0000950170-24-090726 | 10-Q | XBRL Viewer

Description of Business	3 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Note 1. Description of Business Nature of Operations Organovo Holdings, Inc. (“Organovo Holdings,” “Organovo,” and the “Company”) is 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 2025. 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 these diseases 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 it 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.) Organovo’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 (“IND”) 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 the Company’s work to identify the areas of interest, it evaluates areas that might be better served with 3D disease models than currently available models as well as the potential commercial opportunity. 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. Mosaic provides 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, Mosaic offers 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. Except where specifically noted or the context otherwise requires, references to “Organovo Holdings”, “the Company”, and “Organovo” in these notes to the unaudited condensed consolidated financial statements refers to Organovo Holdings, Inc. and its wholly owned subsidiary, Organovo, Inc.

Description of Business

3 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Note 1. Description of Business

Nature of Operations

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 2025. 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 these diseases 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 it 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.) Organovo’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 (“IND”) 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 the Company’s work to identify the areas of interest, it evaluates areas that might be better served with 3D disease models than currently available models as well as the potential commercial opportunity. 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. Mosaic provides 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, Mosaic offers 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.

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

Related Parties	3 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]
Related Parties	Note 10. Related Parties From time to time, the Company will enter into an agreement with a related party in the ordinary course of its business. These agreements are ratified by the Board or a committee thereof pursuant to its related party transaction policy. Viscient Biosciences (“Viscient”) is an entity for which Keith Murphy, the Company’s Executive Chairman, serves as the Chief Executive Officer and President. 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 include, but are not limited to, histology services, cell isolation, and proliferation of cells and Viscient agreed to provide the Company certain services related to 3D bioprinting technology, including bioprinter training, bioprinting services, and qPCR assays, in each case on payment terms specified in the Intercompany Agreement and as may be further determined by the parties. In addition, the Company and Viscient each agreed to share certain facilities and equipment and, subject to further agreement, to each make certain employees available for specified projects for the other party at prices to be determined in good faith by the parties. The Company evaluated the accounting for the Intercompany Agreement and concluded that any services provided by Viscient to the Company will be expensed as incurred, and any compensation for services provided by the Company to Viscient will be considered a reduction of personnel related expenses. Any services provided to Viscient do not fall under Topic 606 as the Intercompany Agreement is not a contract with a customer. For the three months ended June 30, 2024 and 2023, the Company incurred no consulting expenses from Viscient. Additionally, for the three months ended June 30, 2024, and 2023, the Company provided approximately zero and $10,000 of histology services to Viscient, respectively.

Related Parties

3 Months Ended

Jun. 30, 2024

Related Parties

Note 10. Related Parties

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

Viscient Biosciences (“Viscient”) is an entity for which Keith Murphy, the Company’s Executive Chairman, serves as the Chief Executive Officer and President.

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 include, but are not limited to, histology services, cell isolation, and proliferation of cells and Viscient agreed to provide the Company certain services related to 3D bioprinting technology, including bioprinter training, bioprinting services, and qPCR assays, in each case on payment terms specified in the Intercompany Agreement and as may be further determined by the parties. In addition, the Company and Viscient each agreed to share certain facilities and equipment and, subject to further agreement, to each make certain employees available for specified projects for the other party at prices to be determined in good faith by the parties. The Company evaluated the accounting for the Intercompany Agreement and concluded that any services provided by Viscient to the Company will be expensed as incurred, and any compensation for services provided by the Company to Viscient will be considered a reduction of personnel related expenses. Any services provided to Viscient do not fall under Topic 606 as the Intercompany Agreement is not a contract with a customer. For the three months ended June 30, 2024 and 2023, the Company incurred no consulting expenses from Viscient. Additionally, for the three months ended June 30, 2024, and 2023, the Company provided approximately zero and $10,000 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

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+ Details

Stockholders' Equity - Fair Value of Employee Stock Options (Detail) - $ / shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Dividend yield	0.00%	0.00%
Volatility	101.69%	98.51%
Risk-free interest rate	4.47%	3.95%
Expected life of options	6 years	6 years
Weighted average grant date fair value	$ 0.8	$ 1.45

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current Assets
Cash and cash equivalents	$ 6,187	$ 2,901
Accounts receivable	48	33
Inventory	408	297
Prepaid expenses and other current assets	640	705
Total current assets	7,283	3,936
Fixed assets, net	601	669
Restricted cash	143	143
Operating lease right-of-use assets	1,194	1,299
Prepaid expenses and other assets, net	249	302
Total assets	9,470	6,349
Current Liabilities
Accounts payable	1,119	627
Accrued expenses	404	727
Operating lease liability, current portion	510	506
Total current liabilities	2,033	1,860
Operating lease liability, net of current portion	775	888
Total liabilities	2,808	2,748
Commitments and Contingencies (Note 7)
Stockholders’ Equity
Common stock, $0.001 par value; 200,000,000 shares authorized, 14,373,076 and 10,077,726 shares issued and outstanding at June 30, 2024 and March 31, 2024, respectively	14	10
Additional paid-in capital	349,662	343,261
Accumulated deficit	(343,013)	(339,669)
Treasury stock, 46 shares at cost	(1)	(1)
Total stockholders’ equity	6,662	3,601
Total Liabilities and Stockholders’ Equity	$ 9,470	$ 6,349

