer owe minimum annual royalty payments, royalty payments based on net sales, or any other payments (other than patent annuities and any prosecution costs) in the future.

Clemson University

In May 2011, the Company entered into a license agreement with Clemson University Research Foundation ("CURF") 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 was 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 $40,000 per year were due beginning in calendar 2016. The royalty payments of $40,000 were made for the years ended March 31, 2024 and 2023. The annual minimum royalty is creditable against royalties owed during the same calendar year.

In addition to the annual royalties noted above, CURF is owed 40% of all payments including but not limited to, upfront payments, license fees, issue fees, maintenance fees, and milestone payments received from third parties, including sublicensees, in consideration for sublicensing rights to licensed products. However, per the agreement, in the event that the Company defends the technology by litigation, it can offset any royalties due by legal expenses incurred. As of March 31, 2024, the Company’s legal expenses exceeded royalties owed from the upfront payment and sales-based royalties related to the license agreement. Therefore, no royalty expense to CURF was recorded for the year ended March 31, 2024. No royalty expense related to sales-based royalties has been recorded to date

Capitalized License Fees

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


	March 31, 2024			March 31, 2023
License fees	$	109		$	114
Less accumulated amortization		(101	)		(101	)
License fees, net	$	8		$	13

The above license fees, net of accumulated amortization, are included in prepaid expenses and 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 $5,000 and $82,000 for the years ended March 31, 2024 and 2023, respectively. At March 31, 2024, the weighted average remaining amortization period for all licenses was approximately 3 years. The annual amortization expense of licenses for the next five years is estimated to be approximately $3,000 per year.

The Salk Institute for Biological Studies

In March 2023, the Company acquired the FXR Agonist program from Metacrine. All patent rights related to this program have been assigned to the Company in connection with the acquisition. In addition, the Company assumed and was assigned a license agreement with the Salk Institute for Biological Studies (hereafter “Salk”) that provides certain payments to Salk upon the successful development and commercialization of the lead compound, FXR314. The Company is required to pay Salk royalties ranging from 1% to 1.125% of net sales of therapeutics based on FXR314. In addition, the Company is required to make certain milestone payments based on the successful initiation and/or completion of certain development milestones, including $500,000 within 45 days of the dosing of the first patient in a phase III clinical trial, $1,000,000 within 45 days of FDA approval of the first Licensed Product and $1,500,000 within 45 days of the first commercial sale of a Licensed Product in the Territory. There are also reduced milestone payments application to a second or third licensed product, if any. Should the Company sublicense a licensed product to a third party, then it must pay a 3.5% of sublicensing revenue attributable to such a sublicense.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities
Net loss	$ (14,671)	$ (17,259)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on investment in equity securities	(12)	(29)
Loss on disposal of fixed assets	0	9
Accretion on investments	(142)	(105)
Depreciation and amortization	280	293
Stock-based compensation	1,508	2,377
Increase (decrease) in cash resulting from changes in:
Accounts receivable	119	(152)
Inventory	(297)	0
Prepaid expenses and other assets	392	177
Accounts payable	296	(148)
Accrued expenses	(2,121)	2,359
Operating right-of-use asset and lease liability, net	(5)	70
Net cash used in operating activities	(14,653)	(12,408)
Cash Flows From Investing Activities
Purchases of fixed assets	(42)	(396)
Purchases of investments	(10,860)	(9,893)
Maturities of investments	11,000	10,000
Purchases of equity securities	0	(1,061)
Proceeds from sales of equity securities	0	384
Liquidation of equity securities	718	0
Net cash provided by (used in) investing activities	816	(966)
Cash Flows From Financing Activities
Proceeds from issuance of common stock, net	1,437	0
Net cash provided by financing activities	1,437	0
Net Decrease in Cash, Cash Equivalents, and Restricted Cash	(12,400)	(13,374)
Cash, cash equivalents, and restricted cash at beginning of period	15,444	28,818
Cash, cash equivalents, and restricted cash at end of period	3,044	15,444
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	2,901	15,301
Restricted cash	143	143
Cash, cash equivalents, and restricted cash at end of period	3,044	15,444
Supplemental Disclosure of Cash Flow Information:
Income taxes paid	2	2
Purchases of fixed assets in accounts payable	$ 0	$ 64

Leases - Schedule of Lease Liabilities and Corresponding Right-of-use Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 17, 2021
Assets
Operating lease right-of-use assets	$ 1,299
Total lease right-of-use assets	1,299	$ 1,705	$ 2,300
Current Liabilities
Operating lease liability, current portion	506	492
Noncurrent
Operating lease liability, net of current portion	888	$ 1,313
Total lease liabilities	$ 1,394		$ 2,300
Weighted average remaining lease term:	2 years 9 months 29 days
Weighted average discount rate:	6.00%

Stockholders' Equity

12 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Note 7. Stockholders’ Equity

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 January 2012, the Company's Board of Directors ("Board") approved the 2012 Amended and Restated Equity Incentive Plan ("2012 Plan"). The 2012 Plan initially 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, and the number of shares issuable pursuant thereto was increased several times to an aggregate of 2,327,699 shares.

In March 2021, the Board approved the 2021 Inducement Equity Incentive Plan ("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. In February 2022, 50,000 incentive stock options were issued under the Inducement Plan.

On October 12, 2022, the Company's stockholders and the Board approved the 2022 Equity Incentive Plan ("2022 Plan"), and it became effective on that date. The 2022 Plan replaced the 2012 Plan on the effective date. Upon the effective date, the Company ceased granting awards under the 2012 Plan and any shares remaining available for future issuance under the 2012 Plan were cancelled and are no longer available for future issuance. The 2012 Plan continues to govern awards previously granted under it. At the time the Board approved the 2022 Plan, an aggregate of 1,363,000 shares of the Company’s common stock was initially reserved for issuance under the 2022 Plan. The Company committed to reducing the new 2022 Plan share reserve by the number of shares that were granted under the 2012 Plan and the Inducement Plan between July 25, 2022 and October 12, 2022. From July 25, 2022 to October 12, 2022, the Company issued 126,262 shares of its common stock under the 2012 Plan. As a result, the number of shares reserved for future issuance under the 2022 Plan is 1,236,738 shares of common stock. The Company also committed to reducing the

aggregate number of shares of its common stock issuable pursuant to the Inducement Plan from 750,000 shares to 51,000 shares (which includes 50,000 shares of its common stock issuable pursuant to an outstanding option to purchase common stock with an exercise price of $2.75 per share, leaving only 1,000 shares available for future issuance under the Inducement Plan) and the share reserve was reduced effective October 12, 2022.

