0001679082-21-000043 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Sep. 30, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		93,309,055
Entity Central Index Key	0001679082
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 518,163	$ 674,493
Accounts receivable, net	14,402	3,570
Marketable securities	97,848	10,435
Inventories	6,141	2,611
Prepaid expenses and other current assets	18,112	13,536
Total current assets	654,666	704,645
Property and equipment, net	3,297	3,300
Operating lease right-of-use asset	8,835	9,655
Other assets	12,742	7,427
Total assets	679,540	725,027
Current liabilities:
Accounts payable	8,642	17,809
Accrued expenses and other current liabilities	46,334	44,612
Share-based compensation liabilities	5,769	21,636
Deferred revenue	100,564	100,564
Amounts due to Pfizer	19,957	1,954
Cost share advance from Pfizer	84,768	92,415
Operating lease liability	1,968	1,807
Amounts due to related parties	334	543
Total current liabilities	268,336	281,340
Deferred revenue, non-current	426,021	397,369
Cost share advance from Pfizer, non-current	0	29,447
Long-term operating lease liability	8,159	9,189
Long-term debt, less current maturities (related party)	358,700	358,700
Other liabilities	1,251	2,947
Total liabilities	1,062,467	1,078,992
Commitments and contingencies (Note 9)
Shareholders’ deficit:
Common shares, $0.000017727 par value, 564,111,242 shares authorized, 93,077,789 and 91,000,869 issued and outstanding at September 30, 2021 and March 31, 2021, respectively	2	2
Additional paid-in capital	763,755	709,466
Accumulated other comprehensive loss	(17,285)	(17,285)
Accumulated deficit	(1,129,399)	(1,046,148)
Total shareholders’ deficit	(382,927)	(353,965)
Total liabilities and shareholders’ deficit	$ 679,540	$ 725,027

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Mar. 31, 2021
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)	93,077,789	91,000,869
Common shares outstanding (in shares)	93,077,789	91,000,869

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

3 Months Ended

6 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Pfizer collaboration revenue

$ 25,172

$ 0

$ 54,681

$ 0

Total revenues

77,902

118,965

33,333

Collaboration expense to Pfizer

8,565

13,826

Research and development

26,280

40,521

57,160

84,707

Selling, general and administrative

^[1]

58,781

31,316

119,993

54,144

Total operating costs and expenses

96,248

71,837

194,633

138,851

Loss from operations

(18,346)

(71,837)

(75,668)

(105,518)

Interest expense

^[2]

3,494

2,115

6,999

4,299

Interest income

(100)

(38)

(178)

(146)

Foreign exchange gain

(6,718)

(10,287)

Loss before income taxes

(21,740)

(67,196)

(82,489)

(99,384)

Income tax (benefit) expense

(149)

(134)

762

538

Net loss

$ (21,591)

$ (67,062)

$ (83,251)

$ (99,922)

Net loss per common share - basic (in USD per share)

$ (0.23)

$ (0.75)

$ (0.90)

$ (1.12)

Net loss per common share - diluted (in USD per share)

$ (0.23)

$ (0.75)

$ (0.90)

$ (1.12)

Weighted average common shares outstanding - basic (in shares)

92,355,150

89,744,142

92,019,987

89,523,389

Weighted average common shares outstanding - diluted (in shares)

92,355,150

89,744,142

92,019,987

89,523,389

Product revenue, net

Revenues

$ 21,063

$ 0

$ 32,617

$ 0

Cost of revenue

2,622

3,654

Richter license and milestone revenue

Revenues

$ 31,667

$ 0

$ 31,667

$ 33,333

[1]	Includes $1,173 and $2,447 of related party expense (inclusive of third-party pass-through costs) for the three and six months ended September 30, 2021, respectively. Includes $1,291 and $1,405 of related party expense (inclusive of third-party pass-through costs) for the three and six months ended September 30, 2020, respectively (see Note 5).
[2]	Includes $2,885 and $5,789 of interest expense under the Sumitomo Dainippon Pharma Loan Agreement for the three and six months ended September 30, 2021, respectively. Includes $2,115 and $4,299 of interest expense under the Sumitomo Dainippon Pharma Loan Agreement for the three and six months ended September 30, 2020, respectively (see Note 5).

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

3 Months Ended

6 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Selling, general and administrative

^[1]

$ 58,781

$ 31,316

$ 119,993

$ 54,144

Interest expense

^[2]

3,494

2,115

6,999

4,299

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

Interest expense

2,885

2,115

5,789

4,299

Majority Shareholder

Selling, general and administrative

$ 1,173

$ 1,291

$ 2,447

$ 1,405

[1]	Includes $1,173 and $2,447 of related party expense (inclusive of third-party pass-through costs) for the three and six months ended September 30, 2021, respectively. Includes $1,291 and $1,405 of related party expense (inclusive of third-party pass-through costs) for the three and six months ended September 30, 2020, respectively (see Note 5).
[2]	Includes $2,885 and $5,789 of interest expense under the Sumitomo Dainippon Pharma Loan Agreement for the three and six months ended September 30, 2021, respectively. Includes $2,115 and $4,299 of interest expense under the Sumitomo Dainippon Pharma Loan Agreement for the three and six months ended September 30, 2020, respectively (see Note 5).