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not necessarily include all information and notes required by GAAP for complete financial statements. The condensed consolidated balance sheet at March 31, 2024 is derived from the Company’s audited consolidated balance sheet at that date. The unaudited condensed consolidated financial statements include the accounts of Organovo and its wholly owned subsidiary. All material intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, which are only normal and recurring, necessary for a fair statement of the Company’s financial position, results of operations, stockholders’ equity and cash flows. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024, as filed with the Securities and Exchange Commission (“SEC”). Operating results for any interim period are not necessarily indicative of the operating results for any other interim period or the Company’s full fiscal year ending March 31, 2025 (see “Note 1. Description of Business”).
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 June 30, 2024, the Company had cash and cash equivalents of approximately $6.2 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $343.0 million. The restricted cash was pledged as collateral for a letter of credit that the Company is required to maintain as a security deposit under the terms of the lease agreement for its facilities. The Company also had negative cash flows from operations of approximately $3.0 million during the three months ended June 30, 2024. Through June 30, 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 service-based services, grants, and collaborative research agreements, and from the sale of convertible notes. During the three months ended June 30, 2024, the Company issued 1,352,600 shares of its common stock through its ATM facility, for net proceeds of approximately $1.7 million. Additionally, 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. The closing of the Offering occurred on May 13, 2024. The Company received net proceeds of approximately $4.5 million from the Offering, after deducting the estimated offering expenses payable by the Company, including the Placement Agent fees. On July 18, 2024, the Company received a written notice (the “Notice”) from the Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock for the last 30 consecutive business days, the Company no longer meets the requirement to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2) (“Rule 5550(a)(2)”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided with an initial period of 180 calendar days, or until January 14, 2025, to regain compliance. In order to regain compliance with the minimum bid price requirement, the closing bid price of the Company’s common stock must be at least $1 per share for a minimum of ten consecutive business days during this 180-day period. The Notice provides that the Nasdaq staff will provide written confirmation to the Company if the Company regains compliance with Rule 5550(a)(2). If the Company does not regain compliance with Rule 5550(a)(2) by January 14, 2025, the Company may be eligible for an additional compliance period of 180 calendar days. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice to Nasdaq of its intention to cure the bid price deficiency during the second compliance period. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq would notify the Company that its securities will be subject to delisting. In the event of such a notification, the Company may appeal the Nasdaq staff’s determination to delist its securities, but there can be no assurance the Nasdaq staff would grant any request for continued listing. Based on the Company's current operating plan and available cash resources, it will need substantial additional funding to support future operating activities. The Company has concluded that the prevailing conditions and ongoing liquidity risks faced by it raise substantial doubt about its ability to continue as a going concern for at least one year following the date these 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 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 in debt securities consist of investments in U.S. Treasury bills. All investments that have original maturities of three months or less are classified as cash equivalents on the Condensed Consolidated Balance Sheets. As of June 30, 2024 and 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 have minimal risk, any declines in fair value are considered temporary.
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.
Inventory	Inventory Inventories are stated at the lower of cost or net realizable value. Inventory as of June 30, 2024 and March 31, 2024 consisted of approximately $0.4 million and $0.3 million in finished goods, respectively, which is related to Mosaic. Please refer to "Note 11. Business Segment Information" for further information.
Net Loss Per Share	Net Loss Per Share Basic and diluted net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares used to compute diluted loss per share excludes any assumed exercise of stock options, shares reserved for purchase under the Company’s 2023 Employee Stock Purchase Plan (“2023 ESPP”), the assumed vesting of restricted stock units (“RSUs”), the exercise of warrants, and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the three months ended June 30, 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 due to their anti-dilutive effect were approximately 11.1 million at June 30, 2024 and 1.7 million at June 30, 2023.
Revenue recognition	Revenue recognition Royalty revenue The Company has entered into an intellectual property license agreement with another company that includes royalties based on specified percentages of net product sales, if any. At the initiation of the agreement, the Company analyzed whether it results in a contract with a customer under Topic 606. The Company 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 evaluates each performance obligation to determine if it can be satisfied and recognized as revenue at a point in time or over time. Typically, 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. Product revenue, net The Company’s product-based division, Mosaic, produces high-quality cell-based products for use in Organovo’s R&D and for use by life science customers. The Company recognizes product revenue when the performance obligation is satisfied, which is at the point in time the customer obtains control of the Company’s product, typically upon delivery. Product revenues are recorded at the transaction price under Topic 606. The Company provides no right of return to its customers except in cases where a customer obtains authorization from the Company for the return. To date, there have been no product returns.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies. Unless otherwise stated, the Company believes that the impact of the recently issued accounting pronouncements that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. 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.

Summary of Significant Accounting Policies

3 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not necessarily include all information and notes required by GAAP for complete financial statements. The condensed consolidated balance sheet at March 31, 2024 is derived from the Company’s audited consolidated balance sheet at that date.

The unaudited condensed consolidated financial statements include the accounts of Organovo and its wholly owned subsidiary. All material intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, which are only normal and recurring, necessary for a fair statement of the Company’s financial position, results of operations, stockholders’ equity and cash flows. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024, as filed with the Securities and Exchange Commission (“SEC”). Operating results for any interim period are not necessarily indicative of the operating results for any other interim period or the Company’s full fiscal year ending March 31, 2025 (see “Note 1. Description of Business”).

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 June 30, 2024, the Company had cash and cash equivalents of approximately $6.2 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $343.0 million. The restricted cash was pledged as collateral for a letter of credit that the Company is required to maintain as a security deposit under the terms of the lease agreement for its facilities. The Company also had negative cash flows from operations of approximately $3.0 million during the three months ended June 30, 2024.

Through June 30, 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 service-based services, grants, and collaborative research agreements, and from the sale of convertible notes. During the three months ended June 30, 2024, the Company issued 1,352,600 shares of its common stock through its ATM facility, for net proceeds of approximately $1.7 million.

Additionally, 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. The closing of the Offering occurred on May 13, 2024. The Company received net proceeds of approximately $4.5 million from the Offering, after deducting the estimated offering expenses payable by the Company, including the Placement Agent fees.

On July 18, 2024, the Company received a written notice (the “Notice”) from the Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock for the last 30 consecutive business days, the Company no longer meets the requirement to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2) (“Rule 5550(a)(2)”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided with an initial period of 180 calendar days, or until January 14, 2025, to regain compliance. In order to regain compliance with the minimum bid price requirement, the closing bid price of the Company’s common stock must be at least $1 per share for a minimum of ten consecutive business days during this 180-day period. The Notice provides that the Nasdaq staff will provide written confirmation to the Company if the Company regains compliance with Rule 5550(a)(2). If the Company does not regain compliance with Rule 5550(a)(2) by January 14, 2025, the Company may be eligible for an additional compliance period of 180 calendar days. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice to Nasdaq of its intention to cure the bid price deficiency during the second compliance period. However, if it appears to the

Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq would notify the Company that its securities will be subject to delisting. In the event of such a notification, the Company may appeal the Nasdaq staff’s determination to delist its securities, but there can be no assurance the Nasdaq staff would grant any request for continued listing.

Based on the Company's current operating plan and available cash resources, it will need substantial additional funding to support future operating activities. The Company has concluded that the prevailing conditions and ongoing liquidity risks faced by it raise substantial doubt about its ability to continue as a going concern for at least one year following the date these 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 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 in debt securities consist of investments in U.S. Treasury bills. All investments that have original maturities of three months or less are classified as cash equivalents on the Condensed Consolidated Balance Sheets. As of June 30, 2024 and 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 have minimal risk, any declines in fair value are considered temporary.

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.

