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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Mar. 31, 2020	May 14, 2020	Sep. 30, 2019
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-37929
Entity Registrant Name	Myovant Sciences Ltd.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1343578
Entity Address, Address Line One	Suite 1, 3rd Floor
Entity Address, Address Line Two	11-12 St. James’s Square
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SW1Y 4LB
Entity Address, Country	GB
City Area Code	207
Local Phone Number	400-3351
Title of 12(b) Security	Common Shares, $0.000017727 par value per share
Trading Symbol	MYOV
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 245.2
Entity Common Stock, Shares Outstanding		89,869,374
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the 2020 Annual General Meeting of Shareholders (the “2020 Proxy Statement”) to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001679082

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 76,644	$ 156,074
Marketable securities	2,997	0
Prepaid expenses and other current assets	8,269	10,194
Income tax receivable	0	524
Total current assets	87,910	166,792
Property and equipment, net	2,497	2,071
Operating lease right-of-use asset	11,146
Other assets	4,373	4,114
Total assets	105,926	172,977
Current liabilities:
Accounts payable	15,334	11,019
Interest payable	0	1,077
Interest payable (related party)	15	0
Accrued expenses	29,060	53,735
Deferred revenue	40,000	0
Operating lease liability	1,516
Current maturities of long-term debt	0	6,142
Total current liabilities	85,925	71,973
Deferred rent		1,157
Deferred interest payable	0	2,273
Long-term operating lease liability	10,996
Long-term debt, less current maturities	0	93,240
Long-term debt, less current maturities (related party)	113,700	0
Other	3,582	0
Total liabilities	214,203	168,643
Commitments and contingencies (Note 14)
Shareholders’ (deficit) equity:
Common shares, par value $0.000017727 per share, 564,111,242 shares authorized, 89,833,998 and 72,057,490 issued and outstanding at March 31, 2020 and 2019, respectively	2	1
Additional paid-in capital	684,381	505,851
Accumulated other comprehensive (loss) income	(1,646)	507
Accumulated deficit	(791,014)	(502,025)
Total shareholders’ (deficit) equity	(108,277)	4,334
Total liabilities and shareholders’ (deficit) equity	$ 105,926	$ 172,977

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Mar. 31, 2019
Statement of Financial Position [Abstract]
Common shares par value (in USD per share)	$ 0.000017727	$ 0.000017727
Common shares authorized (in shares)	564,111,242	564,111,242
Common shares issued (in shares)	89,833,998	72,057,490
Common shares outstanding (in shares)	89,833,998	72,057,490

Consolidated Statements of Operations - USD ($)

12 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Mar. 31, 2018

Operating expenses:

Research and development

^[1]

$ 192,560,000

$ 222,607,000

$ 116,832,000

General and administrative

^[2]

82,327,000

42,219,000

24,231,000

Total operating expenses

274,887,000

264,826,000

141,063,000

Interest expense

11,222,000

8,821,000

2,046,000

Loss on extinguishment of debt

4,851,000

Interest expense (related party)

1,441,000

Interest income

(2,552,000)

(881,000)

Other (income) expense, net

(1,621,000)

309,000

(67,000)

Total loss before income taxes

(288,228,000)

(273,075,000)

(143,042,000)

Income tax expense

761,000

476,000

213,000

Net loss

$ (288,989,000)

$ (273,551,000)

$ (143,255,000)

Net loss per common share — basic and diluted (in USD per share)

$ (3.37)

$ (4.09)

$ (2.41)

Weighted average common shares outstanding — basic and diluted (in shares)

85,839,303

66,910,060

59,520,747

[1]	Includes $76, $2,575 and $4,537 of costs allocated from the Company’s former majority shareholder during the years ended March 31, 2020, 2019 and 2018, respectively. Also includes share-based compensation expense (see Note 10).
[2]	Includes $617, $2,873 and $4,182 of costs allocated from the Company’s former majority shareholder during the years ended March 31, 2020, 2019 and 2018, respectively. Also includes share-based compensation expense (see Note 10).

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Research and development
Allocated costs	$ 76	$ 2,575	$ 4,537
General and administrative
Allocated costs	$ 617	$ 2,873	$ 4,182

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net Loss	$ (288,989)	$ (273,551)	$ (143,255)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(2,153)	483	(116)
Total other comprehensive (loss) income	(2,153)	483	(116)
Comprehensive loss	$ (291,142)	$ (273,068)	$ (143,371)

- Definition

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

+ References + Details

Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Shares	Common Shares Subscribed	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Private Placement Cowen and Company, LLC	Private Placement Cowen and Company, LLC Common Shares	Private Placement Cowen and Company, LLC Additional Paid-in Capital	Private Placement Roivant Sciences, Ltd.	Private Placement Roivant Sciences, Ltd. Common Shares	Private Placement Roivant Sciences, Ltd. Additional Paid-in Capital	Private Placement NovaQuest	Private Placement NovaQuest Common Shares	Private Placement NovaQuest Additional Paid-in Capital	Public Equity Offering	Public Equity Offering Common Shares	Public Equity Offering Additional Paid-in Capital
Beginning balance (in shares) at Mar. 31, 2017		60,275,757
Beginning balance at Mar. 31, 2017	$ 166,776	$ 1	$ (1)	$ 251,733	$ 140	$ (85,097)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued to settle the Takeda warranty liability	$ 58	$ 0		58
Shares issued to settle the Takeda warrant liability (in shares)	4,432	4,432
Share-based compensation expense	$ 10,587	$ 0		10,587
Share-based compensation expense (in shares)		564,111
Capital contribution from former majority shareholder — share-based compensation	996			996
Foreign currency translation adjustment	(116)				(116)
Stock option exercises	$ 36	$ 0		36
Stock option exercises (in shares)	15,195	15,195
Shares issued													$ 1,857	$ 0	$ 1,857
Shares issued (in shares)														138,361
Warrants issued with debt financing	$ 789			789
Settlement of former majority shareholder common shares subscribed	1		1
Net Loss	(143,255)					(143,255)
Ending balance (in shares) at Mar. 31, 2018		60,997,856
Ending balance at Mar. 31, 2018	37,729	$ 1	0	266,178	24	(228,474)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	18,067	$ 0		18,067
Share-based compensation expense (in shares)		0
Capital contribution from former majority shareholder — share-based compensation	629			629
Foreign currency translation adjustment	$ 483				483
Stock option exercises (in shares)	154,494
Shares issued							$ 84,052	$ 0	$ 84,052	$ 22,500	$ 0	$ 22,500	$ 37,982	$ 0	$ 37,982	$ 74,391	$ 0	$ 74,391
Shares issued (in shares)								3,970,129			1,110,015			2,286,284			3,533,399
Net Loss	$ (273,551)					(273,551)
Capital contribution from former majority shareholder	752			752
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs (in shares)		159,807
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs	$ 1,300	$ 0		1,300
Ending balance (in shares) at Mar. 31, 2019	72,057,490	72,057,490
Ending balance at Mar. 31, 2019	$ 4,334	$ 1	0	505,851	507	(502,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	40,102	$ 0		40,102
Share-based compensation expense (in shares)		0
Capital contribution from former majority shareholder — share-based compensation	149			149
Foreign currency translation adjustment	$ (2,153)				(2,153)
Stock option exercises (in shares)	124,097
Shares issued							$ 2,546	$ 0	$ 2,546							$ 134,458	$ 1	$ 134,457
Shares issued (in shares)								106,494									17,424,243
Net Loss	$ (288,989)					(288,989)
Capital contribution from former majority shareholder	334			334
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs (in shares)		245,771
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs	$ 942	$ 0		942
Ending balance (in shares) at Mar. 31, 2020	89,833,998	89,833,998
Ending balance at Mar. 31, 2020	$ (108,277)	$ 2	$ 0	$ 684,381	$ (1,646)	$ (791,014)

Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Public Equity Offering
Issuance costs	$ 9,292	$ 5,110
NovaQuest \| Private Placement
Issuance costs			$ 624
Cowen and Company, LLC \| Private Placement
Issuance costs	$ 79	$ 2,919

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net Loss	$ (288,989)	$ (273,551)	$ (143,255)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	40,251	18,696	11,583
Depreciation and amortization	1,765	438	243
Amortization of debt discount and issuance costs	1,486	2,084	662
Loss on extinguishment of debt	4,851	0	0
Other items	(1,980)	1,235	(116)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,925	(5,055)	(1,918)
Deferred tax assets	0	0	208
Income tax receivable	524	476	(895)
Other assets	(10)	76	(3,065)
Accounts payable	4,315	6,441	1,249
Interest payable	(1,077)	795	282
Interest payable (related party)	15	0	0
Accrued expenses	(24,554)	23,349	18,287
Operating lease liabilities	(882)
Deferred revenue	40,000	0	0
Due to former majority shareholder	(121)	(1,839)	(1,070)
Deferred rent	0	749	295
Deferred interest payable	(2,273)	2,018	255
Other	3,582	0	0
Net cash used in operating activities	(221,172)	(224,088)	(117,255)
Cash flows from investing activities:
Purchases of marketable securities	(32,076)	0	0
Maturities of marketable securities	29,240	0	0
Purchases of property and equipment	(1,099)	(1,236)	(604)
Net cash used in investing activities	(3,935)	(1,236)	(604)
Cash flows from financing activities:
Proceeds from related party debt financing	113,700	0	0
Proceeds from third party debt financing, net of financing costs paid	0	53,974	43,751
Proceeds from stock option exercises	942	1,300	36
Settlement of former majority shareholder common shares subscribed	0	0	1
Payments on third party debt financings and redemption fees	(105,420)	0	0
Payment of annual debt administration fee to NovaQuest	(300)	(300)	0
Net cash provided by financing activities	145,926	273,899	45,645
Net change in cash, cash equivalents and restricted cash	(79,181)	48,575	(72,214)
Cash, cash equivalents and restricted cash, beginning of period	157,199	108,624	180,838
Cash, cash equivalents and restricted cash, end of period	78,018	157,199	108,624
Non-cash financing activities:
Warrants issued to Hercules	0	0	789
Supplemental disclosure of cash paid:
Income taxes	38	0	900
Interest	13,030	3,923	845
Interest (related party)	1,426	0	0
Public Equity Offering
Cash flows from financing activities:
Proceeds from issuance of common shares, net of issuance costs paid	134,458	74,391	0
Cowen and Company, LLC \| Private Placement
Cash flows from financing activities:
Proceeds from issuance of common shares, net of issuance costs paid	2,546	84,052	0
Roivant Sciences, Ltd. \| Private Placement
Cash flows from financing activities:
Proceeds from issuance of common shares, net of issuance costs paid	0	22,500	0
NovaQuest \| Private Placement
Cash flows from financing activities:
Proceeds from issuance of common shares, net of issuance costs paid	$ 0	$ 37,982	$ 1,857

Description of Business	12 Months Ended
Description of Business	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Myovant Sciences Ltd. (or together with its wholly-owned subsidiaries, the “Company”) is a healthcare company focused on redefining care for women and for men. The Company’s lead product candidate is relugolix, a once-daily, oral, gonadotropin-releasing hormone (“GnRH”) receptor antagonist for which the Company has successfully completed multiple Phase 3 clinical studies across three distinct indications. The Company is preparing for potential commercial launches in the U.S. of relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg and norethindrone acetate 0.5 mg) for women with heavy menstrual bleeding associated with uterine fibroids or pain associated with endometriosis and relugolix monotherapy tablet (120 mg) for men with advanced prostate cancer, in anticipation of U.S. Food and Drug Administration (“FDA”) approval to market in these indications. The Company submitted its New Drug Application (“NDA”) to the FDA for relugolix monotherapy tablet for the treatment of men with advanced prostate cancer in April 2020, and currently expects to submit an NDA for relugolix combination tablet for the treatment of women with heavy menstrual bleeding associated with uterine fibroids in May 2020. The Company announced positive results from the first of two replicate Phase 3 clinical studies evaluating relugolix combination therapy in women with pain associated with endometriosis, and expects to announce top-line results from the second study in the second quarter of calendar year 2020. In addition, the Company is also developing MVT-602, an oligopeptide kisspeptin-1 receptor agonist, for the treatment of female infertility as part of assisted reproduction. Takeda Pharmaceuticals International AG (“Takeda”), a subsidiary of Takeda Pharmaceutical Company Limited, the originator of relugolix, granted the Company a worldwide license to develop and commercialize relugolix (excluding Japan and certain other Asian countries) and an exclusive right to develop and commercialize MVT-602 in all countries worldwide. On March 30, 2020, the Company entered into an exclusive license agreement with Gedeon Richter Plc. (“Richter”) for Richter to commercialize relugolix combination tablet for uterine fibroids and endometriosis in certain territories outside of the U.S. Under this agreement, the Company has retained all of its rights to relugolix combination tablet in the U.S. and Canada, as well as rights to relugolix in other therapeutic areas outside of women’s health. In March 2020, the Company submitted a Marketing Authorisation Application (“MAA”) to the European Medicines Agency (“EMA”) for relugolix combination tablet in uterine fibroids. The MAA submission has completed validation and is now under evaluation by the EMA. The Company is an exempted company limited by shares incorporated under the laws of Bermuda in February 2016 under the name Roivant Endocrinology Ltd. The Company changed its name to Myovant Sciences Ltd. in May 2016. Since its inception, the Company has devoted substantially all of its efforts to identifying and in-licensing its product candidates, organizing and staffing the Company, raising capital, preparing for and advancing the clinical development of its product candidates, and preparing for potential future regulatory approvals and commercialization of relugolix combination tablet and relugolix monotherapy tablet. The Company has incurred, and expects to continue to incur, significant operating losses and negative operating cash flows as it continues to develop its product candidates and prepares for potential future regulatory approvals and commercialization of relugolix combination tablet and relugolix monotherapy tablet. To date, the Company has not generated any product revenue, and it does not expect to generate product revenue unless and until it successfully completes development and obtains regulatory approval for at least one of its product candidates. The Company has funded its operations primarily from the issuance and sale of its common shares and from debt financing arrangements. On December 27, 2019, Sumitovant Biopharma Ltd. (“Sumitovant”), a subsidiary of Sumitomo Dainippon Pharma Co., Ltd. (“Sumitomo Dainippon Pharma”) became the Company’s majority shareholder and a related party after acquiring 45,008,604 of the Company’s outstanding common shares, representing approximately 50.2% of the Company’s common shares outstanding on December 27, 2019. The common shares were acquired from the Company’s former majority shareholder, Roivant Sciences Ltd. (“Roivant,” “RSL,” or “former majority shareholder”) at the closing of a transaction between Roivant and Sumitomo Dainippon Pharma. See Note 7(A). As of March 31, 2020, Sumitovant directly, and Sumitomo Dainippon Pharma indirectly, own 46,788,604 of the Company’s outstanding common shares, representing approximately 52.1% of the Company’s common shares outstanding on March 31, 2020. As a result of the transfer of these common shares, Roivant no longer beneficially owns any of the Company’s common shares.

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(A) Basis of Presentation

The Company’s fiscal year ends on March 31, and its first three fiscal quarters end on June 30, September 30 and December 31. The Company has determined that it has one operating and reporting segment as it allocates resources and assesses financial performance on a consolidated basis.