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (21,591)	$ (67,062)	$ (83,251)	$ (99,922)
Other comprehensive loss:
Foreign currency translation adjustment	0	(6,419)	0	(9,894)
Total other comprehensive loss	0	(6,419)	0	(9,894)
Comprehensive loss	$ (21,591)	$ (73,481)	$ (83,251)	$ (109,816)

- 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

Condensed Consolidated Statements of Shareholders' Deficit - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Mar. 31, 2020		89,833,998
Beginning 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	7,812		7,812
Issuance of shares upon exercise of stock options and release of restricted stock units (in shares)		303,014
Issuance of shares upon exercise of stock options and release of restricted stock units	2,190		2,190
Foreign currency translation adjustment	(3,475)			(3,475)
Net loss	(32,860)				(32,860)
Ending balance (in shares) at Jun. 30, 2020		90,137,012
Ending balance at Jun. 30, 2020	(134,610)	$ 2	694,383	(5,121)	(823,874)
Beginning balance (in shares) at Mar. 31, 2020		89,833,998
Beginning balance at Mar. 31, 2020	(108,277)	$ 2	684,381	(1,646)	(791,014)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(99,922)
Ending balance (in shares) at Sep. 30, 2020		90,581,003
Ending balance at Sep. 30, 2020	(199,779)	$ 2	702,695	(11,540)	(890,936)
Beginning balance (in shares) at Jun. 30, 2020		90,137,012
Beginning balance at Jun. 30, 2020	(134,610)	$ 2	694,383	(5,121)	(823,874)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	6,924		6,924
Issuance of shares upon exercise of stock options and release of restricted stock units (in shares)		443,991
Issuance of shares upon exercise of stock options and release of restricted stock units	1,388		1,388
Foreign currency translation adjustment	(6,419)			(6,419)
Net loss	(67,062)				(67,062)
Ending balance (in shares) at Sep. 30, 2020		90,581,003
Ending balance at Sep. 30, 2020	$ (199,779)	$ 2	702,695	(11,540)	(890,936)
Beginning balance (in shares) at Mar. 31, 2021	91,000,869	91,000,869
Beginning balance at Mar. 31, 2021	$ (353,965)	$ 2	709,466	(17,285)	(1,046,148)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	11,262		11,262
Share-based compensation liabilities reclassified to equity upon settlement of awards	1,862		1,862
Share-based compensation expense reclassified to current liabilities	(1,377)		(1,377)
Issuance of shares upon exercise of stock options and release of restricted stock units (in shares)		941,774
Issuance of shares upon exercise of stock options and release of restricted stock units	4,252		4,252
Net loss	(61,660)				(61,660)
Ending balance (in shares) at Jun. 30, 2021		91,942,643
Ending balance at Jun. 30, 2021	$ (399,626)	$ 2	725,465	(17,285)	(1,107,808)
Beginning balance (in shares) at Mar. 31, 2021	91,000,869	91,000,869
Beginning balance at Mar. 31, 2021	$ (353,965)	$ 2	709,466	(17,285)	(1,046,148)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares upon exercise of stock options and release of restricted stock units (in shares)	1,255,578
Net loss	$ (83,251)
Ending balance (in shares) at Sep. 30, 2021	93,077,789	93,077,789
Ending balance at Sep. 30, 2021	$ (382,927)	$ 2	763,755	(17,285)	(1,129,399)
Beginning balance (in shares) at Jun. 30, 2021		91,942,643
Beginning balance at Jun. 30, 2021	(399,626)	$ 2	725,465	(17,285)	(1,107,808)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	11,863		11,863
Share-based compensation liabilities reclassified to equity upon settlement of awards	16,297		16,297
Share-based compensation expense reclassified to current liabilities	(915)		(915)
Issuance of shares upon exercise of stock options and release of restricted stock units (in shares)		1,135,146
Issuance of shares upon exercise of stock options and release of restricted stock units	11,045		11,045
Net loss	$ (21,591)				(21,591)
Ending balance (in shares) at Sep. 30, 2021	93,077,789	93,077,789
Ending balance at Sep. 30, 2021	$ (382,927)	$ 2	$ 763,755	$ (17,285)	$ (1,129,399)

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

6 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Cash flows from operating activities:

Net loss

$ (83,251)

$ (99,922)

Adjustments to reconcile net loss to net cash used in operating activities:

Share-based compensation

23,125

14,736

Depreciation and amortization

^[1]

1,536

1,146

Non-cash interest expense

1,210

Foreign currency transaction gain

(10,287)

Other

393

Changes in operating assets and liabilities:

Accounts receivable

(10,832)

Inventories

(3,530)

Prepaid expenses and other current assets

(4,414)

2,657

Other assets

1,798

(648)

Accounts payable

(9,519)

(8,326)

Interest payable (related party)

(15)

Accrued expenses and other current liabilities

1,722

11,081

Deferred revenue

28,652

(23,333)

Amounts due to Pfizer

18,003

Cost share advance from Pfizer

(38,304)

Operating lease liabilities

(869)

(728)

Amounts due to related parties

(209)

1,284

Other liabilities

(1,696)

1,386

Net cash used in operating activities

(76,578)

(110,576)

Cash flows from investing activities:

Purchases of marketable securities

(94,448)

(28,874)

Maturities of marketable securities

7,035

14,785

Purchases of property and equipment

(361)

(734)

Net cash used in investing activities

(87,774)

(14,823)

Cash flows from financing activities:

Proceeds from related party debt financing

140,000

Proceeds from stock option exercises

15,135

3,578

Net cash provided by financing activities

15,135

143,578

Net change in cash, cash equivalents and restricted cash

(149,217)

18,179

Cash, cash equivalents and restricted cash, beginning of period

677,480

78,018

Cash, cash equivalents and restricted cash, end of period

528,263

96,197

Non-cash financing activities:

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

2,292

Equipment purchases included in accounts payable

352

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

18,159

Stock options exercised receivable, included in prepaid expenses and other current assets

$ 162

$ 0

[1]	Includes amortization of operating lease right-of-use assets.