Inventory

Inventories are stated at the lower of cost or net realizable value. Inventory as of June 30, 2024 and March 31, 2024 consisted of approximately $0.4 million and $0.3 million in finished goods, respectively, which is related to Mosaic. Please refer to "Note 11. Business Segment Information" for further information.

Net Loss Per Share

Basic and diluted net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares used to compute diluted loss per share excludes any assumed exercise of stock options, shares reserved for purchase under the Company’s 2023 Employee Stock Purchase Plan (“2023 ESPP”), the assumed vesting of restricted stock units (“RSUs”), the exercise of warrants, and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the three months ended June 30, 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 due to their anti-dilutive effect were approximately 11.1 million at June 30, 2024 and 1.7 million at June 30, 2023.

Revenue recognition

Royalty revenue

The Company has entered into an intellectual property license agreement with another company that includes royalties based on specified percentages of net product sales, if any. At the initiation of the agreement, the Company analyzed whether it results in a contract with a customer under Topic 606.

The Company 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 evaluates each performance obligation to determine if it can be satisfied and recognized as revenue at a point in time or over time. Typically, 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.

Product revenue, net

The Company’s product-based division, Mosaic, produces high-quality cell-based products for use in Organovo’s R&D and for use by life science customers. The Company recognizes product revenue when the performance obligation is satisfied, which is at the point in time the customer obtains control of the Company’s product, typically upon delivery. Product revenues are recorded at the transaction price under Topic 606. The Company provides no right of return to its customers except in cases where a customer obtains authorization from the Company for the return. To date, there have been no product returns.

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.

Accrued Expenses (Tables)

3 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2024		March 31, 2024
Accrued compensation	$	265	$	536
Accrued legal and professional fees		57		93
Other accrued expenses		82		98
	$	404	$	727

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,344)	$ (4,028)

- Definition

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

+ References

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+ Details

Accrued Expenses

3 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Note 4. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2024		March 31, 2024
Accrued compensation	$	265	$	536
Accrued legal and professional fees		57		93
Other accrued expenses		82		98
	$	404	$	727

Business Segment Information - Summary of Operating Segment Costs and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development expenses	$ 1,402	$ 1,666
Selling, general, and administrative expenses	2,021	2,604
Total costs and expenses	3,425	4,270
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment costs and expenses	1,471	1,666
Other selling, general, and administrative expenses	1,954	2,604
Total costs and expenses	3,425	4,270
Operating Segments [Member] \| R&D [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development expenses	1,175	1,666
Operating Segments [Member] \| Mosaic [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development expenses	227	0
Cost of revenues	2	0
Selling, general, and administrative expenses	$ 67	$ 0

Collaborative Research, Development, and License Agreements

3 Months Ended

Jun. 30, 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 inter partes review 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 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 three months ended June 30, 2024, the Company recorded $31,000 of royalty revenue based on sales-based royalties from the License Agreement. Royalty revenue presented on the Statements of Operations and Other Comprehensive Loss is $25,000 for the three months ended June 30, 2024, due to a decrease adjustment related to the prior quarter.

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 ("University of Missouri") to in-license certain technology and intellectual property relating to self-assembling cell aggregates and 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, up-front 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, 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 is required to pay CURF 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 expired in May 2024, and is subject to certain conditions as defined in the license agreement. Minimum annual royalty payments of $20,000 were due for two years beginning in calendar 2014, and $40,000 per year beginning in calendar 2016. Royalty payments of $40,000 were made in each of the years ended March 31, 2024 and 2023. The annual minimum royalty is creditable against royalties owed during the same calendar year. As the licensed patents expired in May 2024, there will be no further royalty payments owed.

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 June 30, 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 three months ended June 30, 2024 and 2023, respectively. No royalty expense related to sales-based royalties has been recorded to date.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Trading Symbol	ONVO
Entity Registrant Name	Organovo Holdings, Inc.
Entity Central Index Key	0001497253
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		15,364,076
Entity File Number	001-35996
Entity Current Reporting Status	Yes
Entity Tax Identification Number	27-1488943
Entity Address, Address Line One	11555 Sorrento Valley Rd
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	224-1000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 17, 2021
Leases [Abstract]
Fiscal year ending March 31, 2025	$ 393
Fiscal year ending March 31, 2026	538
Fiscal year ending March 31, 2027	460
Total future lease payments	1,391
Less: Imputed interest	(106)
Total lease liabilities	1,285		$ 2,300
Less: Current obligations	(510)	$ (506)
Noncurrent lease obligations	$ 775	$ 888

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Beginning balance at Mar. 31, 2023	$ 15,329	$ 9	$ 340,317	$ (1)	$ (324,998)	$ 2
Beginning 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		1		0
Stock-based compensation expense	475	$ 0	475	$ 0	0	0
Stock-based compensation expense, Shares		0		0
Net loss	(4,028)	$ 0	0	$ 0	(4,028)	0
Ending balance at Jun. 30, 2023	11,776	$ 9	340,792	$ (1)	(329,026)	2
Ending balance, Shares at Jun. 30, 2023		8,718		0
Beginning balance at Mar. 31, 2024	3,601	$ 10	343,261	$ (1)	(339,669)	0
Beginning balance, Shares at Mar. 31, 2024		10,078		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		1		0
Issuance of common stock from exercise of pre-funded warrants	1	1	0	0	0	0
Issuance of common stock from exercise of pre-funded warrants, Shares		1,379		0
Issuance of common stock from public offering, net	$ 6,248	$ 3	$ 6,245	$ 0	$ 0	$ 0
Issuance of common stock from public offering, Shares		2,915		0
Stock-based compensation expense	156	$ 0	156	$ 0	0	0
Stock-based compensation expense, Shares		0		0
Net loss	(3,344)	$ 0	0	$ 0	(3,344)	0
Ending balance at Jun. 30, 2024	$ 6,662	$ 14	$ 349,662	$ (1)	$ (343,013)	$ 0
Ending balance, Shares at Jun. 30, 2024		14,373		0

Description of Business - Additional Information (Details) - Metacrine's FXR Program [Member]	3 Months Ended
	Jun. 30, 2024 Compounds
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of clinically tested compounds	2
Number of discovery or preclinical compounds	2,000

Business Segment Information

3 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segment Information

Note 11. 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 2025. 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.

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.

