0001679082-21-000017 | 10-K | XBRL Viewer

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Mar. 31, 2021	May 06, 2021	Sep. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2021
Current Fiscal Year End Date	--03-31
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 Two	Suite 1, 3rd Floor
Entity Address, Address Line One	11-12 St. James’s Square
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SW1Y 4LB
Entity Address, Country	GB
Country Region	44
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	Yes
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 559,121,548
Entity Common Stock, Shares Outstanding		91,480,278
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the 2021 Annual General Meeting of Shareholders (the “2021 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.
Entity Central Index Key	0001679082
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 674,493	$ 76,644
Accounts receivable, net	3,570	0
Marketable securities	10,435	2,997
Inventory	2,611	0
Prepaid expenses and other current assets	13,536	8,269
Total current assets	704,645	87,910
Property and equipment, net	3,300	2,497
Operating lease right-of-use asset	9,655	11,146
Other assets	7,427	4,373
Total assets	725,027	105,926
Current liabilities:
Accounts payable	17,809	15,334
Accrued expenses and other current liabilities	44,612	29,060
Share-based compensation liabilities	21,636	0
Amounts due to collaboration partner	1,954	0
Cost share advance from collaboration partner	92,415	0
Operating lease liability	1,807	1,516
Amounts due to related parties	543	15
Total current liabilities	281,340	85,925
Deferred revenue, non-current	397,369	0
Cost share advance from collaboration partner, non-current	29,447	0
Long-term operating lease liability	9,189	10,996
Long-term debt, less current maturities (related party)	358,700	113,700
Other	2,947	3,582
Total liabilities	1,078,992	214,203
Commitments and contingencies (Note 14)
Shareholders’ deficit:
Common shares, par value $0.000017727 per share, 564,111,242 shares authorized, 91,000,869 and 89,833,998 issued and outstanding at March 31, 2021 and 2020, respectively	2	2
Additional paid-in capital	709,466	684,381
Accumulated other comprehensive loss	(17,285)	(1,646)
Accumulated deficit	(1,046,148)	(791,014)
Total shareholders’ deficit	(353,965)	(108,277)
Total liabilities and shareholders’ deficit	725,027	105,926
License and milestone revenue
Current liabilities:
Deferred revenue	$ 100,564	$ 40,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
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)	91,000,869	89,833,998
Common shares outstanding (in shares)	91,000,869	89,833,998

Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Mar. 31, 2019

Collaboration revenue

$ 22,354

$ 0

Total revenues

59,317

Research and development

^[1]

136,713

192,560

222,607

Selling, general and administrative

^[2]

181,423

82,327

42,219

Total operating costs and expenses

320,101

274,887

264,826

Loss from operations

(260,784)

(274,887)

(264,826)

Interest expense

^[3]

10,401

12,663

8,821

Loss on extinguishment of debt

4,851

Interest income

(211)

(2,552)

(881)

Foreign currency transaction (gain) loss

(16,176)

(1,621)

309

Loss before income taxes

(254,798)

(288,228)

(273,075)

Income tax expense

336

761

476

Net loss

$ (255,134)

$ (288,989)

$ (273,551)

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

$ (2.83)

$ (3.37)

$ (4.09)

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

90,036,459

85,839,303

66,910,060

Product revenue, net

Revenues

$ 3,630

$ 0

Cost of product revenue

Cost of revenue

301

Collaboration expense to Pfizer

Cost of revenue

1,664

License and Service

Revenues

33,333

$ 0

Term Loan | Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd.

Loss on extinguishment of debt

4,900

Sumitomo Dainippon Pharma, Co., Ltd. and Sunovion Pharmaceuticals Inc. | Majority Shareholder

Research and development

Selling, general and administrative

5,330

Sumitomo Dainippon Pharma Co., Ltd. | Majority Shareholder | Term Loan | Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd.

Interest expense

$ 9,766

$ 1,441

[1]	Includes $58 of expense (inclusive of third-party pass-through costs) for the year ended March 31, 2021 to related parties (see Note 6).
[2]	Includes $5,330 of expense (inclusive of third-party pass-through costs) for the year ended March 31, 2021 to related parties (see Note 6).
[3]	Includes $9,766 and $1,441 of interest expense under the Sumitomo Dainippon Pharma Loan Agreement for the years ended March 31, 2021 and 2020. (see Note 6(A)).

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (255,134)	$ (288,989)	$ (273,551)
Other comprehensive loss:
Foreign currency translation adjustment	(15,639)	(2,153)	483
Total other comprehensive (loss) income	(15,639)	(2,153)	483
Comprehensive loss	$ (270,773)	$ (291,142)	$ (273,068)

- Definition

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

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+ Details

Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Shares	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 Offering	Public Offering Common Shares	Public Offering Additional Paid-in Capital
Beginning balance (in shares) at Mar. 31, 2018		60,997,856
Beginning balance at Mar. 31, 2018	$ 37,729	$ 1	$ 266,178	$ 24	$ (228,474)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)							3,970,129			1,110,015			2,286,284			3,533,399
Shares issued						$ 84,052		$ 84,052	$ 22,500		$ 22,500	$ 37,982		$ 37,982	$ 74,391		$ 74,391
Share-based compensation expense	18,067		18,067
Capital contribution from former majority shareholder — share-based compensation	629		629
Capital contribution from former majority shareholder	752		752
Foreign currency translation adjustment	483			483
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		1,300
Net loss	(273,551)				(273,551)
Ending balance (in shares) at Mar. 31, 2019		72,057,490
Ending balance at Mar. 31, 2019	4,334	$ 1	505,851	507	(502,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)							106,494									17,424,243
Shares issued		$ 1				$ 2,546		$ 2,546							$ 134,458		$ 134,457
Share-based compensation expense	40,102		40,102
Capital contribution from former majority shareholder — share-based compensation	149		149
Capital contribution from former majority shareholder	334		334
Foreign currency translation adjustment	(2,153)			(2,153)
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		942
Net loss	$ (288,989)				(288,989)
Ending balance (in shares) at Mar. 31, 2020	89,833,998	89,833,998
Ending balance at Mar. 31, 2020	$ (108,277)	$ 2	684,381	(1,646)	(791,014)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	53,676		53,676
Share-based compensation awards reclassified to current liabilities	(17,473)		(17,473)
Share-based compensation liabilities reclassified to equity upon settlement of awards	6,446		6,446
Share-based compensation expense reclassified to current liabilities	$ (10,609)		(10,609)
Issuance of shares upon exercise of stock options (in shares)	905,776	905,776
Issuance of shares upon exercise of stock options	$ 6,709		6,709
Vesting of share awards, net of shares witheld for taxes (in shares)		261,095
Vesting of share awards, net of shares withheld for taxes	(13,664)		(13,664)
Foreign currency translation adjustment	(15,639)			(15,639)
Net loss	$ (255,134)				(255,134)
Ending balance (in shares) at Mar. 31, 2021	91,000,869	91,000,869
Ending balance at Mar. 31, 2021	$ (353,965)	$ 2	$ 709,466	$ (17,285)	$ (1,046,148)

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

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Mar. 31, 2019

Cash flows from operating activities:

Net loss

$ (255,134)

$ (288,989)

$ (273,551)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Share-based compensation

53,676

40,251

18,696

Depreciation and amortization

^[1]

2,479

1,765

438

Non-cash interest expense

^[2]

635

1,486

2,084

Loss on extinguishment of debt

4,851

Foreign currency transaction (gain) loss

(16,176)

(1,621)

309

Other

537

(359)

926

Changes in operating assets and liabilities:

Accounts receivable

(3,570)

Inventory

(2,611)

Prepaid expenses and other current assets

(5,267)

1,925

(5,055)

Income tax receivable

524

476

Other assets

(1,441)

(10)

Accounts payable

2,457

4,315

6,441

Interest payable

(1,077)

795

Accrued expenses and other current liabilities

15,552

(24,675)

21,510

Deferred revenue

457,933

40,000

Amount due to collaboration partner

1,954

Cost share advance from collaboration partner

121,227

Operating lease liabilities

(1,516)

(882)

Deferred rent

749

Deferred interest payable

(2,273)

2,018

Amounts due to related parties

528

Other liabilities

(635)

3,582

Net cash provided by (used in) operating activities

370,628

(221,172)

(224,088)

Cash flows from investing activities:

Purchases of marketable securities

(63,824)

(32,076)

Maturities of marketable securities

33,261

29,240

Sales of marketable securities

23,125

Purchases of property and equipment

(1,773)

(1,099)

(1,236)

Net cash used in investing activities

(9,211)

(3,935)

(1,236)

Cash flows from financing activities:

Cash proceeds from issuance of common shares

137,004

218,925

Proceeds from related party debt financing

245,000

113,700

Proceeds from stock option exercises

6,709

942

1,300

Proceeds from third-party debt financing, net of financing costs paid

53,974

Payment of tax withholding on net settlement of share awards

(13,664)

Payment of third-party debt financings and redemption and administration fees

(105,720)

(300)

Net cash provided by financing activities

238,045

145,926

273,899

Net change in cash, cash equivalents and restricted cash

599,462

(79,181)

48,575

Cash, cash equivalents and restricted cash, beginning of period

78,018

157,199

108,624

Cash, cash equivalents and restricted cash, end of period

677,480

78,018

157,199

Non-cash financing activities:

Reclassification of share-based compensation awards from additional paid-in capital to current liabilities

17,473

Change in fair value of share-based awards recorded to additional paid-in capital

10,609

Reclassification of share-based compensation liabilities to additional paid-in capital upon settlement of awards

6,446

Equipment purchases included in accounts payable

Supplemental disclosure of cash paid:

Income taxes

513

Interest

13,030

3,923

Interest (related party)

$ 9,819

$ 1,426

$ 0

[1]	Includes amortization of operating lease right-of-use assets.
[2]	Includes imputed interest on cost share advance from collaboration partner for the year ended March 31, 2021 and amortization of debt discount and issuance costs for the years ended March 31, 2020 and 2019.

Description of Business	12 Months Ended
Description of Business	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Myovant Sciences Ltd. (together with its wholly-owned subsidiaries, the “Company”) is a biopharmaceutical company focused on redefining care for women and for men through purpose-driven science, empowering medicines, and transformative advocacy. ORGOVYXTM (relugolix) was approved by the U.S. Food and Drug Administration (“FDA”) in 2020 as the first and only oral gonadotropin-releasing hormone (“GnRH”) receptor antagonist for the treatment of adult patients with advanced prostate cancer. Relugolix is also under regulatory review in Europe for men with advanced prostate cancer. In addition, relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) is under regulatory review in the U.S. and Europe for women with uterine fibroids, has completed Phase 3 registration-enabling studies for women with endometriosis, and is being assessed for contraceptive efficacy in healthy women ages 18-35 years who are at risk for pregnancy. The Company is also developing MVT-602, an oligopeptide kisspeptin-1 receptor agonist, which has completed a Phase 2a study for the treatment of female infertility as a part of assisted reproduction. 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, preparing for and achieving regulatory approvals, and preparing for and executing on commercialization of its product candidates. Since its inception, the Company has funded its operations primarily from the issuance and sale of its common shares, from debt financing arrangements, and more recently from the upfront and milestone payments received from Pfizer Inc. (“Pfizer”) and Gedeon Richter Plc. (“Richter”). The Company launched its first product, ORGOVYX, in the U.S. in January 2021 and began generating product revenue, net from sales of ORGOVYX in the U.S. in January 2021. The Company’s majority shareholder is Sumitovant Biopharma Ltd. (“Sumitovant”), a wholly-owned subsidiary of Sumitomo Dainippon Pharma Co., Ltd. (“Sumitomo Dainippon Pharma”). As of March 31, 2021, Sumitovant directly, and Sumitomo Dainippon Pharma indirectly, own 48,641,181, or approximately 53.5%, of the Company’s outstanding common shares.

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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 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.

Liquidity and Capital Resources

As of March 31, 2021, the Company had approximately $684.9 million in cash, cash equivalents, and marketable securities. The Company currently believes that its existing cash, cash equivalents, and marketable securities will be sufficient to fund its anticipated operating expenses and capital expenditure requirements for at least the next 12 months from the date of issuance of this Annual Report on Form 10-K.

In future periods, if the Company’s cash, cash equivalents, marketable securities, and amounts that it expects to generate from product sales and/or third-party collaboration payments are not sufficient to enable the Company to fund its operations, the Company may need to raise additional funds in the form of equity, debt, or from other sources. There can be no assurances that such funding sources will be available at terms acceptable to the Company, or at all. If the Company has insufficient funding to meet its working capital needs, it could be required to delay, limit, reduce, or terminate its drug development programs, commercialization efforts, and/or limit or cease operations.

As of March 31, 2021, the Company had approximately $41.3 million of borrowing capacity available to it under the Sumitomo Dainippon Pharma Loan Agreement (see Note 6(A)) and is also eligible to receive up to $3.7 billion and $137.5 million of additional milestone payments from Pfizer and Richter pursuant to the Pfizer Collaboration and License Agreement (see Note 13(B)) and the Richter Development and Commercialization Agreement (see Note 13(A)), respectively, as well as potential royalty payments on net sales under each agreement.

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 contingencies at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Determinations in which management uses subjective judgments include, but are not limited to, collaboration arrangements, revenue recognition, share-based compensation expenses, research and development (“R&D”) expenses and accruals, leases, and income taxes. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. 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.

Reclassifications

Certain reclassifications have been made to the prior years’ consolidated statements of cash flows to place them on a comparable basis with the current year regarding the presentation of foreign currency transaction gains and losses and summarizing financing activities pertaining to sales of the Company’s common shares. Net loss and shareholders’ equity (deficit) previously reported were not affected by these reclassifications.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to companies in the biotechnology and pharmaceutical industries, including, but not limited to, risks of failure or unsatisfactory results of nonclinical and clinical studies, the need for significant capital to fund the 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 any of its product candidates that obtain regulatory approval, 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”), contract manufacturing organizations (“CMOs”), and third-party logistics providers.

In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. Through May 11, 2021, the date of issuance of this Annual Report on Form 10-K, the Company’s results of operations and cash flows have not been significantly impacted by the COVID-19 pandemic. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments, and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of May 11, 2021.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk include cash, cash equivalents, and marketable securities. As of March 31, 2021, cash, cash equivalents, and marketable security balances are diversified between four 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 cash equivalents and marketable securities. 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.

The Company is also subject to credit risk from accounts receivable related to its product sales. The Company monitors its exposure within accounts receivable and records a reserve against uncollectible accounts receivable as necessary. The Company has entered into distribution agreements with a limited number of specialty distributors and pharmacies, and all of the Company’s product sales are to these customers. Customer creditworthiness is monitored and collateral is not required. For the year ended March 31, 2021, the Company’s four largest customers represented 90% of the Company’s product revenue, net and 95% of the Company’s accounts receivable at March 31, 2021, and each of these customers represented 10% or greater of the

Company’s product revenue, net and accounts receivable. The Company began commercializing ORGOVYX in the U.S. in January 2021 and had no product revenue, net or accounts receivable prior to January 2021.