Organization and Summary of Significant Accounting Policies

6 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Organization and Summary of Significant Accounting Policies

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. Founded in 2016, the Company has two FDA-approved products: (1) ORGOVYX® (relugolix 120 mg), which was approved in the U.S. by the U.S. Food and Drug Administration (“FDA”) in December 2020 as the first and only oral gonadotropin-releasing hormone (“GnRH”) receptor antagonist for the treatment of adult patients with advanced prostate cancer; and (2) MYFEMBREE® (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg), which was approved in the U.S. by the FDA in May 2021 as the first and only once-daily oral treatment for the management of heavy menstrual bleeding associated with uterine fibroids. In July 2021 and August 2021, the European Commission and the Medicines and Healthcare products Regulatory Agency, respectively, approved RYEQO® (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) as the first and only long-term, once-daily oral treatment in the European Union and the United Kingdom, respectively, for moderate to severe symptoms of uterine fibroids in adult women of reproductive age. In September 2021, the FDA accepted the Company’s supplemental New Drug Application (“sNDA”) for MYFEMBREE for the management of moderate to severe pain associated with endometriosis, setting a target action date of May 6, 2022. MYFEMBREE is also being evaluated for contraceptive efficacy in women with heavy menstrual bleeding associated with uterine fibroids or endometriosis-associated pain who are 18 to 50 years of age and at risk for pregnancy. Relugolix (120 mg) is also under regulatory review in Europe for men with advanced prostate cancer. 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 funded its operations primarily from the issuance and sale of its common shares, from debt financing arrangements, and more recently from the upfront and regulatory milestone payments it received from Pfizer Inc. (“Pfizer”) and Gedeon Richter Plc. (“Richter”). The Company began generating product revenue from the sales of ORGOVYX and MYFEMBREE in the U.S. in January 2021 and June 2021, respectively.

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 September 30, 2021, Sumitovant directly, and Sumitomo Dainippon Pharma indirectly, own 50,041,181, or approximately 53.8%, of the Company’s outstanding common shares.

Basis of Presentation and Principles of Consolidation

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 unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (“Quarterly Report”) reflect all adjustments necessary for a fair presentation of the Company’s condensed consolidated balance sheets as of September 30, 2021 and March 31, 2021, and its condensed consolidated statements of operations, comprehensive loss, and shareholders’ deficit for the three and six months ended September 30, 2021 and 2020, and its condensed consolidated statements of cash flows for the six months ended September 30, 2021 and 2020. The March 31, 2021 condensed consolidated balance sheet was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. The results for interim periods are not necessarily indicative of results for the entire year or any other interim period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s previously filed audited consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 11, 2021.

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 unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. Actual results could differ materially from those estimates.

On an ongoing basis, management evaluates its estimates, including those related to valuation of inventories, impairment testing for long-lived-assets, variables used in calculating the fair value of the Company’s equity awards, expected achievement of performance-based vesting criteria for equity awards, variable consideration and other relevant inputs impacting the gross and net revenue recognition, contingent liabilities, recoverability of deferred tax assets, determination of lease term and effective income tax rates. Management bases estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities as of the date of the condensed 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. 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.

Summary of Significant Accounting Policies

The accounting policies used by the Company in its presentation of interim financial results are consistent with those described in Note 2 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2021, filed with the SEC on May 11, 2021. There have been no significant changes in the Company’s significant accounting policies from those disclosed in its Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

Liquidity and Capital Resources

As of September 30, 2021, the Company had approximately $616.0 million in cash, cash equivalents, and marketable securities. The Company 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 Quarterly Report.

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 September 30, 2021, the Company had approximately $41.3 million of borrowing capacity available to it under the Sumitomo Dainippon Pharma Loan Agreement (see Note 5(A)). As of the date of issuance of this Quarterly Report, the Company is also eligible to earn up to $3.6 billion and $122.5 million of additional milestone payments from Pfizer and Richter pursuant to the Pfizer Collaboration and License Agreement and the Richter Development and Commercialization Agreement, respectively, as well as potential royalty payments on net sales under the Richter Development and Commercialization Agreement. See Note 8 for additional information about the Pfizer Collaboration and License Agreement and the Richter Development and Commercialization Agreement.

Net Loss per Common Share

Basic net loss per common share is computed by dividing net loss available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted-average number of common shares and potentially dilutive shares of common stock outstanding during the period. Potential dilutive securities outstanding include stock options, restricted stock units, performance stock units, and warrants. During all periods presented, the Company incurred net losses. Accordingly, the effect of any common share equivalents would be anti-dilutive during those periods and are not included in the calculation of diluted weighted-average number of common shares outstanding.

As of September 30, 2021 and 2020 potentially dilutive securities were as follows:


	September 30,
	2021	2020
Stock options	7,747,596	8,484,057
Restricted stock awards (unvested)	—	564,111
Restricted stock units and performance stock units (unvested)	4,734,445	3,425,358
Warrants	73,710	73,710
Total	12,555,751	12,547,236

Recently Adopted Accounting Standards

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. The Company adopted ASU 2019-12 on April 1, 2021, which did not have a material impact on the Company’s unaudited condensed 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 September 30, 2021, the Company has not modified its contract that will be impacted by reference rate reform (Sumitomo Dainippon Pharma Loan Agreement). 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 was effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption was 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 amended 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.