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. Mosaic provides 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, Mosaic offers 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 Company's Mosaic segment generates product revenue as part of its core operations. Segment revenues consisted of the following (in thousands):


	Three Months Ended		Three Months Ended
	June 30, 2024		June 30, 2023
R&D
Royalty revenue	$	25	$	75
Mosaic
Product revenue		14		—
Total segment revenue	$	39	$	75
Total company revenue	$	39	$	75

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


	Three Months Ended		Three Months Ended
	June 30, 2024		June 30, 2023
R&D
Research and development expenses	$	1,175	$	1,666
Mosaic
Cost of revenues		2		—
Research and development expenses		227		—
Selling, general, and administrative expenses		67		—
Total segment costs and expenses	$	1,471	$	1,666
Other selling, general, and administrative expenses		1,954		2,604
Total company costs and expenses	$	3,425	$	4,270

The R&D segment's identifiable assets are its fixed assets. The Mosaic segment's 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. Operating segment assets consisted of the following (in thousands):


	June 30, 2024		March 31, 2024
R&D
Fixed assets, net	$	377	$	423
Mosaic
Fixed assets, net		172		183
Inventory		408		297
Total segment assets	$	957	$	903
Other company assets		8,513		5,446
Total company assets	$	9,470	$	6,349

- 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.

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+ Details

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued compensation	$ 265	$ 536
Accrued legal and professional fees	57	93
Other accrued expenses	82	98
Accrued expenses	$ 404	$ 727

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)			3 Months Ended
	May 13, 2024	May 08, 2024	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents			$ 6,187,000	$ 10,754,000	$ 2,901,000
Restricted cash			143,000	143,000	143,000
Accumulated deficit			(343,013,000)		$ (339,669,000)
Cash flow from operations			$ 2,983,000	5,311,000
Issuance of common stock			14,373,076		10,077,726
Dilutive effect			$ 0	$ 0
Common stock equivalents excluded from computing diluted net loss per share			11,100,000	1,700,000
Minimum percentage of income tax payment net of refunds received			5.00%
Mosaic
Summary Of Significant Accounting Policies [Line Items]
Inventory finished goods			$ 400,000		$ 300,000
Common Warrants [Member]
Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock		5,000,000
Issuance of warrants		1,562,500
Stock offering price per share		$ 0.8
Pre-Funded Warrants [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock offering price per share		$ 0.799
At-The-Market Facility [Member]
Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock			1,352,600
Issuance of common stock			1,352,600
Net proceeds from issuance of offerings			$ 1,700,000
Public Offering [Member]
Summary Of Significant Accounting Policies [Line Items]
Initial offering date		May 8, 2024
Issuance of common stock		1,562,500
Net proceeds from issuance of offerings	$ 4,500,000
Public Offering [Member] \| Common Warrants [Member]
Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock		5,000,000
Public Offering [Member] \| Common Warrants [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Issuance of warrants		5,000,000

Stockholders' Equity - Summary of Warrant Activity (Detail)	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Common Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Warrants, Outstanding, Beginning Balance \| shares	0
Number of Warrants, Issued \| shares	6,562,500
Number of Warrants, Exercised \| shares	0
Number of Warrants, Outstanding, Ending Balance \| shares	6,562,500
Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 0
Exercise Price, Issued \| $ / shares	0.8
Exercise Price, Exercised \| $ / shares	0.8
Exercise Price, Outstanding, Ending Balance \| $ / shares	$ 0.8
Pre-Funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Warrants, Outstanding, Beginning Balance \| shares	0
Number of Warrants, Issued \| shares	5,000,000
Number of Warrants, Exercised \| shares	(1,379,000)
Number of Warrants, Outstanding, Ending Balance \| shares	3,621,000
Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 0
Exercise Price, Issued \| $ / shares	0.001
Exercise Price, Exercised \| $ / shares	0.001
Exercise Price, Outstanding, Ending Balance \| $ / shares	$ 0.001

Stockholders' Equity - Stock-based Compensation Expense and Valuation Information - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Class Of Stock [Line Items]
Total unrecognized compensation cost related to unvested stock option grants	$ 0.5
Expected term	6 years	6 years
Employee Stock Option
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	2 years 4 months 17 days
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	5 months 26 days
Restricted stock units (RSUs) [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Unrecognized stock-based compensation expense	$ 0.1

- 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.

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Stockholders' Equity - Common Stock - Additional Information (Detail) - USD ($)			3 Months Ended
	May 13, 2024	May 08, 2024	Jun. 30, 2024	Jun. 30, 2023	Oct. 12, 2022	Mar. 31, 2024	Jan. 26, 2024	Jul. 25, 2022	Mar. 31, 2021	Jan. 29, 2021
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net			$ 6,249,000	$ 0
Number of shares subject to outstanding			835,322			698,007
Common Warrants [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares		5,000,000
Issuance of warrants		1,562,500
Excercise price per share		$ 0.8
Warrants exercise price per share		$ 0.8	$ 0.8			$ 0
Warrant expiration period		5 years
Pre-Funded Warrants [Member]
Class Of Stock [Line Items]
Excercise price per share		$ 0.799
Warrants exercise price per share		$ 0.001	$ 0.001			$ 0
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 2012 [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued					1,236,738
Common stock shares issued					126,262
2022 Inducement Equity Plan [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued			1,000		1,000
Maximum [Member] \| Equity Incentive Plan 2022 [Member] \| Common Stock [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued					51,000
2018 Sales Agreement [Member]
Class Of Stock [Line Items]
Equity sales agreement expiration date			Jan. 29, 2024
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
IPO [Member]
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount			$ 150,000,000
Issuance of common stock from stock options exercises, net, Shares		1,562,500
Initial offering date		May 8, 2024
Net proceeds from issuance of offerings	$ 4,500,000
IPO [Member] \| JonesTrading Institutional Services LLC [Member]
Class Of Stock [Line Items]
Cash fee percentage of aggregate gross proceeds raised in offering		5.00%
IPO [Member] \| Common Warrants [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares		5,000,000
IPO [Member] \| Maximum [Member] \| Common Warrants [Member]
Class Of Stock [Line Items]
Issuance of warrants		5,000,000
At-The-Market Facility [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares			1,352,600
Net proceeds from issuance of offerings			$ 1,700,000
At-The-Market Facility [Member] \| ATM Prospectus Supplement [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance										$ 50,000,000
At-The-Market Facility [Member] \| 2024 ATM Prospectus [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance			$ 800,000
Issuance of common stock from stock options exercises, net, Shares			1,389,002
Value of shares sold under equity distribution agreement			$ 1,800,000
Value of shares sold under equity distribution agreement, net			1,800,000
At-The-Market Facility [Member] \| 2024 ATM Prospectus [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance							$ 2,605,728
At-The-Market Facility [Member] \| 2024 Shelf [Member]
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net			$ 1,700,000

Leases

3 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Note 8. Leases

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

Operating Leases

On November 23, 2020, the Company entered into a lease agreement, pursuant to which the Company permanently leased approximately 8,051 square feet of lab and 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 will be approximately $40,800 with 3% annual escalators.