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 and the accretion of discounts to maturity for cash equivalents and marketable securities. Restricted cash consists of funds held or designated to satisfy the requirements of certain agreements that are restricted in their use and are included in other assets on the consolidated balance sheets.

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,
	2021		2020		2019
Cash and cash equivalents	$	674,493	$	76,644	$	156,074
Restricted cash	2,987		1,374		1,125
Total cash, cash equivalents and restricted cash	$	677,480	$	78,018	$	157,199

Accounts Receivable, Net

The Company’s accounts receivable consists of amounts due from customers related to product sales and have standard payment terms. For certain customers, the accounts receivable for the customer is net of prompt pay discounts. The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in their credit profile. The Company reserves against accounts receivable for estimated losses that may arise from a customer’s inability to pay and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The Company began commercializing ORGOVYX in the U.S. in January 2021 and had no accounts receivable prior to January 2021. The Company has historically not experienced significant credit losses and no amounts were reserved for estimated losses as of March 31, 2021.

Marketable Debt Securities

Investments in marketable debt securities are held in custodial accounts 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.

The Company classifies its marketable debt 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 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.

The Company does not intend to sell its marketable debt securities that are in an unrealized loss position, and it is unlikely that the Company will be required to sell its marketable debt securities before recovery of their amortized cost basis, which may be maturity. Factors considered in determining whether a loss is temporary include the length of time and extent to which the fair value has been less than the amortized cost basis and whether the Company intends to sell the security or whether it is more likely than not that the Company would be required to sell the marketable debt security before recovery of the amortized cost basis. See Note 3 for additional information.

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 recorded amounts of certain financial instruments, including cash, cash equivalents, accounts receivable, accounts payable, accrued liabilities, amounts due to collaboration partner, and amounts due to related parties, approximate fair value due to their relatively short maturities. Marketable debt securities that are classified as available-for-sale are recorded at estimated fair value and are include in Level 2 of the fair value hierarchy. The fair value of marketable debt securities is based on market prices from a variety of industry standard data providers and generally represents quoted prices for similar assets in active markets or have been derived from observable market data. Cost share advance from collaboration partner is recorded at its estimated fair value and is included in Level 2 of the fair value hierarchy. The carrying value of the Company’s debt obligations to Sumitomo Dainippon Pharma approximates fair value based on current interest rates for similar types of borrowings and is included in Level 2 of the fair value hierarchy. Share-based compensation liabilities related to stock options are remeasured at fair value on a recurring basis using the Black-Scholes option pricing model and are included in Level 2 of the fair value hierarchy. Share-based compensation liabilities related to common shares are remeasured at fair value on a recurring basis and are included in Level 1 of the fair value hierarchy.

Inventory

The Company values its inventories at the lower-of-cost or net realizable value and determines the cost of inventories using the average-cost method. Inventories include the cost for raw materials, the cost to manufacture the raw materials into finished goods, and overhead. The Company performs an assessment of the recoverability of inventory during each reporting period, and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. If they occur, such impairment charges are recorded as a component of cost of goods sold in the consolidated statements of operations.

The Company capitalizes inventory costs associated with products following regulatory approval when future commercialization is considered probable and the future economic benefit is expected to be realized. 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.

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.

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. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term.

The Company elected the practical expedient not to apply the recognition and measurement requirements to short-term leases, which is any lease with a term of one year or less as of the commencement date. If a lease includes options to extend the lease term, the Company does not assume the option will be exercised in its initial lease term assessment unless there is reasonable certainty that the Company will renew based on an assessment of economic factors present as of the lease commencement date.

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.

Collaborative Arrangements

The Company may enter into collaboration arrangements with pharmaceutical and biotechnology partners. The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements, to determine whether such arrangements involve joint operating activities performed by the parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple units of account, the Company first determines which units of account of the collaboration are deemed to be within the scope of ASC 808 and those that are reflective of a vendor-customer relationship and, therefore, within the scope of ASC 606, Revenue from Contracts with Customers.

While ASC 808 defines collaboration arrangements and provides guidance on income statement presentation, classification, and disclosures related to such arrangements, it does not address recognition and measurement matters, such as (1) determining the appropriate unit of account or (2) when the recognition criteria are met. Therefore, the accounting for these arrangements is either based on an analogy to other accounting literature, such as ASC 606, or an accounting policy election by management. For units of account within collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate revenue recognition method is determined and applied consistently.

Revenue Recognition

For units of account under ASC 606, 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.

License, Milestone and Other Revenue

For units of account under ASC 606, 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 sales-based milestone payments: For arrangements that include sales-based royalties, including sales-based 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).

Product Revenue, net

Revenues from product sales are recorded at the net sales price, or “transaction price,” which includes estimates of variable consideration that result from (a) invoice discounts for prompt payment and specialty distributor and specialty pharmacy service fees, (b) government and private payer rebates, chargebacks, discounts and fees, (c) group purchasing organization (“GPO”) discounts, performance rebates and administrative fees, (d) product returns and (e) costs of co-pay assistance programs for patients. Reserves are established for the estimates of variable consideration based on the amounts the Company expects to be earned or to be claimed on the related sales. The reserves are classified as reductions to accounts receivable, net or accrued expenses and other current liabilities if payable to a third-party. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenues only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary from the Company’s estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known.

The Company makes significant estimates and judgments that materially affect its recognition of product revenue, net. Claims by third-party payers for rebates, chargebacks and discounts frequently may be submitted to the Company significantly after the related sales, potentially resulting in adjustments in the period in which the new information becomes known. The Company will adjust its estimates based on new information, including information regarding actual rebates, chargebacks and discounts for its products, as it becomes available.

Cost of Product Revenue

Cost of product revenue is composed of the cost of goods sold and royalty expense. Cost of goods sold consists of the cost of raw materials, third-party manufacturing costs to manufacture the raw materials into finished product, freight, and indirect overhead costs associated with sales of ORGOVYX in the U.S. Royalty expense consists of a fixed, high single-digit royalty on net sales of ORGOVYX payable to Takeda pursuant to the terms of the Takeda License Agreement (see Note 14(D)).

In connection with the FDA approval of ORGOVYX on December 18, 2020, the Company subsequently began capitalizing inventory manufactured or purchased after this date. As a result, certain manufacturing costs of ORGOVYX were expensed as R&D expenses prior to FDA approval and, therefore, these costs are not included in cost of goods sold.

Collaboration Expense to Pfizer

Collaboration expense to Pfizer consists of Pfizer’s 50% share of net profits from sales of ORGOVYX in the U.S. (see Note 13(B)).

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 consist of employee-related expenses, such as salaries, share-based compensation, benefits and travel expenses for employees engaged in R&D activities, expenses from third parties who conduct R&D activities on behalf of the Company, investigator grants, sponsored research, and fees incurred for regulatory submissions. 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 as inventory, but rather expensed as R&D expenses when incurred.

Advertising Expense

In connection with the FDA approval and commercial launch of ORGOVYX in January 2021, the Company began to incur advertising costs. Advertising costs, which include promotional expenses, are expensed as incurred. The Company incurred approximately $4.9 million of advertising costs, net of cost share reimbursements from Pfizer pursuant to the terms of the Pfizer Collaboration and License Agreement (see Note 13(B)), during the year ended March 31, 2021. No amounts were incurred during the years ended March 31, 2020 and 2019.

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 restricted stock units (“RSU”) and performance share units (“PSU”) 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 RSUs on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The Company recognizes the share-based compensation expense related to PSUs if the performance criteria are deemed probable of being met. Share-based compensation liabilities (a current liability) are remeasured at fair value each reporting period until the

common share awards are settled or become mature, with the change in fair value recorded as share-based compensation expense.

No tax benefits for share-based compensation have been recognized in the consolidated statements of shareholders’ equity (deficit) 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.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, 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.

The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

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.

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, when applicable, for outstanding yet unvested shares of restricted common shares. 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 loss. 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, 2021, 2020 and 2019 potentially dilutive securities were as follows:


	March 31,
	2021	2020	2019
Stock options	8,293,331	7,723,302	5,396,465
Restricted stock awards (unvested)	—	634,623	916,679
Restricted stock units (unvested)	3,194,562	645,689	39,387
Performance stock units (unvested)	376,673	299,870	—
Warrants	73,710	73,710	73,710
Total	11,938,276	9,377,194	6,426,241

Change in Functional Currency

Prior to December 1, 2020, the functional currency of the Company’s wholly-owned subsidiary in Switzerland, Myovant Sciences GmbH (“MSG”), was the local currency where the subsidiary is located, the Swiss franc. Transactions in foreign currencies were translated to the functional currency at the rate of exchange at the date of the transaction. Transaction gains and

losses were recognized in foreign exchange (gain) loss in the consolidated statements of operations. The results of operations of MSG were translated to U.S. dollar, the Company’s reporting currency, at the average rates of exchange during the period. The cumulative effect of these exchange rate adjustments was included in a separate component of other comprehensive income (loss) on the consolidated balance sheets.

Effective December 1, 2020, as a result of significant changes in economic facts and circumstances in the operations of MSG, the functional currency of MSG was changed from the Swiss franc to the U.S. dollar. The change in the functional currency is accounted for prospectively from December 1, 2020. Therefore, any gains or losses that were previously recorded in accumulated other comprehensive income (loss) remain unchanged.

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 6(A).

Recently Adopted Accounting Standards

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”), which simplifies the fair value measurement disclosure requirements. The Company adopted the new standard on April 1, 2020. The adoption of ASU 2018-13 did not have a material impact on the Company’s consolidated financial statements and related disclosures.

In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 (“ASU 2018-18”). This guidance is intended to reduce diversity in practice and clarify the interaction between Topic 808, Collaborative Arrangements, and Topic 606, Revenue from Contracts with Customers. ASU 2018-18 provided guidance on whether certain transactions between collaborative arrangement participants should be accounted for with revenue under Topic 606. The Company adopted the new standard on April 1, 2020. The adoption of ASU 2018-18 did not have a material impact on the Company’s 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) (“ASU 2018-15”), which amends ASU 2015-05, Customers Accounting for Fees in a Cloud Computing Agreement, to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The most significant change will align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. Accordingly, the amendments in ASU 2018-15 require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as assets related to the service contract and which costs to expense. The Company adopted ASU 2018-15 using the prospective method as of April 1, 2020. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements and related disclosures.

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 the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective prospectively for all entities as of March 12, 2020 through December 31, 2022. As of March 31, 2021, the Company has not modified its contract that will be impacted by reference rate reform. The Company will continue to assess the impact the adoption of this standard will have on its consolidated financial statements and related disclosures when its contract impacted by reference rate reform is modified.

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 December 2019, the FASB issued ASU 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.

Fair Value Measurements

12 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial Instruments Measured at Fair Value on a Recurring Basis

The preparation of the Company’s consolidated financial statements in accordance with U.S. GAAP requires that certain assets and liabilities be reflected at their fair value. The fair value of these financial instruments is based on valuations that include inputs that can be classified within one of three levels of a hierarchy established by U.S. GAAP (see Note 2). The following table summarizes the Company’s assets and liabilities that require fair value remeasurements on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):


	Fair Value Measurement Using:
	Level 1		Level 2		Level 3		Total
As of March 31, 2021
Assets:
Money market funds (1)	$	36,903	$	—	$	—	$	36,903
Commercial paper (2)	—		21,689		—		21,689
U.S. agency securities (1)	—		10,000		—		10,000
Municipal bonds (3)	—		1,417		—		1,417

Total assets	$	36,903	$	33,106	$	—	$	70,009
Liabilities:
Share-based compensation liabilities - stock options (5)	$	—	$	12,113	$	—	$	12,113
Share-based compensation liabilities - common shares (6)	9,523		—		—		9,523
Total liabilities	$	9,523	$	12,113	$	—	$	21,636


	Fair Value Measurement Using:
	Level 1		Level 2		Level 3		Total
As of March 31, 2020
Assets:
Money market funds (1)	$	11,348	$	—	$	—	$	11,348
Commercial paper (4)	—		7,042		—		7,042
Total assets	$	11,348	$	7,042	$	—	$	18,390

(1) Included in cash and cash equivalents.

(2) Includes $12.7 million in cash and cash equivalents and $9.0 million in marketable securities.

(3) Included in marketable securities.

(4) Includes $4.0 million in cash and cash equivalents and $3.0 million in marketable securities.

(5) Includes 1,281,803 outstanding stock options remeasured using the Black-Scholes option-pricing model (see Note 13(H)).

(6) Includes 462,705 common shares remeasured using the Company’s March 31, 2021 closing market price of $20.58 per common share (see Note 13(H)).

During the year ended March 31, 2021, the Company’s former Principal Executive Officer’s outstanding fully-vested share-based compensation awards were reclassified from equity to liabilities following the modification of the awards to include a share repurchase feature (see Note 10(H)). The share-based compensation liabilities are remeasured each reporting period with the change in fair value recorded as share-based compensation expense in the Company’s consolidated statements of operations until the equity awards are exercised and sold to Sumitovant or to the market or the former Principal Executive Officer has held the common shares for a period of at least six months. The Company remeasures the share-based compensation liabilities related to outstanding stock options at fair value using the Black-Scholes option pricing model for which all significant inputs are observable, either directly or indirectly, which caused them to be classified as a Level 2 measurement within the fair value hierarchy. The Company remeasures the share-based compensation liabilities related to common shares held for less than six months based on the closing market price of the Company’s common shares at each reporting period-end, which caused them to be classified as a Level 1 measurement within the fair value hierarchy.

The following table includes information regarding the Company’s share-based compensation liabilities (a current liability) for the year ended March 31, 2021 (in thousands):


March 31, 2020	$	—
Reclassification from additional paid-in capital	17,473
Change in fair value	10,609
Settlements	(6,446)
March 31, 2021	$	21,636

The fair value of the share-based compensation liabilities related to outstanding stock options was estimated as of March 31, 2021 using the Black-Scholes option-pricing model and the following assumptions:



Expected common share price volatility	72.9	%
Expected risk free interest rate	0.06	%
Expected term, in years	0.78
Expected dividend yield	—	%

Financial Instruments Not Measured at Fair Value on a Recurring Basis

The Company recorded the cost share advance from collaboration partner, which is included in Level 2 of the fair value hierarchy, at its estimated fair value of $146.4 million as of the transaction date. As discussed in Note 13(B), on the transaction date, the cost share advance from collaboration partner was discounted to fair value using the Company’s estimated incremental borrowing rate over the period in which the cost share advance is expected to be utilized. The recorded amount has been and will continue to be reduced each reporting period by the amount of Allowable Expenses applied to the cost share advance. There were no nonrecurring fair value assets as of March 31, 2021 and 2020 and no nonrecurring fair value liabilities as of March 31, 2020.