The accompanying consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”). Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (“ASC”), and Accounting Standards Update

(“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. During the year ended March 31, 2020, the Company incurred net losses of $289.0 million and used $221.2 million of cash and cash equivalents in operations. The Company expects to continue to incur significant and increasing operating losses and negative operating cash flows as it continues to develop its product candidates and prepares for potential future regulatory approvals and commercialization of relugolix combination tablet and relugolix monotherapy tablet. In addition, the Company expects that its outstanding debt levels will increase in future periods, which will result in an increase in its quarterly interest payment obligations. The Company has not generated any product revenue to date and does not expect to generate product revenue unless and until it successfully completes development and obtains regulatory approval for at least one of its product candidates. Based on its current operating plan, the Company expects that its existing cash, cash equivalents, marketable securities, and its ability to borrow under the terms of the Sumitomo Dainippon Pharma Loan Agreement (See Note 7(A)) will be sufficient to fund its operating expenses and capital expenditure requirements at least through the end the Company’s fiscal year ending March 31, 2021. This estimate is based on the Company’s current assumptions, including assumptions relating to its ability to manage its spend, that might prove to be wrong, and it could use its available capital resources sooner than it currently expects. Current cash, cash equivalents, marketable securities and amounts currently available under the Sumitomo Dainippon Pharma Loan Agreement will not be sufficient to enable the Company to complete all necessary development and regulatory activities and commercially launch relugolix combination tablet or relugolix monotherapy tablet. The Company anticipates that it will continue to incur net losses and negative operating cash flows for the foreseeable future.

To continue as a going concern, the Company will need, among other things, additional capital resources. The Company continually assesses multiple options to obtain additional funding to support its operations, including through financing activities in public or private capital markets. Management can provide no assurances that any sources of a sufficient amount of financing will be available to the Company on favorable terms, if at all. Although the Company expects to draw under the Sumitomo Dainippon Pharma Loan Agreement on a quarterly basis, such draws are contingent upon the consent of the Company’s board of directors. In addition, if Sumitomo Dainippon Pharma fails to own at least a majority of the Company’s outstanding common shares, it may become unlawful under Japanese law for Sumitomo Dainippon Pharma to fund loans to the Company, in which case the Company would not be able to continue to borrow under the Sumitomo Dainippon Pharma Loan Agreement. ASC 240-40, Going Concern, does not allow the Company to consider future financing activities that are uncertain in its assessment of the Company’s future cash burn for the purpose of its liquidity assessment.

Due to these uncertainties, there is substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements and footnotes have been prepared on the basis that the Company will continue as a going concern, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

(B) Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in certain circumstances that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets and liabilities, and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Areas where management uses subjective judgments include, but are not limited to, the evaluation of the Company’s ability to continue as a going concern, revenue recognition, share-based compensation expenses, research and development (“R&D”) expenses and accruals, leases, and income taxes. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period, that are not readily apparent from other sources. Estimates and assumptions are periodically reviewed in light of changes in circumstances, facts, or experience. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates.

In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify

the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation.

When applying the revenue recognition criteria of ASC 606 to license and collaboration agreements, the Company applies significant judgment when evaluating whether contractual obligations represent distinct performance obligations, allocating transaction price to performance obligations within a contract, determining when performance obligations have been met, assessing the recognition and future reversal of variable consideration, and determining and applying appropriate methods of measuring progress for performance obligations satisfied over time. These judgments are discussed in more detail below.

•

Licenses of intellectual property: If the licenses to intellectual property are determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are not distinct from other promises, the Company applies judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the related revenue recognition accordingly.

•

Milestone payments: At the inception of each arrangement that includes research, development or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative standalone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price on a cumulative catch-up basis in earnings in the period of the adjustment.

•

Royalties and commercial milestone payments: For arrangements that include sales-based royalties, including commercial milestone payments based on pre-specified level of sales, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Achievement of these royalties and commercial milestones may solely depend upon performance of the licensee.

(D) Risks and Uncertainties

The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, risks of failure or unsatisfactory results of nonclinical and clinical studies, the need to obtain additional capital to fund the future development of its product candidates and the commercialization of any product candidates that may obtain marketing approval, the need to obtain marketing approval for its product candidates, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations, ability to transition from pilot-scale manufacturing to large-scale production of products, and dependence on third-party service providers such as contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”).

(E) Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk include cash, cash equivalents, and marketable securities, consisting of money market funds, commercial paper, and corporate bonds. As of March 31, 2020, cash, cash equivalents, and marketable security balances are diversified between three financial institutions. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and the issuers of its money market funds, commercial paper, and corporate bonds. The Company maintains its cash deposits and cash equivalents in highly-rated, federally-insured financial institutions in excess of federally insured limits. The Company has established guidelines relative to diversification and maturities of investments to maintain safety and liquidity. The Company has not experienced any credit losses related to these financial instruments and does not believe that it is exposed to any significant credit risk related to these instruments.

(F) Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include cash deposits in banks and all highly liquid investments that are readily convertible to cash. The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. Interest income consists of interest earned on money market funds and the accretion of discounts to maturity for commercial paper.

Restricted cash consists of non-interest bearing legally restricted deposits held as compensating balances against the Company’s corporate credit card program and irrevocable standby letters of credit provided as security for the Company’s office lease and sublease.

Cash as reported on the consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash, and consists of the following (in thousands):



	March 31,
	2020		2019		2018
Cash and cash equivalents	$	76,644	$	156,074	$	108,624
Restricted cash ⁽¹⁾	1,374		1,125		—
Total cash, cash equivalents and restricted cash	$	78,018	$	157,199	$	108,624

⁽¹⁾Included in other assets on the consolidated balance sheets.

(G) Marketable Securities

Investments in marketable securities are held in a custodial account at a financial institution and managed by the Company’s investment advisor based on the Company’s investment guidelines. The Company considers all highly liquid investments in securities with a maturity of greater than three months at the time of purchase to be marketable securities. As of March 31, 2020, the Company’s marketable securities consisted of commercial paper with maturities of greater than three months but less than twelve months at the time of purchase. These short-term commercial paper are classified as current assets on the Company’s consolidated balance sheets under the caption marketable securities.

The Company classifies its marketable securities as available-for-sale at the time of purchase and reevaluates such designation at each balance sheet date. Unrealized gains and losses on available-for-sale marketable securities are excluded from earnings and are recorded in accumulated other comprehensive (loss) income until realized. Any unrealized losses are evaluated for other-than-temporary impairment at each balance sheet date. Realized gains and losses are determined based on the specific identification method and are recorded in other (income) expense, net in the consolidated statements of operations. See Note 3.

(H) Fair Value Measurements

The Company utilizes fair value measurement guidance prescribed by accounting standards to value its financial instruments. The guidance establishes a fair value hierarchy for financial instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances.

Fair value is defined as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a three-tier fair value hierarchy that distinguishes among the following:


•	Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.


•	Level 2—Valuations are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly.


•	Level 3—Valuations are based on inputs that are unobservable (supported by little or no market activity) and significant to the overall fair value measurement.

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The Company’s financial instruments include cash, cash equivalents, marketable securities, accounts payable and debt obligations. Cash, cash equivalents, and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. Marketable securities are recorded at their estimated fair value and are included in Level 2 of the fair value hierarchy.

(I) Property and Equipment, net

Property and equipment, net consisting of computers, equipment, furniture and fixtures, leasehold improvements, and software, is recorded at cost, less accumulated depreciation. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed to operations as incurred. Upon disposal, retirement or sale, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations. Depreciation is recorded for property and equipment using the straight-line method over the estimated useful lives of the assets, which range from three to seven years once the asset is installed and placed into service. Leasehold improvements are amortized using the straight-line method over their estimated useful life or the remaining lease term, whichever is shorter.

The Company reviews the recoverability of its long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable, based on undiscounted cash flows. If such assets are considered to be impaired, an impairment loss is recognized and is measured as the amount by which the carrying amount of the assets exceed their estimated fair value, which is measured based on the projected discounted future net cash flows arising from the assets.

(J) Leases

The Company determines if an arrangement includes a lease at the inception of the agreement. For each of the Company’s lease arrangements, the Company records a right-of-use asset representing the Company’s right to use an underlying asset for the lease term and a lease liability representing the Company’s obligation to make lease payments. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the net present value of the lease payments over the lease term. In determining the weighted-average discount rate used to calculate the net present value of lease payments, the Company uses its incremental borrowing rate based on information available at the lease commencement date. The Company’s leases may include options to extend or terminate the lease which are included in the lease term when it is reasonably certain that the Company will exercise any such options. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term. The Company has elected not to apply the recognition requirements for short-term leases.

(K) Debt Issuance Costs and Debt Discount

Debt issuance costs include the costs of debt financings undertaken by the Company, including legal fees, accounting fees, and other direct costs of the financing. Debt issuance costs related to a recognized debt liability are presented on the consolidated balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts, and are amortized to interest expense over the term of the related debt using the effective interest method. Further, debt discounts created as a result of the allocation of proceeds received from a debt issuance to warrants issued in conjunction with the debt issuance are amortized to interest expense under the effective interest method over the life of the recognized debt liability.

(L) Contingencies

The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company continually assesses litigation to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss which could be estimated. In accordance with the guidance of the FASB on accounting for contingencies, the Company accrues for all contingencies at the earliest date at which the Company deems it probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely than another, the Company accrues the minimum amount in the range. In the cases where the Company believes that a material reasonably possible loss exists, the Company discloses the facts and circumstances of the contingency, including an estimable range, if possible.

(M) Research and Development Expenses

R&D costs are expensed as incurred. Clinical study costs are accrued over the service periods specified in the contracts and adjusted as necessary based on an ongoing review of the level of effort and costs actually incurred. R&D expenses primarily consist of employee-related expenses, such as salaries, share-based compensation, benefits and travel expenses for employees engaged in R&D activities, payments made under third-party license agreements, certain costs allocated to the Company for activities performed by the Company’s former majority shareholder and its subsidiaries under services agreements with the Company, as well as share-based compensation expense allocated from the Company’s former majority shareholder, and expenses from third parties who conduct R&D activities on behalf of the Company. The Company expenses in-process R&D projects acquired as asset acquisitions which have not reached technological feasibility and which have no alternative future use.

The Company considers regulatory approval of product candidates to be uncertain and products manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained. As such, the manufacturing costs for product candidates incurred prior to regulatory approval are not capitalized, but rather expensed as R&D expenses when incurred.

(N) Share-Based Compensation

Share-based awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period, which is generally the vesting period of the respective award. The Company recognizes forfeitures in the period in which such forfeiture occurs and records share-based compensation expense as though all awards are expected to vest.

The Company estimates the grant date fair value of stock options, and the resulting share-based compensation expense, using the Black-Scholes option-pricing model, which requires the use of subjective assumptions. These assumptions include:


•	Expected Term. The expected term represents the period that the Company’s share-based awards are expected to be outstanding and is determined using the simplified method in accordance with the Securities and Exchange Commission (“SEC”), Staff Accounting Bulletin (“SAB”) No. 107 and No. 110 (based on the mid-point between the vesting date and the end of the contractual term).


•	Expected Volatility. The expected volatility considers the Company’s historical volatility and weighted average measures of volatility of a peer group of companies for a period equal to the expected term of the stock options. The Company’s peer group of publicly traded biopharmaceutical companies was chosen based on their similar size, stage in the life cycle or area of specialty.


•	Risk-Free Interest Rate. The risk-free interest rate is based on the interest rates paid on securities issued by the U.S. Treasury with a term approximating the expected term of the stock options.


•	Expected Dividend. The Company has never paid, and does not anticipate paying, cash dividends on its common shares. Therefore, the expected dividend yield was assumed to be zero.

Share-based compensation expense associated with time-vesting restricted stock awards and restricted stock units is based on the fair value of the Company’s common shares on the grant date, which equals the closing market price of the Company’s common shares on the grant date. The Company recognizes the share-based compensation expense related to these awards on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards.

Share-based compensation expense associated with restricted stock awards subject to market conditions is estimated on the grant date using a Monte Carlo valuation model. The resulting fair value is recognized as share-based compensation expense ratably over the derived service period regardless of whether the market conditions are satisfied.

Share-based compensation expense associated with performance stock unit awards is based on the fair value of the Company’s common shares on the grant date, which equals the closing market price of the Company’s common shares on the grant date. The Company recognizes the share-based compensation expense related to performance stock unit awards if the performance criteria are deemed probable of being met.

No tax benefits for share-based compensation have been recognized in the consolidated statements of shareholders’ (deficit) equity or consolidated statements of cash flows. The Company has not recognized, and does not expect to recognize in the near future, any tax benefits related to share-based compensation as a result of its full valuation allowance on net deferred tax assets and net operating loss carryforwards.

(O) Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded when, after consideration of all positive and negative evidence, it is not more likely than not that the Company’s deferred tax assets will be realizable.

When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. Interest and/or penalties related to income tax matters are recognized as a component of income tax expense as incurred.

(P) Net Loss per Common Share

Basic net loss per common share is computed by dividing net loss applicable to common shareholders by the weighted-average number of common shares outstanding during the period, reduced, where applicable, for outstanding yet unvested shares of restricted common stock. The computation of diluted net loss per common share is based on the weighted-average number of common shares outstanding during the period plus, when their effect is dilutive, incremental shares consisting of shares subject to stock options, restricted stock units, restricted stock awards, performance stock units, and warrants. In periods in which the Company reports a net loss, all common share equivalents are deemed anti-dilutive such that basic net loss per common share and

diluted net loss per common share are equal. Potentially dilutive common shares have been excluded from the diluted net loss per common share computations in all periods presented because such securities have an anti-dilutive effect on net loss per common share due to the Company’s net losses. There are no reconciling items used to calculate the weighted-average number of total common shares outstanding for basic and diluted net loss per common share.

As of March 31, 2020, 2019 and 2018, potentially dilutive securities were as follows:



	March 31,
	2020	2019	2018
Stock options	7,723,302	5,396,465	3,549,405
Restricted stock awards (unvested)	634,623	916,679	1,198,735
Restricted stock units (unvested)	645,689	39,387	15,000
Performance stock units (unvested)	299,870	—	—
Warrants	73,710	73,710	73,710
Total	9,377,194	6,426,241	4,836,850

(Q) Foreign Currency

The results of the Company’s non-U.S. dollar based functional currency operations are translated to U.S. dollars at the average exchange rates during the period. The Company’s assets and liabilities are translated using the current exchange rate as of the balance sheet date and shareholders’ (deficit) equity is translated using historical rates. Adjustments resulting from the translation of the financial statements of the Company’s foreign functional currency subsidiaries into U.S. dollars are excluded from the determination of net loss and are accumulated in a separate component of shareholders’ (deficit) equity. Foreign currency exchange transaction gains and losses are included in other (income) expense, net in the Company’s consolidated statements of operations.

(R) Pushdown Accounting

In November 2014, the FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting. The ASU provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change in control event occurs. If pushdown accounting is applied to an individual change in control event, that election is irrevocable. The Company elected not to apply pushdown accounting in its consolidated financial statements upon the change in control of the Company on December 27, 2019. See Note 7(A).

(S) Recently Adopted Accounting Standards

(1) Leases

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is a comprehensive new lease standard that amended various aspects of existing accounting guidance for leases. The core principle of Topic 842 requires lessees to recognize on the consolidated balance sheets a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for both finance and operating leases with lease terms greater than twelve months. The lease liability is measured at the present value of the unpaid lease payments and the right-of-use asset is derived from the calculation of the lease liability. Topic 842 also requires lessees to disclose key information about leasing arrangements. Topic 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted.

A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application (“Transition Date”). An entity may choose to use either (i) its effective date or (ii) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The Company adopted the new standard on April 1, 2019 and used the effective date as its date of initial application.

The new standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients,” which permitted it to not reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs. As a result, the Company has continued to account for existing leases - i.e. leases for which the commencement date is before April 1, 2019 - in accordance with Topic 840 throughout the entire lease term, including periods after the effective date, with the exception that the Company applied the new balance sheet recognition guidance for operating leases and applied Topic 842 for remeasurements and modifications after the Transition Date.