The Company determined that the Permanent Lease is considered an operating lease under ASC 842, and therefore upon the lease commencement date of December 17, 2021, recognized lease liabilities and corresponding right-of-use assets of $2.3 million. The Company records operating lease expense on a straight-line basis over the life of the lease (referred to as “operating lease expense”). Variable lease expenses associated with the Company’s leases, such as payments for additional monthly fees to cover the Company’s share of certain facility expenses (common area maintenance) are expensed as incurred.

The table below summarizes the Company’s lease liabilities and corresponding right-of-use assets as of June 30, 2024 (in thousands except the year and percentage):


	June 30, 2024
ASSETS
Operating lease right-of-use assets	$	1,194
Total lease right-of-use assets	$	1,194

LIABILITIES
Current
Operating lease liability	$	510
Noncurrent
Operating lease liability, net of current portion	$	775
Total lease liabilities	$	1,285

Weighted average remaining lease term:	2.58
Weighted average discount rate:		6	%

Variable lease expense was approximately $1,000 and $36,000 for the three months ended June 30, 2024 and 2023, respectively. Operating lease expense was approximately $126,000 for the three months ended June 30, 2024 and 2023, respectively.

Cash flows associated with the Company’s operating lease for the three months ended June 30, 2024 and 2023 was approximately $130,000 and $126,000, respectively.

Future lease payments relating to the Company’s operating lease liabilities as of June 30, 2024, are as follows (in thousands):


Fiscal year ending March 31, 2025	$	393
Fiscal year ending March 31, 2026		538
Fiscal year ending March 31, 2027		460
Total future lease payments		1,391
Less: Imputed interest		(106	)
Total lease obligations		1,285
Less: Current obligations		(510	)
Noncurrent lease obligations	$	775

Stockholders' Equity (Tables)

3 Months Ended

Jun. 30, 2024

Class Of Stock [Line Items]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity from March 31, 2024 to June 30, 2024:


	Options Outstanding			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2024		698,007		$	4.26	$	—
Options granted		144,227		$	0.99	$	—
Options cancelled / forfeited		(6,912	)	$	3.30	$	—
Options expired		—		$	—	$	—
Outstanding at June 30, 2024		835,322		$	3.70	$	—
Vested and Exercisable at June 30, 2024		435,188		$	5.40	$	—

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at June 30, 2024:


Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			428,296
Common stock reserved under the 2012 Plan			—
Common stock issuable pursuant to options outstanding and reserved under the 2022 Plan			357,026
Common stock reserved under the 2022 Plan			1,569,724
Common stock reserved under the 2023 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			3,750
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
Common stock issuable pursuant to outstanding pre-funded warrants			3,621,000
Common stock issuable pursuant to outstanding common warrants			6,562,500
Total at June 30, 2024			12,755,938

Schedule of Stock-based Compensation Expense

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


	Three Months Ended		Three Months Ended
	June 30, 2024		June 30, 2023
Research and development	$	26	$	107
General and administrative		130		368
Total	$	156	$	475

Fair Value of Employee Stock Options

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


	Three Months Ended			Three Months Ended
	June 30, 2024			June 30, 2023
Dividend yield		—			—
Volatility		101.69	%		98.51	%
Risk-free interest rate		4.47	%		3.95	%
Expected life of options	6 years			6 years
Weighted average grant date fair value	$	0.80		$	1.45

Summary of Warrant Activity

The following table summarizes the Company’s Common Warrant activity from March 31, 2024 to June 30, 2024:


	Number of Warrants		Exercise Price
Outstanding at March 31, 2024		—	$	—
Issued		6,562,500	$	0.80
Exercised		—	$	0.80
Outstanding at June 30, 2024		6,562,500	$	0.80

The following table summarizes the Company’s Pre-Funded Warrants activity from March 31, 2024 to June 30, 2024:


	Number of Warrants			Exercise Price
Outstanding at March 31, 2024		—		$	—
Issued		5,000,000		$	0.001
Exercised		(1,379,000	)	$	0.001
Outstanding at June 30, 2024		3,621,000		$	0.001

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 three months ended June 30, 2024:


	Number of Shares			Weighted Average Price
Unvested at March 31, 2024		122,642		$	1.75
Granted		—		$	—
Vested		(1,250	)	$	10.27
Cancelled / forfeited		—		$	—
Unvested at June 30, 2024		121,392		$	1.66

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:


	Three Months Ended			Three Months Ended
	June 30, 2024			June 30, 2023*
Dividend yield		—			—
Volatility		95.20	%		0.00	%
Risk-free interest rate		5.27	%		0.00	%
Expected term	6 months				—
Grant date fair value	$	0.39		$	—

*There were no participants in the ESPP for the purchase period beginning March 1, 2023.

- 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

Leases - Additional Information (Details)			3 Months Ended
Leases - Additional Information (Details)	Nov. 17, 2021 ft²	Nov. 23, 2020 USD ($) ft²	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 17, 2021 USD ($)
Operating Lease [Line Items]
Operating lease, liability			$ 1,285,000			$ 2,300,000
Operating lease right-of-use assets			1,194,000		$ 1,299,000	$ 2,300,000
Variable lease expense			1,000	$ 36,000
Rent expense			126,000	126,000
Operating cash flows from operating leases			$ 130,000	$ 126,000
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%

Leases (Tables)

3 Months Ended

Jun. 30, 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 June 30, 2024 (in thousands except the year and percentage):


	June 30, 2024
ASSETS
Operating lease right-of-use assets	$	1,194
Total lease right-of-use assets	$	1,194

LIABILITIES
Current
Operating lease liability	$	510
Noncurrent
Operating lease liability, net of current portion	$	775
Total lease liabilities	$	1,285

Weighted average remaining lease term:	2.58
Weighted average discount rate:		6	%

Schedule of Future Lease Payments

Future lease payments relating to the Company’s operating lease liabilities as of June 30, 2024, are as follows (in thousands):


Fiscal year ending March 31, 2025	$	393
Fiscal year ending March 31, 2026		538
Fiscal year ending March 31, 2027		460
Total future lease payments		1,391
Less: Imputed interest		(106	)
Total lease obligations		1,285
Less: Current obligations		(510	)
Noncurrent lease obligations	$	775

Stockholders' Equity - Common Stock Reserved for Future Issuance (Detail) - shares	Jun. 30, 2024	Oct. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	12,755,938
Pre-Funded Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	3,621,000
Common Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	6,562,500
Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	0
Equity Incentive Plan 2022 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,569,724
2023 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		45,000
Employee Stock Option \| Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	428,296
Employee Stock Option \| Equity Incentive Plan 2022 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	357,026
Employee Stock Option \| 2023 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	45,000
Employee Stock Option \| 2021 Inducement Equity Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,000
Employee Stock Option \| 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	3,750
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

Stockholders' Equity

3 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

Note 5. 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 current plans to issue shares of preferred stock.