The Company previously had an effective shelf registration statement on Form S-3 (File No. 333-252224), declared effective by the SEC on January 29, 2021 (the “2021 Shelf”), which registered $150.0 million of common stock, preferred stock, warrants and units, or any combination of the foregoing, that expired on January 29, 2024. On January 26, 2024, the Company filed a new shelf registration statement on Form S-3 (File No. 333-276722) 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 "2024 Shelf"). The 2024 Shelf was declared effective by the SEC on February 8, 2024 and replaced the 2021 Shelf at that time.

On March 16, 2018, 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”). On January 29, 2021, the Company filed a prospectus supplement to the 2021 Shelf (the “2021 ATM Prospectus Supplement”), pursuant to which the Company may offer and sell, from time to time through the Agents, shares of its common stock in ATM sales transactions having an aggregate offering price of up to $50.0 million. Any shares offered and sold were issued pursuant to the 2021 Shelf until it was replaced by the 2024 Shelf.

On January 26, 2024, the Company filed a prospectus to the 2024 Shelf (the "2024 ATM Prospectus"), pursuant to which the Company may offer and sell, from time to time through the Agents, shares of its common stock in ATM sales transactions having an aggregate offering price of up to $2,605,728. Any shares offered and sold in these ATM transactions will be issued pursuant to the 2024 Shelf.

During the year ended March 31, 2024, the Company issued 1,172,342 shares of common stock in ATM offerings, of which 1,135,940 shares were sold pursuant to the 2021 Shelf, and 36,402 shares were sold pursuant to the 2024 Shelf. As of March 31, 2024, the Company has sold an aggregate of 2,753,204 shares of common stock in ATM offerings under the 2021 ATM Prospectus Supplement and 2024 ATM Prospectus, with gross proceeds of approximately $23.2 million. As of March 31, 2024, there was approximately $100.0 million available for future offerings under the 2024 Shelf, and approximately $2.6 million available for future offerings through the Company’s ATM program under the 2024 ATM Prospectus.

Restricted stock units

The following table summarizes the Company’s RSUs activity for the year ended March 31, 2024:


	Number of Shares			Weighted Average Price
Unvested at March 31, 2023		127,717		$	2.22
Granted		117,642		$	1.39
Vested		(122,717	)	$	1.90
Cancelled / forfeited		—		$	—
Unvested at March 31, 2024		122,642		$	1.75

Stock options

During the year ended March 31, 2024, under the 2022 Plan, 184,158 stock options were granted at various exercise prices.

On August 28, 2023, the Company's Executive Chairman voluntarily forfeited 462,500 outstanding stock options, of which 312,918 were unvested and therefore cancelled, and 149,582 were vested and therefore treated as expired. The forfeited stock option awards were not replaced by other awards or other compensation and there is no plan to replace the forfeited awards. Therefore, all previous unrecognized compensation expense associated with the forfeited awards, approximately $519,000, was recognized as a selling, general, and administrative expense on the date of forfeiture.

The following table summarizes stock option activity for the year ended March 31, 2024:


	Options Outstanding			Weighted- Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2023		1,451,217		$	6.49	$	38,327
Options granted		184,158		$	1.67	$	—
Options canceled		(937,368	)	$	7.20	$	—
Options exercised		—		$	—	$	—
Outstanding at March 31, 2024		698,007		$	4.26	$	—
Vested and Exercisable at March 31, 2024		401,536		$	5.61	$	—

The weighted-average remaining contractual term of stock options exercisable and outstanding at March 31, 2024 was approximately 7.38 years.

During the years ended March 31, 2024 and 2023, the Company issued zero shares of common stock upon exercise of stock options.

Employee Stock Purchase Plan

In June 2016, the Board, and subsequently in August 2016, the Company's stockholders approved, the 2016 ESPP. The Company reserved 75,000 shares of common stock for issuance thereunder. As of October 31, 2023, the 2016 ESPP was replaced by the 2023 ESPP (as defined below).

In July 2023, the Board adopted, and subsequently on October 31, 2023, the Company's stockholders approved, the 2023 Employee Stock Purchase Plan (the “2023 ESPP”). The 2023 ESPP became effective on October 31, 2023 and replaced the 2016 ESPP on that date. The Company reserved 45,000 shares of common stock for issuance thereunder. The 2023 ESPP permits employees 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 2023 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 under the 2023 ESPP commenced on March 1, 2024.

Common stock reserved for future issuance

Common stock reserved for future issuance consisted of the following at March 31, 2024:


Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			431,416
Common stock reserved under the 2012 Plan			—
Common stock issuable pursuant to options outstanding and reserved under the 2022 Plan			216,591
Common stock reserved under the 2022 Plan			1,641,250
Common stock reserved under the ESPP			45,000
Common stock reserved under the 2021 Inducement Equity Plan			1,000
Common stock issuable pursuant to restricted stock units outstanding under the 2012 Plan			5,000
Common stock issuable pursuant to restricted stock units outstanding under the 2022 Plan			117,642
Common stock issuable pursuant to options outstanding and reserved under the Inducement Plan			50,000
Total at March 31, 2024			2,507,899

Stock-based compensation expense and valuation information

Stock-based awards include stock options and RSUs under the Company's 2022 Plan, 2012 Plan, inducement awards, performance-based RSUs under an Incentive Award Performance-Based Restricted Stock Unit Agreement, the Inducement Plan, and rights to purchase stock under the 2023 ESPP.

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


	Year Ended March 31, 2024		Year Ended March 31, 2023
Research and development	$	138	$	473
General and administrative		1,370		1,904
Total	$	1,508	$	2,377

The total unrecognized compensation cost related to unvested stock option grants as of March 31, 2024 was approximately $485,000 and the weighted average period over which these grants are expected to vest is 2.17 years.

The total unrecognized stock-based compensation cost related to unvested RSUs as of March 31, 2024 was approximately $151,000 which will be recognized over a weighted average period of 0.73 years.

As of March 31, 2024, there was one participant enrolled into the 2023 ESPP for the current purchase period, beginning March 1, 2024.