- 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

Inventory

12 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventory Disclosure

Inventory

As of March 31, 2021, inventory consisted of the following (in thousands):



Raw materials	$	1,390
Work in process	773
Finished goods	448

Total inventory	$	2,611

The Company had no inventory as of March 31, 2020.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

As of March 31, 2021 and 2020, accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,
	2021		2020
Accrued R&D expenses	$	8,544	$	15,500
Accrued compensation-related expenses	20,571		9,309
Accrued commercial expenses	7,770		818
Accrued sales discounts, rebates, and allowances	1,315		—

Deferred net product revenue	162		—
Accrued professional service fees	935		1,126
Accrued other expenses and tax obligations	5,315		2,307
Total accrued expenses and other current liabilities	$	44,612	$	29,060

Related Party Transactions

12 Months Ended

Mar. 31, 2021

Related Party Transactions

(A) Sumitomo Dainippon Pharma Co., Ltd.

On December 27, 2019, the Company’s former controlling shareholder, Roivant Sciences Ltd. (“Roivant”), completed a transaction (the “Sumitomo-Roivant Transaction”) in which 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, or approximately 50.2%, of the Company’s outstanding common shares on December 27, 2019. As of March 31, 2021, Sumitovant directly, and Sumitomo Dainippon Pharma indirectly, own 48,641,181, or approximately 53.5%, of the Company’s outstanding common shares. As of March 31, 2021, amounts due to Sumitomo Dainippon Pharma for reimbursement of certain third-party pass-through expenses incurred on behalf of the Company were less than $0.1 million, and are included in amounts due to related parties on the accompanying consolidated balance sheets.

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 NovaQuest Capital Management (“NovaQuest”) and Hercules Capital, Inc. (“Hercules”) 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, and 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 LIBOR plus a margin of 3% payable on the last day of each calendar quarter. LIBOR is currently expected to be phased out by the end of 2021, and if it becomes unavailable, the Company and Sumitomo Dainippon Pharma will negotiate in good faith to select an alternative interest rate and, if applicable as a result of such alternative interest rate, margin adjustment that is consistent with industry accepted successor rates for determining a LIBOR replacement. 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, 2021, approximately $41.3 million of borrowing capacity remains available to the Company, subject to the terms of the Sumitomo Dainippon Pharma Loan Agreement, and the outstanding loan balance of $358.7 million is classified as a long-term liability on the accompanying consolidated balance sheets under the caption long-term debt, less current maturities (related party). Interest expense under the Sumitomo Dainippon Pharma Loan Agreement was $9.8 million and $1.4 million for the years ended March 31, 2021 and 2020, respectively, and is included in interest expense in the accompanying consolidated statements of operations. There was no such interest expense for the year ended March 31, 2019.

Annual maturities of amounts outstanding as of March 31, 2021 under the Sumitomo Dainippon Pharma Loan Agreement are as follows (in thousands):


Years Ended March 31,
2022	$	—
2023	—
2024	—
2025	358,700
Total	$	358,700

Sumitomo Dainippon Pharma Loan Commitment

On August 5, 2020, the Company obtained a debt commitment letter from Sumitomo Dainippon Pharma, as amended by a letter dated September 29, 2020, and then further amended by a letter dated December 22, 2020 (the “2020 Commitment Letter”), pursuant to which, subject to the terms and conditions set forth therein, Sumitomo Dainippon Pharma committed to enter into a new $200.0 million unsecured, low-interest, five-year term loan facility. The 2020 Commitment Letter expired in March 2021.

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) Sumitovant

On May 18, 2020, the Company and Sumitovant entered into a consulting agreement, as amended on November 9, 2020, pursuant to which Sumitovant provided consulting services to the Company to support the Company in commercial planning, commercial launch activities and implementation. Adele Gulfo, Sumitovant’s Chief Business and Commercial Development Officer and a member of the Company’s board of directors, provided services to the Company on behalf of Sumitovant under this agreement. The term of the consulting agreement with Sumitovant expired on March 31, 2021. For the year ended March 31, 2021, the Company incurred $0.8 million of expense under this consulting agreement, which is included in selling, general and administrative (“SG&A”) expenses in the accompanying consolidated statements of operations. In addition, for the year ended March 31, 2021, the Company agreed to reimburse Sumitovant for certain other third-party pass-through expenses that it incurred on behalf of the Company. These expenses, totaling $0.7 million are included in SG&A expense in the accompanying consolidated statements of operations.

As of March 31, 2021, the Company’s outstanding obligation to Sumitovant is $0.1 million and is included in amounts due to related parties on the accompanying consolidated balance sheets.

Market Access Services Agreement

On August 1, 2020, the Company’s subsidiary, MSG, entered into the Market Access Services Agreement, as amended, with Sunovion Pharmaceuticals Inc. (“Sunovion”), a subsidiary of Sumitomo Dainippon Pharma. Pursuant to the Market Access Services Agreement, among other things, Sunovion agreed to provide to MSG certain market access services with respect to the distribution and sale of ORGOVYX (“Prostate Cancer Product”) and relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg and norethindrone acetate 0.5 mg) (“Women’s Health Product,” and collectively with Prostate Cancer Product, the “Products”, and each a “Product”), including, among other things: (i) adding the Products to Sunovion’s agreements with its third party logistics providers; (ii) adding the Women’s Health Product to certain of Sunovion’s contracts with wholesalers, group purchasing organizations and integrated delivery networks and negotiating rates for the Products with certain market access customers; (iii) providing order-to-cash services; (iv) providing certain employees to provide market access account director services; (v) performing activities required in connection with supporting and maintaining contracts between the Company and market access customers for the coverage, purchase, or dispensing of the Products; (vi) managing the validation, processing and payment of rebates, chargebacks, and certain administrative, distribution and service fees related to the Products; (vii) providing MSG with price reporting metrics and other information required to allow the Company to comply with applicable government price reporting requirements; (viii) coordinating with MSG and any applicable wholesalers and distributors to address any recalls, investigations, or product holds; (ix) configuring, or causing to be configured, the appropriate software systems to enable Sunovion to perform its obligations under the Market Access Services Agreement; and (x) providing training and certain other ancillary support services to facilitate the foregoing. Pursuant to this agreement, Sunovion will also provide certain services to the Company to enable the Company to comply with its obligations under the State Transparency Laws.

MSG, in turn, appointed Sunovion as the exclusive distributor of the Women’s Health Product and a non-exclusive distributor of the Prostate Cancer Product, each in the United States, including all of its territories and possessions.

In order to facilitate Sunovion’s provision of these services, MSG agreed, among other things, to: (i) grant Sunovion a non-exclusive license under all intellectual property owned or controlled by MSG, solely for Sunovion’s use in connection with its performance of the contemplated services; (ii) provide Sunovion periodic reports of sales projections and estimated volume requirements, as well as such other information as Sunovion reasonably requests or may need to perform the services; (iii) comply with the provisions of any agreements between Sunovion and third parties pursuant to which the Products will be distributed or sold; (iv) cooperate with certain investigations related to orders and audits of MSG’s quality systems solely related, as reasonably determined by Myovant, to Sunovion’s performance of certain regulatory services, at Sunovion’s costs; and (v) promptly notify Sunovion in the event relugolix is recalled.

As consideration for the services, MSG has paid and will continue to pay Sunovion an agreed-upon monthly service charge for each of the first two years of the Market Access Services Agreement term and any agreed regulatory and training service charges. After the second year of the Market Access Services Agreement term, the monthly service charges will be determined by the parties. In addition, MSG also agreed to (x) reimburse Sunovion for any pass-through expenses it incurs while providing the services, and (y) establish an escrow fund for use by Sunovion when managing any rebates, chargebacks and similar fees. As of March 31, 2021, amounts held in this escrow fund are included in restricted cash under the caption other assets on the accompanying consolidated balance sheets. For the year ended March 31, 2021, the Company incurred $3.8 million under this agreement (inclusive of third-party pass-through costs billed to the Company) of which $3.7 million and $0.1 million of expenses are included in SG&A expenses and R&D expenses, respectively, in the accompanying consolidated statement of operations. As of March 31, 2021, the Company’s outstanding obligation pursuant to this agreement is $0.4 million and is included in amounts due to related parties on the accompanying consolidated balance sheets.

The Market Access Services Agreement also contains customary representations and warranties by the parties and customary provisions related to confidentiality, indemnification and insurance. The initial term of the Market Access Services Agreement is three years. Thereafter, the term will be automatically extended for one-year periods, unless either party provides notice of its intent not to renew the Market Access Services Agreement at least nine (9) months prior to the expiration of the applicable term. Either party may also terminate the Market Access Services Agreement prior to the end of its term in the event of an uncured material breach by the other party, if there are certain changes of law, or if such other party becomes insolvent or undergoes a change of control. MSG may also terminate the Market Access Services Agreement with respect to one or both Products if Sunovion fails to satisfy certain market access milestones or for convenience upon payment of a break-up fee.

(D) Roivant Sciences Ltd.

As a result of the closing of the Sumitomo-Roivant Transaction described in Note 6(A), 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, 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. For the years ended March 31, 2020 and 2019, the Company paid or reimbursed Roivant approximately $0.6 million and $4.8 million, respectively, under the terms of the then existing Services Agreements. In addition, the Company recorded share-based compensation expense allocated from Roivant of $0.1 million and $0.6 million for the years ended March 31, 2020 and 2019, respectively. No amounts were incurred during the year ended March 31, 2021.

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 9).

(E) Amended and Restated Bye-Laws

On December 22, 2019, the Company’s board of directors approved, subject to the closing of the Sumitomo-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 Roivant with the power, under certain circumstances, to appoint a majority of directors on the Company’s board and related powers, (ii) revise 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.

Financing Arrangements	12 Months Ended
Financing Arrangements	Mar. 31, 2021
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements (A) NovaQuest In October 2017, the Company, its subsidiaries, as guarantors, and 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. 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 notes bore interest at a rate of 15% per annum, of which 5% was payable quarterly, and 10% was payable on a deferred basis. 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 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. 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 and exercisable as of March 31, 2021. 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. (C) Extinguishment of Debt On December 27, 2019, the Company and its subsidiary, MSG, entered into the Sumitomo Dainippon Pharma Loan Agreement, which is further discussed in Note 6(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 with Hercules and NovaQuest 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 accompanying 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.

Income Taxes

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

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


	Year Ended March 31,
	2021		2020		2019
(Loss) income before income taxes:
United States	$	(40,663)	$	(29,509)	$	(11,246)
Switzerland	(201,673)		(239,666)		(247,445)
Bermuda	(12,310)		(19,054)		(14,357)
Other(1)	(152)		1		(27)
Total loss before income taxes	$	(254,798)	$	(288,228)	$	(273,075)

Current taxes:
United States	$	335	$	758	$	473
Switzerland	—		—		—
Bermuda	1		—		—
Other(1)	—		3		3
Total current tax expense	336		761		476
Deferred taxes:
United States	—		—		—
Switzerland	—		—		—
Bermuda	—		—		—
Other(1)	—		—		—
Total deferred tax expense	—		—		—
Total income tax expense	$	336	$	761	$	476

(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):


	Year Ended March 31,
	2021				2020				2019
Income tax expense at Bermuda statutory rate	$	—	—	%	$	—	—	%	$	—	—	%
Foreign rate differential(1)	(37,622)		14.77		(40,056)		13.90		(31,252)		11.44
Impact of changes in enacted income tax rates	—		—		(27,150)		9.42		—		—
Currency remeasurement effects on Swiss deferred tax assets	(13,742)		5.39		—		—		—		—
Officer’s non-deductible share-based compensation	9,590		(3.76)		—		—		—		—
R&D tax credits (net of uncertain tax positions)	(3,771)		1.48		(1,208)		0.42		—		—
Share-based compensation deferral adjustment	(4,364)		1.71		4,089		(1.42)		—		—
Valuation allowance	50,333		(19.75)		65,193		(22.62)		32,335		(11.83)

Other	(88)		0.03		(107)		0.04		(607)		0.22
Total income tax expense	$	336	(0.13)	%	$	761	(0.26)	%	$	476	(0.17)	%

(1) 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, 2021, 2020 and 2019 was (0.13)%. (0.26)%, and (0.17)%, 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, 2021 and 2020 are as follows (in thousands):


	March 31,
	2021		2020
Deferred tax assets:
Research tax credits	$	9,967	$	6,521
Net operating losses	119,701		84,694
Share-based compensation	12,649		8,573
Intangibles	58,830		52,922
Lease liability	2,317		2,633
Other	7,080		4,936
Subtotal	210,544		160,279
Valuation allowance	(207,858)		(157,525)
Deferred tax liabilities:
Depreciation	(651)		(409)
Right-of-use assets	(2,035)		(2,345)
Total deferred tax assets	$	—	$	—

As of March 31, 2021, the Company’s net operating losses in Switzerland, Ireland, and the United Kingdom were $876.0 million, $0.2 million, and $31.0 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, 2021, the Company has research and development credit carryforwards in the United States in the amount of $7.7 million which will begin to expire on March 31, 2038 and in California in the amount of $2.3 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 $207.9 million as of March 31, 2021 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 as a result of the Sumitomo-Roivant Transaction (see Note 6(A)). 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, 2018 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 years ended March 31, 2021, 2020, and 2019 is as follows (in thousands):


	Year Ended March 31,
	2021		2020		2019
Beginning of period balance	$	3,177	$	—	$	—
Gross increases — prior period tax positions	—		2,067		—
Gross decreases — prior period tax positions	(128)		—		—
Gross increases — current period tax positions	1,355		1,110		—
End of period balance	$	4,404	$	3,177	$	—

During the tax year ended March 31, 2021, the Company’s unrecognized tax benefits increased by $1.2 million, primarily associated with the Company’s U.S. Federal and California R&D tax credits. 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, 2021, the Company had unrecognized tax benefits of $4.4 million that if recognized would have an immaterial effect on the Company’s effective tax rate. 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. The Company had no accrual for interest or penalties on its consolidated balance sheets at March 31, 2021 and 2020, and had not recognized interest and/or penalties in its consolidated statements of operations for any of the years ended March 31, 2021, 2020 and 2019.

