v3.24.1.1.u2
Equity Incentive Plans and Stock-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Summary of Stock Option Activity and Activity Regarding Shares Available for Grant
Stock option activity and activity regarding shares available for grant under the 2021 Plan are as follows:
Options Outstanding
Outstanding
Stock
Options
Weighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
(in thousands, except share, years, and per share data)
Balance as of March 31, 202368,050,752$4.20 6.0$10,621 
Granted13,097,016$1.25 
Exercised(2,082,713)$0.44 
Canceled/forfeited/expired(8,325,285)$4.94 
Balance as of March 31, 202470,739,770$3.68 5.1$306 
Vested and exercisable as of March 31, 202452,562,963$4.12 4.0$306 
Schedule of Assumptions Used in the Black-Scholes Option-Pricing Model
The Company estimated the fair value of options granted using the Black-Scholes option-pricing model. The fair value of stock options is being amortized on a straight-line basis over the requisite service period of the awards.
The weighted average Black-Scholes assumptions used to value stock options at the grant dates are as follows:
Year Ended March 31,
202420232022
MinMaxMinMaxMinMax
Expected term (years)5.86.06.06.83.36.1
Expected volatility range78 %79 %76 %81 %72 %75 %
Expected weighted-average volatility 79%79%74%
Risk-free interest rate3.6 %4.4 %2.8 %4.2 %1.0 %2.5 %
Expected dividend yield——————
The weighted average grant date fair value of ESPP award per share for the fiscal years ended March 31, 2024, 2023, and 2022 was $0.44, $1.35 and $1.84, respectively, using the following assumptions:
Year Ended March 31,
202420232022
Min
Max
Min
Max
Min
Max
Expected term (years)0.51.00.51.00.51.0
Expected volatility range67 %99 %78 %109 %77 %86 %
Expected weighted-average volatility70%96%82%
Risk-free interest rate4.9 %5.5 %3.3 %5.2 %0.6 %0.9 %
Expected dividend yield——————
Summary of Restricted Stock Awards Activity under the Equity Incentive Plan
The following table summarizes the RSU activity under the equity incentive plans and related information:
Unvested RSUs
Weighted-Average
Grant Date Fair
Value Per Share
Balance as of March 31, 202326,562,566$4.73 
Granted50,324,367$1.67 
Vested(21,703,098)$3.14 
Canceled/forfeited(11,127,165)$3.66 
Balance as of March 31, 202444,056,670$2.29 
Schedule of Share Based Compensation Costs
Total stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, was included in costs and expenses as follows:
Year Ended March 31,
202420232022
(in thousands)
Cost of revenue (1)
$6,234 $10,874 $4,029 
Research and development37,765 48,837 26,540 
Sales and marketing6,567 8,635 5,122 
General and administrative (2)
68,020 47,671 22,242 
Restructuring and other charges1,623 — — 
Total stock-based compensation expense$120,209 $116,017 $57,933 
(1)     Primarily relates to cost of service revenue. Stock-based compensation expense related to cost of product was immaterial for the fiscal years ended March 31, 2024, 2023, and 2022.
(2)     Includes $32.8 million of stock-based compensation charges related to the termination of two Former Lemonaid Officers during the fiscal year ended March 31, 2024.