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


	Year Ended March 31, 2024			Year Ended March 31, 2023
Dividend yield		—			—
Volatility		99.04	%		95.53	%
Risk-free interest rate		4.11	%		3.32	%
Expected life of options	6 years			6 years
Weighted average grant date fair value	$	1.34		$	1.83

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 2016 ESPP and the 2023 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 assumptions:


	Year Ended March 31, 2024			Year Ended March 31, 2023
Dividend yield		—			—
Volatility		95.20	%		86.58	%
Risk-free interest rate		5.27	%		3.34	%
Expected term	6 months			6 months
Grant date fair value	$	0.39		$	0.82

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.

Related Parties - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Viscient [Member]
Related Party Transaction [Line Items]
Histology services to related parties	$ 14,000	$ 59,000

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

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, 2024 and 2023 (in thousands, except percentages):


	March 31, 2024						March 31, 2023
Tax computed at federal statutory rate	$	(3,081	)		21	%	$	(3,624	)	21%
State income tax, net of federal benefit		(110	)		0.7	%		(44	)	0.2%
Stock-based compensation		721			-4.9	%		167		-1%
Research credits		—			0	%		60		-0.4%
Change in tax rate		(62	)		0.4	%		157		-0.9%
Removal of net operating losses and research development credits		1,910			-13	%		1,410		-8.2%
Uncertain tax positions		111			-0.8	%		—			0	%
Other		(16	)		0.2	%		1		0%
Valuation allowance		527			-3.6	%		1,873		-10.7%
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, 2024 and 2023 (in thousands, except percentages):


	March 31, 2024			March 31, 2023
Deferred tax assets:
Amortization	$	593		$	598
Section 174 R&D capitalization		1,793			855
Accrued expenses and reserves		105			116
Operating lease liability		307			384
Stock-based compensation		315			755
Inventory		259			251
Other, net		4			3
Total deferred tax assets		3,376			2,962
Valuation allowance		(2,983	)		(2,458	)
Net deferred tax assets	$	393		$	504
Deferred tax liabilities:
Operating lease right-of-use assets		(286	)		(363	)
Depreciation		(107	)		(135	)
Investment in equity securities		—			(6	)
Total deferred tax liabilities	$	(393	)	$	(504	)
	$	—		$	—

Investments and Fair Value Measurement

12 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Investments and Fair Value Measurement

Note 2. Investments and fair value measurement

Investments in debt securities

As of March 31, 2024, the Company held $1.0 million of investments in debt securities (which are included in the $2.9 million of cash and cash equivalents). For the year ended March 31, 2024, there was $0.1 million of interest income related to the investments in debt securities. There were less than $0.1 million of unrealized gains recorded on investments in debt securities for the year ended March 31, 2024. As the investments in debt securities consist of U.S. Treasury bills from active markets, the fair value is measured using level 1 inputs.

The following table summarizes the Company's investments in debt securities that are measured at fair value as of March 31, 2024 and 2023 (in thousands):


	Amortized costs basis		Gross unrealized gains		Gross unrealized losses		Fair value
As of March 31, 2024
Investments in debt securities	$	997	$	1	$	—	$	998
As of March 31, 2023
Investments in debt securities	$	4,943	$	2	$	—	$	4,945

Investments in equity securities

For the year ended March 31, 2024, $0.7 million of equity securities were liquidated and there was less than a $0.1 million gain on the investment in equity securities. As of March 31, 2024, the fair value of investment in equity securities was zero, as a result of the liquidation of the shares by the underlying company on June 26, 2023. As the investments in equity securities consist of common stock from active markets, the fair value is measured using level 1 inputs.

The following table presents the activity for investments in equity securities measured at fair value for the year ended March 31, 2024 (in thousands):



	Investment in Equity Securities (in thousands)
Balance at March 31, 2023	$	706
Sales		(718	)
Gain on investment in equity securities		12
Balance at March 31, 2024	$	—

Investments and Fair Value Measurement - Schedule of Activity for Investments in Equity Securities Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Investments In Equity Securities Measured At Fair Value [Line Items]
Purchases at cost	$ 0	$ 1,061
Sales	0	(384)
Gain on investment in equity securities	12	29
Level 1 [Member]
Schedule Of Investments In Equity Securities Measured At Fair Value [Line Items]
Balance at March 31, 2023	706
Sales	(718)
Gain on investment in equity securities	12
Balance at March 31, 2024	$ 0	$ 706

Collaborative Research, Development, and License Agreements - Schedule of Capitalized License Fees (Details) - Licensing Agreements [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
License fees	$ 109	$ 114
Less accumulated amortization	(101)	(101)
License fees, net	$ 8	$ 13

Subsequent Events

12 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 17. Subsequent Events

On May 8, 2024, the Company priced a best efforts public offering (the “Offering”) of: (i) 1,562,500 shares of its common stock and accompanying common warrants (“Common Warrants”) to purchase up to 1,562,500 shares of common stock at a combined public offering price of $0.80 per share and accompanying Common Warrant to purchase one share of common stock and (ii) pre-funded warrants (“Pre-Funded Warrants”) to purchase 5,000,000 shares of common stock and accompanying Common Warrants to purchase up to 5,000,000 shares of common stock at a combined public offering price of $0.799 per Pre-Funded Warrant and accompanying Common Warrant to purchase one share of common stock. In connection with the Offering, the Company entered into Securities Purchase Agreements with the purchasers of the securities in the Offering on May 8, 2024.

The per share exercise price for the Pre-Funded Warrants is $0.001, subject to adjustment as provided therein. The Pre-Funded Warrants were immediately exercisable, subject to certain beneficial ownership limitations, and will expire when exercised in full. The holders may exercise the Pre-Funded Warrants by means of a “cashless exercise.”

The per share exercise price for the Common Warrants is $0.80, subject to adjustment as provided therein. The Common Warrants were immediately exercisable, subject to certain beneficial ownership limitations, and will expire on the date that is five years following the original issuance date. If a registration statement covering the issuance of the shares of common stock issuable upon exercise of the Common Warrants is not available for the issuance, then the holders may exercise the Common Warrants by means of a “cashless exercise.”

In connection with the Offering, the Company paid JonesTrading Institutional Services LLC, which acted as the placement agent in connection with the Offering, a cash fee of 5.0% of the aggregate gross proceeds raised in the Offering.

The closing of the Offering occurred on May 13, 2024. The Company received net proceeds of approximately $4.7 million from the Offering, after deducting the estimated offering expenses payable by the Company, including the Placement Agent fees.