Common Stock

In March 2021, the Company's Board of Directors ("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. The only persons eligible to receive grants under the Inducement Plan are individuals who satisfy the standards for inducement grants under Nasdaq guidance. 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 accordingly effective October 12, 2022. As of June 30, 2024, there were 1,000 shares available for future grant 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 Amended and Restated 2012 Equity Incentive Plan ("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 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 initially reserved for future issuance under the 2022 Plan was 1,236,738 shares of common stock.

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, share 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 three months ended June 30, 2024, the Company issued 1,352,600 shares of common stock in ATM offerings for net proceeds of approximately $1.7 million, all of which were sold pursuant to the 2024 Shelf. As of June 30, 2024, the Company has sold an aggregate of 1,389,002 shares of common stock in ATM offerings under the 2024 ATM Prospectus, with gross proceeds of approximately $1.8 million and net proceeds of approximately $1.8 million. As of June 30, 2024, there was approximately $100.0 million available for future offerings under the 2024 Shelf, and approximately $0.8 million available for future offerings through the Company’s ATM program under the 2024 ATM Prospectus.

May 2024 Best Efforts Public Offering

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 $4.5 million from the Offering, after deducting the offering expenses payable by the Company, including the Placement Agent fees.

Restricted Stock Units

The following table summarizes the Company’s RSUs activity for the three months ended June 30, 2024:


	Number of Shares			Weighted Average Price
Unvested at March 31, 2024		122,642		$	1.75
Granted		—		$	—
Vested		(1,250	)	$	10.27
Cancelled / forfeited		—		$	—
Unvested at June 30, 2024		121,392		$	1.66

Stock Options

During the three months ended June 30, 2024, under the 2022 Plan, 144,227 stock options were granted at various exercise prices.

The following table summarizes the Company’s stock option activity from March 31, 2024 to June 30, 2024:


	Options Outstanding			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2024		698,007		$	4.26	$	—
Options granted		144,227		$	0.99	$	—
Options cancelled / forfeited		(6,912	)	$	3.30	$	—
Options expired		—		$	—	$	—
Outstanding at June 30, 2024		835,322		$	3.70	$	—
Vested and Exercisable at June 30, 2024		435,188		$	5.40	$	—

The weighted average remaining contractual term of stock options exercisable and outstanding at June 30, 2024 was approximately 7.11 years.

Warrants

In connection with the Offering described above, the Company issued 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 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. The Company has determined that these warrants should be classified as equity instruments since they do not require the Company to repurchase the underlying common stock and do not require

the Company to issue a variable amount of common stock. In addition, these warrants are indexed to common stock and do not have any antidilution rights.

The following table summarizes the Company’s Common Warrant activity from March 31, 2024 to June 30, 2024:


	Number of Warrants		Exercise Price
Outstanding at March 31, 2024		—	$	—
Issued		6,562,500	$	0.80
Exercised		—	$	0.80
Outstanding at June 30, 2024		6,562,500	$	0.80

The following table summarizes the Company’s Pre-Funded Warrants activity from March 31, 2024 to June 30, 2024:


	Number of Warrants			Exercise Price
Outstanding at March 31, 2024		—		$	—
Issued		5,000,000		$	0.001
Exercised		(1,379,000	)	$	0.001
Outstanding at June 30, 2024		3,621,000		$	0.001

Employee Stock Purchase Plan

In July 2023, the Board adopted, and on October 31, 2023, the Company's stockholders subsequently approved, the 2023 Employee Stock Purchase Plan (the "2023 ESPP"). The 2023 ESPP became effective on October 31, 2023. 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 June 30, 2024:


Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			428,296
Common stock reserved under the 2012 Plan			—
Common stock issuable pursuant to options outstanding and reserved under the 2022 Plan			357,026
Common stock reserved under the 2022 Plan			1,569,724
Common stock reserved under the 2023 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			3,750
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
Common stock issuable pursuant to outstanding pre-funded warrants			3,621,000
Common stock issuable pursuant to outstanding common warrants			6,562,500
Total at June 30, 2024			12,755,938

Stock-based Compensation Expense and Valuation Information

Stock-based awards include stock options and RSUs under the 2022 Plan, 2012 Plan, Inducement Plan, and rights to purchase stock under the 2023 ESPP. The Company calculates the grant date fair value of all stock-based awards in determining the stock-based compensation expense.

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


	Three Months Ended		Three Months Ended
	June 30, 2024		June 30, 2023
Research and development	$	26	$	107
General and administrative		130		368
Total	$	156	$	475

The total unrecognized compensation cost related to unvested stock option grants as of June 30, 2024 was approximately $0.5 million and the weighted average period over which these grants are expected to vest is 2.38 years.

The total unrecognized compensation cost related to unvested RSUs as of June 30, 2024 was $0.1 million, which will be recognized over a weighted average period of 0.49 years.

The Company uses either the Black-Scholes or Monte Carlo option-pricing models to calculate the fair value of stock options, depending on the complexity of the equity grants. Stock-based compensation expense is recognized over the vesting period using the straight-line method. The assumed dividend yield is based on the Company’s expectation of not paying dividends in the foreseeable future. The Company uses the Company-specific historical volatility rate as the indicator of expected volatility. The risk-free interest rate assumption is based on U.S. Treasury rates. The weighted average expected life of options was estimated using the average of the contractual term and the weighted average vesting term of the options. The measurement and classification of share-based payments to non-employees is consistent with the measurement and classification of share-based payments to employees. The fair value of stock options was estimated at the grant date using the following weighted average assumptions:


	Three Months Ended			Three Months Ended
	June 30, 2024			June 30, 2023
Dividend yield		—			—
Volatility		101.69	%		98.51	%
Risk-free interest rate		4.47	%		3.95	%
Expected life of options	6 years			6 years
Weighted average grant date fair value	$	0.80		$	1.45

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 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:


	Three Months Ended			Three Months Ended
	June 30, 2024			June 30, 2023*
Dividend yield		—			—
Volatility		95.20	%		0.00	%
Risk-free interest rate		5.27	%		0.00	%
Expected term	6 months				—
Grant date fair value	$	0.39		$	—

*There were no participants in the ESPP for the purchase period beginning March 1, 2023.