The most significant impact of the adoption of Topic 842 on the Company’s consolidated financial statements was the recognition of a $9.4 million operating lease right-of-use asset, a $0.8 million current operating lease liability, and a $9.8 million long-term operating lease liability on the Company’s consolidated balance sheet. In addition, the Company reclassified a $1.2 million deferred

rent liability to the related operating lease right-of-use asset. There was no material impact to the Company’s consolidated statement of operations, and no cumulative-effect adjustment to accumulated deficit. See Note 12.

(2) Others

In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income, (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”). ASU 2018-02 allows companies to reclassify stranded tax effects resulting from the newly enacted federal corporate income tax rate under the Tax Cuts and Jobs Act, from accumulated other comprehensive (loss) income to retained earnings. ASU 2018-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 and early adoption is permitted. The Company adopted the new standard on April 1, 2019. The adoption of ASU 2018-02 did not have an impact on the Company’s consolidated financial statements and related disclosures.

In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). ASU 2018-07 simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. ASU 2018-07 is effective for interim and annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company adopted the new standard on April 1, 2019. The adoption of ASU 2018-07 did not have a material impact on the Company’s consolidated financial statements and related disclosures.

In July 2018, the FASB issued ASU 2018-09, Codification Improvements (“ASU 2018-09”) to make changes to a variety of topics to clarify, correct errors in, or make minor improvements to the ASC. Certain items in the amendments in ASU 2018-09 are effective for the Company in annual periods beginning after December 15, 2018. The adoption of ASU 2018-09 on April 1, 2019 did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Other recent accounting pronouncements issued by the FASB, (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by the Company to, have a material impact on the Company’s consolidated financial statements and related disclosures.

(T) Recently Issued Accounting Standards Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606, which is intended to clarify the circumstances under which certain transactions in collaborative arrangements should be accounted for under the revenue recognition standard. Certain transactions between collaboration arrangement participants should be accounted for as revenue under ASC Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2019. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. In February 2020, the FASB issued ASU 2020-02, Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842)- Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842), which amends the effective date of the original pronouncement for smaller reporting companies. ASC 2016-13 and its amendments will be effective for annual and interim periods beginning after December 15, 2022 for smaller reporting companies. The Company is currently assessing the impact the adoption of this new standard will have on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 amends the disclosure requirements in Topic 820 to promote the exercise of discretion by entities when considering fair value measurement disclosures and clarifies that materiality is an appropriate consideration when evaluating fair value measurement disclosure requirements. Certain required disclosures were added, modified, or removed, including removing the required disclosure of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. ASU 2018-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company does not currently expect that the adoption of this new standard will have a material impact on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (“ASU 2018-15”), which amends ASC 350-40, Internal-Use Software, to include in its scope implementation costs of a cloud computing arrangement that is a service contract. Consequently, the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement is aligned with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company is currently assessing the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) (“ASU 2019-12”) that eliminates certain exceptions to the general principles in ASC 740 related to intra-period tax allocation, deferred tax liability and general methodology for calculating income taxes. ASU 2019-12 also simplifies U.S. GAAP by making other changes for matters such as, franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. ASU 2019-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company is currently assessing the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

Investments and Fair Value Measurements

12 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

Fair Value Measurements

As of March 31, 2020, the Company’s $3.0 million marketable securities balance consisted of available-for-sale commercial paper. There were no material unrealized gains or losses on marketable securities as of March 31, 2020. There were no marketable securities as of March 31, 2019.

Fair Value Measurements

As of March 31, 2020, assets measured at fair value on a recurring basis consisted of money market funds and commercial paper, which are included in cash and cash equivalents on the consolidated balance sheets, and commercial paper, which is included in marketable securities on the consolidated balance sheets. The following table summarizes these assets and their assigned levels within the fair value hierarchy (in thousands):



	March 31, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Money market funds	$	11,348	$	—	$	—	$	11,348
Commercial paper	—		7,042		—		7,042
Total assets	$	11,348	$	7,042	$	—	$	18,390

As of March 31, 2019, assets measured at fair value on a recurring basis consisted of money market funds and commercial paper, which are included in cash and cash equivalents on the consolidated balance sheet. The following table summarizes these assets and their assigned levels within the fair value hierarchy (in thousands):



	March 31, 2019
	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Money market funds	$	83	$	—	$	—	$	83
Commercial paper	—		126,050		—		126,050
Total assets	$	83	$	126,050	$	—	$	126,133

Money market funds are included in Level 1 of the fair value hierarchy and are valued at the closing price reported by an actively traded exchange. Commercial paper is included in Level 2 of the fair value hierarchy and is valued using third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly.

There were no liabilities measured at fair value on a recurring basis as of March 31, 2020 or 2019. There were no transfers of assets or liabilities between the fair value hierarchy levels that occurred during the years ended March 31, 2020, 2019 or 2018.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Takeda Agreements	12 Months Ended
Takeda Agreements	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Takeda Agreements	Takeda Agreements (1) Takeda License Agreement On April 29, 2016, the Company entered into a license agreement pursuant to which Takeda granted to the Company an exclusive, royalty-bearing license under certain patents and other intellectual property controlled by Takeda to develop and commercialize relugolix and MVT-602, and products containing these compounds for all human diseases and conditions. Under the Takeda License Agreement, the Company will pay Takeda a fixed, high single-digit royalty on net sales of relugolix and MVT-602 products in the Company’s territory, subject to certain agreed reductions. Takeda will pay the Company a royalty at the same rate on net sales of relugolix products for prostate cancer in the Takeda Territory, subject to certain agreed reductions. Royalties are required to be paid, on a product-by-product and country-by-country basis, until the latest to occur of the expiration of the last to expire valid claim of a licensed patent covering such product in such country, the expiration of regulatory exclusivity for such product in such country, or 10 years after the first commercial sale of such product in such country. Under the Takeda License Agreement, there was no upfront payment and there are no payments upon the achievement of clinical development or marketing approval milestones. As the amount and timing of any potential future payments under the Takeda License Agreement are not probable and estimable, no such potential commitments have been included on the consolidated balance sheets. If the Takeda License Agreement is terminated in its entirety or with respect to relugolix for prostate cancer, other than for safety reasons or by the Company for Takeda’s uncured material breach, prior to receipt of the first regulatory approval of relugolix for prostate cancer in Japan, then the Company must either reimburse Takeda for its out of pocket costs and expenses directly incurred in connection with Takeda’s completion of the relugolix development for prostate cancer, up to an agreed upon cap, or complete by itself the conduct of any clinical studies of relugolix for prostate cancer that are ongoing as of the effective date of such termination, at its cost and expense. (2) Takeda Commercial Supply Agreement In May 2018, the Company entered into a Commercial Manufacturing and Supply Agreement with Takeda (the “Takeda Commercial Supply Agreement”), pursuant to which Takeda agreed to supply the Company and the Company agreed to obtain from Takeda certain quantities of relugolix drug substance according to agreed-upon quality specifications and in order to commercialize relugolix in accordance with the Takeda License Agreement. Under the Takeda Commercial Supply Agreement, the Company and Takeda entered into an initial firm order in which Takeda supplied the Company with relugolix drug substance at a fixed price per kilogram through December 31, 2019. For relugolix drug substance manufactured or delivered on or after such date, the Company will pay Takeda a price per kilogram of relugolix drug substance to be agreed upon between the parties at the beginning of each fiscal year. The initial term of the Takeda Commercial Supply Agreement began on May 30, 2018 and will continue for five years. At the end of the initial term, the Takeda Commercial Supply Agreement will automatically renew for successive one-year terms, unless either party gives notice of termination to the other at least 12 months prior to the end of the then-current term. The Takeda Commercial Supply Agreement may be terminated by either party upon 90 days’ notice of an uncured material breach of its terms by the other party, or immediately upon notice to the other party of a party’s bankruptcy. Each party will also have the right to terminate the Takeda Commercial Supply Agreement, in whole or in part, for any reason upon 180 days’ prior written notice to the other party, provided that any then-open purchase orders will remain in effect and be binding on both parties. The Takeda Commercial Supply Agreement, including any then-open purchase orders thereunder, will terminate immediately upon the termination of the Takeda License Agreement in accordance with its terms. The Takeda Commercial Supply Agreement also includes customary provisions relating to, among others, delivery, inspection procedures, warranties, quality management, storage, handling and transport, intellectual property, confidentiality and indemnification.

Accrued Expenses

12 Months Ended

Mar. 31, 2020

Payables and Accruals [Abstract]

Accrued Expenses

As of March 31, 2020 and 2019, accrued expenses consisted of the following (in thousands):



	March 31,
	2020		2019
Accrued R&D expenses	$	15,500	$	46,947
Accrued compensation-related expenses	9,309		5,024
Accrued professional service fees	1,126		370
Accrued other expenses	3,125		1,394
Total accrued expenses	$	29,060	$	53,735

Financing Arrangements

12 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Financing Arrangements

(A) NovaQuest

In October 2017, the Company, its subsidiaries, as guarantors, and NovaQuest Capital Management (“NovaQuest”) entered into (i) a Securities Purchase Agreement (the “NovaQuest Securities Purchase Agreement”) and (ii) an Equity Purchase Agreement (the “NovaQuest Equity Purchase Agreement”). Pursuant to the NovaQuest Securities Purchase Agreement, the Company issued $60.0 million aggregate principal amount of notes, of which $6.0 million was issued in October 2017 and $54.0 million was issued in December 2018. Concurrent with each purchase of notes, NovaQuest was obligated to purchase up to $20.0 million of the Company’s common shares on a pro rata basis, subject to certain terms and conditions. With the issuance of $6.0 million aggregate principal amount of notes in October 2017, NovaQuest purchased 138,361 common shares for $2.0 million, and with the issuance of $54.0 million aggregate principal amount of notes in December 2018, NovaQuest purchased 1,082,977 common shares for $18.0 million. The equity purchase price for each such purchase was equal to 105% of the average of the volume-weighted average price for the five consecutive trading days immediately prior to the relevant purchase date. Pursuant to the NovaQuest Equity Purchase Agreement, NovaQuest committed to purchase an additional $20.0 million of the Company’s common shares from time to time at the Company’s discretion. In December 2018, the Company exercised this option and issued and sold 1,203,307 common shares for $20.0 million. The purchase price for the common shares issued was equal to 105% of the average of the volume-weighted average price for the five consecutive trading days immediately prior to the relevant purchase date.

The notes bore interest at a rate of 15% per annum, of which 5% was payable quarterly, and 10% was payable on a deferred basis on the earlier of the Amortization Date (as defined below) and the repayment in full of the notes. The scheduled maturity of the notes was October 16, 2023. The Company was required to amortize the principal amount of the notes in equal quarterly installments commencing on November 1, 2021 (the “Amortization Date”) provided certain terms and conditions were met. Early redemption of the notes was subject to a redemption charge. The Company’s obligations under the NovaQuest Securities Purchase Agreement were secured by a second-lien security interest in substantially all of the Company’s and its subsidiaries’ respective assets (other than intellectual property). The NovaQuest Securities Purchase Agreement included customary affirmative and restrictive covenants and representations and warranties, including a minimum cash covenant that applied commencing on the Amortization Date, and also included customary events of default and a default interest rate of an additional 5% applied to the outstanding note balance.

The Company repaid all of its obligations to NovaQuest on December 31, 2019 including $60.0 million of principal repayment of the notes, accrued and unpaid interest of $7.6 million, and an early redemption fee of $2.4 million.

(B) Hercules

In October 2017, the Company, its subsidiaries, as guarantors, and Hercules Capital, Inc. (“Hercules”) entered into a Loan Agreement (the “Hercules Loan Agreement”), which provided up to $40.0 million principal amount of term loans (the “Term Loans”). A first tranche of $25.0 million principal amount was funded upon execution of the Hercules Loan Agreement in October 2017 and the remaining $15.0 million principal amount was funded in March 2018.

The Term Loans bore interest at a variable per annum rate at the greater of (i) the prime rate plus 4% and (ii) 8.25%. The scheduled maturity date of the Term Loans was November 1, 2021. The Company was obligated to make monthly interest payments during the Interest-only Period (through June 1, 2020), subject to certain terms and conditions, followed by monthly installments of principal and interest through the maturity date. Prepayment of the Term Loans was subject to a prepayment charge and the Company was also obligated to pay an end of term charge of 6.55% of the principal amount of the Term Loans funded under the Hercules Loan Agreement. The Company’s obligations under the Hercules Loan Agreement were secured by a first lien security interest in substantially all of the Company’s and its subsidiaries’ respective assets (other than intellectual property). The Hercules Loan Agreement included customary affirmative and restrictive covenants and representations and warranties.

Concurrent with each funding of the Term Loans, the Company was required to issue to Hercules a warrant (the “Warrants”) to purchase a number of its common shares equal to 3% of the principal amount of the relevant Term Loan funded divided by the exercise price, which was based on the lowest three-day volume-weighted average price for the three consecutive trading days prior to the funding date for such Term Loan. The Warrants may be exercised on a cashless basis and are immediately exercisable through the seventh anniversary of the applicable funding date. In connection with the first tranche funded under the Hercules Loan Agreement, the Company issued a Warrant to Hercules exercisable for an aggregate of 49,800 of its common shares at an exercise price of $15.06 per common share. Concurrent with the funding of the second tranche, the Company issued a Warrant to Hercules exercisable for an aggregate of 23,910 of its common shares at an exercise price of $18.82 per common share. The total 73,710 warrants issued to Hercules were outstanding as of March 31, 2020 and 2019.

The Company repaid all of its obligations to Hercules on December 31, 2019, including $40.0 million of principal repayment of the Term Loans, accrued and unpaid interest of $0.3 million, a prepayment penalty of $0.4 million, and an end of term charge of $2.6 million.

On December 27, 2019, the Company and its subsidiary, Myovant Sciences GmbH (“MSG”), entered into the Sumitomo Dainippon Pharma Loan Agreement, which is further discussed in Note 7(A). On December 30, 2019, the Company borrowed an initial amount of $113.7 million under the Sumitomo Dainippon Pharma Loan Agreement, the proceeds of which were used to repay all outstanding obligations under the NovaQuest Securities Purchase Agreement and the Hercules Loan Agreement and to satisfy certain other fees and expenses. The repayments resulted in a loss on extinguishment of debt of $4.9 million, which is included under the caption, loss on extinguishment of debt, in the Company’s consolidated statements of operations for the year ended March 31, 2020. The loss on extinguishment of debt was calculated as the difference between the carrying amount of the debt and the amounts paid to retire the debt.