In response to the COVID-19 pandemic, many governments have enacted measures to provide aid and economic stimulus. These measures include deferring the due dates of tax payments and other changes to income and non-income-based-tax laws as well as providing direct government assistance through grants and forgivable loans. On March 27, 2020, the U.S. Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic and the negative impacts that it is having on the global economy and U.S. companies. The CARES Act includes measures to assist companies, including temporary changes to income and non-income-based tax laws. The Company implemented certain provisions of the CARES Act, such as deferring employer payroll taxes through the end of calendar year 2020. As of March 31, 2021, the Company has deferred $1.8 million of employer payroll taxes, of which 50% are required to be deposited by December 2021 and the remaining 50% by December 2022. The current portion of the deferred payroll tax liability of $0.9 million is included in accrued expenses and other current liabilities and the non-current portion of the deferred payroll tax liability of $0.9 million is included in other liabilities on the accompanying consolidated balance sheets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Shareholders' Equity (Deficit)	12 Months Ended
Shareholders' Equity (Deficit)	Mar. 31, 2021
Equity [Abstract]
Shareholders' Equity (Deficit)	Shareholders’ Equity (Deficit) (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, 2021, the Company had 564,111,242 shares authorized with a par value of $0.000017727 per share. (B) Underwritten Public Equity Offering of Common Shares On June 4, 2019, the Company completed an underwritten public equity offering of 17,424,243 of its 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 common shares, were approximately $134.5 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 acted 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. No shares were sold under the Sales Agreement during the year ended March 31, 2021. The “at-the-market” equity offering program expired in March 2021.

Share-Based Compensation

12 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

The Company has two share-based compensation plans, the Myovant Sciences Ltd. 2020 Inducement Plan and the Myovant Sciences Ltd. 2016 Equity Incentive Plan (collectively, the “Equity Plans”).

(A) 2020 Inducement Plan

In November 2020, the compensation committee of the Company’s board of directors adopted the Myovant Sciences Ltd. 2020 Inducement Plan (the “2020 Inducement Plan”), which, subject to the adjustment provisions thereof, reserved 1.0 million shares of the Company’s common shares for issuance. The 2020 Inducement Plan was adopted without shareholder approval pursuant to the Listed Company Manual Rule 303A.08 (“Rule 303A.08”) of the New York Stock Exchange (the “NYSE”). The 2020 Inducement Plan provides for the grant of restricted stock units and non-qualified stock options, and contains terms and conditions intended to comply with the inducement award exception under the NYSE rules. In accordance with Rule 303A.08, awards under the 2020 Inducement Plan may only be made to individuals not previously employees of the Company, or being rehired following a bona fide period of interruption of employment, as an inducement material to such individuals’ entering into employment with the Company. An award is a right to receive the Company’s common shares pursuant to the 2020 Inducement Plan pursuant to a restricted stock unit award or a non-qualified stock option award. As of March 31, 2021, there were less than 0.1 million common shares available for future issuance under the 2020 Inducement Plan.

(B) 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 common 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 the Company’s 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, 2020, the number of common shares authorized for issuance under the 2016 Plan increased automatically by 3.6 million shares in accordance with the evergreen provision. As of March 31, 2021, a total of 1.3 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.

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 were 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 have vested and 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 is being recognized over the remaining term of the repriced stock options.

(D) Stock Options

Each non-qualified stock option has an exercise price equal to the fair market value of the Company’s common shares on the date of grant. Stock options granted to employees generally vest over a four-year period. Initial stock options granted to non-

executive members of the Company’s board of directors vest over a three-year period. One third of the shares subject to such stock options vest on the first anniversary of the grant date, with the balance of the shares vesting in eight equal quarterly installments thereafter, subject to subject in each case to continued service through each of the vesting dates.

Annual stock options granted to non-executive members of the Company’s board of directors vest in full on the earlier to occur of (i) the first (1st) anniversary of the date of grant and (ii) the day immediately prior to the date of the annual general meeting of shareholders for the year following the year in which the grant is made, subject in each case to continued service through the vesting date.

Each non-qualified stock option award has a maximum term of 10 years from the date of grant, subject to the earlier cancellation prior to vesting upon cessation of service to the Company. Options that are forfeited or expire are available for future grants.

Activity for stock options for the year ended March 31, 2021 is included in the following table:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)








Options outstanding at March 31, 2020	7,723,302	$	9.25	8.08	$	4,146
Granted	1,985,765	$	10.88
Exercised	(905,776)	$	7.41
Forfeited	(509,960)	$	8.32
Options outstanding at March 31, 2021	8,293,331	$	9.90	6.48	$	90,699
Options vested and expected to vest at March 31, 2021	8,293,331	$	9.90	6.48	$	90,699
Options exercisable at March 31, 2021	5,219,403	$	9.77	5.26	$	58,419

As of March 31, 2021, 2020 and 2019, there were 5,219,403, 3,009,080 and 1,581,810 vested stock options outstanding, respectively. Pursuant to the Separation and General Release Agreement with the Company’s former Principal Executive Officer, the vesting of a total of 631,850 stock options was accelerated on January 11, 2021 (see Note 10(H)). As a result of the change in control of the Company described in Note 6(A), the vesting of 849,212 stock options was accelerated on December 27, 2019.

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:


	Year Ended March 31,
	2021		2020		2019
Expected common share price volatility	75.7	%	69.5	%	71.6	%
Expected risk free interest rate	0.47	%	2.05	%	2.78	%
Expected term, in years	6.21		6.17		6.23
Expected dividend yield	—	%	—	%	—	%

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


	Year Ended March 31,
	2021		2020		2019
Intrinsic value of options exercised	$	12,154	$	1,036	$	2,167
Grant date fair value of options vested	$	19,923	$	2,112	$	11,409
Weighted-average grant date fair value per share of options granted	$	7.22	$	11.54	$	14.10

(E) Restricted Stock Awards and Restricted Stock Units

Restricted stock units (“RSU”) are share awards that, upon vesting, will deliver to the holder shares of the Company’s common shares. RSUs generally vest over a four-year period. Activity for restricted stock awards (“RSA”) and RSUs for the year ended March 31, 2021 is included in the following table:


	Number of Shares	Weighted-Average Grant Date Fair Value








Unvested balance at March 31, 2020	1,280,312	$	10.71
Granted	3,356,865	$	12.52
Vested	(1,041,684)	$	11.17
Forfeited	(400,931)	$	9.03
Unvested balance at March 31, 2021	3,194,562	$	12.68

The total fair value of RSAs vested during the years ended March 31, 2021, 2020, and 2019 was $8.4 million, $1.4 million and $1.4 million, respectively. The total fair value of RSUs vested during the years ended March 31, 2021, 2020, and 2019 was $3.3 million, $0.2 million and $0.1 million, respectively. Pursuant to the Separation and General Release Agreement with the Company’s former Principal Executive Officer, the vesting of RSUs and RSAs covering a total of 761,770 common shares was accelerated on January 11, 2021 (see Note 10(H)).

(F) Performance Share Units

Activity for performance share units (“PSU”) for the year ended March 31, 2021 is included in the following table:


	Number of Shares	Weighted-Average Grant Date Fair Value




Unvested balance at March 31, 2020	299,870	$	7.78
Granted	568,976	$	8.08
Vested	(454,758)	$	7.98
Forfeited	(37,415)	$	7.78
Unvested balance at March 31, 2021	376,673	$	7.99

The vesting of PSUs requires that certain performance conditions are achieved during the performance period and is subject to the employee’s continued service requirements. The total fair value of PSUs vested during the years ended March 31, 2021 and 2020 was $3.6 million and $0.8 million, respectively. No PSUs vested in the year ended March 31, 2019. Pursuant to the Separation and General Release Agreement with the Company’s former Principal Executive Officer, the vesting of PSUs covering a total of 301,659 common shares was accelerated on January 11, 2021 (see Note 10(H)). As a result of the change in control of the Company described in Note 6(A), the vesting of certain PSUs covering a total of 108,640 common shares was accelerated on December 27, 2019.

(G) Share-Based Compensation Expense

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


	Year Ended March 31,
		2021		2020		2019
Share-based compensation expense recognized as:
R&D expense		$	14,049	$	14,524	$	7,161
SG&A expense		39,627		25,727		11,535
Total		$	53,676	$	40,251	$	18,696

Total unrecognized share-based compensation expense was approximately $62.4 million as of March 31, 2021 and is expected to be recognized over a weighted-average period of approximately 2.9 years.

Share-based compensation expense included in SG&A expense for the year ended March 31, 2021 includes $25.7 million of incremental expense as a result of the separation of the Company’s former Principal Executive Officer (see Note 10(H)). Share-based compensation expense included in SG&A and R&D expense for the year ended March 31, 2020 includes $10.2 million

and $1.8 million, respectively, related to the accelerated vesting of certain share-based payment awards as a result of the change in control of the Company described in Note 6(A).

(H) Separation Agreement with Former Principal Executive Officer

In January 2021, the Company entered into a Separation and General Release Agreement with its former Principal Executive Officer. Pursuant to the terms of this agreement, all of the former Principal Executive Officer’s then outstanding and unvested equity awards became fully vested. In addition, the post-termination period during which the former Principal Executive Officer may exercise her outstanding stock options was extended to 12 months. The former Principal Executive Officer has granted Sumitovant or any Sumitovant affiliate a right of first refusal to purchase her common shares of the Company under certain circumstances and provide the Company and its affiliates a general release of claims. Share-based compensation expense included in SG&A expense for the year ended March 31, 2021 includes $25.7 million related to the acceleration, modification, and remeasurement of these awards.

As a result of the repurchase feature described above, the outstanding awards were reclassified from additional paid-in capital to current liabilities. The share-based compensation liabilities have been and will continue to be remeasured at fair value each reporting period end, with the change in fair value recorded as share-based compensation expense within SG&A until the stock options are exercised and the common shares are sold to Sumitovant, to the market, or otherwise settled, or the former Principal Executive Officer has held the common shares for a period of at least six months (see Note 3). As of March 31, 2021, a total of 1,281,803 outstanding stock options and a total of 462,705 common shares remain subject to the right of first refusal. The former Principal Executive Officer’s outstanding stock options remain exercisable through January 11, 2022.

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Mar. 31, 2021
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution PlanThe 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 years ended March 31, 2021 and 2020, the Company recorded total expense for matching contributions of $1.6 million and $0.2 million, respectively. There were no matching contributions for the year ended March 31, 2019.

Leases

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

The Company adopted ASU 2016-2, Leases, (Topic 842) as of April 1, 2019 on a modified retrospective basis and did not restate comparative periods as permitted under the transition guidance. The Company elected the practical expedient not to apply the recognition and measurement guidance of Topic 842 to short-term leases.

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.

The Company subleases 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.

In June 2020, the Company entered into a agreement to lease fleet vehicles along with certain services whereby the Company leases vehicles to be delivered by the lessor from time to time with various monthly costs depending on the vehicles delivered for a term of one year, commencing on each corresponding delivery date. The leased vehicles are for use by eligible employees of the Company’s commercial operations. The Company maintains a letter of credit of $0.6 million as collateral in favor of the lessor.

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

The Company recognizes rent expense on a straight-line basis over the non-cancelable term of its operating leases. For the years ended March 31, 2021 and 2020, the components of operating lease and short-term lease expenses were as follows (in thousands):


	Year Ended March 31,
	2021		2020
Operating lease cost	$	2,914	$	2,496
Short-term lease cost	5		—
Variable lease cost (1)	538		225
Total operating lease cost	$	3,457	$	2,721

(1) Variable lease cost includes common area maintenance and utilities costs that are not included in operating lease liabilities and are expensed as incurred, and maintenance and one-time charges related to the short-term leases.

Prior to the adoption of Topic 842 on April 1, 2019, under Topic 840, rent expense was $2.1 million for the year ended March 31, 2019.

Certain information related to the Company’s operating lease right-of-use assets and operating lease liabilities was as follows for the years ended March 31, 2021 and 2020 (in thousands):


	Year Ended March 31,
	2021		2020
Cash paid for operating lease liabilities	$	2,939	$	2,289
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	12,237

As of March 31, 2021, the Company’s operating leases had a weighted average remaining lease term of 4.7 years and a weighted average discount rate of 12.3%.

As of March 31, 2021, maturities of operating lease liabilities were as follows (in thousands):


Years Ended March 31,
2022	$	3,028
2023	3,127
2024	3,053
2025	2,409
2026	2,482
Thereafter	416
Total lease payments	14,515
Less imputed interest (1)	(3,519)
Present value of future minimum lease payments	10,996
Less operating lease liability, current portion	(1,807)
Operating lease liability, long-term portion	$	9,189

(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.

Collaboration and License Agreements

12 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Collaboration and License Agreements

(A) Richter Development and Commercialization Agreement

On March 30, 2020, the Company entered into 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 (the “Richter Development and Commercialization Agreement”). Under the agreement, the Company received an upfront payment of $40.0 million on March 31, 2020, is eligible to receive up to $40.0 million in regulatory milestone payments (of which $10.0 million was received in April 2020), $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 CMOs to Richter to enable Richter to manufacture relugolix combination tablet. The Company has agreed to supply Richter with quantities of relugolix combination tablet for its territories pursuant to the Company’s agreements with its CMOs. 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 determined that the 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 a $10.0 million regulatory milestone payment received in April 2020. No other regulatory milestones, sales-related milestones, or royalties on net sales following regulatory approval were included in the transaction price given the substantial uncertainty related to their achievement.

The Company concluded that Richter represented a customer and applied relevant guidance from ASC 606 to evaluate the accounting under the Richter 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 to deliver certain clinical and regulatory data packages for relugolix combination therapy, the drug used for both potential indications of 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 pertaining to relugolix combination therapy. In evaluating the appropriate measure for the Company’s performance under the combined performance obligation, the Company determined that revenues should be recognized as data packages are delivered to Richter based on the relative value of the data packages delivered to date compared to the totality of the data packages it is obligated to deliver under the Richter Development and Commercialization Agreement. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Based upon the Company’s assessment of its progress toward delivering relugolix combination therapy clinical and regulatory data packages to Richter, the Company concluded that as of March 31, 2021, it had satisfied approximately two-thirds of the combined performance obligation. As a result, the Company recognized $33.3 million of the transaction price as license and milestone revenue during the year ended March 31, 2021. There were no amounts recognized in the comparable prior year periods. As the Company currently expects to deliver the remaining substantive relugolix combination therapy data packages to Richter in the first quarter of the fiscal year ending March 31, 2022, the Company has recorded the remaining $16.7 million of the transaction price as deferred revenue, a current liability, on the accompanying consolidated balance sheets as of March 31, 2021.

The term of the Richter Development and Commercialization Agreement shall expire on a country-by-country basis upon expiry of the Royalty Term for the Product in a country in the Richter Territory. The Richter Development and Commercialization Agreement may be terminated in its entirety or on a country-by-country basis by mutual consent of the parties, or by either party for the uncured material breach of other party, for bankruptcy of the other party, and for certain other reasons in accordance with the terms of the Richter Development and Commercialization Agreement.