Revenue Components

6 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Components

The following table provides information about the Company’s revenues for the three and six months ended September 30, 2021 and 2020 (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Revenues:
Product revenue, net:
ORGOVYX	$	18,663	$	—	$	29,142	$	—
MYFEMBREE	629		—		1,704		—
Richter product supply and royalties	1,771		—		1,771		—
Total product revenue, net	21,063		—		32,617		—
Pfizer collaboration revenue:
Amortization of upfront payment	20,974		—		41,948		—
Amortization of regulatory milestone	4,198		—		12,733		—
Total Pfizer collaboration revenue	25,172		—		54,681		—
Richter license and milestone revenue	31,667		—		31,667		33,333
Total revenues	$	77,902	$	—	$	118,965	$	33,333

The Company began generating product revenue from sales of ORGOVYX and MYFEMBREE in the U.S. in January 2021 and June 2021, respectively. The Company records product revenue net of estimated discounts, chargebacks, rebates, product returns, and other gross-to-net revenue deductions. For the three and six months ended September 30, 2021, product revenue, net also includes revenues related to product supply to Richter of $1.7 million, as well as royalties on net sales of RYEQO in Richter’s Territory of less than $0.1 million.

Pfizer collaboration revenue for the three and six months ended September 30, 2021 consists of the partial recognition of the upfront payment the Company received from Pfizer in December 2020 and of the regulatory milestone payment from Pfizer that was triggered upon the FDA approval of MYFEMBREE for the management of heavy menstrual bleeding associated with uterine fibroids on May 26, 2021. There was no Pfizer collaboration revenue in the prior year periods.

Richter license and milestone revenue for the three and six months ended September 30, 2021 consists of the recognition of a $15.0 million regulatory milestone payment that was triggered upon the European Commission approval of RYEQO for the treatment of moderate to severe symptoms of uterine fibroids in adult women of reproductive age and $16.7 million of previously deferred revenue that was recognized upon the completion of the Company’s delivery of the remaining substantive relugolix combination tablet data packages to Richter. Richter license and milestone revenue for the six months ended September 30, 2020 consists of the recognition of $33.3 million of the upfront and regulatory milestone payments the Company received from Richter in March and April 2020, respectively. There was no Richter license and milestone revenue for the three months ended September 30, 2020.

See Note 8 for additional information regarding the Pfizer Collaboration and License Agreement and the Richter Development and Commercialization Agreement.

Certain Balance Sheet Components

6 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Certain Balance Sheet Components

Cash, Cash Equivalents and Restricted Cash

The following represents a reconciliation of cash and cash equivalents in the unaudited condensed consolidated balance sheets to total cash, cash equivalents and restricted cash as of September 30, 2021 and September 30, 2020, respectively, in the unaudited condensed consolidated statements of cash flows (in thousands):


	September 30,
	2021		2020
Cash and cash equivalents	$	518,163	$	94,210
Restricted cash	10,100		1,987
Total cash, cash equivalents and restricted cash	$	528,263	$	96,197

Cash and cash equivalents include cash deposits in banks and all highly liquid investments that are readily convertible to cash (maturity of three months or less at the time of purchase). 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 unaudited condensed consolidated balance sheets. As of September 30, 2021, restricted cash includes approximately $7.1 million that is held in an escrow fund for use by Sunovion Pharmaceuticals Inc. (“Sunovion”), a subsidiary of Sumitomo Dainippon Pharma, to manage payments for rebates, chargebacks, and similar fees pursuant to the Market Access Services Agreement (see Note 5(C)).

Inventories

As of September 30, 2021 and March 31, 2021, inventories consisted of the following (in thousands):


	September 30, 2021		March 31, 2021
Raw materials	$	931	$	1,390
Work in process	1,960		773
Finished goods	3,250		448

Total inventories	$	6,141	$	2,611

Accrued Expenses and Other Current Liabilities

As of September 30, 2021 and March 31, 2021, accrued expenses and other current liabilities consisted of the following (in thousands):



	September 30, 2021		March 31, 2021
Accrued compensation-related expenses	$	17,111	$	20,571
Accrued sales discounts, rebates, and allowances	10,493		1,315
Accrued R&D expenses	7,354		8,544
Accrued commercial expenses	7,226		7,770
Accrued other expenses	3,525		5,315
Accrued professional fees	625		935
Deferred product revenue	—		162
Total accrued expenses and other current liabilities	$	46,334	$	44,612

Fair Value Measurements

6 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsThe preparation of the Company’s unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires certain assets and liabilities to be reflected at their fair value. 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 measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be

classified and disclosed into one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•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.

For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of the Company’s financial instruments, see Note 2, “Summary of Significant Accounting Policies,” and Note 3, “Fair Value Measurements,” to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2021, filed with the SEC on May 11, 2021.

Financial Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value 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 September 30, 2021
Assets:
Money market funds (1)	$	913	$	—	$	—	$	913
Commercial paper (2)	—		214,829		—		214,829

Corporate bonds (3)	—		4,002		—		4,002

Total assets	$	913	$	218,831	$	—	$	219,744
Liabilities:
Share-based compensation liabilities - stock options (4)	$	—	$	5,769	$	—	$	5,769

Total liabilities	$	—	$	5,769	$	—	$	5,769


	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 (4)	$	—	$	12,113	$	—	$	12,113
Share-based compensation liabilities - common shares (5)	9,523		—		—		9,523
Total liabilities	$	9,523	$	12,113	$	—	$	21,636

(1) Included in cash and cash equivalents.