As of March 31, 2020, no amounts were outstanding to NovaQuest and Hercules. As of March 31, 2019, amounts outstanding to NovaQuest under the NovaQuest Securities Purchase Agreement and Hercules under the Hercules Loan Agreement consisted of the following (in thousands):



	NovaQuest			Hercules			Total
Principal amount	$	60,000		$	40,000		$	100,000
End of term charge	—			2,620			2,620
Less: unamortized debt discounts and issuance costs	(756		)	(2,482		)	(3,238		)
Loan payables less unamortized debt discounts and issuance costs	59,244			40,138			99,382
Less: current maturities	—			(6,142		)	(6,142		)
Long-term debt, net of current maturities and unamortized debt discounts and issuance costs	$	59,244		$	33,996		$	93,240

Related Party Transactions	12 Months Ended
Related Party Transactions	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions (A) Sumitomo Dainippon Pharma Co., Ltd. On October 31, 2019, the Company’s former majority shareholder, Roivant, and Sumitovant, a subsidiary of Sumitomo Dainippon Pharma, entered into a Transaction Agreement (the “Sumitomo Dainippon Pharma-Roivant Agreement”), which among other things, provided for Sumitomo Dainippon Pharma to acquire all of the Company’s outstanding common shares held by Roivant. In addition, on October 31, 2019, the Company and Sumitomo Dainippon Pharma entered into a letter agreement pursuant to which, among other things, the Company and Sumitomo Dainippon Pharma would enter into an investor rights agreement and loan agreement upon the closing of the transactions contemplated by the Sumitomo Dainippon Pharma-Roivant Agreement (the “Closing”). On December 27, 2019, the Closing occurred and, as a result, all of the Company’s outstanding common shares held directly or indirectly by Roivant and not already held by Sumitovant were transferred to Sumitovant, and Roivant transferred all of the outstanding equity of Sumitovant to Sumitomo Dainippon Pharma, resulting in Sumitovant directly, and Sumitomo Dainippon Pharma indirectly, owning 45,008,604 of the Company’s outstanding common shares, representing approximately 50.2% of the Company’s common shares outstanding on December 27, 2019. As a result of the transfer of these common shares, Roivant no longer beneficially owns any common shares of the Company. As of March 31, 2020, Sumitovant directly, and Sumitomo Dainippon Pharma indirectly, own 46,788,604 of the Company’s outstanding common shares, representing approximately 52.1% of the Company’s common shares outstanding on March 31, 2020. Sumitomo Dainippon Pharma Loan Agreement On December 27, 2019, the Company and its subsidiary, MSG, entered into a Loan Agreement with Sumitomo Dainippon Pharma (the “Sumitomo Dainippon Pharma Loan Agreement”). Pursuant to the Sumitomo Dainippon Pharma Loan Agreement, Sumitomo Dainippon Pharma agreed to make revolving loans to the Company in an aggregate principal amount of up to $400.0 million. On December 30, 2019, the Company borrowed an initial amount of $113.7 million under the Sumitomo Dainippon Pharma Loan Agreement, the proceeds of which were used to repay all outstanding obligations of the Company to Hercules and NovaQuest (See Note 6) and to satisfy certain other fees and expenses. Additional funds may be drawn down by the Company once per calendar quarter, subject to certain terms and conditions, including consent of the Company’s board of directors. In addition, if Sumitomo Dainippon Pharma fails to own at least a majority of the Company’s outstanding common shares, it may become unlawful under Japanese law for Sumitomo Dainippon Pharma to fund loans to the Company, in which case the Company would not be able to continue to borrow under the Sumitomo Dainippon Pharma Loan Agreement. Interest is due and payable quarterly, and the outstanding principal amounts are due and payable in full on the five-year anniversary of the closing date of the Sumitomo Dainippon Pharma Loan Agreement. Loans under the Sumitomo Dainippon Pharma Loan Agreement are prepayable at any time without premium or penalty upon 10 business days’ prior written notice. Loans under the Sumitomo Dainippon Pharma Loan Agreement bear interest at a rate per annum equal to 3-month London Interbank Offered Rate (“LIBOR”) plus a margin of 3% payable on the last day of each calendar quarter. The Company’s obligations under the Sumitomo Dainippon Pharma Loan Agreement are fully and unconditionally guaranteed by the Company and its subsidiaries. The loans and other obligations are senior unsecured obligations of the Company, MSG, and subsidiary guarantees. The Sumitomo Dainippon Pharma Loan Agreement includes customary representations and warranties and affirmative and negative covenants. The Sumitomo Dainippon Pharma Loan Agreement also includes customary events of default, including payment defaults, breaches of representations and warranties, breaches of covenants following any applicable cure period, cross acceleration to certain other debt, failure to pay certain final judgments, certain events relating to bankruptcy or insolvency, failure of material provisions of the loan documents to remain in full force and effect or any contest thereto by the Company or any of its subsidiaries and certain breaches by the Company under the Investor Rights Agreement. Upon the occurrence of an event of default, a default interest rate of an additional 5.0% will apply to the outstanding principal amount of the loans, Sumitomo Dainippon Pharma may terminate its obligations to make loans to the Company and declare the principal amount of loans to become immediately due and payable, and Sumitomo Dainippon Pharma may take such other actions as set forth in the Sumitomo Dainippon Pharma Loan Agreement. Upon the occurrence of certain bankruptcy and insolvency events, the obligations of Sumitomo Dainippon Pharma to make loans to the Company would automatically terminate and the principal amount of the loans would automatically become due and payable. In addition, if it becomes unlawful for Sumitomo Dainippon Pharma to maintain the loans under the Sumitomo Dainippon Pharma Loan Agreement or within 30 days of a change of control with respect to the Company, the Company would be required to repay the outstanding principal amount of the Loans. As of March 31, 2020, the outstanding loan balance of $113.7 million is classified as a long-term liability on the Company’s consolidated balance sheets under the caption long-term debt, less current maturities (related party). As of March 31, 2020, approximately $286.3 million of borrowing capacity remains available to the Company, subject to the terms of the Sumitomo Dainippon Pharma Loan Agreement. Interest expense under the Sumitomo Dainippon Pharma Loan Agreement was $1.4 million for the year ended March 31, 2020 and is included in interest expense (related party) in the Company’s consolidated statements of operations. There was no interest expense (related party) for the years ended March 31, 2019 and 2018. Investor Rights Agreement On December 27, 2019, the Company entered into an Investor Rights Agreement with Sumitomo Dainippon Pharma and Sumitovant (the “Investor Rights Agreement”). Pursuant to the Investor Rights Agreement, among other things, the Company agreed, at the request of Sumitovant, to register for sale, under the Securities Act of 1933, common shares beneficially owned by Sumitovant, subject to specified conditions and limitations. In addition, the Company agreed to periodically provide Sumitovant (i) certain financial statements, projections, capitalization summaries and other information and (ii) access to the Company’s books, records, facilities and employees during the Company’s normal business hours as Sumitovant may reasonably request, subject to specified limitations. The Investor Rights Agreement also contains certain protections for the Company’s minority shareholders for so long as Sumitomo Dainippon Pharma or certain of its affiliates beneficially owns more than 50% of the Company’s common shares. These protections include: (i) a requirement that Sumitovant vote its shares for the election of independent directors in accordance with the recommendation of the Company’s board of directors (the “board”) or in the same proportion as the shareholders not affiliated with Sumitovant vote their shares; (ii) a requirement that the audit committee of the Company’s board be composed solely of three independent directors; (iii) a requirement that any transaction proposed by Sumitomo Dainippon Pharma or certain of its affiliates that would increase Sumitomo Dainippon Pharma’s beneficial ownership to over 60% of the outstanding voting power of the Company must be approved by the Company’s audit committee (if occurring prior to December 27, 2022), and be conditioned on the approval of shareholders not affiliated with Sumitovant approving the transaction by a majority of the common shares held by such shareholders; and a requirement that any related person transactions between Sumitomo Dainippon Pharma or certain of its affiliates and the Company must be approved by the Company’s audit committee. Pursuant to the Investor Rights Agreement, the Company also agreed that at all times that Sumitomo Dainippon Pharma beneficially owns more than 50% of the Company’s common shares, Sumitomo Dainippon Pharma, by purchasing common shares in the open market or from the Company in certain specified circumstances, will have the right to maintain its percentage ownership in the Company’s common shares in the event of a financing event or acquisition event conducted by the Company, or specified other events, subject to specific conditions. (B) Roivant Sciences Ltd. As a result of the closing of the Sumitomo Dainippon Pharma-Roivant Agreement described above, on December 27, 2019 all of the Company’s outstanding common shares held directly or indirectly by Roivant and not already held by Sumitovant were transferred to Sumitovant, and Roivant transferred all of the outstanding equity of Sumitovant to Sumitomo Dainippon Pharma. As a result of the transfer of these common shares, Roivant no longer beneficially owns any common shares of the Company. On December 27, 2019, in connection with the closing of the Sumitomo Dainippon Pharma-Roivant Agreement, the then existing Information Sharing and Cooperation Agreement between the Company and Roivant, the then existing Services Agreements between the Company and certain of its subsidiaries and Roivant and certain of its subsidiaries, and the then existing Option Agreement between the Company and Roivant were terminated. Under the Services Agreements, the Company paid or reimbursed Roivant or its subsidiaries for expenses it, or third parties acting on their behalf, incurred for the Company or its subsidiaries. For any general and administrative (“G&A”) and R&D activities performed by Roivant or its subsidiaries’ employees for the benefit of the Company, the Company was charged based on the relative percentage of time utilized on Company matters by the respective employee. All other third-party pass through costs were billed to the Company at cost. For the years ended March 31, 2020, 2019 and 2018, the Company incurred expenses (inclusive of third-party pass through costs billed to the Company) of $0.6 million, $4.8 million, and $7.7 million respectively, inclusive of the mark-up. These amounts are included in R&D expenses and G&A expenses based on the nature of the services performed under the then existing Services Agreements. In addition, Roivant previously allocated share-based compensation expense to the Company based upon the relative percentage of time spent by Roivant and its subsidiaries’ employees on the Company’s matters. The Company recorded share-based compensation expense allocated from Roivant of $0.1 million, $0.6 million, and $1.0 million for the years ended March 31, 2020, 2019 and 2018, respectively. In April 2018, the Company sold to Roivant 1,110,015 of its common shares at a purchase price of $20.27 per common share, for gross proceeds of $22.5 million, in a private placement. In addition, Roivant purchased 2,424,242 of the Company’s common shares in the Company’s June 4, 2019 underwritten public equity offering at the same price offered to the public of $8.25 per common share, for a total purchase price of $20.0 million. See Note 8. (C) Amended and Restated Bye-Laws On December 22, 2019, the Company’s board of directors approved, subject to the closing of the Sumitomo Dainippon Pharma-Roivant transaction and shareholder approval and certain other conditions, the adoption of the Company’s Fifth Amended and Restated Bye-Laws (the “New Bye-Laws”), which amended and restated the Company’s bye-laws to, among other things, (i) remove the procedures established in June 2019 providing RSL with the power, under certain circumstances, to appoint a majority of directors on the Company’s board and related powers, (ii) revises certain other aspects of the Company’s corporate governance and (iii) make other minor wording changes and additions, removal and revisions of defined terms. The New Bye-Laws became effective on January 23, 2020.

Shareholders' (Deficit) Equity	12 Months Ended
Shareholders' (Deficit) Equity	Mar. 31, 2020
Equity [Abstract]
Shareholders' (Deficit) Equity	Shareholders’ (Deficit) Equity (A) Overview The Company’s Memorandum of Association, filed on February 2, 2016 in Bermuda, authorized the creation of one class of shares. As of March 31, 2020, the Company had 564,111,242 shares authorized with a par value of $0.000017727 per share. (B) Underwritten Public Equity Offerings of Common Shares On June 4, 2019, the Company completed an underwritten public equity offering of 17,424,243 of its common shares (including 2,272,727 common shares sold pursuant to the underwriters’ exercise in full of their option to purchase additional common shares) at a public offering price of $8.25 per common share. After deducting the underwriting discounts and commissions and offering costs paid by the Company, the net proceeds to the Company in connection with the underwritten public equity offering, including from the exercise of the underwriters’ option to purchase additional shares, were approximately $134.5 million. In July and August 2018, the Company completed an underwritten public equity offering of 3,533,399 of its common shares (including 200,065 common shares issued and sold upon the partial exercise of the underwriters’ option to purchase additional common shares) at a public offering price of $22.50 per common share. After deducting the underwriting discounts and commissions and offering costs paid by the Company, the net proceeds to the Company in connection with the underwritten public equity offering, including from the partial option exercise, were approximately $74.4 million. (C) Private Placement with Former Majority Shareholder In April 2018, the Company entered into a share purchase agreement with Roivant, its former majority shareholder, pursuant to which the Company sold to Roivant 1,110,015 of its common shares at a purchase price of $20.27 per common share, for gross proceeds of $22.5 million, in a private placement. (D) At-the-Market Equity Offering Program In April 2018, the Company entered into a sales agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”) to sell its common shares having an aggregate offering price of up to $100.0 million from time to time through an “at-the-market” equity offering program under which Cowen acts as the Company’s agent. During the years ended March 31, 2020 and 2019, the Company issued and sold 106,494 and 3,970,129, respectively, of its common shares under the Sales Agreement. The common shares were sold at a weighted-average price of $24.65 and $21.91, respectively, per common share for aggregate net proceeds to the Company of approximately $2.5 million and $84.1 million, respectively, after deducting underwriting commissions and offering costs paid by the Company. As of March 31, 2020, the Company had approximately $10.4 million of capacity available to it under its “at-the-market” equity offering program. (E) Issuance of Equity Instruments to NovaQuest and Hercules In October 2017, the Company issued and sold 138,361 common shares to NovaQuest for $2.0 million in accordance with the terms of the NovaQuest Securities Purchase Agreement. In December 2018, the Company issued and sold 1,082,977 common shares to NovaQuest for $18.0 million in accordance with the NovaQuest Securities Purchase Agreement and issued and sold 1,203,307 common shares to NovaQuest for $20.0 million in accordance with the NovaQuest Equity Purchase Agreement. In October 2017, the Company issued a Warrant to Hercules exercisable for 49,800 of its common shares at an exercise price of $15.06 per common share and in March 2018, the Company issued a Warrant to Hercules exercisable for an aggregate of 23,910 of its common shares at an exercise price of $18.82 per common share. See Note 6. (F) Takeda Warrant Liability In accordance with the terms of the Takeda License Agreement (see Note 4), the Company issued a warrant to Takeda to purchase an indeterminate number of capital shares. The warrant entitled Takeda, together with its affiliates, to maintain a 12% ownership interest in the Company, as determined after such exercise, through the later of (i) April 30, 2017 or (ii) the final closing of the Company’s initial public offering, unless earlier terminated upon a change in control. During the year ended March 31, 2018, the Company issued and delivered 4,432 of its common shares to Takeda upon the automatic exercise of the Takeda warrant. The warrant expired on April 30, 2017.

Income Taxes

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The loss before income taxes and the related tax expense are as follows (in thousands):



	Years Ended March 31,
	2020			2019			2018
Income (loss) before income taxes:
United States	$	(29,509	)	$	(11,246	)	$	(7,229	)
Switzerland	(239,666		)	(247,445		)	(129,261		)
Bermuda	(19,054		)	(14,357		)	(6,513		)
Other⁽¹⁾	1			(27		)	(39		)
Total loss before income taxes	$	(288,228	)	$	(273,075	)	$	(143,042	)

Current taxes:
United States	$	758		$	473		$	13
Switzerland	—			—			—
Bermuda	—			—			—
Other⁽¹⁾	3			3			(8		)
Total current tax expense	761			476			5
Deferred taxes:
United States	—			—			208
Switzerland	—			—			—
Bermuda	—			—			—
Other⁽¹⁾	—			—			—
Total deferred tax expense	—			—			208
Total income tax expense	$	761		$	476		$	213

⁽¹⁾Primarily United States state and local, Ireland and United Kingdom activity.