(B) Pfizer Collaboration and License Agreement

On December 26, 2020, the Company’s subsidiary, MSG, and Pfizer, entered into a collaboration and license agreement (the “Pfizer Collaboration and License Agreement”), pursuant to which the Company and Pfizer will collaborate to jointly develop and commercialize relugolix in oncology and women’s health in the U.S. and Canada (the “Co-Promotion Territory”). In addition, Pfizer also received an option to acquire exclusive commercialization and development rights to relugolix in oncology outside the Co-Promotion Territory, excluding certain Asian countries (the “Pfizer Territory”).

In the Co-Promotion Territory, the Company and Pfizer will equally share profits and certain expenses, including certain pre-launch inventory costs incurred by the Company prior to the effective date of the Pfizer Collaboration and License Agreement (the “Allowable Expenses”). The Company will remain responsible for regulatory interactions and drug supply and will continue to lead clinical development for relugolix combination tablet in the women’s health indications, while development for ORGOVYX will be shared equally among the parties.

In the Co-Promotion Territory, the Company will be the principal on all sales transactions with third parties and will recognize 100% of product sales to third parties as revenue from contracts with customers. The Company concluded that based on the principal vs. agent guidance in ASC 606, it has primary responsibility for fulfilling customer orders, controls inventory before it is sold to third party customers, assumes the risk of inventory loss, and maintains discretion in establishing product price.

Pursuant to the terms of the Pfizer Collaboration and License Agreement, the Company received an upfront payment of $650.0 million in December 2020, and is eligible to receive up to $3.7 billion of additional milestone payments, including two regulatory milestones of $100.0 million upon each FDA approval for relugolix combination tablet in uterine fibroids and endometriosis ($200.0 million in the aggregate), and tiered sales milestones of up to $3.5 billion upon reaching certain

thresholds of annual net sales for oncology and the combined women’s health indications in the Co-Promotion Territory. In addition, if Pfizer exercises its option to acquire exclusive commercialization and development rights to relugolix in oncology in the Pfizer Territory, the Company will receive an option exercise fee of $50.0 million, will also be eligible to receive double-digit royalties on net sales of relugolix in the Pfizer Territory, and Pfizer will bear 100% of costs incurred in the Pfizer Territory.

Pursuant to the terms of the Pfizer Collaboration and License Agreement, the Company will bear Pfizer’s share of Allowable Expenses, up to a maximum of $100.0 million for calendar year 2021 and up to a maximum of $50.0 million for calendar year 2022. Any unused portion will carry over into the subsequent calendar years until the Company has assumed in aggregate $150.0 million of Pfizer’s share of the Allowable Expenses.

The term of the Pfizer Collaboration and License Agreement continues until no products are sold and all development activities have terminated in the Co-Promotion Territory and, in the case that Pfizer exercises its option for relugolix in the Pfizer Territory, on the last to expire royalty term with respect to a country in the Pfizer Territory. The Pfizer Collaboration and License Agreement may be terminated early by either party for the uncured material breach of the other party or for bankruptcy or other insolvency proceeding of the other party. In addition, Pfizer has certain other termination rights and may terminate the Pfizer Collaboration and License Agreement early upon providing written notice to the Company pursuant to the terms of the Pfizer Collaboration and License Agreement.

The Company assessed the Pfizer Collaboration and License Agreement and determined that it meets both criteria to be considered a collaborative agreement within the scope of ASC 808, Collaborative Arrangements: active participation by both parties and exposures to significant risks and rewards dependent on the commercial success of the activities. Although the Company is lead party and will perform many activities, both development and commercialization responsibilities are assigned between parties and both parties participate on joint steering and other committees overseeing the collaboration activities. Both parties are exposed to significant risks and rewards based on the economic outcomes of the collaboration through cost sharing and profit (loss) sharing provisions. Net payments to/from Pfizer for Pfizer’s share of the net profits and Allowable Expenses will be disaggregated and presented in the Company’s consolidated statements of operations according to the nature of the expense (e.g., collaboration expense, R&D expenses, or SG&A expenses).

As discussed above, the Company received a $650.0 million upfront payment from Pfizer in December 2020, of which $150.0 million is Pfizer’s advanced reimbursement for Pfizer’s share of Allowable Expenses (up to $100.0 million for calendar year 2021 and up to $50.0 million for calendar year 2022). The Company concluded that the prepayment by Pfizer of its share of Allowable Expenses represents a significant financing component since the Company received the cash flows at the outset of the arrangement, rather than over a two-year period. Accordingly, the Company reduced the amount of the advanced reimbursement by approximately $3.6 million, representing the implied financing costs based on the Company’s incremental borrowing rate that was derived based on the Sumitomo Dainippon Pharma Loan Agreement, and recorded the discounted value of $146.4 million on the consolidated balance sheet as a deposit liability (cost share advance from collaboration partner) as of the transaction date, split between a current and a non-current portion, based on the expected timing of Allowable Expenses subject to cost share. The financing component has been and will continue to be accreted to interest expense utilizing a method that approximates the effective yield method over the period in which the cost share advance is expected to be used. The remainder of the upfront payment of $503.6 million was recorded as deferred revenue and has been and will continue to be recognized as collaboration revenue on a straight-line basis over the estimated term of the agreement of six years, which was estimated by the Company based upon the terms of the Pfizer Collaboration and License Agreement, including the termination provisions contained therein. The Company determined straight-line amortization to be appropriate because the upfront payment represents payment for Pfizer’s right to participate in the collaboration activities, including both commercialization and development activities, which are expected to be realized evenly over this period.

The achievement of regulatory milestones is outside of the Company’s control and therefore is not deemed probable at contract inception. Amounts associated with the regulatory milestones will not initially be recognized. Upon achievement of the related regulatory milestone, cumulative catch-up revenue will be recorded in the period in which the respective regulatory milestone is achieved, and the remainder will be recognized over the remaining contract term. The Company determined that, conceptually, the milestone payments represent payment for development activities that will continue to benefit the collaboration as the products move toward commercialization. Accordingly, the recognition of revenue associated with the regulatory milestones follows the same amortization model as the upfront payment described above.

Similar to the development milestones, sales-based milestone payments will not initially be recognized due to the uncertainty associated with the future commercial outcomes of relugolix and relugolix combination tablet. Upon achievement, the sales-based milestones will be recognized as revenue immediately in the period when the annual sales thresholds are met as the payments represent consideration for past activities that are completed and culminated in the annual sales thresholds being met.

Amounts due to collaboration partner as of March 31, 2021 totaling approximately $1.9 million consisted of $1.8 million payable to Pfizer for Pfizer’s 50% share of net profits on sales of ORGOVYX in the U.S. and approximately $0.1 million reimbursement of Allowable Expenses incurred by Pfizer. There were no amounts due to collaboration partner as of March 31, 2020.

The Company determined that the $50.0 million option for an exclusive license in the Pfizer Territory does not give rise to a material right since the option fee, coupled with the net royalty payments, reflects its standalone selling price. As such, the option is not considered a unit of account under the present arrangement and will be assessed for accounting purposes if and when exercised.

See Note 13(C) for a description of the Company’s contract liabilities and changes in these contract liabilities for the year ended March 31, 2021.

The Company records contract liabilities when cash payments are received or due in advance of the Company’s performance pursuant to license and collaboration agreements. The Company’s contract liabilities consist of deferred revenue and a cost share advance from its collaboration partner, Pfizer. The following table presents changes in the Company’s contract liabilities during the year ended March 31, 2021 (in thousands):


	Balance at March 31, 2020		Additions		Imputed Interest		Deductions		Balance at March 31, 2021
Contract liabilities:
Deferred revenue (1)	$	40,000	$	513,620	$	—	$	(55,687)	$	497,933
Cost share advance from collaboration partner (2)	$	—	$	146,384	$	635	$	(25,157)	$	121,862

(1) Includes $100.6 million and $397.4 million presented as current and non-current, respectively, on the consolidated balance sheet as of March 31, 2021.

(2) Includes $92.4 million and $29.4 million presented as current and non-current, respectively, on the consolidated balance sheet as of March 31, 2021.

The Company had no contract assets as of March 31, 2021 and 2020.

During the year ended March 31, 2021, deferred revenue increased by $457.9 million. The increase was the net result of a $503.6 million upfront payment received from Pfizer (see Note 13(B)) and a $10.0 million regulatory milestone payment received from Richter (see Note 13(A)), partially offset by the recognition of $33.3 million of license and milestone revenue related to the Richter Development and Commercialization Agreement and the recognition of $22.4 million of collaboration revenue related to the Pfizer Collaboration and License Agreement.