(2) Includes $121.0 million in cash and cash equivalents and $93.8 million in marketable securities as of September 30, 2021. Includes $12.7 million in cash and cash equivalents and $9.0 million in marketable securities as of March 31, 2021.

(3) Included in marketable securities.

(4) Includes 573,958 and 1,281,803 outstanding stock options remeasured using the Black-Scholes option-pricing model as of September 30, 2021 and March 31, 2021, respectively. See Note 7(D).

(5) As of March 31, 2021, includes 462,705 common shares remeasured using the Company’s March 31, 2021 closing market price of $20.58 per common share. See Note 7(D).

The following table includes information regarding the Company’s share-based compensation liabilities (a current liability) for the six months ended September 30, 2021 (in thousands):


March 31, 2021	$	21,636

Change in fair value	2,292
Settlements	(18,159)
September 30, 2021	$	5,769

The fair value of the share-based compensation liabilities related to outstanding stock options was estimated as of September 30, 2021 using the Black-Scholes option-pricing model and the following assumptions:



Expected common share price volatility	48.7	%
Expected risk free interest rate	0.04	%
Expected term, in years	0.3
Expected dividend yield	—	%

Financial Instruments Not Measured at Fair Value on a Recurring Basis

The Company recorded the cost share advance from Pfizer, which is included in Level 2 of the fair value hierarchy, at its estimated fair value as of the transaction date. As discussed in Note 8(B), on the transaction date, the cost share advance from Pfizer 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 non-recurring fair value assets as of September 30, 2021 and March 31, 2021.

- 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

Related Party Transactions	6 Months Ended
Related Party Transactions	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of September 30, 2021, Sumitovant directly, and Sumitomo Dainippon Pharma indirectly, own 50,041,181, or approximately 53.8%, of the Company’s outstanding common shares. The Company has agreements with Sumitovant, Sumitomo Dainippon Pharma, and their affiliates, including Sunovion, a subsidiary of Sumitomo Dainippon Pharma. These agreements are described below. (A) Sumitomo Dainippon Pharma Co., Ltd. Sumitomo Dainippon Pharma Loan Agreement On December 27, 2019, the Company and one of its subsidiaries, Myovant Sciences GmbH (“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. 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 September 30, 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 unaudited condensed consolidated balance sheets under the caption long-term debt, less current maturities (related party). Interest expense under the Sumitomo Dainippon Pharma Loan Agreement was $2.9 million and $5.8 million for the three and six months ended September 30, 2021, respectively, and $2.1 million and $4.3 million for the three and six months ended September 30, 2020, respectively, and is included interest expense in the unaudited condensed consolidated statements of operations. 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 and its subsidiaries to support commercial planning, commercial launch, and implementation activities. 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. For the three and six months ended September 30, 2020, the Company incurred $0.2 million and $0.3 million, respectively, of expense under this consulting agreement, which are included in SG&A expenses in the unaudited condensed consolidated statements of operations. The term of the consulting agreement with Sumitovant expired on March 31, 2021. The Company’s outstanding obligation to Sumitovant was $0.1 million as of March 31, 2021, and is included in amounts due to related parties on the unaudited condensed consolidated balance sheet. No amounts were outstanding to Sumitovant as of September 30, 2021. (C) Sunovion Pharmaceuticals Inc. Market Access Services Agreement On August 1, 2020, one of the Company’s subsidiaries, MSG, entered into a Market Access Services Agreement, as amended (“Market Access Services Agreement”), with Sunovion. 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 MYFEMBREE (“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 to manage payments for rebates, chargebacks and similar fees (see Note 3). For the three and six months ended September 30, 2021, the Company incurred $1.2 million and $2.4 million of expense under this agreement (inclusive of third-party pass-through costs billed to the Company), which is included in SG&A expenses in the unaudited condensed consolidated statements of operations. For the three and six months ended September 30, 2020, the Company incurred $1.1 million of expense under this agreement (inclusive of third-party pass-through costs billed to the Company), which is included in SG&A expenses in the unaudited condensed consolidated statements of operations. As of September 30, 2021 and March 31, 2021, the Company’s outstanding obligation pursuant to this agreement was $0.3 million and $0.4 million, respectively, and are included in amounts due to related parties on the unaudited condensed 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.

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is not subject to taxation under the laws of Bermuda since it was organized as a Bermuda Exempted Limited Company, for which there is no current tax regime. The Company’s income tax expense is primarily based on income taxes in the U.S. for federal, state and local taxes. The Company’s effective tax rate for the three and six months ended September 30, 2021 was 0.69% and (0.92)%, respectively. The Company’s effective tax rate for the three and six months ended September 30, 2020 was 0.20% and (0.54)%, respectively. The Company’s effective tax rate is driven by the Company’s jurisdictional earnings by location and a valuation allowance that eliminates the Company’s global net deferred tax assets. 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. The evaluation of the need for a valuation allowance is performed on a jurisdiction-by-jurisdiction basis, and includes a review of all available positive and negative evidence. Factors reviewed include projections of pre-tax book income for the foreseeable future, determining of cumulative pre-tax book income after permanent differences, earnings history, and reliability of forecasting. The Company will continue to assess the need for a valuation allowance on its deferred tax assets by evaluating both positive and negative evidence that may exist. Any adjustment to the net deferred tax asset valuation allowance would be recorded in the consolidated statement of operations for the period that the adjustment is determined to be required. In response to the COVID-19 pandemic, many governments have enacted or are contemplating 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 had 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 September 30, 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 unaudited condensed 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Share-Based Compensation

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

The Company has two share-based compensation plans, the Myovant Sciences Ltd. 2016 Equity Incentive Plan (“Equity Incentive Plan”) and the Myovant Sciences Ltd. 2020 Inducement Plan (“Inducement Plan”) (collectively, the “Equity Plans”). As of September 30, 2021, there were approximately 2.6 million and 0.1 million common shares available for future issuance under the Equity Incentive Plan and the Inducement Plan, respectively. For additional information about the Company’s Equity Plans, see Note 10, “Share-Based Compensation,” to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2021, filed with the SEC on May 11, 2021.