A reconciliation of income tax expense computed at the Bermuda statutory rate to income tax expense reflected in the consolidated statements of operations is as follows (dollars in thousands):



	Years Ended March 31,
	2020					2019					2018
Income tax expense at Bermuda statutory rate	$	—		—	%	$	—		—	%	$	—		—	%
Foreign rate differential⁽²⁾	(40,056		)	13.90		(31,252		)	11.44		(14,802		)	10.35
Impact of changes in enacted income tax rates	(27,150		)	9.42		—			—		—			—
R&D tax credits	(4,224		)	1.47		—			—		—			—
Share-based compensation deferral adjustment	4,089			(1.42	)	—			—		—			—
Change in uncertain tax positions	3,016			(1.05	)	—			—		—			—
Valuation allowance	65,193			(22.62	)	32,335			(11.83	)	13,966			(9.77	)
Tax reform	—			—		—			—		1,049			(0.73	)
Other	(107		)	0.04		(607		)	0.22		—			—
Total income tax expense	$	761		(0.26	)%	$	476		(0.17	)%	$	213		(0.15	)%

⁽²⁾Primarily related to current tax on United States operations including permanent differences as well as operations in Switzerland and the United Kingdom at rates different than the Bermuda rate.

The Company’s effective tax rate for the years ended March 31, 2020, 2019, and 2018 was (0.26)%, (0.17)% and (0.15)%, respectively, and is driven by the Company’s jurisdictional earnings by location and a valuation allowance that eliminates the Company’s global net deferred tax assets.

Deferred taxes reflect the tax effects of the differences between the amounts recorded as assets and liabilities for financial reporting purposes and the comparable amounts recorded for income tax purposes. Significant components of the deferred tax assets and liabilities as of March 31, 2020 and 2019 are as follows (in thousands):



	March 31,
	2020			2019
Deferred tax assets:
Research tax credits	$	6,521		$	7,224
Net operating losses	84,694			38,194
Share-based compensation	8,573			6,106
Intangibles⁽³⁾	52,922			38,673
Lease liability	2,633			—
Other	4,936			2,539
Subtotal	160,279			92,736
Valuation allowance	(157,525		)	(92,330		)
Deferred tax liabilities:
Depreciation	(409		)	(406		)
Right-of-use assets	(2,345		)	—
Total deferred tax assets	$	—		$	—

⁽³⁾In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 requires the income tax consequences of intra-entity transfers of assets, other than inventory, to be recognized when the transfer occurs. ASU 2016-16 was effective for the Company on April 1, 2018 and was adopted using a modified retrospective approach. The adoption of this standard resulted in the recognition of a deferred tax asset of $38.7 million with a corresponding valuation allowance of $38.7 million during the year ended March 31, 2019.

As of March 31, 2020, the Company’s net operating losses in Switzerland, Ireland, and the United Kingdom were $615.9 million, $0.1 million, and $24.3 million, respectively. The Switzerland net operating losses will begin to expire on March 31, 2025. The net operating losses in Ireland and the United Kingdom can be carried forward indefinitely with annual usage limitations where applicable. As of March 31, 2020, the Company has research and development credit carryforwards in the United States in the amount of $7.6 million which will begin to expire on March 31, 2037, and in California in the amount of $1.9 million which can be carried forward indefinitely.

The Company assesses the realizability of the deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and records a valuation allowance as necessary. Due to the Company’s cumulative loss position which provides significant negative evidence which is difficult to overcome, the Company has recorded a valuation allowance of $157.5 million as of March 31, 2020 representing the portion of the deferred tax asset that is not more likely than not to be realized. The amount of the deferred tax asset considered realizable, could be adjusted for future factors that would impact the assessment of the objective and subjective evidence of the Company. The Company will continue to assess the realizability of deferred tax assets at each balance sheet date in order to determine the proper amount, if any, required for a valuation allowance.

There are outside basis differences related to the Company’s investment in subsidiaries for which no deferred taxes have been recorded as these would not be subject to tax on repatriation as Bermuda has no tax regime for Bermuda exempted limited companies, and the United Kingdom tax regime relating to company distributions generally provides for exemption from tax for most overseas profits, subject to certain exceptions.

The U.S. tax attributes may be subject to an annual limitation under Section 382 of the Internal Revenue Code of 1986 (the “Code”), and similar state provisions if the Company experiences one or more ownership changes, which would limit the amount of the tax attributes that can be utilized to offset future taxable income. In general, an ownership change as defined by Section 382, results from the transactions increasing ownership of certain stockholders or public groups in the stock of the corporation of more than 50 percentage points over a three-year period. If a change in ownership occurs in the future, the R&D credit carryforwards could be eliminated or restricted. The Company experienced an ownership change for the purposes of Section 382 and 383 of the Code in December 2019. The ownership change did not result in the forfeiture of any credits generated prior to this date. If a change in ownership occurs in the future, the tax attributes could be eliminated or restricted. If eliminated, the related asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance. Due to the existence of the valuation allowance, limitations created by future ownership changes, if any, will not impact the Company’s effective tax rate.

The Company is subject to tax and will file income tax returns in the United Kingdom, Switzerland, Ireland, and the United States federal and certain state and local jurisdictions. The Company is subject to tax examinations for tax years ended March 31, 2017 and forward in all applicable income tax jurisdictions. Tax audits and examinations can involve complex issues, interpretations and judgments. The resolution of matters may span multiple years particularly if subject to litigation or negotiation. The Company believes it has appropriately recorded its tax position using reasonable estimates and assumptions, however the potential tax benefits may impact the results of operations or cash flows in the period of resolution, settlement or when the statutes of limitations expire.

Activity related to unrecognized tax benefits for the year ended March 31, 2020 is as follows (in thousands):



	Amount
Unrecognized tax benefit at April 1, 2019	$	—
Gross increases — prior period tax positions	2,067
Gross decreases — prior period tax positions	—
Gross increases — current period tax positions	1,110
Unrecognized tax benefit at March 31, 2020	$	3,177

During the tax year ended March 31, 2020, the Company’s unrecognized tax benefits increased by $3.2 million, primarily associated with the Company’s U.S. Federal and California R&D tax credits. As of March 31, 2020, the Company had unrecognized tax benefits of $3.2 million that if recognized would have an immaterial effect on the Company’s effective tax rate. The Company had no accrual for interest or penalties on its consolidated balance sheets at March 31, 2020 and 2019, and had not recognized interest and/or penalties in its consolidated statement of operations for any of the years ended March 31, 2020, 2019 and 2018. The Company does not expect that there will be a significant change in the unrecognized tax benefits over the next twelve months. Due to the existence of the valuation allowance, future changes in the Company’s unrecognized tax benefits will not impact the effective tax rate.

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the U.S. The CARES Act includes many measures to assist companies, including temporary changes to income-based tax laws. There were no material impacts to the Company’s income taxes due to the Company’s full valuation allowance. It is uncertain if and to what extent various states will conform to the CARES Act.

Share-Based Compensation

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

(A) Myovant 2016 Equity Incentive Plan

In June 2016, the Company adopted its 2016 Equity Incentive Plan, as amended (the “2016 Plan”), under which 4.5 million common shares were originally reserved for issuance. Pursuant to the “evergreen” provision contained in the 2016 Plan, the number of shares reserved for issuance under the 2016 Plan automatically increases on April 1 of each year, commencing on (and including) April 1, 2017 and ending on (and including) April 1, 2026, in an amount equal to 4% of the total number of shares of capital stock outstanding on March 31 of the preceding fiscal year, or a lesser number of shares as determined by the Company’s board of directors. On April 1, 2019, the number of common shares authorized for issuance increased automatically by 2.9 million shares in accordance with the evergreen provision of the 2016 Plan. As of March 31, 2020, a total of 1.5 million common shares were available for future issuance under the 2016 Plan.

The Company’s employees, directors, officers and consultants are eligible to receive non-qualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other share awards under the 2016 Plan.

(B) Stock Option Repricing

On August 26, 2019 (the “repricing date”), the Company’s board of directors approved a stock option repricing program (the “repricing”) whereby certain previously granted and still outstanding vested and unvested stock options held by current employees and certain executives were repriced on a one-for-one basis to $7.78 per share, which represented the closing market price of the Company’s common shares on the repricing date. To be eligible to participate in the stock option repricing program, 735,428 vested stock options to certain executives as of the repricing date are subject to a one-year exercise restriction period beginning from the repricing date. No other terms of the repriced stock options were modified, and the repriced stock options will continue to vest according to their original vesting schedules and will retain their original expiration dates. As a result of the repricing, 5,095,013 vested and unvested stock options outstanding with original exercise prices ranging from $8.82 to $24.44, and a median exercise price of $17.28 per share, were repriced under this program. The repricing resulted in one-time incremental stock-based compensation expense of $9.2 million, which will be recognized over the remaining term of the repriced stock options.

Each option will have an exercise price equal to the fair market value of the Company’s common shares on the date of grant. For grants of incentive stock options, if the grantee owns, or is deemed to own, 10% or more of the total voting power of the Company, then the exercise price shall be 110% of the fair market value of the Company’s common shares on the date of grant and the option will have a five-year contractual term. Options that are forfeited or expire are available for future grants.

Stock options granted under the 2016 Plan may provide option holders, if approved by the Company’s board of directors, the right to exercise their options prior to vesting. In the event that an option holder exercises the unvested portion of any option, such unvested portion will be subject to a repurchase option held by the Company at the lower of (1) the fair market value of its common shares on the date of repurchase and (2) the exercise price of the options. Any common shares underlying such unvested portion will continue to vest in accordance with the original vesting schedule of the option.

The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes option-pricing model applying the weighted average assumptions in the following table:



	Years Ended March 31,
	2020		2019		2018
Expected common share price volatility	69.5	%	71.6	%	74.4	%
Expected risk free interest rate	2.05	%	2.78	%	2.04	%
Expected term, in years	6.17		6.23		6.22
Expected dividend yield	—	%	—	%	—	%

A summary of stock option activity and data under the Company’s 2016 Plan for the periods presented is as follows:



	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding at March 31, 2017	1,525,857		$	5.06	9.52	$	10,255
Granted	2,338,116		$	12.50
Exercised	(15,195	)	$	2.38
Forfeited	(299,373	)	$	6.64
Options outstanding at March 31, 2018	3,549,405		$	9.84	9.02	$	40,557
Granted	2,246,410		$	21.36
Exercised	(154,494	)	$	8.41
Forfeited	(244,856	)	$	14.59
Options outstanding at March 31, 2019	5,396,465		$	14.46	8.51	$	50,878
Granted	2,992,200		$	11.57
Exercised	(124,097	)	$	7.59
Forfeited	(541,266	)	$	17.60
Options outstanding at March 31, 2020	7,723,302		$	9.25	8.08	$	4,146
Options vested and expected to vest at March 31, 2020	7,723,302		$	9.25	8.08	$	4,146
Options exercisable at March 31, 2020	3,009,080		$	8.13	7.30	$	3,686

The weighted-average exercise price for granted, exercised, and forfeited options during the year ended March 31, 2020, as well as prior period amounts, have not been retroactively adjusted to reflect the impact of the stock option repricing described previously. As of March 31, 2020, 2019 and 2018, there were 3,009,080, 1,581,810 and 502,361 vested options, respectively. As a result of the change in control of the Company described in Note 7(A), the vesting of 849,212 stock options was accelerated on December 27, 2019, resulting in the recognition of $11.2 million of share-based compensation expense upon the change in control.

Additional information regarding options is set forth below (in thousands, except per share data).



	Years Ended March 31,
	2020		2019		2018
Intrinsic value of options exercised	$	1,036	$	2,167	$	181
Grant date fair value of options vested	$	2,112	$	11,409	$	5,831
Weighted-average grant date fair value per share of options granted	$	11.54	$	14.10	$	8.35

(D) Restricted Stock Awards and Restricted Stock Units

A summary of restricted stock award (“RSA”) and restricted stock unit (“RSU”) activity and data under the Company’s 2016 Plan for the periods presented is as follows:



	Number of shares		Weighted Average Grant Date Fair Value
Unvested balance at March 31, 2017	1,128,222		$	5.10
Granted	579,111		$	14.10
Vested	(493,598	)	$	5.10
Unvested balance at March 31, 2018	1,213,735		$	9.39
Granted	29,700		$	17.28
Vested	(287,369	)	$	5.21
Unvested balance at March 31, 2019	956,066		$	10.90
Granted	724,554		$	7.98
Vested	(295,090	)	$	5.56
Forfeited	(105,218	)	$	7.98
Unvested balance at March 31, 2020	1,280,312		$	10.71

The total fair value of RSAs vested during the years ended March 31, 2020, 2019 and 2018 was $1.4 million, $1.4 million and $2.5 million, respectively. The total fair value of RSUs vested during the years ended March 31, 2020 and 2019 was $0.2 million and $0.1 million, respectively. No RSUs vested during the year ended March 31, 2018.

(E) Performance Stock Units

On August 26, 2019, the Company’s board of directors granted performance stock units covering a total of 408,510 common shares, of which two-thirds of the shares (272,338 shares) subject to each performance stock unit vests based upon the passage of time, and the remaining one-third of the shares (136,172 shares) subject to each performance stock unit vests if the Company achieves certain clinical study and regulatory milestones. As of March 31, 2020, the performance conditions had not been met and were deemed not probable of being met. As a result of the change in control of the Company described in Note 7(A), the vesting of certain performance stock units covering a total of 108,640 common shares was accelerated on December 27, 2019, resulting in the recognition of $0.8 million of share-based compensation expense upon the change in control. As of March 31, 2020, performance stock units covering a total of 299,870 common shares are unvested.

(F) Share-Based Compensation Expense

Share-based compensation expense was as follows (in thousands):



	Years Ended March 31,
	2020		2019		2018
Share-based compensation expense recognized as:
R&D expenses	$	14,524	$	7,161	$	3,674
G&A expenses	25,727		11,535		7,909
Total	$	40,251	$	18,696	$	11,583

Share-based compensation expense is included in R&D and G&A expenses in the accompanying consolidated statements of operations consistent with the grantee’s salary. Share-based compensation expense included in R&D and G&A expenses for the year ended March 31, 2020 include $1.8 million and $10.2 million, respectively, related to the acceleration of vesting of certain share-based payment awards as a result of the change in control of the Company described previously. Share-based compensation expense presented in the table above includes share-based compensation expense allocated to the Company by its former majority

shareholder (See Note 7(B)). Total unrecognized share-based compensation expense was approximately $52.3 million as of March 31, 2020 and is expected to be recognized over a weighted-average period of approximately 2.70 years.

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Mar. 31, 2020
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company sponsors a defined contribution plan pursuant to Section 401(k) of the U.S. Internal Revenue Code that allows eligible participants to contribute up to 90% of their eligible compensation, subject to maximum deferral limits specified by the Internal Revenue Code. Beginning in February 2020, the Company implemented a discretionary employer matching contribution of $0.50 for every $1.00 contributed by a participating employee up to 6% of the employee’s eligible compensation, which such matching contributions becoming fully vested immediately. For the year ended March 31, 2020, the Company recorded total expense for matching contributions of $0.2 million. There were no matching contributions for the years ended March 31, 2019 and 2018.

Leases

12 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

As described in Note 2, the Company adopted ASU 2016-2, Leases, (Topic 842) as of April 1, 2019. Prior period amounts have not been adjusted and continue to be reported in accordance with historical accounting under Topic 840.

The Company leases 40,232 square feet of office space located in Brisbane, California pursuant to a lease agreement, as amended, that expires in May 2026. The Company has the option to extend the lease term for an additional seven years but is not reasonably certain that it will exercise the option and has therefore excluded it from the lease term. The lease agreement, as amended, required the Company to deliver an irrevocable standby letter of credit in the amount of $0.5 million to the landlord, the amount of which is subject to reduction to approximately $0.2 million if certain conditions are met.

During October 2019, the Company entered into a Sublease Agreement (“sublease”) for an additional 20,116 square feet of office space within the same building as its current corporate office space located in Brisbane, California. The sublease term expires in February 2024. The sublease required the Company to deliver an irrevocable standby letter of credit to the sublessor for the duration of the lease in the amount of $0.2 million.