During the year ended March 31, 2021, cost share advance from collaboration partner increased by $121.9 million. The increase was the net result of the cost share advance of $150.0 million (discounted to a present value of $146.4 million) received from Pfizer (see Note 13(B)), partially offset by the application $25.2 million of shared Allowable Expenses and accretion of the implied financing component of $0.6 million.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (A) 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. For cases in which 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. (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) 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 and the Investor Rights Agreement. The Company has also agreed to indemnify Sunovion against certain losses, claims, liabilities and related expenses incurred by Sunovion, subject to the terms of the Market Access Services Agreement, as amended. 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. (D) Takeda Agreements On April 29, 2016, 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. Pursuant to the license agreement (the “Takeda License Agreement”), 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 in the consolidated balance sheet. 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. 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. For relugolix drug substance manufactured or delivered on or after December 31, 2019, 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.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	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 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.
Liquidity and Capital Resources	Liquidity and Capital Resources As of March 31, 2021, the Company had approximately $684.9 million in cash, cash equivalents, and marketable securities. The Company currently believes that its existing cash, cash equivalents, and marketable securities will be sufficient to fund its anticipated operating expenses and capital expenditure requirements for at least the next 12 months from the date of issuance of this Annual Report on Form 10-K. In future periods, if the Company’s cash, cash equivalents, marketable securities, and amounts that it expects to generate from product sales and/or third-party collaboration payments are not sufficient to enable the Company to fund its operations, the Company may need to raise additional funds in the form of equity, debt, or from other sources. There can be no assurances that such funding sources will be available at terms acceptable to the Company, or at all. If the Company has insufficient funding to meet its working capital needs, it could be required to delay, limit, reduce, or terminate its drug development programs, commercialization efforts, and/or limit or cease operations. As of March 31, 2021, the Company had approximately $41.3 million of borrowing capacity available to it under the Sumitomo Dainippon Pharma Loan Agreement (see Note 6(A)) and is also eligible to receive up to $3.7 billion and $137.5 million of additional milestone payments from Pfizer and Richter pursuant to the Pfizer Collaboration and License Agreement (see Note 13(B)) and the Richter Development and Commercialization Agreement (see Note 13(A)), respectively, as well as potential royalty payments on net sales under each agreement.
Use of Estimates	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 contingencies at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Determinations in which management uses subjective judgments include, but are not limited to, collaboration arrangements, revenue recognition, share-based compensation expenses, research and development (“R&D”) expenses and accruals, leases, and income taxes. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. 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.
Reclassification	Reclassifications Certain reclassifications have been made to the prior years’ consolidated statements of cash flows to place them on a comparable basis with the current year regarding the presentation of foreign currency transaction gains and losses and summarizing financing activities pertaining to sales of the Company’s common shares. Net loss and shareholders’ equity (deficit) previously reported were not affected by these reclassifications.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk include cash, cash equivalents, and marketable securities. As of March 31, 2021, cash, cash equivalents, and marketable security balances are diversified between four 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 cash equivalents and marketable securities. 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. The Company is also subject to credit risk from accounts receivable related to its product sales. The Company monitors its exposure within accounts receivable and records a reserve against uncollectible accounts receivable as necessary. The Company has entered into distribution agreements with a limited number of specialty distributors and pharmacies, and all of the Company’s product sales are to these customers. Customer creditworthiness is monitored and collateral is not required.
Cash, Cash Equivalents and Restricted Cash	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 and the accretion of discounts to maturity for cash equivalents and marketable securities. Restricted cash consists of funds held or designated to satisfy the requirements of certain agreements that are restricted in their use and are included in other assets on the consolidated balance sheets.
Accounts Receivable, Net	Accounts Receivable, Net The Company’s accounts receivable consists of amounts due from customers related to product sales and have standard payment terms. For certain customers, the accounts receivable for the customer is net of prompt pay discounts. The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in their credit profile. The Company reserves against accounts receivable for estimated losses that may arise from a customer’s inability to pay and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The Company began commercializing ORGOVYX in the U.S. in January 2021 and had no accounts receivable prior to January 2021. The Company has historically not experienced significant credit losses and no amounts were reserved for estimated losses as of March 31, 2021.
Marketable Debt Securities	Marketable Debt Securities Investments in marketable debt securities are held in custodial accounts 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. The Company classifies its marketable debt 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 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. The Company does not intend to sell its marketable debt securities that are in an unrealized loss position, and it is unlikely that the Company will be required to sell its marketable debt securities before recovery of their amortized cost basis, which may be maturity. Factors considered in determining whether a loss is temporary include the length of time and extent to which the fair value has been less than the amortized cost basis and whether the Company intends to sell the security or whether it is more likely than not that the Company would be required to sell the marketable debt security before recovery of the amortized cost basis. See Note 3 for additional information.
Fair Value Measurements	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 recorded amounts of certain financial instruments, including cash, cash equivalents, accounts receivable, accounts payable, accrued liabilities, amounts due to collaboration partner, and amounts due to related parties, approximate fair value due to their relatively short maturities. Marketable debt securities that are classified as available-for-sale are recorded at estimated fair value and are include in Level 2 of the fair value hierarchy. The fair value of marketable debt securities is based on market prices from a variety of industry standard data providers and generally represents quoted prices for similar assets in active markets or have been derived from observable market data. Cost share advance from collaboration partner is recorded at its estimated fair value and is included in Level 2 of the fair value hierarchy. The carrying value of the Company’s debt obligations to Sumitomo Dainippon Pharma approximates fair value based on current interest rates for similar types of borrowings and is included in Level 2 of the fair value hierarchy. Share-based compensation liabilities related to stock options are remeasured at fair value on a recurring basis using the Black-Scholes option pricing model and are included in Level 2 of the fair value hierarchy. Share-based compensation liabilities related to common shares are remeasured at fair value on a recurring basis and are included in Level 1 of the fair value hierarchy.
Inventory	Inventory The Company values its inventories at the lower-of-cost or net realizable value and determines the cost of inventories using the average-cost method. Inventories include the cost for raw materials, the cost to manufacture the raw materials into finished goods, and overhead. The Company performs an assessment of the recoverability of inventory during each reporting period, and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. If they occur, such impairment charges are recorded as a component of cost of goods sold in the consolidated statements of operations. The Company capitalizes inventory costs associated with products following regulatory approval when future commercialization is considered probable and the future economic benefit is expected to be realized. 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.
Property and Equipment, net	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.
Leases	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. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term. The Company elected the practical expedient not to apply the recognition and measurement requirements to short-term leases, which is any lease with a term of one year or less as of the commencement date. If a lease includes options to extend the lease term, the Company does not assume the option will be exercised in its initial lease term assessment unless there is reasonable certainty that the Company will renew based on an assessment of economic factors present as of the lease commencement date.
Contingencies	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.
Collaborative Arrangements	Collaborative Arrangements The Company may enter into collaboration arrangements with pharmaceutical and biotechnology partners. The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements, to determine whether such arrangements involve joint operating activities performed by the parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple units of account, the Company first determines which units of account of the collaboration are deemed to be within the scope of ASC 808 and those that are reflective of a vendor-customer relationship and, therefore, within the scope of ASC 606, Revenue from Contracts with Customers. While ASC 808 defines collaboration arrangements and provides guidance on income statement presentation, classification, and disclosures related to such arrangements, it does not address recognition and measurement matters, such as (1) determining the appropriate unit of account or (2) when the recognition criteria are met. Therefore, the accounting for these arrangements is either based on an analogy to other accounting literature, such as ASC 606, or an accounting policy election by management. For units of account within collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate revenue recognition method is determined and applied consistently.
Revenue Recognition	Revenue Recognition For units of account under ASC 606, 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. License, Milestone and Other Revenue For units of account under ASC 606, 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 sales-based milestone payments: For arrangements that include sales-based royalties, including sales-based 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). Product Revenue, net Revenues from product sales are recorded at the net sales price, or “transaction price,” which includes estimates of variable consideration that result from (a) invoice discounts for prompt payment and specialty distributor and specialty pharmacy service fees, (b) government and private payer rebates, chargebacks, discounts and fees, (c) group purchasing organization (“GPO”) discounts, performance rebates and administrative fees, (d) product returns and (e) costs of co-pay assistance programs for patients. Reserves are established for the estimates of variable consideration based on the amounts the Company expects to be earned or to be claimed on the related sales. The reserves are classified as reductions to accounts receivable, net or accrued expenses and other current liabilities if payable to a third-party. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenues only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary from the Company’s estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. The Company makes significant estimates and judgments that materially affect its recognition of product revenue, net. Claims by third-party payers for rebates, chargebacks and discounts frequently may be submitted to the Company significantly after the related sales, potentially resulting in adjustments in the period in which the new information becomes known. The Company will adjust its estimates based on new information, including information regarding actual rebates, chargebacks and discounts for its products, as it becomes available.
Cost of Goods and Services Sold	Cost of Product Revenue Cost of product revenue is composed of the cost of goods sold and royalty expense. Cost of goods sold consists of the cost of raw materials, third-party manufacturing costs to manufacture the raw materials into finished product, freight, and indirect overhead costs associated with sales of ORGOVYX in the U.S. Royalty expense consists of a fixed, high single-digit royalty on net sales of ORGOVYX payable to Takeda pursuant to the terms of the Takeda License Agreement (see Note 14(D)). In connection with the FDA approval of ORGOVYX on December 18, 2020, the Company subsequently began capitalizing inventory manufactured or purchased after this date. As a result, certain manufacturing costs of ORGOVYX were expensed as R&D expenses prior to FDA approval and, therefore, these costs are not included in cost of goods sold. Collaboration Expense to Pfizer Collaboration expense to Pfizer consists of Pfizer’s 50% share of net profits from sales of ORGOVYX in the U.S. (see Note 13(B)).
Research and Development Expenses	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 consist of employee-related expenses, such as salaries, share-based compensation, benefits and travel expenses for employees engaged in R&D activities, expenses from third parties who conduct R&D activities on behalf of the Company, investigator grants, sponsored research, and fees incurred for regulatory submissions. 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 as inventory, but rather expensed as R&D expenses when incurred.
Advertising Expense	dvertising ExpenseIn connection with the FDA approval and commercial launch of ORGOVYX in January 2021, the Company began to incur advertising costs. Advertising costs, which include promotional expenses, are expensed as incurred.
Share-Based Compensation	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 restricted stock units (“RSU”) and performance share units (“PSU”) 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 RSUs on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The Company recognizes the share-based compensation expense related to PSUs if the performance criteria are deemed probable of being met. Share-based compensation liabilities (a current liability) are remeasured at fair value each reporting period until the common share awards are settled or become mature, with the change in fair value recorded as share-based compensation expense. No tax benefits for share-based compensation have been recognized in the consolidated statements of shareholders’ equity (deficit) 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.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, 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. The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. 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.
Net Loss Per Common Share	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, when applicable, for outstanding yet unvested shares of restricted common shares. 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 loss. 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.
Change in Functional Currency	Change in Functional Currency Prior to December 1, 2020, the functional currency of the Company’s wholly-owned subsidiary in Switzerland, Myovant Sciences GmbH (“MSG”), was the local currency where the subsidiary is located, the Swiss franc. Transactions in foreign currencies were translated to the functional currency at the rate of exchange at the date of the transaction. Transaction gains and losses were recognized in foreign exchange (gain) loss in the consolidated statements of operations. The results of operations of MSG were translated to U.S. dollar, the Company’s reporting currency, at the average rates of exchange during the period. The cumulative effect of these exchange rate adjustments was included in a separate component of other comprehensive income (loss) on the consolidated balance sheets. Effective December 1, 2020, as a result of significant changes in economic facts and circumstances in the operations of MSG, the functional currency of MSG was changed from the Swiss franc to the U.S. dollar. The change in the functional currency is accounted for prospectively from December 1, 2020. Therefore, any gains or losses that were previously recorded in accumulated other comprehensive income (loss) remain unchanged.
Pushdown Accounting	Pushdown AccountingIn 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.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Standards 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”), which simplifies the fair value measurement disclosure requirements. The Company adopted the new standard on April 1, 2020. The adoption of ASU 2018-13 did not have a material impact on the Company’s consolidated financial statements and related disclosures. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 (“ASU 2018-18”). This guidance is intended to reduce diversity in practice and clarify the interaction between Topic 808, Collaborative Arrangements, and Topic 606, Revenue from Contracts with Customers. ASU 2018-18 provided guidance on whether certain transactions between collaborative arrangement participants should be accounted for with revenue under Topic 606. The Company adopted the new standard on April 1, 2020. The adoption of ASU 2018-18 did not have a material impact on the Company’s 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) (“ASU 2018-15”), which amends ASU 2015-05, Customers Accounting for Fees in a Cloud Computing Agreement, to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The most significant change will align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. Accordingly, the amendments in ASU 2018-15 require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as assets related to the service contract and which costs to expense. The Company adopted ASU 2018-15 using the prospective method as of April 1, 2020. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements and related disclosures. 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 the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective prospectively for all entities as of March 12, 2020 through December 31, 2022. As of March 31, 2021, the Company has not modified its contract that will be impacted by reference rate reform. The Company will continue to assess the impact the adoption of this standard will have on its consolidated financial statements and related disclosures when its contract impacted by reference rate reform is modified. 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 December 2019, the FASB issued ASU 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. The Company adopted ASU 2016-2, Leases, (Topic 842) as of April 1, 2019 on a modified retrospective basis and did not restate comparative periods as permitted under the transition guidance. The Company elected the practical expedient not to apply the recognition and measurement guidance of Topic 842 to short-term leases.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2021

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,
	2021		2020		2019
Cash and cash equivalents	$	674,493	$	76,644	$	156,074
Restricted cash	2,987		1,374		1,125
Total cash, cash equivalents and restricted cash	$	677,480	$	78,018	$	157,199

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share

As of March 31, 2021, 2020 and 2019 potentially dilutive securities were as follows:


	March 31,
	2021	2020	2019
Stock options	8,293,331	7,723,302	5,396,465
Restricted stock awards (unvested)	—	634,623	916,679
Restricted stock units (unvested)	3,194,562	645,689	39,387
Performance stock units (unvested)	376,673	299,870	—
Warrants	73,710	73,710	73,710
Total	11,938,276	9,377,194	6,426,241

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

The following table summarizes the Company’s assets and liabilities that require fair value remeasurements on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):


	Fair Value Measurement Using:
	Level 1		Level 2		Level 3		Total
As of March 31, 2021
Assets:
Money market funds (1)	$	36,903	$	—	$	—	$	36,903
Commercial paper (2)	—		21,689		—		21,689
U.S. agency securities (1)	—		10,000		—		10,000
Municipal bonds (3)	—		1,417		—		1,417

Total assets	$	36,903	$	33,106	$	—	$	70,009
Liabilities:
Share-based compensation liabilities - stock options (5)	$	—	$	12,113	$	—	$	12,113
Share-based compensation liabilities - common shares (6)	9,523		—		—		9,523
Total liabilities	$	9,523	$	12,113	$	—	$	21,636


	Fair Value Measurement Using:
	Level 1		Level 2		Level 3		Total
As of March 31, 2020
Assets:
Money market funds (1)	$	11,348	$	—	$	—	$	11,348
Commercial paper (4)	—		7,042		—		7,042
Total assets	$	11,348	$	7,042	$	—	$	18,390

(1) Included in cash and cash equivalents.

(2) Includes $12.7 million in cash and cash equivalents and $9.0 million in marketable securities.

(3) Included in marketable securities.

(4) Includes $4.0 million in cash and cash equivalents and $3.0 million in marketable securities.

(5) Includes 1,281,803 outstanding stock options remeasured using the Black-Scholes option-pricing model (see Note 13(H)).

(6) Includes 462,705 common shares remeasured using the Company’s March 31, 2021 closing market price of $20.58 per common share (see Note 13(H)).

Summary of Changes in Fair Value

The following table includes information regarding the Company’s share-based compensation liabilities (a current liability) for the year ended March 31, 2021 (in thousands):


March 31, 2020	$	—
Reclassification from additional paid-in capital	17,473
Change in fair value	10,609
Settlements	(6,446)
March 31, 2021	$	21,636

Fair Value of Share-based Compensation Liabilities Related to Stock Options



Expected common share price volatility	72.9	%
Expected risk free interest rate	0.06	%
Expected term, in years	0.78
Expected dividend yield	—	%

Inventory (Tables)

12 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

As of March 31, 2021, inventory consisted of the following (in thousands):



Raw materials	$	1,390
Work in process	773
Finished goods	448

Total inventory	$	2,611

The Company had no inventory as of March 31, 2020.

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

As of March 31, 2021 and 2020, accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,
	2021		2020
Accrued R&D expenses	$	8,544	$	15,500
Accrued compensation-related expenses	20,571		9,309
Accrued commercial expenses	7,770		818
Accrued sales discounts, rebates, and allowances	1,315		—

Deferred net product revenue	162		—
Accrued professional service fees	935		1,126
Accrued other expenses and tax obligations	5,315		2,307
Total accrued expenses and other current liabilities	$	44,612	$	29,060

Related Party Disclosures (Tables)

12 Months Ended

Mar. 31, 2021

Schedule of Maturities of Long-term Debt

Annual maturities of amounts outstanding as of March 31, 2021 under the Sumitomo Dainippon Pharma Loan Agreement are as follows (in thousands):


Years Ended March 31,
2022	$	—
2023	—
2024	—
2025	358,700
Total	$	358,700

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

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):


	Year Ended March 31,
	2021		2020		2019
(Loss) income before income taxes:
United States	$	(40,663)	$	(29,509)	$	(11,246)
Switzerland	(201,673)		(239,666)		(247,445)
Bermuda	(12,310)		(19,054)		(14,357)
Other(1)	(152)		1		(27)
Total loss before income taxes	$	(254,798)	$	(288,228)	$	(273,075)

Current taxes:
United States	$	335	$	758	$	473
Switzerland	—		—		—
Bermuda	1		—		—
Other(1)	—		3		3
Total current tax expense	336		761		476
Deferred taxes:
United States	—		—		—
Switzerland	—		—		—
Bermuda	—		—		—
Other(1)	—		—		—
Total deferred tax expense	—		—		—
Total income tax expense	$	336	$	761	$	476

(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):


	Year Ended March 31,
	2021				2020				2019
Income tax expense at Bermuda statutory rate	$	—	—	%	$	—	—	%	$	—	—	%
Foreign rate differential(1)	(37,622)		14.77		(40,056)		13.90		(31,252)		11.44
Impact of changes in enacted income tax rates	—		—		(27,150)		9.42		—		—
Currency remeasurement effects on Swiss deferred tax assets	(13,742)		5.39		—		—		—		—
Officer’s non-deductible share-based compensation	9,590		(3.76)		—		—		—		—
R&D tax credits (net of uncertain tax positions)	(3,771)		1.48		(1,208)		0.42		—		—
Share-based compensation deferral adjustment	(4,364)		1.71		4,089		(1.42)		—		—
Valuation allowance	50,333		(19.75)		65,193		(22.62)		32,335		(11.83)

Other	(88)		0.03		(107)		0.04		(607)		0.22
Total income tax expense	$	336	(0.13)	%	$	761	(0.26)	%	$	476	(0.17)	%

(1) 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.