(A) Stock Options

Activity for stock options for the six months ended September 30, 2021 is as follows:


			Number of Options








Options outstanding at March 31, 2021			8,293,331
Granted			1,057,349
Exercised			(1,255,578)
Forfeited			(347,506)
Options outstanding at September 30, 2021			7,747,596
Options vested and expected to vest at September 30, 2021			7,747,596
Options exercisable at September 30, 2021			4,942,410

(B) Restricted Stock and Performance Stock Units

Activity for restricted stock units and performance stock units for the six months ended September 30, 2021 is as follows:


			Number of Shares








Unvested balance at March 31, 2021			3,571,235
Granted			2,691,005
Vested			(821,342)
Forfeited			(706,453)
Unvested balance at September 30, 2021			4,734,445

Share-based compensation during the three and six months ended September 30, 2021 and 2020 was as follows (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Share-based compensation recognized as:
R&D expense	$	5,060	$	3,725	$	9,167	$	7,749
SG&A expense	6,803		3,199		13,958		6,987
Total	$	11,863	$	6,924	$	23,125	$	14,736

Total unrecognized share-based compensation was approximately $109.6 million as of September 30, 2021 and is expected to be recognized over a weighted-average period of approximately 3.02 years.

(D) 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 included in SG&A expense for the three and six months ended September 30, 2021 includes $0.9 million and $2.3 million, respectively, related to the settlement 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 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. As of September 30, 2021, a total of 573,958 outstanding stock options remain subject to the right of first refusal. The former Principal Executive Officer’s outstanding stock options remain exercisable through January 11, 2022. As of September 30, 2021 and March 31, 2021, $5.8 million and $21.6 million, respectively, is included in share-based compensation liabilities on the unaudited condensed consolidated balance sheets.

(E) Separation Agreement with Former Principal Financial and Accounting Officer

In August 2021, the Company entered into a Separation Agreement and General Release with its former Principal Financial and Accounting Officer. Pursuant to the terms of this agreement, 25% of the former Principal Financial and Accounting Officer’s then outstanding and unvested equity awards became fully vested. In addition, the post-termination period during which he may exercise his outstanding stock options was extended to six months. The Company recognized share-based compensation expense within SG&A expenses during the three and six months ended September 30, 2021 of approximately $1.3 million, consisting of share-based compensation expense related to the accelerated vesting of these equity awards and incremental share-based compensation expense related to the modification of the post-termination exercise period.

Collaboration and License Agreements

6 Months Ended

Sep. 30, 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 terms of the Richter Development and Commercialization 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 $25.0 million has been received), $107.5 million in sales-related milestones, and tiered royalties on net sales following regulatory approval.

Under the terms of the Richter Development and Commercialization 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, Revenue from Contracts with Customers. 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 tablet, 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 tablet. 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 tablet clinical and regulatory data packages to Richter, the Company concluded that during the six months ended September 30, 2020, it satisfied approximately two-thirds of the combined performance obligation and recognized $33.3 million of the transaction price as Richter license and milestone revenue during the six months ended September 30, 2020. There was no such revenue in the three months ended September 30, 2020. The Company recognized the remaining $16.7 million of the transaction price as Richter license and milestone revenue during the three and six months ended September 30, 2021, as the Company completed delivery of the remaining substantive relugolix combination tablet data packages to Richter.

On July 16, 2021, the European Commission approved RYEQO as the first and only long-term, once-daily oral treatment in Europe for moderate to severe symptoms of uterine fibroids in adult women of reproductive age. This approval triggered a $15.0 million regulatory milestone payment from Richter, which the Company recorded as Richter license and milestone revenue during the three and six months ended September 30, 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, one of the Company’s subsidiaries, 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”). Pfizer notified the Company on October 22, 2021 of their decision to decline this option.

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 MYFEMBREE 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 milestone payments, including two regulatory milestones of $100.0 million upon each FDA approval for MYFEMBREE 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 July 2021, the Company received a $100.0 million regulatory milestone payment from Pfizer that was triggered upon the FDA approval of MYFEMBREE for the management of heavy menstrual bleeding associated with uterine fibroids on May 26, 2021.

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. 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 on the consolidated balance sheet as a deposit liability (cost share advance from Pfizer) 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 was recorded as deferred revenue and has been and will continue to be recognized as Pfizer 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 was not deemed probable at contract inception. Amounts associated with the regulatory milestones were not initially recognized. Upon achievement of the related regulatory milestones, cumulative catch-up revenue will be recorded as Pfizer collaboration revenue 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 regulatory 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 regulatory milestones, sales-based milestone payments will not initially be recognized due to the uncertainty associated with the future commercial outcomes of ORGOVYX and MYFEMBREE. 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 Pfizer as of September 30, 2021 totaling approximately $20.0 million consisted of $8.6 million payable to Pfizer for Pfizer’s 50% share of net profits on sales of ORGOVYX and MYFEMBREE in the U.S. and approximately $11.4 million reimbursement of Allowable Expenses incurred by Pfizer. Amounts due to Pfizer 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.