The Company currently has no other significant operating, financing, or short-term leases.

The Company recognizes rent expense on a straight-line basis over the noncancelable term of its operating leases. Prior to the adoption of Topic 842, under Topic 840, rent expense was $2.1 million and $0.9 million for the years ended March 31, 2019 and 2018, respectively. For the year ended March 31, 2020, the components of operating lease expense for the Company’s Brisbane, California office space were as follows (in thousands):



	Amount
Operating lease cost	$	2,496
Variable lease cost ⁽¹⁾	225
Total operating lease cost	$	2,721

⁽¹⁾ Variable lease cost includes common area maintenance and utilities costs which are not included in operating lease liabilities and which are expensed as incurred.

Certain information related to the Company’s operating lease right-of-use assets and operating lease liabilities for its Brisbane, California office space was as follows for the year ended March 31, 2020 (in thousands):



	Amount
Cash paid for operating lease liabilities	$	2,289
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	12,237

As of March 31, 2020, the Company’s operating leases for its Brisbane, California office space had a weighted average remaining lease term of 5.7 years and a weighted average discount rate of 12.3%.

As of March 31, 2020, maturities of operating lease liabilities for the Company’s Brisbane, California office space were as follows (in thousands):



Years Ended March 31,
2021	$	2,939
2022	3,028
2023	3,127
2024	3,053
2025	2,409
Thereafter	2,898
Total lease payments	17,454
Less imputed interest ⁽¹⁾	(4,942		)
Present value of future minimum lease payments	12,512
Less operating lease liability, current portion	(1,516		)
Operating lease liability, long-term portion	$	10,996

⁽¹⁾ The Company’s lease agreements do not provide an implicit rate. The imputed interest was determined using the Company’s incremental borrowing rate, which represents an estimated rate of interest that it would have to pay to borrow equivalent funds on a collateralized basis over a similar term at the lease inception date.

Development and Commercialization Agreement	12 Months Ended
Development and Commercialization Agreement	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Development and Commercialization Agreement	Development and Commercialization Agreement On March 30, 2020, the Company entered an exclusive license agreement for Richter to commercialize relugolix combination tablet for uterine fibroids and endometriosis in Europe, the Commonwealth of Independent States including Russia, Latin America, Australia, and New Zealand. Under the agreement, the Company received an upfront payment of $40.0 million on March 31, 2020, which is included in current deferred revenue on the consolidated balance sheet, and is eligible to receive up to $40.0 million in regulatory milestone payments (of which $10.0 million was received in April 2020) and $107.5 million in sales-related milestones, and tiered royalties on net sales following regulatory approval. Under the terms of the agreement, the Company will continue to lead global development of relugolix combination tablet. The Company has also agreed to assist Richter in transferring manufacturing technology from the Company’s contract manufacturing organizations to Richter to enable Richter to manufacture relugolix combination tablet. If requested by Richter, the Company has agreed to supply Richter with quantities of relugolix combination tablet for its territories pursuant to the Company’s agreements with its contract manufacturing organizations. Richter will be responsible for local clinical development, manufacturing, and all commercialization activities for its territories. The Company has also granted Richter an option to collaborate with the Company on relugolix combination tablet for future indications in women’s health other than fertility. The Company concluded that Richter represented a customer and applied relevant guidance from ASC 606 to evaluate the appropriate accounting under the Development and Commercialization Agreement. In accordance with this guidance, the Company identified one material combined performance obligation to grant a license to Richter to certain of its intellectual property and the delivery of certain clinical and regulatory data packages for uterine fibroids and endometriosis. The Company determined that its grant of a license to Richter to certain of its intellectual property was not distinct from the delivery of certain clinical and regulatory data packages. The Company concluded that the combined performance obligation had not been satisfied as of March 31, 2020, and as a result has included the $40.0 million upfront payment as current deferred revenue on the consolidated balance sheet. The Company determined that the initial transaction price under the Richter Development and Commercialization Agreement totaled $50.0 million, consisting of the upfront payment of $40.0 million received on March 31, 2020 and the $10.0 million regulatory milestone payment received in April 2020. The Company will recognize the transaction price as revenue when the combined performance obligation is satisfied. The Company has not assigned a transaction price to any other regulatory milestones, sales-related milestones, or royalties on net sales following regulatory approval given the substantial uncertainty related to their achievement.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (A) Indemnification Agreements The Company has agreed to indemnify its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director was serving at the Company’s request in such capacity. The maximum amount of potential future indemnification liability is unlimited; however, the Company holds directors’ and officers’ liability insurance which limits the Company’s exposure and may enable it to recover a portion of any future amounts paid. In the normal course of business, the Company also enters into contracts and agreements with service providers and other parties with which it conducts business that contain indemnification provisions pursuant to which the Company has agreed to indemnify the party against certain types of third-party claims. The Company has agreed to indemnify Sumitomo Dainippon Pharma against certain losses, claims, liabilities, and related expenses incurred by Sumitomo Dainippon Pharma, subject to the terms of the Sumitomo Dainippon Pharma Loan Agreement (See Note 7(A)). The Company has not experienced any material losses related to these indemnification obligations, and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related accruals have been established. (B) Contract Service Providers In the normal course of business, the Company enters into agreements with contract service providers to assist in the performance of its R&D and clinical and commercial manufacturing activities. Subject to required notice periods and the Company’s obligations under binding purchase orders, the Company can elect to discontinue the work under these agreements at any time. The Company expects to enter into additional collaborative research, contract research, clinical and commercial manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of capital resources. (C) Legal Contingencies The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company accrues for loss contingencies when available information indicates that it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated. In the cases where the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the loss contingency, including an estimable range, if possible. The Company is currently not involved in any material legal proceedings.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Mar. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

The following table presents selected unaudited quarterly financial data of the Company for the years ended March 31, 2020 and 2019 (in thousands, except share and per share data). The unaudited quarterly financial data is prepared on the same basis as the audited consolidated financial statements, and in the opinion of management, includes all recurring adjustments necessary for a fair statement of such information. The Company’s operating results for any quarter are not necessarily indicative of the operating results for any future quarters or a full year. The net loss per common share amounts for the quarterly periods have been computed separately. Therefore, the sum of quarterly net loss per common share amounts may not equal annual net loss per common share amounts.



	Fiscal 2020 Quarter Ended
	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Total operating expenses	$	65,269		$	67,406		$	78,069		$	64,143
Net loss	$	(67,904	)	$	(70,568	)	$	(85,604	)	$	(64,913	)
Net loss per common share — basic and diluted	$	(0.89	)	$	(0.79	)	$	(0.96	)	$	(0.73	)
Weighted average common shares outstanding — basic and diluted	76,468,347			88,798,398			88,893,579			89,130,806



	Fiscal 2019 Quarter Ended
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Total operating expenses	$	60,083		$	64,123		$	69,120		$	71,500
Net loss	$	(62,134	)	$	(65,770	)	$	(70,633	)	$	(75,014	)
Net loss per common share — basic and diluted	$	(0.98	)	$	(0.99	)	$	(1.04	)	$	(1.07	)
Weighted average common shares outstanding — basic and diluted	63,310,177			66,666,876			67,616,419			70,076,475

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events (A) Sumitomo Dainippon Pharma Co., Ltd. Sumitomo Dainippon Pharma Loan Agreement Pursuant to the terms of the Sumitomo Dainippon Pharma Loan Agreement (see Note 7(A)), the Company is permitted to draw down funds once per calendar quarter, subject to certain conditions. In April 2020, the Company borrowed $80.0 million under the Sumitomo Dainippon Pharma Loan Agreement. Subsequent to this draw, approximately $206.3 million of borrowing capacity remains available to the Company. Common Share Purchases by Majority Shareholder During the period from April 1, 2020 through May 14, 2020, Sumitovant purchased a total of 1,679,868 of the Company’s common shares on the open market. As of May 14, 2020, Sumitovant directly, and Sumitomo Dainippon Pharma indirectly, own 48,468,472 of the Company’s outstanding common shares, representing approximately 53.9% of the Company’s common shares outstanding on May 14, 2020. (B) Gedeon Richter Plc. Development and Commercialization Agreement In April 2020, the Company received a $10.0 million milestone payment from Richter pursuant to the Development and Commercialization Agreement. The milestone payment related to the Company’s Marketing Authorisation Application submission to the European Medicines Agency for relugolix combination tablet for the treatment of women with moderate to severe symptoms associated with uterine fibroids. See Note 13.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Basis of Accounting

Use of Estimates

Revenue Recognition

•

Concentrations of Credit Risk

Cash, Cash Equivalents and Restricted Cash

Marketable Securities

Fair Value Measurements


•	Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.


•	Level 2—Valuations are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly.


•	Level 3—Valuations are based on inputs that are unobservable (supported by little or no market activity) and significant to the overall fair value measurement.

Property and Equipment

Leases

Debt Issuance Costs and Debt Discount

Contingencies

Research and Development Expenses

Share-based Compensation

he Company estimates the grant date fair value of stock options, and the resulting share-based compensation expense, using the Black-Scholes option-pricing model, which requires the use of subjective assumptions. These assumptions include:


•	Expected Term. The expected term represents the period that the Company’s share-based awards are expected to be outstanding and is determined using the simplified method in accordance with the Securities and Exchange Commission (“SEC”), Staff Accounting Bulletin (“SAB”) No. 107 and No. 110 (based on the mid-point between the vesting date and the end of the contractual term).


•	Expected Volatility. The expected volatility considers the Company’s historical volatility and weighted average measures of volatility of a peer group of companies for a period equal to the expected term of the stock options. The Company’s peer group of publicly traded biopharmaceutical companies was chosen based on their similar size, stage in the life cycle or area of specialty.


•	Risk-Free Interest Rate. The risk-free interest rate is based on the interest rates paid on securities issued by the U.S. Treasury with a term approximating the expected term of the stock options.


•	Expected Dividend. The Company has never paid, and does not anticipate paying, cash dividends on its common shares. Therefore, the expected dividend yield was assumed to be zero.

Income Taxes

Net Loss Per Common Share

Foreign Currency

Pushdown Accounting

Recently Issued Accounting Pronouncements

(1) Leases

(2) Others

(T) Recently Issued Accounting Standards Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash

Cash as reported on the consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash, and consists of the following (in thousands):



	March 31,
	2020		2019		2018
Cash and cash equivalents	$	76,644	$	156,074	$	108,624
Restricted cash ⁽¹⁾	1,374		1,125		—
Total cash, cash equivalents and restricted cash	$	78,018	$	157,199	$	108,624

⁽¹⁾Included in other assets on the consolidated balance sheets.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

As of March 31, 2020, 2019 and 2018, potentially dilutive securities were as follows:



	March 31,
	2020	2019	2018
Stock options	7,723,302	5,396,465	3,549,405
Restricted stock awards (unvested)	634,623	916,679	1,198,735
Restricted stock units (unvested)	645,689	39,387	15,000
Performance stock units (unvested)	299,870	—	—
Warrants	73,710	73,710	73,710
Total	9,377,194	6,426,241	4,836,850

Investments and Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes these assets and their assigned levels within the fair value hierarchy (in thousands):



	March 31, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Money market funds	$	11,348	$	—	$	—	$	11,348
Commercial paper	—		7,042		—		7,042
Total assets	$	11,348	$	7,042	$	—	$	18,390



	March 31, 2019
	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Money market funds	$	83	$	—	$	—	$	83
Commercial paper	—		126,050		—		126,050
Total assets	$	83	$	126,050	$	—	$	126,133

Accrued Expenses (Tables)

12 Months Ended

Mar. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

As of March 31, 2020 and 2019, accrued expenses consisted of the following (in thousands):



	March 31,
	2020		2019
Accrued R&D expenses	$	15,500	$	46,947
Accrued compensation-related expenses	9,309		5,024
Accrued professional service fees	1,126		370
Accrued other expenses	3,125		1,394
Total accrued expenses	$	29,060	$	53,735

Financing Arrangements (Tables)

12 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments



	NovaQuest			Hercules			Total
Principal amount	$	60,000		$	40,000		$	100,000
End of term charge	—			2,620			2,620
Less: unamortized debt discounts and issuance costs	(756		)	(2,482		)	(3,238		)
Loan payables less unamortized debt discounts and issuance costs	59,244			40,138			99,382
Less: current maturities	—			(6,142		)	(6,142		)
Long-term debt, net of current maturities and unamortized debt discounts and issuance costs	$	59,244		$	33,996		$	93,240

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes and Related Tax Benefit

The loss before income taxes and the related tax expense are as follows (in thousands):



	Years Ended March 31,
	2020			2019			2018
Income (loss) before income taxes:
United States	$	(29,509	)	$	(11,246	)	$	(7,229	)
Switzerland	(239,666		)	(247,445		)	(129,261		)
Bermuda	(19,054		)	(14,357		)	(6,513		)
Other⁽¹⁾	1			(27		)	(39		)
Total loss before income taxes	$	(288,228	)	$	(273,075	)	$	(143,042	)

Current taxes:
United States	$	758		$	473		$	13
Switzerland	—			—			—
Bermuda	—			—			—
Other⁽¹⁾	3			3			(8		)
Total current tax expense	761			476			5
Deferred taxes:
United States	—			—			208
Switzerland	—			—			—
Bermuda	—			—			—
Other⁽¹⁾	—			—			—
Total deferred tax expense	—			—			208
Total income tax expense	$	761		$	476		$	213

⁽¹⁾Primarily United States state and local, Ireland and United Kingdom activity.

Schedule of Effective Income Tax Reconciliation

A reconciliation of income tax expense computed at the Bermuda statutory rate to income tax expense reflected in the consolidated statements of operations is as follows (dollars in thousands):



	Years Ended March 31,
	2020					2019					2018
Income tax expense at Bermuda statutory rate	$	—		—	%	$	—		—	%	$	—		—	%
Foreign rate differential⁽²⁾	(40,056		)	13.90		(31,252		)	11.44		(14,802		)	10.35
Impact of changes in enacted income tax rates	(27,150		)	9.42		—			—		—			—
R&D tax credits	(4,224		)	1.47		—			—		—			—
Share-based compensation deferral adjustment	4,089			(1.42	)	—			—		—			—
Change in uncertain tax positions	3,016			(1.05	)	—			—		—			—
Valuation allowance	65,193			(22.62	)	32,335			(11.83	)	13,966			(9.77	)
Tax reform	—			—		—			—		1,049			(0.73	)
Other	(107		)	0.04		(607		)	0.22		—			—
Total income tax expense	$	761		(0.26	)%	$	476		(0.17	)%	$	213		(0.15	)%

Schedule of Deferred Taxes

Significant components of the deferred tax assets and liabilities as of March 31, 2020 and 2019 are as follows (in thousands):



	March 31,
	2020			2019
Deferred tax assets:
Research tax credits	$	6,521		$	7,224
Net operating losses	84,694			38,194
Share-based compensation	8,573			6,106
Intangibles⁽³⁾	52,922			38,673
Lease liability	2,633			—
Other	4,936			2,539
Subtotal	160,279			92,736
Valuation allowance	(157,525		)	(92,330		)
Deferred tax liabilities:
Depreciation	(409		)	(406		)
Right-of-use assets	(2,345		)	—
Total deferred tax assets	$	—		$	—

Schedule of Unrecognized Tax Benefits Roll Forward

Activity related to unrecognized tax benefits for the year ended March 31, 2020 is as follows (in thousands):



	Amount
Unrecognized tax benefit at April 1, 2019	$	—
Gross increases — prior period tax positions	2,067
Gross decreases — prior period tax positions	—
Gross increases — current period tax positions	1,110
Unrecognized tax benefit at March 31, 2020	$	3,177

Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Weighted Average Fair Value Assumptions

The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes option-pricing model applying the weighted average assumptions in the following table:



	Years Ended March 31,
	2020		2019		2018
Expected common share price volatility	69.5	%	71.6	%	74.4	%
Expected risk free interest rate	2.05	%	2.78	%	2.04	%
Expected term, in years	6.17		6.23		6.22
Expected dividend yield	—	%	—	%	—	%

Summary of Stock Option Activity

A summary of stock option activity and data under the Company’s 2016 Plan for the periods presented is as follows:



	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding at March 31, 2017	1,525,857		$	5.06	9.52	$	10,255
Granted	2,338,116		$	12.50
Exercised	(15,195	)	$	2.38
Forfeited	(299,373	)	$	6.64
Options outstanding at March 31, 2018	3,549,405		$	9.84	9.02	$	40,557
Granted	2,246,410		$	21.36
Exercised	(154,494	)	$	8.41
Forfeited	(244,856	)	$	14.59
Options outstanding at March 31, 2019	5,396,465		$	14.46	8.51	$	50,878
Granted	2,992,200		$	11.57
Exercised	(124,097	)	$	7.59
Forfeited	(541,266	)	$	17.60
Options outstanding at March 31, 2020	7,723,302		$	9.25	8.08	$	4,146
Options vested and expected to vest at March 31, 2020	7,723,302		$	9.25	8.08	$	4,146
Options exercisable at March 31, 2020	3,009,080		$	8.13	7.30	$	3,686

Additional information regarding options is set forth below (in thousands, except per share data).