Schedule of Deferred Taxes

Significant components of the deferred tax assets and liabilities as of March 31, 2021 and 2020 are as follows (in thousands):


	March 31,
	2021		2020
Deferred tax assets:
Research tax credits	$	9,967	$	6,521
Net operating losses	119,701		84,694
Share-based compensation	12,649		8,573
Intangibles	58,830		52,922
Lease liability	2,317		2,633
Other	7,080		4,936
Subtotal	210,544		160,279
Valuation allowance	(207,858)		(157,525)
Deferred tax liabilities:
Depreciation	(651)		(409)
Right-of-use assets	(2,035)		(2,345)
Total deferred tax assets	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

Activity related to unrecognized tax benefits for the years ended March 31, 2021, 2020, and 2019 is as follows (in thousands):


	Year Ended March 31,
	2021		2020		2019
Beginning of period balance	$	3,177	$	—	$	—
Gross increases — prior period tax positions	—		2,067		—
Gross decreases — prior period tax positions	(128)		—		—
Gross increases — current period tax positions	1,355		1,110		—
End of period balance	$	4,404	$	3,177	$	—

Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Activity for stock options for the year ended March 31, 2021 is included in the following table:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)








Options outstanding at March 31, 2020	7,723,302	$	9.25	8.08	$	4,146
Granted	1,985,765	$	10.88
Exercised	(905,776)	$	7.41
Forfeited	(509,960)	$	8.32
Options outstanding at March 31, 2021	8,293,331	$	9.90	6.48	$	90,699
Options vested and expected to vest at March 31, 2021	8,293,331	$	9.90	6.48	$	90,699
Options exercisable at March 31, 2021	5,219,403	$	9.77	5.26	$	58,419

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


	Year Ended March 31,
	2021		2020		2019
Intrinsic value of options exercised	$	12,154	$	1,036	$	2,167
Grant date fair value of options vested	$	19,923	$	2,112	$	11,409
Weighted-average grant date fair value per share of options granted	$	7.22	$	11.54	$	14.10

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:


	Year Ended March 31,
	2021		2020		2019
Expected common share price volatility	75.7	%	69.5	%	71.6	%
Expected risk free interest rate	0.47	%	2.05	%	2.78	%
Expected term, in years	6.21		6.17		6.23
Expected dividend yield	—	%	—	%	—	%

Summary of Restricted Share Awards and Restricted Stock Units Activity

Activity for restricted stock awards (“RSA”) and RSUs for the year ended March 31, 2021 is included in the following table:


	Number of Shares	Weighted-Average Grant Date Fair Value








Unvested balance at March 31, 2020	1,280,312	$	10.71
Granted	3,356,865	$	12.52
Vested	(1,041,684)	$	11.17
Forfeited	(400,931)	$	9.03
Unvested balance at March 31, 2021	3,194,562	$	12.68

Share-based Payment Arrangement, Performance Shares, Activity

Activity for performance share units (“PSU”) for the year ended March 31, 2021 is included in the following table:


	Number of Shares	Weighted-Average Grant Date Fair Value




Unvested balance at March 31, 2020	299,870	$	7.78
Granted	568,976	$	8.08
Vested	(454,758)	$	7.98
Forfeited	(37,415)	$	7.78
Unvested balance at March 31, 2021	376,673	$	7.99

Schedule of Share-based Compensation

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


	Year Ended March 31,
		2021		2020		2019
Share-based compensation expense recognized as:
R&D expense		$	14,049	$	14,524	$	7,161
SG&A expense		39,627		25,727		11,535
Total		$	53,676	$	40,251	$	18,696

Leases (Tables)

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Operating Lease Expense


	Year Ended March 31,
	2021		2020
Operating lease cost	$	2,914	$	2,496
Short-term lease cost	5		—
Variable lease cost (1)	538		225
Total operating lease cost	$	3,457	$	2,721

Certain information related to the Company’s operating lease right-of-use assets and operating lease liabilities was as follows for the years ended March 31, 2021 and 2020 (in thousands):


	Year Ended March 31,
	2021		2020
Cash paid for operating lease liabilities	$	2,939	$	2,289
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	12,237

Maturities of Operating Lease Liabilities

As of March 31, 2021, maturities of operating lease liabilities were as follows (in thousands):


Years Ended March 31,
2022	$	3,028
2023	3,127
2024	3,053
2025	2,409
2026	2,482
Thereafter	416
Total lease payments	14,515
Less imputed interest (1)	(3,519)
Present value of future minimum lease payments	10,996
Less operating lease liability, current portion	(1,807)
Operating lease liability, long-term portion	$	9,189

Collaboration and License Agreements (Tables)

12 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Collaboration and License Agreements

The following table presents changes in the Company’s contract liabilities during the year ended March 31, 2021 (in thousands):


	Balance at March 31, 2020		Additions		Imputed Interest		Deductions		Balance at March 31, 2021
Contract liabilities:
Deferred revenue (1)	$	40,000	$	513,620	$	—	$	(55,687)	$	497,933
Cost share advance from collaboration partner (2)	$	—	$	146,384	$	635	$	(25,157)	$	121,862

(1) Includes $100.6 million and $397.4 million presented as current and non-current, respectively, on the consolidated balance sheet as of March 31, 2021.

(2) Includes $92.4 million and $29.4 million presented as current and non-current, respectively, on the consolidated balance sheet as of March 31, 2021.

Description of Business (Details) - Majority Shareholder - Sumitomo Dainippon Pharma Co., Ltd. - shares	Mar. 31, 2021	Dec. 27, 2019
Noncontrolling Interest [Line Items]
Number of shares issued (in shares)	48,641,181	45,008,604
Ownership percentage	53.50%	50.20%

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Dec. 26, 2020
Accounting Policies [Abstract]
Number of operating segments \| segment	1
Number of reporting segments \| segment	1
Cash, cash equivalents and marketable securities	$ 684,900,000
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Advertising costs	$ 4,900,000	$ 0	$ 0
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property and equipment useful life	3 years
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Property and equipment useful life	7 years
Customer Concentration Risk \| Revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Concentration risk percentage	90.00%
Customer Concentration Risk \| Accounts Receivable
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Concentration risk percentage	95.00%
Sumitomo Dainippon Pharma Co., Ltd. \| Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd. \| Term Loan \| Majority Shareholder
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Available borrowing capacity	$ 41,300,000
Pfizer
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding payment from milestones achieved	3,700,000,000
Percentage of revenue recognized				100.00%
Richter
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding payment from milestones achieved	$ 137,500,000

Summary of Significant Accounting Policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 674,493	$ 76,644	$ 156,074
Restricted cash	2,987	1,374	1,125
Total cash, cash equivalents and restricted cash	$ 677,480	$ 78,018	$ 157,199	$ 108,624

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	11,938,276	9,377,194	6,426,241
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	8,293,331	7,723,302	5,396,465
Restricted stock awards (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	634,623	916,679
Restricted stock units (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,194,562	645,689	39,387
Performance stock units (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	376,673	299,870	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	73,710	73,710	73,710

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 70,009	$ 18,390
Total liabilities	$ 21,636
Stock options remeasured (in shares)	1,281,803
Share price (in USD per share)	$ 20.58
Stock options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based compensation liabilities	$ 12,113
Common Shares
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based compensation liabilities	$ 9,523
Shares remeasured (in shares)	462,705
Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 36,903	11,348
Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	21,689	7,042
Cash and cash equivalents	12,700	4,000
Marketable securities	9,000	3,000
U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	10,000
Municipal Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	1,417
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	36,903	11,348
Total liabilities	9,523
Level 1 \| Stock options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based compensation liabilities	0
Level 1 \| Common Shares
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based compensation liabilities	9,523
Level 1 \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	36,903	11,348
Level 1 \| Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Level 1 \| U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0
Level 1 \| Municipal Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	33,106	7,042
Total liabilities	12,113
Level 2 \| Stock options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based compensation liabilities	12,113
Level 2 \| Common Shares
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based compensation liabilities	0
Level 2 \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Level 2 \| Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	21,689	7,042
Level 2 \| U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	10,000
Level 2 \| Municipal Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	1,417
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Total liabilities	0
Level 3 \| Stock options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based compensation liabilities	0
Level 3 \| Common Shares
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based compensation liabilities	0
Level 3 \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Level 3 \| Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	$ 0
Level 3 \| U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0
Level 3 \| Municipal Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 0

Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Valuation (Details) - Share-based Compensation Liabilities $ in Thousands	12 Months Ended
	Mar. 31, 2021 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 0
Reclassification from additional paid-in capital	17,473
Change in fair value	10,609
Settlements	(6,446)
Ending balance	$ 21,636

Fair Value Measurements - Fair Value of Share-based Compensation Liabilities (Details) - Stock options	Mar. 31, 2021
Expected common share price volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share-based compensation liabilities, measurement input	729
Expected risk free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share-based compensation liabilities, measurement input	0.60
Expected term, in years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share-based compensation liabilities, measurement input	0.78
Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share-based compensation liabilities, measurement input	0

Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2021	Dec. 26, 2020	Mar. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost share advance	$ 121,862,000		$ 0
Fair Value, Nonrecurring
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total assets	0		0
Total liabilities			$ 0
Pfizer
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost share advance		$ 146,400,000
Pfizer \| Fair Value, Nonrecurring
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost share advance	$ 146,400,000

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 1,390
Work in process	773
Finished goods	448
Inventory	$ 2,611	$ 0

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Accrued R&D expenses	$ 8,544	$ 15,500
Accrued compensation-related expenses	20,571	9,309
Accrued commercial expenses	7,770	818
Accrued sales discounts, rebates, and allowances	1,315	0
Accrued professional service fees	935	1,126
Accrued other expenses and tax obligations	5,315	2,307
Accrued expenses and other current liabilities	44,612	29,060
Product revenue, net
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 162	$ 0

Related Party Transactions (Narrative) (Details)						1 Months Ended	12 Months Ended
Related Party Transactions (Narrative) (Details)	Aug. 05, 2020 USD ($)	Aug. 01, 2020	Dec. 30, 2019 USD ($)	Dec. 27, 2019 USD ($) day director shares	Jun. 04, 2019 USD ($) $ / shares shares	Apr. 30, 2018 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Proceeds from related party debt financing							$ 245,000,000	$ 113,700,000	$ 0
Amounts due to related parties							543,000	15,000
Majority Shareholder
Related Party Transaction [Line Items]
Amounts due to related party (less than)							$ 100,000
Sumitomo Dainippon Pharma Co., Ltd. \| Majority Shareholder
Related Party Transaction [Line Items]
Number of shares owned (in shares) \| shares				45,008,604			48,641,181
Ownership percentage				50.20%			53.50%
Ownership threshold for appointment of directors				50.00%
Number of independent directors required for audit committee \| director				3
Ownership threshold for voting rights				60.00%
Ownership threshold for right of ownership percentage maintenance				50.00%
Amounts due to related parties							$ 100,000
Sumitomo Dainippon Pharma Co., Ltd. \| Majority Shareholder \| Sumitovant Consulting Agreement
Related Party Transaction [Line Items]
Expenses incurred under agreements							800,000
Sumitomo Dainippon Pharma Co., Ltd. \| Majority Shareholder \| Sumitovant Other Expenses Agreement
Related Party Transaction [Line Items]
Expenses incurred under agreements							700,000
Sumitomo Dainippon Pharma Co., Ltd. \| Majority Shareholder \| Sunovion Pharmaceuticals Inc. Market Access Services Agreement
Related Party Transaction [Line Items]
Expenses incurred under agreements							3,800,000
Amounts due to related parties							400,000
Agreement term		3 years
Agreement extension term		1 year
Termination notice period		9 months
Sumitomo Dainippon Pharma Co., Ltd. \| Majority Shareholder \| Sunovion Pharmaceuticals Inc. Market Access Services Agreement \| SG&A expense
Related Party Transaction [Line Items]
Expenses incurred under agreements							3,700,000
Sumitomo Dainippon Pharma Co., Ltd. \| Majority Shareholder \| Sunovion Pharmaceuticals Inc. Market Access Services Agreement \| R&D expense
Related Party Transaction [Line Items]
Expenses incurred under agreements							100,000
Roivant Sciences, Ltd. \| Former Majority Shareholder \| Service Agreement
Related Party Transaction [Line Items]
Expenses incurred under agreements								600,000	4,800,000
Roivant Sciences, Ltd. \| Former Majority Shareholder \| Share-based Compensation, Expense Allocated to Company
Related Party Transaction [Line Items]
Expenses incurred under agreements							0	100,000	600,000
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
Private Placement \| Roivant Sciences, Ltd. \| Former 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 Offering
Related Party Transaction [Line Items]
Number of shares issued (in shares) \| shares					17,424,243
Price of shares (in USD per share) \| $ / shares					$ 8.25
Net proceeds from sale of shares					$ 134,500,000
Public Offering \| Roivant Sciences, Ltd. \| Former Majority Shareholder
Related Party Transaction [Line Items]
Number of shares issued (in shares) \| shares					2,424,242
Price of shares (in USD per share) \| $ / shares					$ 8.25
Net proceeds from sale of shares					$ 20,000,000.0
Term Loan \| Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd.
Related Party Transaction [Line Items]
Proceeds from related party debt financing			$ 113,700,000
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
Facility term				5 years
Notice period for prepayment \| day				10
Default interest rate				5.00%
Repayment period upon change in control				30 days
Available borrowing capacity							41,300,000
Outstanding balance							358,700,000
Interest expense							$ 9,800,000	$ 1,400,000	$ 0
Term Loan \| New Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd. \| Sumitomo Dainippon Pharma Co., Ltd. \| Majority Shareholder
Related Party Transaction [Line Items]
Maximum borrowing commitment	$ 200,000,000.0
Facility term	5 years
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%

Related Party Transactions (Annual Maturities of Amounts Outstanding) (Details) - Majority Shareholder - Sumitomo Dainippon Pharma Co., Ltd. - Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd. - Term Loan $ in Thousands	Mar. 31, 2021 USD ($)
Related Party Transaction [Line Items]
2022	$ 0
2023	0
2024	0
2025	358,700
Total	$ 358,700

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, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Equity option				$ 20,000,000.0
Proceeds from related party debt financing					$ 245,000,000	$ 113,700,000	$ 0
Loss on extinguishment of debt					$ 0	4,851,000	$ 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
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%
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 repayment of debt	40,000,000.0
Accrued interest repayment of debt	300,000
Prepayment penalty	400,000
Principal amount funded				$ 25,000,000.0				$ 15,000,000.0
End-of-term charge	$ 2,600,000
Term Loan \| Hercules \| Prime Rate
Debt Instrument [Line Items]
Variable interest rate				4.00%
Term Loan \| Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd.
Debt Instrument [Line Items]
Proceeds from related party debt financing		$ 113,700,000
Loss on extinguishment of debt						$ 4,900,000
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

Income Taxes - Loss Before Income Taxes and Related Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
(Loss) income before income taxes:
Bermuda	$ (12,310)	$ (19,054)	$ (14,357)
Loss before income taxes	(254,798)	(288,228)	(273,075)
Current taxes:
Bermuda	1	0	0
Total current tax expense	336	761	476
Deferred taxes:
Bermuda	0	0	0
Total deferred tax expense	0	0	0
Total income tax expense	336	761	476
United States
(Loss) income before income taxes:
Foreign	(40,663)	(29,509)	(11,246)
Current taxes:
Foreign	335	758	473
Deferred taxes:
Foreign	0	0	0
Switzerland
(Loss) income before income taxes:
Foreign	(201,673)	(239,666)	(247,445)
Current taxes:
Foreign	0	0	0
Deferred taxes:
Foreign	0	0	0
Other
(Loss) income before income taxes:
Foreign	(152)	1	(27)
Current taxes:
Foreign	0	3	3
Deferred taxes:
Foreign	$ 0	$ 0	$ 0

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Effective Income Tax Rate Reconciliation, Amount
Income tax expense at Bermuda statutory rate	$ 0	$ 0	$ 0
Foreign rate differential	(37,622)	(40,056)	(31,252)
Impact of changes in enacted income tax rates	0	(27,150)	0
Currency remeasurement effects on Swiss deferred tax assets	(13,742)	0	0
Officer’s non-deductible share-based compensation	9,590	0	0
Share-based compensation deferral adjustment	(4,364)	4,089	0
R&D tax credits (net of uncertain tax positions)	(3,771)	(1,208)	0
Valuation allowance	50,333	65,193	32,335
Other	(88)	(107)	(607)
Total income tax expense	$ 336	$ 761	$ 476
Effective Income Tax Rate Reconciliation, Percent
Income tax expense at Bermuda statutory rate	0.00%	0.00%	0.00%
Foreign rate differential	14.77%	13.90%	11.44%
Impact of changes in enacted income tax rates	0.00%	9.42%	0.00%
Currency remeasurement effects on Swiss deferred tax assets	5.39%	0.00%	0.00%
Officer’s non-deductible share-based compensation	(3.76%)	0.00%	0.00%
R&D tax credits (net of uncertain tax positions)	1.48%	0.42%	0.00%
Share-based compensation deferral adjustment	1.71%	(1.42%)	0.00%
Valuation allowance	(19.75%)	(22.62%)	(11.83%)
Other	0.03%	0.04%	0.22%
Total income tax expense	(0.13%)	(0.26%)	(0.17%)