Additionally, between April 1, 2024 and the date of the filing of this Annual Report on Form 10-K, the Company issued 1,389,002 shares of common stock in ATM offerings under the 2024 ATM Prospectus for net proceeds of approximately $1.8 million.

As of May 29, 2024, the Company's cash and cash equivalents balance was approximately $7.0 million.

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 14. 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. In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this guidance.

- 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
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Leases (Tables)

12 Months Ended

Mar. 31, 2024

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 March 31, 2024 (in thousands):


	March 31, 2024
ASSETS
Operating lease right-of-use assets	$	1,299
Total lease right-of-use assets	$	1,299

LIABILITIES
Current
Operating lease liability	$	506
Noncurrent
Operating lease liability, net of current portion	$	888
Total lease liabilities	$	1,394

Weighted average remaining lease term:	2.83
Weighted average discount rate:		6	%

Schedule of Future Lease Payments

Future lease payments relating to the Company’s operating lease liabilities as of March, 31, 2024 are as follows (in thousands):


Fiscal year ending March 31, 2025		523
Fiscal year ending March 31, 2026		538
Fiscal year ending March 31, 2027		460
Total future lease payments		1,521
Less: Imputed Interest		(127	)
Total lease obligations		1,394
Less: Current obligations		(506	)
Noncurrent lease obligations	$	888

Fixed Assets

12 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Fixed Assets

Note 4. Fixed Assets

Fixed assets consisted of the following (in thousands):


	March 31, 2024			March 31, 2023
Laboratory equipment	$	1,617		$	1,575
Furniture and fixtures		66			66
Computer software and equipment		244			537
Fixed Assets, gross		1,927			2,178
Less accumulated depreciation		(1,258	)		(1,276	)
Fixed Assets, net	$	669		$	902

As of March 31, 2024 and 2023, all of the Company’s fixed assets were active and in use. Depreciation expense for the years ended March 31, 2024 and 2023 was approximately $0.3 million and $0.2 million, respectively.

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 536	$ 609
Accrued legal and professional fees	93	193
Acquired in-process research and development	0	2,000
Other accrued expenses	98	46
Accrued expenses	$ 727	$ 2,848

Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total Revenues	$ 109	$ 370
Revenue From Contract With Customer Product And Service [Extensible List]	Royalty [Member]	Royalty [Member]
Research and development expenses	$ 5,498	$ 8,885
Selling, general, and administrative expenses	9,697	9,216
Total costs and expenses	15,195	18,101
Loss from Operations	(15,086)	(17,731)
Other Income (Expense)
Loss on fixed asset disposals	0	(9)
Gain on investment in equity securities	12	29
Interest income	405	454
Total Other Income	417	474
Income Tax Expense	(2)	(2)
Net Loss	(14,671)	(17,259)
Other comprehensive income:
Unrealized gain (loss) on available-for-sale debt securities	(2)	2
Comprehensive Loss	$ (14,673)	$ (17,257)
Net loss per common share basic	$ (1.6)	$ (1.98)
Net loss per common share diluted	$ (1.6)	$ (1.98)
Weighted average shares used in computing net loss per common share basic	9,144,922	8,713,032
Weighted average shares used in computing net loss per common share diluted	9,144,922	8,713,032

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			2 Months Ended	12 Months Ended
	May 13, 2024	May 08, 2024	May 30, 2024	Mar. 31, 2024	Mar. 31, 2023	May 29, 2024
Subsequent Event [Line Items]
Issuance of common stock				0	0
Cash and cash equivalents				$ 2,901	$ 15,301
Subsequent Event [Member]
Subsequent Event [Line Items]
Subsequent event, date		May 08, 2024
Cash and cash equivalents						$ 7,000
Subsequent Event [Member] \| Common Warrants [Member]
Subsequent Event [Line Items]
Stock offering price per share		$ 0.8
Issuance of warrants		1,562,500
Warrants exercise price per share		$ 0.8
Warrant expiration period		5 years
Subsequent Event [Member] \| Pre-Funded Warrants [Member]
Subsequent Event [Line Items]
Stock offering price per share		$ 0.799
Warrants exercise price per share		$ 0.001
Subsequent Event [Member] \| Public Offering [Member]
Subsequent Event [Line Items]
Issuance of common stock		1,562,500
Initial offering date		May 8, 2024
Net proceeds from issuance of offerings	$ 4,700
Subsequent Event [Member] \| Public Offering [Member] \| Common Warrants [Member]
Subsequent Event [Line Items]
Issuance of common stock		5,000,000
Subsequent Event [Member] \| ATM Offerings [Member]
Subsequent Event [Line Items]
Issuance of common stock			1,389,002
Net proceeds from issuance of offerings			$ 1,800
Maximum [Member] \| Subsequent Event [Member] \| Public Offering [Member] \| Common Warrants [Member]
Subsequent Event [Line Items]
Issuance of warrants		5,000,000
JonesTrading Institutional Services LLC [Member] \| Subsequent Event [Member] \| Public Offering [Member]
Subsequent Event [Line Items]
Cash fee percentage of aggregate gross proceeds raised in offering		5.00%

Income Taxes - Summary of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Deferred tax assets:
Amortization	$ 593	$ 598
Section 174 R&D capitalization	1,793	855
Accrued expenses and reserves	105	116
Operating lease liability	307	384
Stock-based compensation	315	755
Inventory	259	251
Other, net	4	3
Total deferred tax assets	3,376	2,962
Valuation allowance	(2,983)	(2,458)
Net deferred tax assets	393	504
Deferred tax liabilities:
Operating lease right-of-use assets	(286)	(363)
Depreciation	(107)	(135)
Investment in equity securities	0	(6)
Total deferred tax liabilities	(393)	(504)
Deferred tax assets net	$ 0	$ 0

Business Segment Information

12 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segment Information

Note 16. Business Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision making group, in deciding how to allocate resources to an individual segment and in assessing performance. The Company's operating segments were identified in fiscal 2024 and did not impact prior periods. The Company's operating segments are as follows:

Research & Development

The research and development (“R&D”) segment consists of the Company's drug development efforts. The Company's current clinical focus is in advancing FXR314 in IBD, including UC and CD. The Company plans to start a Phase 2a clinical trial in UC in the calendar year 2024. The Company released Phase 2 data for FXR314 for the treatment of MASH in April 2024 that are supportive of

ongoing development, and believes FXR314 has a commercial opportunity in MASH, most likely in combination therapy. The Company is exploring the potential for combination therapies using FXR314 and currently approved mechanisms in preclinical animal studies and its IBD disease models.