	Years Ended March 31,
	2020		2019		2018
Intrinsic value of options exercised	$	1,036	$	2,167	$	181
Grant date fair value of options vested	$	2,112	$	11,409	$	5,831
Weighted-average grant date fair value per share of options granted	$	11.54	$	14.10	$	8.35

Summary of Restricted Share Awards and Restricted Stock Units Activity

A summary of restricted stock award (“RSA”) and restricted stock unit (“RSU”) activity and data under the Company’s 2016 Plan for the periods presented is as follows:



	Number of shares		Weighted Average Grant Date Fair Value
Unvested balance at March 31, 2017	1,128,222		$	5.10
Granted	579,111		$	14.10
Vested	(493,598	)	$	5.10
Unvested balance at March 31, 2018	1,213,735		$	9.39
Granted	29,700		$	17.28
Vested	(287,369	)	$	5.21
Unvested balance at March 31, 2019	956,066		$	10.90
Granted	724,554		$	7.98
Vested	(295,090	)	$	5.56
Forfeited	(105,218	)	$	7.98
Unvested balance at March 31, 2020	1,280,312		$	10.71

Schedule of Share-based Compensation Expense

Share-based compensation expense was as follows (in thousands):



	Years Ended March 31,
	2020		2019		2018
Share-based compensation expense recognized as:
R&D expenses	$	14,524	$	7,161	$	3,674
G&A expenses	25,727		11,535		7,909
Total	$	40,251	$	18,696	$	11,583

Leases (Tables)

12 Months Ended

Mar. 31, 2020

Leases [Abstract]

Operating Lease Expense

For the year ended March 31, 2020, the components of operating lease expense for the Company’s Brisbane, California office space were as follows (in thousands):



	Amount
Operating lease cost	$	2,496
Variable lease cost ⁽¹⁾	225
Total operating lease cost	$	2,721

⁽¹⁾ Variable lease cost includes common area maintenance and utilities costs which are not included in operating lease liabilities and which are expensed as incurred.

Maturities of Operating Lease Liabilities

As of March 31, 2020, maturities of operating lease liabilities for the Company’s Brisbane, California office space were as follows (in thousands):



Years Ended March 31,
2021	$	2,939
2022	3,028
2023	3,127
2024	3,053
2025	2,409
Thereafter	2,898
Total lease payments	17,454
Less imputed interest ⁽¹⁾	(4,942		)
Present value of future minimum lease payments	12,512
Less operating lease liability, current portion	(1,516		)
Operating lease liability, long-term portion	$	10,996



	Amount
Cash paid for operating lease liabilities	$	2,289
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	12,237

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Mar. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Data



	Fiscal 2020 Quarter Ended
	June 30, 2019			September 30, 2019			December 31, 2019			March 31, 2020
Total operating expenses	$	65,269		$	67,406		$	78,069		$	64,143
Net loss	$	(67,904	)	$	(70,568	)	$	(85,604	)	$	(64,913	)
Net loss per common share — basic and diluted	$	(0.89	)	$	(0.79	)	$	(0.96	)	$	(0.73	)
Weighted average common shares outstanding — basic and diluted	76,468,347			88,798,398			88,893,579			89,130,806



	Fiscal 2019 Quarter Ended
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019
Total operating expenses	$	60,083		$	64,123		$	69,120		$	71,500
Net loss	$	(62,134	)	$	(65,770	)	$	(70,633	)	$	(75,014	)
Net loss per common share — basic and diluted	$	(0.98	)	$	(0.99	)	$	(1.04	)	$	(1.07	)
Weighted average common shares outstanding — basic and diluted	63,310,177			66,666,876			67,616,419			70,076,475

Description of Business - Narrative (Details) - Sumitomo Dainippon Pharma, Co., Ltd. - Majority Shareholder - shares	Mar. 31, 2020	Dec. 27, 2019
Related Party Transaction [Line Items]
Number of shares owned (in shares)	46,788,604	45,008,604
Percentage of shares owned	52.10%	50.20%

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020 USD ($) bank	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2020 USD ($) segment bank	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Apr. 01, 2019 USD ($)
Accounting Policies [Abstract]
Net Loss	$ (64,913)	$ (85,604)	$ (70,568)	$ (67,904)	$ (75,014)	$ (70,633)	$ (65,770)	$ (62,134)	$ (288,989)	$ (273,551)	$ (143,255)
Net cash used in operating activities									$ (221,172)	$ (224,088)	$ (117,255)
Number of operating segments \| segment									1
Number of reporting segments \| segment									1
Number of banking institutions \| bank	3								3
Expected dividend yield									0.00%	0.00%	0.00%
Operating lease right-of-use asset	$ 11,146								$ 11,146			$ 9,400
Operating lease liability	1,516								1,516			800
Long-term operating lease liability	$ 10,996								$ 10,996			9,800
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred rent liability												$ (1,200)
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives of property and equipment									3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives of property and equipment									7 years

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 76,644	$ 156,074	$ 108,624
Restricted cash	1,374	1,125	0
Total cash, cash equivalents and restricted cash	$ 78,018	$ 157,199	$ 108,624	$ 180,838

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	9,377,194	6,426,241	4,836,850
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,723,302	5,396,465	3,549,405
Restricted stock awards (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	634,623	916,679	1,198,735
Restricted stock units (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	645,689	39,387	15,000
Performance stock units (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	299,870	0	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	73,710	73,710	73,710

Investments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Marketable securities	$ 2,997	$ 0

Investments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 18,390	$ 126,133
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	11,348	83
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	7,042	126,050
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	11,348	83
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	11,348	83
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	7,042	126,050
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	7,042	126,050
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	$ 0

Takeda Agreements - Narrative (Details)	May 30, 2018	Apr. 29, 2016
Supply Commitment [Line Items]
Period for which royalties are required to be paid after first commercial sale		10 years
Takeda Agreements
Supply Commitment [Line Items]
Initial agreement term	5 years
Renewal term	1 year
Termination notice period	12 months
Termination notice period, uncured material breach	90 days
Term notice period, open purchase orders filled	180 days

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Payables and Accruals [Abstract]
Accrued R&D expenses	$ 15,500	$ 46,947
Accrued compensation-related expenses	9,309	5,024
Accrued professional service fees	1,126	370
Accrued other expenses	3,125	1,394
Total accrued expenses	$ 29,060	$ 53,735

Financing Arrangements - Narrative (Details) - USD ($)			1 Months Ended		12 Months Ended
Financing Arrangements - Narrative (Details) - USD ($)	Dec. 31, 2019	Dec. 30, 2019	Dec. 31, 2018	Oct. 31, 2017	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Dec. 27, 2019
Debt Instrument [Line Items]
Equity options, purchase price as a percentage of share price				105.00%
Equity commitment, number of consecutive trading days used for measuring share price				5 days
Equity option				$ 20,000,000.0
Debt issued					$ 113,700,000	$ 0	$ 0
Loss on extinguishment of debt					$ 4,851,000	$ 0	0
Common Shares
Debt Instrument [Line Items]
Warrants exercisable as a percentage of principal amount of loan				3.00%
Warrants outstanding (in USD per share)					73,710	73,710
Line of Credit \| NovaQuest
Debt Instrument [Line Items]
Maximum borrowing commitment				$ 60,000,000.0
Debt issued			$ 54,000,000.0	6,000,000.0
Equity commitment related to note issuance				$ 20,000,000.0
Interest rate				15.00%
Quarterly interest rate				5.00%
Deferred interest rate				10.00%
Default interest rate				5.00%
Principal repayment of debt	$ 60,000,000.0
Accrued interest repayment of debt	7,600,000
Prepayment penalty	2,400,000
Term Loan \| Hercules
Debt Instrument [Line Items]
Maximum borrowing commitment				$ 40,000,000.0
Interest rate				8.25%
Principal amount funded				$ 25,000,000.0			$ 15,000,000.0
End of term charge				6.55%
Principal repayment of debt	40,000,000.0
Accrued interest repayment of debt	300,000
Prepayment penalty	400,000
End-of-term charge	$ 2,600,000
Term Loan \| Hercules \| Prime Rate
Debt Instrument [Line Items]
Variable interest rate				4.00%
Tranche 1 \| Common Shares
Debt Instrument [Line Items]
Number of securities exercisable by warrant (in shares)				49,800
Exercise price of warrants (in USD per share)				$ 15.06
Tranche 2 \| Common Shares
Debt Instrument [Line Items]
Number of securities exercisable by warrant (in shares)							23,910
Exercise price of warrants (in USD per share)							$ 18.82
NovaQuest \| Private Placement
Debt Instrument [Line Items]
Shares purchased by NovaQuest (in shares)				138,361
Shares purchased by NovaQuest				$ 2,000,000.0
NovaQuest \| Private Placement, One
Debt Instrument [Line Items]
Shares purchased by NovaQuest (in shares)			1,082,977
Shares purchased by NovaQuest			$ 18,000,000.0
NovaQuest \| Private Placement, Two
Debt Instrument [Line Items]
Shares purchased by NovaQuest (in shares)			1,203,307
Shares purchased by NovaQuest			$ 20,000,000.0
Majority Shareholder \| Sumitomo Dainippon Pharma, Co., Ltd. \| Term Loan \| Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd.
Debt Instrument [Line Items]
Default interest rate								5.00%
Debt issued		$ 113,700,000

Financing Arrangements - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Principal amount		$ 100,000
End of term charge		2,620
Less: unamortized debt issuance costs		(3,238)
Loan payables less unamortized debt issuance costs		99,382
Less: current maturities	$ 0	(6,142)
Long-term debt, net of current maturities and unamortized debt issuance costs	$ 0	93,240
Line of Credit \| NovaQuest
Debt Instrument [Line Items]
Principal amount		60,000
End of term charge		0
Less: unamortized debt issuance costs		(756)
Loan payables less unamortized debt issuance costs		59,244
Less: current maturities		0
Long-term debt, net of current maturities and unamortized debt issuance costs		59,244
Term Loan \| Hercules
Debt Instrument [Line Items]
Principal amount		40,000
End of term charge		2,620
Less: unamortized debt issuance costs		(2,482)
Loan payables less unamortized debt issuance costs		40,138
Less: current maturities		(6,142)
Long-term debt, net of current maturities and unamortized debt issuance costs		$ 33,996

Related Party Transactions - Narrative (Details)					1 Months Ended	2 Months Ended	12 Months Ended
Related Party Transactions - Narrative (Details)	Mar. 31, 2020 USD ($) shares	Dec. 30, 2019 USD ($)	Dec. 27, 2019 USD ($) day shares	Jun. 04, 2019 USD ($) $ / shares shares	Apr. 30, 2018 USD ($) $ / shares shares	Aug. 31, 2018 USD ($) shares	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Jul. 31, 2018 $ / shares
Related Party Transaction [Line Items]
Debt issued							$ 113,700,000	$ 0	$ 0
Outstanding balance	$ 113,700,000						113,700,000	0
Interest expense (related party)							1,441,000	0	0
Sumitomo Dainippon Pharma, Co., Ltd. \| Majority Shareholder
Related Party Transaction [Line Items]
Number of shares owned (in shares) \| shares	46,788,604		45,008,604
Ownership percentage	52.10%		50.20%
Ownership threshold for appointment of directors			50.00%
Ownership threshold for voting rights			60.00%
Ownership threshold for right of ownership percentage maintenance			50.00%
Roivant Sciences, Ltd. \| Majority Shareholder \| Service Agreement
Related Party Transaction [Line Items]
Expenses incurred under agreements							600,000	4,800,000	7,700,000
Roivant Sciences, Ltd. \| Majority Shareholder \| Share-based Compensation, Expense Allocated to Company
Related Party Transaction [Line Items]
Expenses incurred under agreements							100,000	$ 600,000	$ 1,000,000.0
Private Placement \| Roivant Sciences, Ltd. \| Majority Shareholder
Related Party Transaction [Line Items]
Number of shares issued (in shares) \| shares					1,110,015
Price of shares (in USD per share) \| $ / shares					$ 20.27
Net proceeds from sale of shares					$ 22,500,000
Public Equity Offering
Related Party Transaction [Line Items]
Number of shares issued (in shares) \| shares				17,424,243		3,533,399
Price of shares (in USD per share) \| $ / shares				$ 8.25						$ 22.50
Net proceeds from sale of shares				$ 134,500,000		$ 74,400,000
Public Equity Offering \| Majority Shareholder
Related Party Transaction [Line Items]
Number of shares issued (in shares) \| shares				2,424,242
Net proceeds from sale of shares				$ 20,000,000.0
Term Loan \| Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd. \| Sumitomo Dainippon Pharma, Co., Ltd. \| Majority Shareholder
Related Party Transaction [Line Items]
Maximum borrowing commitment			$ 400,000,000.0
Debt issued		$ 113,700,000
Debt term			5 years
Notice period for prepayment \| day			10
Default interest rate			5.00%
Repayment period upon change in control			30 days
Outstanding balance	$ 113,700,000						113,700,000
Available borrowing capacity	$ 286,300,000						286,300,000
Interest expense (related party)							$ 1,400,000
LIBOR \| Term Loan \| Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd. \| Sumitomo Dainippon Pharma, Co., Ltd. \| Majority Shareholder
Related Party Transaction [Line Items]
Variable interest rate			3.00%