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.13%)	(0.26%)	(0.17%)
Operating Loss Carryforwards [Line Items]
Effective income tax rate	(0.13%)	(0.26%)	(0.17%)
Deferred tax assets valuation allowance	$ 207,858,000	$ 157,525,000
Change in unrecognized tax benefits	1,200,000	3,200,000
Unrecognized tax benefit	4,404,000	3,177,000	$ 0	$ 0
Significant change in unrecognized tax benefits over the next twelve months	0
Unrecognized tax benefit, accrual for interest and penalties	0
Recognized interest and/or penalties	0	$ 0	$ 0
Deferred employer payroll taxes	1,800,000
Deferred employer payroll taxes, current	900,000
Deferred employer payroll taxes, noncurrent	900,000
Switzerland
Operating Loss Carryforwards [Line Items]
Net operating losses	876,000,000.0
Ireland
Operating Loss Carryforwards [Line Items]
Net operating losses	200,000
United Kingdom
Operating Loss Carryforwards [Line Items]
Net operating losses	31,000,000.0
United States \| Research and Development Credit Carryforward
Operating Loss Carryforwards [Line Items]
Credit carryforwards	7,700,000
California \| Research and Development Credit Carryforward
Operating Loss Carryforwards [Line Items]
Credit carryforwards	$ 2,300,000

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Deferred tax assets:
Research tax credits	$ 9,967	$ 6,521
Net operating losses	119,701	84,694
Share-based compensation	12,649	8,573
Intangibles	58,830	52,922
Lease liability	2,317	2,633
Other	7,080	4,936
Subtotal	210,544	160,279
Valuation allowance	(207,858)	(157,525)
Deferred tax liabilities:
Depreciation	(651)	(409)
Right-of-use assets	(2,035)	(2,345)
Total deferred tax assets	$ 0	$ 0

Income Taxes - Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning of period balance	$ 3,177	$ 0	$ 0
Gross increases — prior period tax positions	0	2,067	0
Gross decreases — prior period tax positions	(128)	0	0
Gross increases — current period tax positions	1,355	1,110	0
End of period balance	$ 4,404	$ 3,177	$ 0

Shareholders' Equity (Deficit) - Narrative (Details)		1 Months Ended	12 Months Ended
Shareholders' Equity (Deficit) - Narrative (Details)	Jun. 04, 2019 USD ($) $ / shares shares	Apr. 30, 2018 USD ($) $ / shares shares	Mar. 31, 2021 $ / shares shares	Mar. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2019 USD ($) $ / shares shares	Feb. 02, 2016 class
Subsidiary, Sale of Stock [Line Items]
Number of classes of stock \| class						1
Common shares authorized (in shares) \| shares			564,111,242	564,111,242
Common shares par value (in USD per share) \| $ / shares			$ 0.000017727	$ 0.000017727
Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) \| shares	17,424,243
Price of shares (in USD per share) \| $ / shares	$ 8.25
Net proceeds from sale of shares \| $	$ 134,500,000
Roivant Sciences, Ltd. \| Private Placement \| Majority Shareholder
Subsidiary, Sale of Stock [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
Cowen and Company, LLC \| Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) \| shares			0	106,494	3,970,129
Price of shares (in USD per share) \| $ / shares				$ 24.65	$ 21.91
Net proceeds from sale of shares \| $				$ 2,500,000	$ 84,100,000
Aggregate offering price \| $		$ 100,000,000.0

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions					12 Months Ended
	Jan. 11, 2021 shares	Apr. 01, 2020 shares	Dec. 27, 2019 shares	Aug. 26, 2019 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) plan $ / shares shares	Mar. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2019 USD ($) shares	Nov. 30, 2020 shares	Aug. 25, 2019 $ / shares shares	Jun. 30, 2016 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan					2
Exercise price (in USD per share) \| $ / shares					$ 9.90	$ 9.25
Options vested and unvested outstanding (in shares)					8,293,331	7,723,302
Options exercisable, Number of Options (in shares)					5,219,403	3,009,080	1,581,810
Unrecognized compensation cost \| $					$ 62.4
Unrecognized compensation expense, period for recognition					2 years 10 months 24 days
Share-based compensation expense from acceleration, modification and subsequent remeasurement of awards \| $					$ 25.7
Stock options repriced
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repricing ratio				1
Exercise price (in USD per share) \| $ / shares				$ 7.78
Options vested and unvested outstanding (in shares)									5,095,013
Stock-based compensation expense \| $				$ 9.2
Stock options repriced \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in USD per share) \| $ / shares									$ 8.82
Stock options repriced \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in USD per share) \| $ / shares									24.44
Stock options repriced \| Median
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in USD per share) \| $ / shares									$ 17.28
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period					10 years
Accelerated vesting of awards (in shares)	631,850		849,212
Restricted stock awards (unvested)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards vesed in period \| $					$ 8.4	$ 1.4	$ 1.4
Restricted stock units (unvested)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards vesed in period \| $					3.3	0.2	$ 0.1
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting of awards (in shares)	761,770
Performance stock units (unvested)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting of awards (in shares)	301,659		108,640
Total fair value of awards vesed in period \| $					$ 3.6	0.8
R&D expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting of awards \| $						1.8
SG&A expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting of awards \| $						$ 10.2
Executives, Subject to Exercise Restriction Period \| Stock options repriced
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested executive options subject to one-year exercise restriction period (in shares)				735,428
Restriction period				1 year
Employee \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term					4 years
Director \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term					3 years
Annual vesting percentage					33.33%
Quarterly vesting percentage					12.50%
2020 Inducement Equity Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant (in shares)					100,000			1,000,000.0
Myovant 2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant (in shares)					1,300,000					4,500,000
Common shares reserved for grant, annual percentage increase										4.00%
Increase in common shares reserved for grant (in shares)		3,600,000

Share-Based Compensation (Schedule of Fair Value Assumptions for Stock Options) (Details)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Expected common share price volatility	75.70%	69.50%	71.60%
Expected risk free interest rate	0.47%	2.05%	2.78%
Expected term, in years	6 years 2 months 15 days	6 years 2 months 1 day	6 years 2 months 23 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, 2021	Mar. 31, 2020	Mar. 31, 2019
Number of Options
Beginning balance (in shares)	7,723,302
Granted (in shares)	1,985,765
Exercised (in shares)	(905,776)
Forfeited (in shares)	(509,960)
Ending balance (in shares)	8,293,331	7,723,302
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 9.25
Granted (in USD per share)	10.88
Exercised (in USD per share)	7.41
Forfeited (in USD per share)	8.32
Ending balance (in USD per share)	$ 9.90	$ 9.25
Options Vested and Expected to Vest
Number of Options (in shares)	8,293,331
Weighted Average Exercise Price (in USD per share)	$ 9.90
Weighted Average Remaining Contractual Life (in years)	6 years 5 months 23 days
Aggregate Intrinsic Value (in thousands)	$ 90,699
Additional Information
Options outstanding, Weighted Average Remaining Contractual Life	6 years 5 months 23 days	8 years 29 days
Options outstanding, Aggregate Intrinsic Value	$ 90,699	$ 4,146
Options exercisable, Number of Options (in shares)	5,219,403	3,009,080	1,581,810
Options exercisable, Weighted Average Exercise Price (in USD per share)	$ 9.77
Options exercisable, Weighted Average Remaining Contractual Life	5 years 3 months 3 days
Intrinsic value of options exercised	$ 58,419

Share-Based Compensation (Additional Information Regarding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Intrinsic value of options exercised	$ 12,154	$ 1,036	$ 2,167
Grant date fair value of options vested	$ 19,923	$ 2,112	$ 11,409
Weighted-average grant date fair value per share of options granted (in USD per share)	$ 7.22	$ 11.54	$ 14.10

Share-Based Compensation (Restricted Share Awards and Restricted Stock Units Activity) (Details) - Restricted Stock and Restricted Stock Units	12 Months Ended
	Mar. 31, 2021 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	1,280,312
Granted (in shares) \| shares	3,356,865
Vested (in shares) \| shares	(1,041,684)
Forfeited (in shares) \| shares	(400,931)
Ending balance (in shares) \| shares	3,194,562
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share) \| $ / shares	$ 10.71
Granted (in USD per share) \| $ / shares	12.52
Vested (in USD per share) \| $ / shares	11.17
Forfeited (in USD per share) \| $ / shares	9.03
Ending balance (in USD per share) \| $ / shares	$ 12.68

Share-Based Compensation (Performance Stock Units) (Details) - Performance Stock Units	12 Months Ended
	Mar. 31, 2021 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	299,870
Granted (in shares) \| shares	568,976
Vested (in shares) \| shares	(454,758)
Forfeited (in shares) \| shares	(37,415)
Ending balance (in shares) \| shares	376,673
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share) \| $ / shares	$ 7.78
Granted (in USD per share) \| $ / shares	8.08
Vested (in USD per share) \| $ / shares	7.98
Forfeited (in USD per share) \| $ / shares	7.78
Ending balance (in USD per share) \| $ / shares	$ 7.99

Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 53,676	$ 40,251	$ 18,696
R&D expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	14,049	14,524	7,161
SG&A expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 39,627	$ 25,727	$ 11,535

Defined Contribution Plan (Details) - USD ($)	12 Months Ended
Defined Contribution Plan (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Maximum percentage of gross pay contribution by employee	90.00%
Company match	50.00%
Maximum percentage of gross pay contribution by company	6.00%
Expense for matching contribution	$ 1,600,000	$ 200,000	$ 0

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2019 USD ($)	Mar. 31, 2021 USD ($) ft²
Lessee, Lease, Description [Line Items]
Rent expense under ASC 840	$ 2.1
Vehicles
Lessee, Lease, Description [Line Items]
Letters of credit		$ 0.6
Brisbane, California Office Space \| Office Space
Lessee, Lease, Description [Line Items]
Area leased (in sq ft) \| ft²		40,232
Extension term		7 years
Letters of credit		$ 0.5
Reduced letter of credit if conditions met		$ 0.2
Weighted average remaining lease term		4 years 8 months 12 days
Weighted average discount rate		12.30%
Additional Brisbane, California Office Space \| Office Space
Lessee, Lease, Description [Line Items]
Letters of credit		$ 0.2
Area subleased \| ft²		20,116

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 2,914	$ 2,496
Short-term lease cost	5	0
Variable lease cost	538	225
Total operating lease cost	$ 3,457	$ 2,721

Leases - Operating Lease Right of Use Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Cash paid for operating lease liabilities	$ 2,939	$ 2,289
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 12,237

Leases - Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
2022	$ 3,028
2023	3,127
2024	3,053
2025	2,409
2026	2,482
Thereafter	416
Total lease payments	14,515
Less imputed interest	(3,519)
Present value of future minimum lease payments	10,996
Less operating lease liability, current portion	(1,807)	$ (1,516)
Operating lease liability, long-term portion	$ 9,189	$ 10,996

Collaboration and License Agreements - Narrative (Details) - USD ($)		1 Months Ended		12 Months Ended
	Dec. 26, 2020	Dec. 31, 2020	Apr. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 30, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additions						$ 146,384,000
Cost share advance						121,862,000	$ 0
Amounts due to collaboration partner						1,954,000	0
Contract assets						0	0
Deferred revenue						457,933,000	40,000,000	$ 0
Collaboration revenue						22,354,000	0
Cost share advance from collaboration partner						121,227,000	0	0
Shared costs						25,157,000
Richter
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received included in current deferred revenue							40,000,000.0
Maximum payment from regulatory milestones achieved									$ 40,000,000.0
Increase in contract liability from regulatory milestones achieved			$ 10,000,000.0			10,000,000.0
Maximum payment from sales-related milestones achieved									$ 107,500,000
Decrease in contract liability from regulatory milestones achieved						33,300,000	$ 0	$ 0
Deferred revenue recognized						33,300,000
Pfizer
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum payment from regulatory milestones achieved	$ 100,000,000.0
Increase in contract liability from regulatory milestones achieved						503,600,000
Maximum payment from sales-related milestones achieved	$ 3,500,000,000
Percentage of revenue recognized	100.00%
Upfront payment received		$ 650,000,000.0
Maximum payment from milestones achieved	$ 3,700,000,000
Maximum aggregate payment from milestones achieved	200,000,000.0
Option exercise fee	$ 50,000,000.0
Percent of costs covered by counterparty	100.00%
Additions	$ 150,000,000.0
Repayment period	2 years
Reduction in cost share advance from implied financing costs	$ 3,600,000
Cost share advance	$ 146,400,000
Deferred revenue		$ 503,600,000
Deferred revenue, recognition period	6 years
Amounts due to collaboration partner						1,900,000
Amounts due to collaboration partner, share of profits						$ 1,800,000
Percentage of revenue recognized by counterparty						50.00%
Amounts due to collaboration partner, reimbursement of allowable expenses						$ 100,000
Collaboration revenue						22,400,000
Cost share advance from collaboration partner						121,900,000
Shared costs						25,200,000
Amortized deferred financing costs						$ 600,000
Pfizer \| Forecast
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Costs covered by company				$ 50,000,000.0	$ 100,000,000.0

Collaboration and License Agreements - Remaining Transaction Price (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Richter
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining transaction price		$ 50.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Recognition period for remaining transaction price	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 \| Richter
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining transaction price	$ 16.7

Collaboration and License Agreements - Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Deferred Revenue
Deferred revenue, non-current	$ 397,369	$ 0
Cost Cash Advance from Collaboration Partner
Beginning balance	0
Additions	146,384
Imputed Interest	635
Deductions	(25,157)
Ending balance	121,862
Cost share advance from collaboration partner, current	92,415	0
Cost share advance from collaboration partner, non-current	29,447	$ 0
Collaboration expense to Pfizer
Deferred Revenue
Beginning balance	40,000
Additions	513,620
Imputed Interest	0
Deductions	(55,687)
Ending balance	497,933
Deferred revenue, current	100,600
Deferred revenue, non-current	$ 397,400

Commitments and Contingencies - Narrative (Details) - Takeda Commercial Supply Agreement		12 Months Ended
	May 30, 2018	Mar. 31, 2021
Supply Commitment [Line Items]
Agreement term after first commercial sale		10 years
Agreement term	5 years
Automatic renewal term		1 year
Termination notice term		12 months
Termination notice term, uncured material breach		90 days
Termination notice term, open purchase orders filed		180 days