Mosaic Cell Sciences

The Mosaic Cell Sciences segment, which began operations in February 2024, consists of our Mosaic Cell Sciences division (“Mosaic”) which will serve as a key source of certain of the primary human cells that the Company utilizes in its research and development efforts. The Company believes Mosaic can help optimize its supply chain, reduce operating expenses related to cell sourcing and procurement, and ensure that the cellular raw materials it uses are of the highest quality and are derived from tissues that are ethically sourced in full compliance with state and federal guidelines. The Company intends for Mosaic to provide the Company with qualified human cells for use in its clinical research and development programs. In addition to supplying the Company with primary human cells, the Company intends for Mosaic to offer human cells for sale to life science customers, both directly and through distribution partners, which the Company expects to offset costs and over time become a profit center that offsets overall R&D spending by the Company.

Business Segment Information

The Company's R&D segment generates royalty revenue related to its IP. The R&D segment's identifiable assets are its fixed assets. The Company expects that the Mosaic segment will generate future product revenue as part of its core operations, and its identifiable assets are its fixed assets and inventory. Other Company assets are comprised of all other assets that are not distinctly identifiable to a segment, which are presented on the Company's Consolidated Balance Sheets as of March 31, 2024.

R&D segment revenues consisted of the following (in thousands):


	Year Ended		Year Ended
	March 31, 2024		March 31, 2023
R&D
Royalty revenue	$	109	$	370
Mosaic
Product revenue		—		—
Total segment revenue	$	109	$	370
Total company revenue	$	109	$	370

Operating segment expenses consisted of the following (in thousands):


	Year Ended		Year Ended
	March 31, 2024		March 31, 2023
R&D	$	4,404	$	8,885
Mosaic		1,094		—
Total segment operating expenses	$	5,498	$	8,885
Selling, general, and administrative expenses		9,697		9,216
Total company operating expenses	$	15,195	$	18,101

Operating segment assets consisted of the following (in thousands):


	March 31, 2024		March 31, 2023
R&D
Fixed assets, net	$	423	$	902
Mosaic
Fixed assets, net		183		—
Inventory		297		—
Total segment assets	$	903	$	902
Other company assets		5,446		19,411
Total company assets	$	6,349	$	20,313

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 21
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Defined Contribution Plan

12 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Defined Contribution Plan

Note 13. 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, 2024 and 2023 were approximately $61,000 and $10,000, respectively.

Fixed Assets - Schedule of Fixed Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Laboratory equipment	$ 1,617	$ 1,575
Furniture and fixtures	66	66
Computer software and equipment	244	537
Fixed Assets, gross	1,927	2,178
Less accumulated depreciation	(1,258)	(1,276)
Fixed Assets, net	$ 669	$ 902

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	May 13, 2024 USD ($)	Mar. 31, 2024 USD ($) Compounds shares	Mar. 31, 2023 USD ($) shares	May 29, 2024 USD ($)
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 2,901,000	$ 15,301,000
Restricted cash		143,000	143,000
Accumulated deficit		(339,669,000)	(324,998,000)
Cash flow from operations		$ 14,653,000	$ 12,408,000
Issuance of common stock \| shares		10,077,726	8,716,906
Proceeds from sale of common stock shares		$ 1,437,000	$ 0
Restricted cash		$ 100,000	100,000
Inventory finished goods			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
Acquired in-process research and development accrued expenses		0	2,000,000
Dilutive effect		$ 0	$ 0
Common stock equivalents excluded from computing diluted net loss per share \| shares		800,000	1,600,000
Subsequent Event [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents				$ 7,000,000
Maximum [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Maturity of highly liquid investment		3 months
Useful life of fixed assets, range		7 years
Minimum [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Useful life of fixed assets, range		1 year
Mosaic Cell Sciences [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Inventory finished goods		$ 0.3
At-The-Market Facility [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock \| shares		1,172,342
Public Offering [Member] \| Subsequent Event [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Net proceeds from issuance of offerings	$ 4,700,000
Metacrine's FXR Program [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of clinically tested compounds \| Compounds		2
Number of discovery or preclinical compounds \| Compounds		2,000
Metacrine, Inc. [Member] \| Metacrine's FXR Program [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Asset Acquisition, Price of Acquisition, Expected			$ 4,000,000
Upfront payment paid			$ 2,000,000
Acquired in-process research and development accrued expenses		$ 2,000,000

Prepaid Expenses and Other Current Assets

12 Months Ended

Mar. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

Note 3. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2024		March 31, 2023
Prepaid insurance	$	445	$	507
Prepaid expenses		256		313
Other current assets		4		69
	$	705	$	889

Fixed Assets (Tables)

12 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets consisted of the following (in thousands):


	March 31, 2024			March 31, 2023
Laboratory equipment	$	1,617		$	1,575
Furniture and fixtures		66			66
Computer software and equipment		244			537
Fixed Assets, gross		1,927			2,178
Less accumulated depreciation		(1,258	)		(1,276	)
Fixed Assets, net	$	669		$	902

Concentrations

12 Months Ended

Mar. 31, 2024

Risks and Uncertainties [Abstract]

Concentrations

Note 11. 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 is also potentially subject to concentrations of credit risk in its revenues and accounts receivable. However, the Company only receives royalty revenue from one licensee and has not historically experienced any accounts receivable write-downs.

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current Assets
Cash and cash equivalents	$ 2,901	$ 15,301
Accounts receivable	33	152
Inventory	297	0
Investment in equity securities	0	706
Prepaid expenses and other current assets	705	889
Total current assets	3,936	17,048
Fixed assets, net	669	902
Restricted cash	143	143
Operating lease right-of-use assets	1,299	1,705
Prepaid expenses and other assets, net	302	515
Total assets	6,349	20,313
Current Liabilities
Accounts payable	627	331
Accrued expenses	727	2,848
Operating lease liability, current portion	506	492
Total current liabilities	1,860	3,671
Operating lease liability, net of current portion	888	1,313
Total liabilities	2,748	4,984
Commitments and Contingencies (Notes 8 and 9)
Stockholders' Equity
Common stock, $0.001 par value; 200,000,000 shares authorized, 10,077,726 and 8,716,906 shares issued and outstanding at March 31, 2024 and 2023, respectively	10	9
Additional paid-in capital	343,261	340,317
Accumulated deficit	(339,669)	(324,998)
Accumulated other comprehensive income	0	2
Treasury stock, 46 shares at cost	(1)	(1)
Total stockholders' equity	3,601	15,329
Total Liabilities and Stockholders' Equity	$ 6,349	$ 20,313