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

Stockholders' Equity - Warrants - Additional Information (Detail)	May 08, 2024 $ / shares shares
Common Warrants [Member]
Class of Stock [Line Items]
Issuance of warrants	1,562,500
Excercise price per share \| $ / shares	$ 0.8
Issuance of common stock from stock options exercises, net, Shares	5,000,000
Pre-Funded Warrants [Member]
Class of Stock [Line Items]
Excercise price per share \| $ / shares	$ 0.799
IPO [Member]
Class of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares	1,562,500
IPO [Member] \| Common Warrants [Member]
Class of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares	5,000,000
IPO [Member] \| Maximum [Member] \| Common Warrants [Member]
Class of Stock [Line Items]
Issuance of warrants	5,000,000

- 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

Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning balance	698,007
Granted, Options Outstanding	144,227
Cancelled / forfeited, Options Outstanding	(6,912)
Expired, Options Outstanding	0
Options Outstanding, Ending balance	835,322	698,007
Vested and Exercisable, Options Outstanding	435,188
Weighted-Average Exercise Price, Options Beginning balance	$ 4.26
Options granted, Weighted-Average Exercise Price	0.99
Options cancelled / forfeited, Weighted-Average Exercise Price	3.3
Options expired, Weighted-Average Exercise Price	0
Weighted-Average Exercise Price, Options Ending balance	3.7	$ 4.26
Vested and Exercisable, Weighted-Average Exercise Price	$ 5.4
Aggregate Intrinsic Value, Options Beginning balance	$ 0
Options Exercised, Aggregate Intrinsic Value		$ 0
Aggregate Intrinsic Value, Options Ending balance	0	$ 0
Vested and Exercisable, Aggregate Intrinsic Value	$ 0

Related Parties - Additional Information (Details) - Viscient [Member] - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Consulting expenses	$ 0	$ 0
Histology services to related parties	$ 0	$ 10,000

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Mar. 31, 2024
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	14,373,076	10,077,726
Common stock, shares outstanding	14,373,076	10,077,726
Treasury stock, shares	46	46

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities
Net loss	$ (3,344)	$ (4,028)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on investment in equity securities	0	(12)
Accretion on investments	(22)	(60)
Depreciation and amortization	70	67
Stock-based compensation	156	475
Increase (decrease) in cash resulting from changes in:
Accounts receivable	(15)	3
Inventory	(111)	0
Prepaid expenses and other assets	118	149
Accounts payable	492	157
Accrued expenses	(323)	(2,061)
Operating lease right-of-use assets and liabilities, net	(4)	(1)
Net cash used in operating activities	(2,983)	(5,311)
Cash Flows From Investing Activities
Purchases of fixed assets	0	(15)
Purchases of investments	(1,480)	(4,939)
Maturities of investments	1,500	5,000
Liquidation of equity securities	0	718
Net cash provided by investing activities	20	764
Cash Flows From Financing Activities
Proceeds from issuance of common stock, net	6,249	0
Net cash provided by financing activities	6,249	0
Net increase in cash, cash equivalents, and restricted cash	3,286	(4,547)
Cash, cash equivalents, and restricted cash at beginning of period	3,044	15,444
Cash, cash equivalents, and restricted cash at end of period	6,330	10,897
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	6,187	10,754
Restricted cash	143	143
Cash, cash equivalents, and restricted cash at end of period	6,330	10,897
Supplemental Disclosure of Cash Flow Information:
Income taxes paid	$ 2	$ 2

Investments and Fair Value Measurement

3 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Investments and Fair Value Measurement

Note 3. Investments and Fair Value Measurement

Investments in debt securities

As of June 30, 2024, the Company held $1.5 million of investments in debt securities (which are included in the $6.2 million of cash and cash equivalents). For the three months ended June 30, 2024, there was less than $0.1 million of interest income related to the investments in debt securities. 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 June 30, 2024 and March 31, 2024, respectively (in thousands):


	Amortized costs basis		Gross unrealized gains		Gross unrealized losses		Fair value
As of June 30, 2024
Investment in debt securities	$	1,490	$	—	$	—	$	1,490
As of March 31, 2024
Investment in debt securities	$	997	$	1	$	—	$	998

Business Segment Information (Tables)

3 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Summary of Segment Revenues

Segment revenues consisted of the following (in thousands):


	Three Months Ended		Three Months Ended
	June 30, 2024		June 30, 2023
R&D
Royalty revenue	$	25	$	75
Mosaic
Product revenue		14		—
Total segment revenue	$	39	$	75
Total company revenue	$	39	$	75

Summary of Operating Segment Costs and Expenses

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


	Three Months Ended		Three Months Ended
	June 30, 2024		June 30, 2023
R&D
Research and development expenses	$	1,175	$	1,666
Mosaic
Cost of revenues		2		—
Research and development expenses		227		—
Selling, general, and administrative expenses		67		—
Total segment costs and expenses	$	1,471	$	1,666
Other selling, general, and administrative expenses		1,954		2,604
Total company costs and expenses	$	3,425	$	4,270

Summary of Operating Segment Assets

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


	June 30, 2024		March 31, 2024
R&D
Fixed assets, net	$	377	$	423
Mosaic
Fixed assets, net		172		183
Inventory		408		297
Total segment assets	$	957	$	903
Other company assets		8,513		5,446
Total company assets	$	9,470	$	6,349

Stockholders' Equity - Summary of Company's RSUs Activity (Detail) - Restricted stock units (RSUs) [Member]	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares \| shares	122,642
Granted, Number of Shares \| shares	0
Vested, Number of Shares \| shares	(1,250)
Canceled / forfeited, Number of Shares \| shares	0
Ending balance, Unvested, Number of Shares \| shares	121,392
Beginning balance, Unvested, Weighted Average Price \| $ / shares	$ 1.75
Granted, Weighted Average Price \| $ / shares	0
Vested, Weighted Average Price \| $ / shares	10.27
Canceled / forfeited, Weighted Average Price \| $ / shares	0
Ending balance, Unvested, Weighted Average Price \| $ / shares	$ 1.66

Stockholders' Equity - Fair Value of ESPP Shares (Detail) - $ / shares

3 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Dividend yield

0.00%

Volatility

101.69%

98.51%

Risk-free interest rate

4.47%

3.95%

Expected term

6 years

Grant date fair value

$ 0.8

$ 1.45

ESPP Shares [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Dividend yield

0.00%

^[1]

Volatility

95.20%

0.00%

^[1]

Risk-free interest rate

5.27%

0.00%

^[1]

Expected term

6 months

Grant date fair value

$ 0.39

$ 0

^[1]

[1]	There were no participants in the ESPP for the purchase period beginning March 1, 2023.