The following table presents changes in the Company’s contract liabilities during the six months ended September 30, 2021 (in thousands):


	Balance at March 31, 2021		Additions		Imputed Interest		Deductions		Balance at September 30, 2021
Contract liabilities:
Deferred revenue (1)	$	497,933	$	100,000	$	—	$	(71,348)	$	526,585
Cost share advance from Pfizer (2)	$	121,862	$	—	$	1,210	$	(38,304)	$	84,768

(1) Includes $100.6 million and $426.0 million presented as current and non-current, respectively, on the unaudited condensed consolidated balance sheet as of September 30, 2021. Includes $100.6 million and $397.4 million presented as current and non-current, respectively, on the unaudited condensed consolidated balance sheet as of March 31, 2021.

(2) Includes $84.8 million presented as current on the unaudited condensed consolidated balance sheet as of September 30, 2021. Includes $92.4 million and $29.4 million presented as current and non-current, respectively, on the unaudited condensed consolidated balance sheet as of March 31, 2021.

During the six months ended September 30, 2021, deferred revenue increased by $28.7 million. The net increase was the result of a $100.0 million regulatory milestone from Pfizer that was triggered upon the FDA approval of MYFEMBREE for the management of heavy menstrual bleeding associated with uterine fibroids on May 26, 2021. The increase in deferred revenue was partially offset by the recognition of $54.7 million of Pfizer collaboration revenue and $16.7 million of previously deferred revenue associated with the upfront and regulatory milestone payments the Company received from Richter in March and April 2020, respectively.

During the six months ended September 30, 2021, cost share advance from Pfizer decreased by $37.1 million. The decrease was the net result of the application of shared Allowable Expenses incurred by the Company and 50% of reimbursement of Allowable Expenses incurred by Pfizer of $38.3 million (comprised of $13.9 million and $24.4 million in reductions to R&D expenses and SG&A expenses, respectively), partially offset by accretion of the implied financing component of $1.2 million.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Sep. 30, 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. 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. As of September 30, 2021 and March 31, 2021, the Company recorded royalties payable to Takeda of $1.6 million and $0.3 million, respectively, which are included in the caption accrued expenses and other current liabilities on the unaudited condensed consolidated balance sheets. 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. 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.

Subsequent Events	6 Months Ended
Subsequent Events	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 22, 2021, the Company was notified by Pfizer of their decision to decline the exclusive option for international commercialization and development rights (excluding Canada and certain Asian countries) to relugolix in oncology, as offered under the Pfizer Collaboration and License Agreement (see Note 8(B)).

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation 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 unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (“Quarterly Report”) reflect all adjustments necessary for a fair presentation of the Company’s condensed consolidated balance sheets as of September 30, 2021 and March 31, 2021, and its condensed consolidated statements of operations, comprehensive loss, and shareholders’ deficit for the three and six months ended September 30, 2021 and 2020, and its condensed consolidated statements of cash flows for the six months ended September 30, 2021 and 2020. The March 31, 2021 condensed consolidated balance sheet was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. The results for interim periods are not necessarily indicative of results for the entire year or any other interim period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s previously filed audited consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 11, 2021. 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 unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. Actual results could differ materially from those estimates. On an ongoing basis, management evaluates its estimates, including those related to valuation of inventories, impairment testing for long-lived-assets, variables used in calculating the fair value of the Company’s equity awards, expected achievement of performance-based vesting criteria for equity awards, variable consideration and other relevant inputs impacting the gross and net revenue recognition, contingent liabilities, recoverability of deferred tax assets, determination of lease term and effective income tax rates. Management bases estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities as of the date of the condensed 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. 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.
Liquidity and Capital Resources	Liquidity and Capital Resources As of September 30, 2021, the Company had approximately $616.0 million in cash, cash equivalents, and marketable securities. The Company 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 Quarterly Report. 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 September 30, 2021, the Company had approximately $41.3 million of borrowing capacity available to it under the Sumitomo Dainippon Pharma Loan Agreement (see Note 5(A)). As of the date of issuance of this Quarterly Report, the Company is also eligible to earn up to $3.6 billion and $122.5 million of additional milestone payments from Pfizer and Richter pursuant to the Pfizer Collaboration and License Agreement and the Richter Development and Commercialization Agreement, respectively, as well as potential royalty payments on net sales under the Richter Development and Commercialization Agreement. See Note 8 for additional information about the Pfizer Collaboration and License Agreement and the Richter Development and Commercialization Agreement.
Net Loss Per Common Share	Net Loss per Common Share Basic net loss per common share is computed by dividing net loss available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted-average number of common shares and potentially dilutive shares of common stock outstanding during the period. Potential dilutive securities outstanding include stock options, restricted stock units, performance stock units, and warrants. During all periods presented, the Company incurred net losses. Accordingly, the effect of any common share equivalents would be anti-dilutive during those periods and are not included in the calculation of diluted weighted-average number of common shares outstanding.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Standards 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. The Company adopted ASU 2019-12 on April 1, 2021, which did not have a material impact on the Company’s unaudited condensed 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 September 30, 2021, the Company has not modified its contract that will be impacted by reference rate reform (Sumitomo Dainippon Pharma Loan Agreement). 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 was effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption was 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 amended 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.