Related Parties

12 Months Ended

Mar. 31, 2024

Related Parties

Note 12. Related Parties

From time to time, the Company enters into agreements with one or more related parties 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 former Chief Scientific Officer, is also the Chief Scientific Officer of Viscient, and Thomas Jurgensen, the Company’s former 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 years ended March 31, 2024 and 2023, the Company incurred no

consulting expenses from Viscient. Additionally, for the years ended March 31, 2024 and 2023, the Company provided approximately $14,000 and $59,000 of histology services to Viscient, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Segment Information - Summary of Operating Segment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment operating expenses	$ 5,498	$ 8,885
Selling, general, and administrative expenses	9,697	9,216
Total costs and expenses	15,195	18,101
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment operating expenses	5,498	8,885
Selling, general, and administrative expenses	9,697	9,216
Total costs and expenses	15,195	18,101
Operating Segments [Member] \| R&D [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment operating expenses	4,404	8,885
Operating Segments [Member] \| Mosaic [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment operating expenses	$ 1,094	$ 0

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]	Accumulated Other Comprehensive Income [Member]
Beginning balance at Mar. 31, 2022	$ 30,209	$ 9	$ 337,940	$ (1)	$ (307,739)	$ 0
Beginning balance, Shares at Mar. 31, 2022		8,711		0
Issuance of common stock under employee and director stock option, RSU and purchase plans	0	$ 0	0	$ 0	0	0
Issuance of common stock under employee and director stock option, RSU and purchase plans, Shares		6		0
Stock-based compensation expense	2,377	$ 0	2,377	$ 0	0	0
Stock-based compensation expense, Shares		0
Net loss	(17,259)	$ 0	0	0	(17,259)	0
Unrealized loss on available-for-sale debt securities, net of tax	2	$ 0	0	0	0	2
Unrealized loss on available-for-sale debt securities, net of tax, Shares		0
Ending balance at Mar. 31, 2023	15,329	$ 9	340,317	$ (1)	(324,998)	2
Ending balance, Shares at Mar. 31, 2023		8,717		0
Issuance of common stock under employee and director stock option, RSU and purchase plans	0	$ 0	0	$ 0	0	0
Issuance of common stock under employee and director stock option, RSU and purchase plans, Shares		122		0
Stock-based compensation expense	1,508	$ 0	1,508	$ 0	0	0
Stock-based compensation expense, Shares		66		0
Issuance of common stock from public offering, net	1,437	$ 1	1,436	$ 0	0	0
Issuance of common stock from public offering, Shares		1,173		0
Net loss	(14,671)	$ 0	0	$ 0	(14,671)	0
Unrealized loss on available-for-sale debt securities, net of tax	(2)	$ 0	0	0	0	(2)
Unrealized loss on available-for-sale debt securities, net of tax, Shares		0
Ending balance at Mar. 31, 2024	$ 3,601	$ 10	$ 343,261	$ (1)	$ (339,669)	$ 0
Ending balance, Shares at Mar. 31, 2024		10,078		0

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Mar. 31, 2024	May 25, 2024	Sep. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
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		14,371,826
Entity Public Float			$ 10,340,301
Entity File Number	001-35996
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
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Entity Incorporation, State or Country Code	DE
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.001 per share
Auditor Name	Rosenberg Rich Baker Berman, P.A.
Auditor Firm ID	89
Auditor Location	Somerset, NJ
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 2024 annual meeting of the registrant’s stockholders, expected to be filed within 120 days of the end of the registrant’s fiscal year.

Stockholders' Equity - Fair Value of ESPP Shares (Details) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Volatility	99.04%	95.53%
Risk-free interest rate	4.11%	3.32%
Expected life of options	6 years	6 years
Weighted average grant date fair value	$ 1.34	$ 1.83
ESPP Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Volatility	95.20%	86.58%
Risk-free interest rate	5.27%	3.34%
Expected life of options	6 months	6 months
Weighted average grant date fair value	$ 0.39	$ 0.82

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stockholders' Equity - Common Stock - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Oct. 12, 2022	Mar. 31, 2024	Mar. 31, 2023	Jan. 26, 2024	Jul. 25, 2022	Feb. 28, 2022	Mar. 31, 2021	Jan. 29, 2021	Jul. 31, 2018	Jan. 31, 2012
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares		0	0
IPO [Member]
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount		$ 150,000,000
At-The-Market Facility [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares		1,172,342
2018 Sales Agreement [Member]
Class Of Stock [Line Items]
Equity sales agreement expiration date		Jan. 29, 2024
2021 ATM Prospectus Supplement [Member] \| At-The-Market Facility [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares		2,753,204
2021 ATM Prospectus Supplement [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] \| At-The-Market Facility [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares		1,135,940
2024 Shelf [Member]
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount				$ 150,000,000
Common stock value reserved for future issuance		$ 100,000,000
2024 Shelf [Member] \| At-The-Market Facility [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares		36,402
2024 ATM Prospectus [Member] \| At-The-Market Facility [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance		$ 2,600,000
Issuance of common stock from stock options exercises, net, Shares		2,753,204
2024 ATM Prospectus [Member] \| At-The-Market Facility [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance				$ 2,605,728
2021 and 2024 ATM Prospectus [Member]
Class Of Stock [Line Items]
Value of shares sold under equity distribution agreement		$ 23,200,000
Equity Incentive Plan 2012 [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued	1,236,738									327,699
Shares available for issuance									2,327,699
Common stock shares issued	126,262
Inducement Award Agreements [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued						50,000
2021 Inducement Equity Plan [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued							750,000
Equity Incentive Plan 2022 [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued	1,363,000				750,000
Excercise price per share	$ 2.75
Equity Incentive Plan 2022 [Member] \| Common Stock [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued	50,000
Equity Incentive Plan 2022 [Member] \| Common Stock [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued	51,000
2022 Inducement Equity Plan [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued	1,000

Investments and Fair Value Measurement (Tables)

12 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Summary of Investments in Debt Securities that are Measured at Fair Value

The following table summarizes the Company's investments in debt securities that are measured at fair value as of March 31, 2024 and 2023 (in thousands):