Shareholders' (Deficit) Equity - Narrative (Details) $ / shares in Units, $ in Millions			1 Months Ended		2 Months Ended	12 Months Ended
	Jun. 04, 2019 USD ($) $ / shares shares	Apr. 29, 2016	Dec. 31, 2018 USD ($) shares	Oct. 31, 2017 USD ($) $ / shares shares	Aug. 31, 2018 USD ($) shares	Mar. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2019 USD ($) $ / shares shares	Mar. 31, 2018 $ / shares shares	Jul. 31, 2018 $ / shares	Apr. 30, 2018 USD ($)	Feb. 02, 2016 class
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of classes of stock \| class											1
Common shares authorized (in shares)						564,111,242	564,111,242
Common shares par value (in USD per share) \| $ / shares						$ 0.000017727	$ 0.000017727
Ownership percentage after warrant exercise		12.00%
Shares issued to settle the warrant liability (in shares)								4,432
Public Equity Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares)	17,424,243				3,533,399
Price of shares sold (in shares) \| $ / shares	$ 8.25								$ 22.50
Net proceeds from sale of shares \| $	$ 134.5				$ 74.4
Underwriter's Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares)	2,272,727				200,065
Cowen and Company, LLC \| Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares)						106,494	3,970,129
Price of shares sold (in shares) \| $ / shares						$ 24.65	$ 21.91
Net proceeds from sale of shares \| $						$ 2.5	$ 84.1
Aggregate offering price \| $										$ 100.0
Remaining capacity in offering program \| $						$ 10.4
NovaQuest \| Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares)				138,361
Net proceeds from sale of shares \| $				$ 2.0
NovaQuest \| Private Placement, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares)			1,082,977
Net proceeds from sale of shares \| $			$ 18.0
NovaQuest \| Private Placement, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares)			1,203,307
Net proceeds from sale of shares \| $			$ 20.0
Tranche 1 \| Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of securities exercisable by warrant (in shares)				49,800
Exercise price of warrants (in USD per share) \| $ / shares				$ 15.06
Tranche 2 \| Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of securities exercisable by warrant (in shares)								23,910
Exercise price of warrants (in USD per share) \| $ / shares								$ 18.82

Income Taxes - Loss Before Income Taxes and Related Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income (loss) before income taxes:
Bermuda	$ (19,054)	$ (14,357)	$ (6,513)
Total loss before income taxes	(288,228)	(273,075)	(143,042)
Current taxes:
Bermuda	0	0	0
Total current tax expense	761	476	5
Deferred taxes:
Bermuda	0	0	0
Total deferred tax expense	0	0	208
Total income tax expense	761	476	213
United States
Income (loss) before income taxes:
Foreign	(29,509)	(11,246)	(7,229)
Current taxes:
Foreign	758	473	13
Deferred taxes:
Foreign	0	0	208
Switzerland
Income (loss) before income taxes:
Foreign	(239,666)	(247,445)	(129,261)
Current taxes:
Foreign	0	0	0
Deferred taxes:
Foreign	0	0	0
Other
Income (loss) before income taxes:
Foreign	1	(27)	(39)
Current taxes:
Foreign	3	3	(8)
Deferred taxes:
Foreign	$ 0	$ 0	$ 0

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Effective Income Tax Rate Reconciliation, Amount
Income tax expense at Bermuda statutory rate	$ 0	$ 0	$ 0
Foreign rate differential	(40,056)	(31,252)	(14,802)
Impact of changes in enacted income tax rates	(27,150)	0	0
R&D tax credits	(4,224)	0	0
Share-based compensation deferral adjustment	4,089	0	0
Change in uncertain tax positions	3,016	0	0
Valuation allowance	65,193	32,335	13,966
Tax reform	0	0	1,049
Other	(107)	(607)	0
Total income tax expense	$ 761	$ 476	$ 213
Effective Income Tax Rate Reconciliation, Percent
Income tax expense at Bermuda statutory rate	0.00%	0.00%	0.00%
Foreign rate differential	13.90%	11.44%	10.35%
Impact of changes in enacted income tax rates	9.42%	0.00%	0.00%
R&D tax credits	1.47%	0.00%	0.00%
Share-based compensation deferral adjustment	(1.42%)	0.00%	0.00%
Change in uncertain tax positions	(1.05%)	0.00%	0.00%
Valuation allowance	(22.62%)	(11.83%)	(9.77%)
Tax reform	0.00%	0.00%	(0.73%)
Other	0.04%	0.22%	0.00%
Total income tax expense	(0.26%)	(0.17%)	(0.15%)

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.26%)	(0.17%)	(0.15%)
Operating Loss Carryforwards [Line Items]
Deferred tax assets valuation allowance	$ 157,525,000	$ 92,330,000
Change in unrecognized tax benefits	3,200,000
Unrecognized tax benefit	3,177,000	0
Unrecognized tax benefit, accrual for interest and penalties	0	0
Recognized interest and/or penalties	0	$ 0	$ 0
Significant change in unrecognized tax benefits over the next twelve months	0
Switzerland
Operating Loss Carryforwards [Line Items]
Net operating losses	615,900,000
Ireland
Operating Loss Carryforwards [Line Items]
Net operating losses	100,000
United Kingdom
Operating Loss Carryforwards [Line Items]
Net operating losses	24,300,000
United States \| Research and Development Credit Carryforward
Operating Loss Carryforwards [Line Items]
Credit carryforwards	7,600,000
California \| Research and Development Credit Carryforward
Operating Loss Carryforwards [Line Items]
Credit carryforwards	$ 1,900,000

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Deferred tax assets:
Research tax credits	$ 6,521	$ 7,224
Net operating loss	84,694	38,194
Share-based compensation	8,573	6,106
Intangibles	52,922	38,673
Lease liability	2,633	0
Other	4,936	2,539
Subtotal	160,279	92,736
Valuation allowance	(157,525)	(92,330)
Deferred tax liabilities:
Depreciation	(409)	(406)
Right-of-use assets	(2,345)	0
Total deferred tax assets	$ 0	0
Accounting Standards Update 2016-16
Deferred tax assets:
Intangibles		38,700
Valuation allowance		$ (38,700)

Income Taxes - Unrecognized Tax Benefit (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit at April 1, 2019	$ 0
Gross increases — prior period tax positions	2,067
Gross decreases — prior period tax positions	0
Gross increases — current period tax positions	1,110
Unrecognized tax benefit at March 31, 2020	$ 3,177

Share-Based Compensation - Narrative (Details) - USD ($)				12 Months Ended
	Dec. 27, 2019	Aug. 26, 2019	Apr. 01, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Aug. 25, 2019	Mar. 31, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in USD per share)				$ 9.25	$ 14.46	$ 9.84		$ 5.06
Options vested and unvested outstanding (in shares)				7,723,302	5,396,465	3,549,405		1,525,857
Vested options (in shares)				3,009,080	1,581,810	502,361
Accelerated vesting of awards				$ 1,800,000	$ 10,200,000
Unrecognized share-based compensation				$ 52,300,000
Unrecognized share-based compensation, period for recognition				2 years 8 months 12 days
Stock Options Repriced
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repricing ratio		1
Exercise price (in USD per share)		$ 7.78
Options vested and unvested outstanding (in shares)		5,095,013
Stock-based compensation expense		$ 9,200,000
Stock Options Repriced \| Executives, Subject to Exercise Restriction Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested executive options subject to one-year restriction period (in shares)		735,428
Restriction period		1 year
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold percentage of total voting power of the company				10.00%
Exercise price as a percentage of fair value				110.00%
Contractual term				5 years
Accelerated vesting of awards (in shares)	849,212
Accelerated vesting of awards	$ 11,200,000
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vested during period				$ 1,400,000	1,400,000	$ 2,500,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vested during period				$ 200,000	$ 100,000	$ 0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting of awards (in shares)	108,640
Accelerated vesting of awards	$ 800,000
Awards granted (in shares)		408,510
Unvested awards (in shares)				299,870
Performance Shares, Time-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		272,338
Share of awards granted		66.66%
Performance Shares, Vesting Based Upon Clinical Trial and Regulatory Milestones
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		136,172
Share of awards granted		33.33%
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant (in shares)				1,500,000					4,500,000
Common shares reserved for grant, annual percentage increase									4.00%
Increase in common shares reserved for grant (in shares)			2,900,000
Minimum \| Stock Options Repriced
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in USD per share)							$ 8.82
Maximum \| Stock Options Repriced
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in USD per share)							24.44
Median \| Stock Options Repriced
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in USD per share)							$ 17.28

Share-Based Compensation - Schedule of Fair Value Assumptions for Stock Options (Details)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Share-based Payment Arrangement [Abstract]
Expected common share price volatility	69.50%	71.60%	74.40%
Expected risk free interest rate	2.05%	2.78%	2.04%
Expected term, in years	6 years 2 months 1 day	6 years 2 months 23 days	6 years 2 months 19 days
Expected dividend yield	0.00%	0.00%	0.00%

Share-Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Number of Options
Beginning balance (in shares)	5,396,465	3,549,405	1,525,857
Granted (in shares)	2,992,200	2,246,410	2,338,116
Exercised (in shares)	(124,097)	(154,494)	(15,195)
Forfeited (in shares)	(541,266)	(244,856)	(299,373)
Ending balance (in shares)	7,723,302	5,396,465	3,549,405	1,525,857
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 14.46	$ 9.84	$ 5.06
Granted (in USD per share)	11.57	21.36	12.50
Exercised (in USD per share)	7.59	8.41	2.38
Forfeited (in USD per share)	17.60	14.59	6.64
Ending balance (in USD per share)	$ 9.25	$ 14.46	$ 9.84	$ 5.06
Options Vested and Expected to Vest
Number of Options (in shares)	7,723,302
Weighted Average Exercise Price (in USD per share)	$ 9.25
Weighted Average Remaining Contractual Life (in years)	8 years 29 days
Aggregate Intrinsic Value (in thousands)	$ 4,146
Additional Information
Options outstanding, Weighted Average Remaining Contractual Life	8 years 29 days	8 years 6 months 3 days	9 years 7 days	9 years 6 months 7 days
Options outstanding, Aggregate Intrinsic Value	$ 4,146	$ 50,878	$ 40,557	$ 10,255
Options exercisable, Number of Options (in shares)	3,009,080	1,581,810	502,361
Options exercisable, Weighted Average Exercise Price (in USD per share)	$ 8.13
Options exercisable, Weighted Average Remaining Contractual Life	7 years 3 months 18 days
Options exercisable, Aggregate Intrinsic Value	$ 3,686

Share-Based Compensation - Additional Information for Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Share-based Payment Arrangement [Abstract]
Intrinsic value of options exercised	$ 1,036	$ 2,167	$ 181
Grant date fair value of options vested	$ 2,112	$ 11,409	$ 5,831
Weighted-average grant date fair value per share of options granted (in USD per share)	$ 11.54	$ 14.10	$ 8.35

Share-Based Compensation - Restricted Share Awards and Restricted Stock Units Activity (Details) - Restricted Stock and Restricted Stock Units - $ / shares	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Number of shares
Beginning balance (in shares)	956,066	1,213,735	1,128,222
Granted (in shares)	724,554	29,700	579,111
Vested (in shares)	(295,090)	(287,369)	(493,598)
Forfeited (in shares)	(105,218)
Ending balance (in shares)	1,280,312	956,066	1,213,735
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 10.90	$ 9.39	$ 5.10
Granted (in USD per share)	7.98	17.28	14.10
Vested (in USD per share)	5.56	5.21	5.10
Forfeited (in USD per share)	7.98
Ending balance (in USD per share)	$ 10.71	$ 10.90	$ 9.39

Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 40,251	$ 18,696	$ 11,583
R&D expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	14,524	7,161	3,674
G&A expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 25,727	$ 11,535	$ 7,909

Defined Contribution Plan - Narrative (Details) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Retirement Benefits [Abstract]
Maximum contribution	90.00%
Employer match	50.00%
Employer match (up to you)	6.00%
Expense for matching contributions	$ 200,000	$ 0	$ 0

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2020 USD ($) ft²	Oct. 31, 2019 USD ($) ft²
Lessee, Lease, Description [Line Items]
Rent expense under topic 840	$ 2.1	$ 0.9
Brisbane, California Office Space
Lessee, Lease, Description [Line Items]
Area leased (in sq ft) \| ft²			40,232
Extension term			7 years
Letters of credit			$ 0.5	$ 0.2
Reduced letter of credit if conditions met			$ 0.2
Area subleased \| ft²				20,116
Weighted average remaining lease term			5 years 8 months 12 days
Weighted average discount rate			12.30%

Leases - Operating Lease Expense (Details) $ in Thousands	12 Months Ended
Leases - Operating Lease Expense (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases [Abstract]
Operating lease cost	$ 2,496
Variable lease cost	225
Total operating lease cost	$ 2,721

Leases - Operating Lease Right of Use Assets and Liabilities (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)
Leases [Abstract]
Cash paid for operating lease liabilities	$ 2,289
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 12,237

Leases - Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Apr. 01, 2019
Leases [Abstract]
2021	$ 2,939
2022	3,028
2023	3,127
2024	3,053
2025	2,409
Thereafter	2,898
Total lease payments	17,454
Less imputed interest	(4,942)
Present value of future minimum lease payments	12,512
Less operating lease liability, current portion	(1,516)	$ (800)
Operating lease liability, long-term portion	$ 10,996	$ 9,800

Development and Commercialization Agreement (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Mar. 30, 2020	Mar. 31, 2019
Subsequent Event [Line Items]
Upfront payment received included in current deferred revenue		$ 40,000		$ 0
Initial transaction price			$ 50,000
Maximum payment from regulatory milestones achieved		40,000
Maximum payment from sales-related milestones achieved		$ 107,500
Subsequent Event
Subsequent Event [Line Items]
Proceeds from regulatory milestone payments	$ 10,000

Selected Quarterly Financial Data (Unaudited) - Schedule of Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total operating expenses	$ 64,143	$ 78,069	$ 67,406	$ 65,269	$ 71,500	$ 69,120	$ 64,123	$ 60,083	$ 274,887	$ 264,826	$ 141,063
Net loss	$ (64,913)	$ (85,604)	$ (70,568)	$ (67,904)	$ (75,014)	$ (70,633)	$ (65,770)	$ (62,134)	$ (288,989)	$ (273,551)	$ (143,255)
Net loss per common share — basic and diluted (in USD per share)	$ (0.73)	$ (0.96)	$ (0.79)	$ (0.89)	$ (1.07)	$ (1.04)	$ (0.99)	$ (0.98)	$ (3.37)	$ (4.09)	$ (2.41)
Weighted average common shares outstanding — basic and diluted (in shares)	89,130,806	88,893,579	88,798,398	76,468,347	70,076,475	67,616,419	66,666,876	63,310,177	85,839,303	66,910,060	59,520,747

- Definition

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

+ References + Details

Subsequent Events (Details) - USD ($) $ in Thousands					1 Months Ended		12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	May 14, 2020	Mar. 31, 2020	Dec. 30, 2019	Dec. 27, 2019	May 14, 2020	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Subsequent Event [Line Items]
Debt issued							$ 113,700	$ 0	$ 0
Subsequent Event
Subsequent Event [Line Items]
Proceeds from regulatory milestone payments						$ 10,000
Majority Shareholder \| Sumitomo Dainippon Pharma, Co., Ltd.
Subsequent Event [Line Items]
Number of shares owned (in shares)		46,788,604		45,008,604
Ownership percentage		52.10%		50.20%
Majority Shareholder \| Sumitomo Dainippon Pharma, Co., Ltd. \| Subsequent Event
Subsequent Event [Line Items]
Number of shares issued (in shares)					1,679,868
Number of shares owned (in shares)	48,468,472
Ownership percentage	53.90%
Term Loan \| Majority Shareholder \| Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd. \| Sumitomo Dainippon Pharma, Co., Ltd.
Subsequent Event [Line Items]
Debt issued			$ 113,700
Available borrowing capacity		$ 286,300					$ 286,300
Term Loan \| Majority Shareholder \| Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd. \| Sumitomo Dainippon Pharma, Co., Ltd. \| Subsequent Event
Subsequent Event [Line Items]
Debt issued						80,000
Available borrowing capacity						$ 206,300

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(122,000)
Receivables from Stockholder [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	122,000
Common Stock [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0