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

3 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

Legal Matters

In addition to commitments and obligations in the ordinary course of business, the Company may be subject, from time to time, to various claims and pending and potential legal actions arising out of the normal conduct of its business.

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

The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. During the period presented, the Company has not recorded any accrual for loss contingencies associated with any claims or legal proceedings; determined that an unfavorable outcome is probable or reasonably possible; or determined that the amount or range of any possible loss is reasonably estimable. However, the outcome of legal proceedings and claims brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, if one or more 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.

Investments and Fair Value Measurement (Tables)

3 Months Ended

Jun. 30, 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 June 30, 2024 and March 31, 2024, respectively (in thousands):


	Amortized costs basis		Gross unrealized gains		Gross unrealized losses		Fair value
As of June 30, 2024
Investment in debt securities	$	1,490	$	—	$	—	$	1,490
As of March 31, 2024
Investment in debt securities	$	997	$	1	$	—	$	998

- 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
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Stockholders' Equity - Preferred Stock - Additional Information (Detail)	Jun. 30, 2024 shares
Equity [Abstract]
Preferred stock, shares authorized	25,000,000
Preferred stock, shares outstanding	0

Collaborative Research, Development, and License Agreements - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended		12 Months Ended
	Dec. 05, 2022	May 31, 2011	Mar. 31, 2009	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total Revenues				$ 39,000	$ 75,000
BICO Group AB [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total Revenues				31,000
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	$ 0
Minimum annual royalty payment due								$ 40,000	$ 20,000	$ 20,000
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%
Expired year of license agreement		2024-05

Investments and Fair Value Measurement - Summary of Investments in Debt Securities that are Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Investments, All Other Investments [Abstract]
Investment in debt securities, Amortized costs basis	$ 1,490	$ 997
Investment in debt securities, Gross unrealized gains	0	1
Investment in debt securities, Gross unrealized losses	0	0
Investment in debt securities, Fair value	$ 1,490	$ 998

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

Stockholders' Equity - Stock Options and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Oct. 31, 2023
Class Of Stock [Line Items]
Voluntarily forfeited outstanding stock options	6,912
Expired, Options Outstanding	0
Stock-based compensation	$ 156,000	$ 475,000
Weighted-average remaining contractual term of stock options exercisable	7 years 1 month 9 days
Number of common stock shares approved under ESPP	12,755,938
Expected term	6 years	6 years
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
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.
Equity Incentive Plan 2022 [Member]
Class Of Stock [Line Items]
Stock options granted	144,227
Number of common stock shares approved under ESPP	1,569,724

Concentrations

3 Months Ended

Jun. 30, 2024

Risks and Uncertainties [Abstract]

Concentrations

Note 9. Concentrations

Credit risk and significant customers

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company maintains cash balances at various financial institutions located within the United States. Accounts at these institutions are secured by the Federal Deposit Insurance Corporation. Balances may exceed federally insured limits. The Company 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.

Business Segment Information - Summary of Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 39	$ 75
Royalty [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	25	75
Product [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	14	0
Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	39	75
Operating Segments [Member] \| R&D [Member] \| Royalty [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	25	75
Operating Segments [Member] \| Mosaic [Member] \| Product [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 14	$ 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.

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+ Details

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 156	$ 475
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	26	107
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 130	$ 368

Investments and Fair Value Measurement - Additional Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Investments [Line Items]
Investments in debt securities	$ 1,500,000
Cash and cash equivalents	6,187,000	$ 10,754,000	$ 2,901,000
(Loss) gain on investment in equity securities	0	$ 12,000
Maximum [Member]
Investments [Line Items]
Interest income on investments in debt securities	$ 100,000

Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total Revenues	$ 39	$ 75
Cost of revenues	2	0
Research and development expenses	1,402	1,666
Selling, general, and administrative expenses	2,021	2,604
Total costs and expenses	3,425	4,270
Loss from Operations	(3,386)	(4,195)
Other Income
Gain on investment in equity securities	0	12
Interest income	44	157
Total Other Income	44	169
Income Tax Expense	(2)	(2)
Net Loss	$ (3,344)	$ (4,028)
Net loss per common share basic	$ (0.23)	$ (0.46)
Net loss per common share diluted	$ (0.23)	$ (0.46)
Weighted average shares used in computing net loss per common share basic	14,663,693	8,717,232
Weighted average shares used in computing net loss per common share diluted	14,663,693	8,717,232
Comprehensive loss:
Net loss	$ (3,344)	$ (4,028)
Comprehensive loss	(3,344)	(4,028)
Royalty Revenue [Member]
Revenues
Total Revenues	25	75
Product Revenue [Member]
Revenues
Total Revenues	$ 14	$ 0

Leases - Schedule of Lease Liabilities and Corresponding Right-of-use Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 17, 2021
Assets
Operating lease right-of-use assets	$ 1,194
Total lease right-of-use assets	1,194	$ 1,299	$ 2,300
Current Liabilities
Operating lease liability, current portion	510	506
Noncurrent
Operating lease liability, net of current portion	775	$ 888
Total lease liabilities	$ 1,285		$ 2,300
Weighted average remaining lease term:	2 years 6 months 29 days
Weighted average discount rate:	6.00%

Business Segment Information - Summary of Operating Segment Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Fixed assets, net	$ 601	$ 669
Inventory	408	297
Total assets	9,470	$ 6,349
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets, Total	957		$ 903
Other company assets	8,513		5,446
Total assets	9,470		6,349
Operating Segments [Member] \| R&D [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Fixed assets, net	377		423
Operating Segments [Member] \| Mosaic Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Fixed assets, net	172		183
Inventory	$ 408		$ 297

- Definition

Amount of asset recognized for present right to economic benefit.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details