	Amortized costs basis		Gross unrealized gains		Gross unrealized losses		Fair value
As of March 31, 2024
Investments in debt securities	$	997	$	1	$	—	$	998
As of March 31, 2023
Investments in debt securities	$	4,943	$	2	$	—	$	4,945

Schedule of Activity for Investments in Equity Securities Measured at Fair Value

The following table presents the activity for investments in equity securities measured at fair value for the year ended March 31, 2024 (in thousands):



	Investment in Equity Securities (in thousands)
Balance at March 31, 2023	$	706
Sales		(718	)
Gain on investment in equity securities		12
Balance at March 31, 2024	$	—

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Stockholders' Equity - Common Stock Reserved for Future Issuance (Details)	Mar. 31, 2024 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	2,507,899
Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	0
2016 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	75,000
Equity Incentive Plan 2022 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,641,250
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	431,416
Stock options [Member] \| 2016 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	45,000
Stock options [Member] \| Equity Incentive Plan 2022 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	216,591
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	1,000
Stock options [Member] \| Incentive Award Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	50,000
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	5,000
Restricted stock units (RSUs) [Member] \| Equity Incentive Plan 2022 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	117,642

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity - Preferred Stock - Additional Information (Details)	Mar. 31, 2024 shares
Equity [Abstract]
Preferred stock, shares authorized	25,000,000
Preferred stock, shares outstanding	0

Income Taxes

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 10. Income Taxes

A reconciliation of the statutory federal rate and the effective rate, for operations, is as follows for the years ended March 31, 2024 and 2023 (in thousands, except percentages):


	March 31, 2024						March 31, 2023
Tax computed at federal statutory rate	$	(3,081	)		21	%	$	(3,624	)	21%
State income tax, net of federal benefit		(110	)		0.7	%		(44	)	0.2%
Stock-based compensation		721			-4.9	%		167		-1%
Research credits		—			0	%		60		-0.4%
Change in tax rate		(62	)		0.4	%		157		-0.9%
Removal of net operating losses and research development credits		1,910			-13	%		1,410		-8.2%
Uncertain tax positions		111			-0.8	%		—			0	%
Other		(16	)		0.2	%		1		0%
Valuation allowance		527			-3.6	%		1,873		-10.7%
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, 2024 and 2023 (in thousands, except percentages):


	March 31, 2024			March 31, 2023
Deferred tax assets:
Amortization	$	593		$	598
Section 174 R&D capitalization		1,793			855
Accrued expenses and reserves		105			116
Operating lease liability		307			384
Stock-based compensation		315			755
Inventory		259			251
Other, net		4			3
Total deferred tax assets		3,376			2,962
Valuation allowance		(2,983	)		(2,458	)
Net deferred tax assets	$	393		$	504
Deferred tax liabilities:
Operating lease right-of-use assets		(286	)		(363	)
Depreciation		(107	)		(135	)
Investment in equity securities		—			(6	)
Total deferred tax liabilities	$	(393	)	$	(504	)
	$	—		$	—

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, 2024. 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, approximately $1.7 million and $1.6 million for the years ended March 31, 2024 and 2023, respectively, would be considered as an uncertain tax position if netted against the deferred tax asset. 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 increased by approximately $525,000 and approximately $1,875,000 for the years ended March 31, 2024 and 2023, respectively.

The Company had federal and state net operating loss carryforwards of approximately $219.4 million and $42.8 million, respectively, as of March 31, 2024. Federal net operating loss carryforwards of approximately $75.8 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 $5.0 million and $4.5 million at March 31, 2024, respectively. The federal research tax credit carryforwards begin expiring in 2028. The state research tax credit carryforwards do not expire.

The Company did not record any accruals for income tax accounting uncertainties for the year ended March 31, 2024.

The Company did not accrue either interest or penalties from inception through March 31, 2024.

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 California. As of March 31, 2024, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Restructuring

12 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Note 15. Restructuring

On August 18, 2023, the Company announced to its employees a plan to reduce the Company’s workforce, effective August 25, 2023, by approximately six employees, which represented approximately 24% of its employees as of August 18, 2023. The Company refocused operations on FXR314, its clinical drug candidate. This decision to reduce the Company’s workforce was made in order to focus spending on the Company’s clinical program for FXR314, reduce ongoing operating expenses not related to clinical expenses, and extend the Company’s cash runway. The Company incurred approximately $0.4 million of cash expenditures for the year ended March 31, 2024, in connection with the reduction in force, which related to severance pay. As of March 31, 2024, all restructuring costs were paid in full. The Company anticipates annual cost savings of approximately $1.5 million resulting from the reduction in force.

Stockholders' Equity (Tables)

12 Months Ended

Mar. 31, 2024

Class Of Stock [Line Items]

Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended March 31, 2024:


	Options Outstanding			Weighted- Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2023		1,451,217		$	6.49	$	38,327
Options granted		184,158		$	1.67	$	—
Options canceled		(937,368	)	$	7.20	$	—
Options exercised		—		$	—	$	—
Outstanding at March 31, 2024		698,007		$	4.26	$	—
Vested and Exercisable at March 31, 2024		401,536		$	5.61	$	—

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at March 31, 2024:


Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			431,416
Common stock reserved under the 2012 Plan			—
Common stock issuable pursuant to options outstanding and reserved under the 2022 Plan			216,591
Common stock reserved under the 2022 Plan			1,641,250
Common stock reserved under the ESPP			45,000
Common stock reserved under the 2021 Inducement Equity Plan			1,000
Common stock issuable pursuant to restricted stock units outstanding under the 2012 Plan			5,000
Common stock issuable pursuant to restricted stock units outstanding under the 2022 Plan			117,642
Common stock issuable pursuant to options outstanding and reserved under the Inducement Plan			50,000
Total at March 31, 2024			2,507,899

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, 2024		Year Ended March 31, 2023
Research and development	$	138	$	473
General and administrative		1,370		1,904
Total	$	1,508	$	2,377

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, 2024			Year Ended March 31, 2023
Dividend yield		—			—
Volatility		99.04	%		95.53	%
Risk-free interest rate		4.11	%		3.32	%
Expected life of options	6 years			6 years
Weighted average grant date fair value	$	1.34		$	1.83

Restricted stock units (RSUs) [Member]

Class Of Stock [Line Items]

Summary of Company's RSUs Activity

The following table summarizes the Company’s RSUs activity for the year ended March 31, 2024:


	Number of Shares			Weighted Average Price
Unvested at March 31, 2023		127,717		$	2.22
Granted		117,642		$	1.39
Vested		(122,717	)	$	1.90
Cancelled / forfeited		—		$	—
Unvested at March 31, 2024		122,642		$	1.75

ESPP Shares [Member]

Class Of Stock [Line Items]

Fair Value of Employee Stock Options

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


	Year Ended March 31, 2024			Year Ended March 31, 2023
Dividend yield		—			—
Volatility		95.20	%		86.58	%
Risk-free interest rate		5.27	%		3.34	%
Expected term	6 months			6 months
Grant date fair value	$	0.39		$	0.82

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Stock-based Compensation Expense and Valuation Information - Additional Information (Details)	12 Months Ended
	Mar. 31, 2024 USD ($) Participant
Class Of Stock [Line Items]
Total unrecognized compensation cost related to unvested stock option grants	$ 485,000
2023 Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Participants enrolled into the employee stock purchase plan \| Participant	1
Stock options [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	2 years 2 months 1 day
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	8 months 23 days
Unrecognized stock-based compensation expense	$ 151,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Recent Accounting Pronouncements (Policies)

12 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

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.

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. Adoption of the ASU allows for either the prospective or retrospective application of the amendment and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company has not yet completed its assessment of the impact of ASU 2023-09 on the Company’s Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this guidance.

Stockholders' Equity - Fair Value of Employee Stock Options (Details) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Dividend yield	0.00%	0.00%
Volatility	99.04%	95.53%
Risk-free interest rate	4.11%	3.32%
Expected life of options	6 years	6 years
Weighted average grant date fair value	$ 1.34	$ 1.83

Restructuring - Additional Information (Details) $ in Millions		12 Months Ended
	Aug. 18, 2023 Employees	Mar. 31, 2024 USD ($)
Restructuring Cost And Reserve [Line Items]
Restructuring activities, initiated date	Aug. 25, 2023
Restructuring, number of positions eliminated \| Employees	6
Restructuring, number of positions eliminated, percent	24.00%
Severance costs		$ 0.4
Restructuring, annual cost savings		$ 1.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Recent Accounting Pronouncements - Additional Information (Details)	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Minimum percentage of income tax payment net of refunds received	5.00%

Commitments and Contingencies

12 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9. 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 assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in its consolidated 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 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.

Business Segment Information (Tables)

12 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of R&D Segment Revenues

R&D segment revenues consisted of the following (in thousands):


	Year Ended		Year Ended
	March 31, 2024		March 31, 2023
R&D
Royalty revenue	$	109	$	370
Mosaic
Product revenue		—		—
Total segment revenue	$	109	$	370
Total company revenue	$	109	$	370

Summary of Operating Segment Expenses

Operating segment expenses consisted of the following (in thousands):


	Year Ended		Year Ended
	March 31, 2024		March 31, 2023
R&D	$	4,404	$	8,885
Mosaic		1,094		—
Total segment operating expenses	$	5,498	$	8,885
Selling, general, and administrative expenses		9,697		9,216
Total company operating expenses	$	15,195	$	18,101

Summary of Operating Segment Assets

Operating segment assets consisted of the following (in thousands):


	March 31, 2024		March 31, 2023
R&D
Fixed assets, net	$	423	$	902
Mosaic
Fixed assets, net		183		—
Inventory		297		—
Total segment assets	$	903	$	902
Other company assets		5,446		19,411
Total company assets	$	6,349	$	20,313

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
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	10,077,726	8,716,906
Common stock, shares outstanding	10,077,726	8,716,906
Treasury stock, shares	46	46

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (14,671)	$ (17,259)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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

Leases

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Note 8. Leases

After the initial adoption of ASC Topic 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 Topic 842 to properly account for the lease.

Operating Leases

On November 23, 2020, the Company entered into a lease agreement, pursuant to which the Company permanently leased approximately 8,051 square feet of office space (the “Permanent Lease”) in San Diego once certain tenant improvements 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 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 are approximately $40,800 with 3% annual escalators.

The Company determined that the Permanent Lease is considered an operating lease under ASC Topic 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) are expensed as incurred.

The table below summarizes the Company’s lease liabilities and corresponding right-of-use assets as of March 31, 2024 (in thousands):


	March 31, 2024
ASSETS
Operating lease right-of-use assets	$	1,299
Total lease right-of-use assets	$	1,299

LIABILITIES
Current
Operating lease liability	$	506
Noncurrent
Operating lease liability, net of current portion	$	888
Total lease liabilities	$	1,394

Weighted average remaining lease term:	2.83
Weighted average discount rate:		6	%

Variable lease expense was approximately $153,000 and $146,000 for the years ended March 31, 2024 and 2023, respectively. Operating lease expense was approximately $503,000 and $499,000 for the years ended March 31, 2024 and 2023, respectively.

Cash outflows associated with the Company’s operating lease for the years ended March 31, 2024 and 2023 were $509,000 and $430,000, respectively.

Future lease payments relating to the Company’s operating lease liabilities as of March, 31, 2024 are as follows (in thousands):


Fiscal year ending March 31, 2025		523
Fiscal year ending March 31, 2026		538
Fiscal year ending March 31, 2027		460
Total future lease payments		1,521
Less: Imputed Interest		(127	)
Total lease obligations		1,394
Less: Current obligations		(506	)
Noncurrent lease obligations	$	888

Business Segment Information - Summary of Operating Segment Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Fixed assets, net	$ 669	$ 902
Inventory	297	0
Total assets	6,349	20,313
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total segment assets	903	902
Other company assets	5,446	19,411
Total assets	6,349	20,313
Operating Segments [Member] \| R&D [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Fixed assets, net	423	902
Operating Segments [Member] \| Mosaic [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Fixed assets, net	183	0
Inventory	$ 297	$ 0

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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

Investments and Fair Value Measurement - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments [Line Items]
Investments in debt securities	$ 1,000,000
Cash and cash equivalents	2,901,000	$ 15,301,000
Interest income on investments in debt securities	100,000
Liquidation of equity securities	700,000
(Loss) gain on investment in equity securities	12,000	29,000
Purchase of equity securities	0	1,061,000
Sale of equity securities	0	$ 384,000
Fair value of investment in equity securities	0
Maximum [Member]
Investments [Line Items]
Unrealized gains on investments in debt securities	100,000
(Loss) gain on investment in equity securities	$ 100,000