Organization and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

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

As of September 30, 2021 and 2020 potentially dilutive securities were as follows:


	September 30,
	2021	2020
Stock options	7,747,596	8,484,057
Restricted stock awards (unvested)	—	564,111
Restricted stock units and performance stock units (unvested)	4,734,445	3,425,358
Warrants	73,710	73,710
Total	12,555,751	12,547,236

Revenue Components (Tables)

6 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table provides information about the Company’s revenues for the three and six months ended September 30, 2021 and 2020 (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Revenues:
Product revenue, net:
ORGOVYX	$	18,663	$	—	$	29,142	$	—
MYFEMBREE	629		—		1,704		—
Richter product supply and royalties	1,771		—		1,771		—
Total product revenue, net	21,063		—		32,617		—
Pfizer collaboration revenue:
Amortization of upfront payment	20,974		—		41,948		—
Amortization of regulatory milestone	4,198		—		12,733		—
Total Pfizer collaboration revenue	25,172		—		54,681		—
Richter license and milestone revenue	31,667		—		31,667		33,333
Total revenues	$	77,902	$	—	$	118,965	$	33,333

Certain Balance Sheet Components (Tables)

6 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Schedule of Cash and Cash Equivalents


	September 30,
	2021		2020
Cash and cash equivalents	$	518,163	$	94,210
Restricted cash	10,100		1,987
Total cash, cash equivalents and restricted cash	$	528,263	$	96,197

Schedule of Inventory

As of September 30, 2021 and March 31, 2021, inventories consisted of the following (in thousands):


	September 30, 2021		March 31, 2021
Raw materials	$	931	$	1,390
Work in process	1,960		773
Finished goods	3,250		448

Total inventories	$	6,141	$	2,611

Schedule of Accrued Liabilities

As of September 30, 2021 and March 31, 2021, accrued expenses and other current liabilities consisted of the following (in thousands):



	September 30, 2021		March 31, 2021
Accrued compensation-related expenses	$	17,111	$	20,571
Accrued sales discounts, rebates, and allowances	10,493		1,315
Accrued R&D expenses	7,354		8,544
Accrued commercial expenses	7,226		7,770
Accrued other expenses	3,525		5,315
Accrued professional fees	625		935
Deferred product revenue	—		162
Total accrued expenses and other current liabilities	$	46,334	$	44,612

Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value


	Fair Value Measurement Using:
	Level 1		Level 2		Level 3		Total
As of September 30, 2021
Assets:
Money market funds (1)	$	913	$	—	$	—	$	913
Commercial paper (2)	—		214,829		—		214,829

Corporate bonds (3)	—		4,002		—		4,002

Total assets	$	913	$	218,831	$	—	$	219,744
Liabilities:
Share-based compensation liabilities - stock options (4)	$	—	$	5,769	$	—	$	5,769

Total liabilities	$	—	$	5,769	$	—	$	5,769


	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 (4)	$	—	$	12,113	$	—	$	12,113
Share-based compensation liabilities - common shares (5)	9,523		—		—		9,523
Total liabilities	$	9,523	$	12,113	$	—	$	21,636

(1) Included in cash and cash equivalents.

(3) Included in marketable securities.

(4) Includes 573,958 and 1,281,803 outstanding stock options remeasured using the Black-Scholes option-pricing model as of September 30, 2021 and March 31, 2021, respectively. See Note 7(D).

(5) As of March 31, 2021, includes 462,705 common shares remeasured using the Company’s March 31, 2021 closing market price of $20.58 per common share. See Note 7(D).

Summary of Changes in Fair Value

The following table includes information regarding the Company’s share-based compensation liabilities (a current liability) for the six months ended September 30, 2021 (in thousands):


March 31, 2021	$	21,636

Change in fair value	2,292
Settlements	(18,159)
September 30, 2021	$	5,769

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



Expected common share price volatility	48.7	%
Expected risk free interest rate	0.04	%
Expected term, in years	0.3
Expected dividend yield	—	%

Share-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Activity for stock options for the six months ended September 30, 2021 is as follows:


			Number of Options








Options outstanding at March 31, 2021			8,293,331
Granted			1,057,349
Exercised			(1,255,578)
Forfeited			(347,506)
Options outstanding at September 30, 2021			7,747,596
Options vested and expected to vest at September 30, 2021			7,747,596
Options exercisable at September 30, 2021			4,942,410

Summary of Restricted Share Awards and Restricted Stock Units Activity

Activity for restricted stock units and performance stock units for the six months ended September 30, 2021 is as follows:


			Number of Shares








Unvested balance at March 31, 2021			3,571,235
Granted			2,691,005
Vested			(821,342)
Forfeited			(706,453)
Unvested balance at September 30, 2021			4,734,445

Schedule of Share-based Compensation

Share-based compensation during the three and six months ended September 30, 2021 and 2020 was as follows (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Share-based compensation recognized as:
R&D expense	$	5,060	$	3,725	$	9,167	$	7,749
SG&A expense	6,803		3,199		13,958		6,987
Total	$	11,863	$	6,924	$	23,125	$	14,736

Collaboration and License Agreements (Tables)

6 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Collaboration and License Agreements

The following table presents changes in the Company’s contract liabilities during the six months ended September 30, 2021 (in thousands):


	Balance at March 31, 2021		Additions		Imputed Interest		Deductions		Balance at September 30, 2021
Contract liabilities:
Deferred revenue (1)	$	497,933	$	100,000	$	—	$	(71,348)	$	526,585
Cost share advance from Pfizer (2)	$	121,862	$	—	$	1,210	$	(38,304)	$	84,768

Organization and Summary of Significant Accounting Policies - Narrative (Details)	6 Months Ended
	Sep. 30, 2021 USD ($) segment shares	Oct. 26, 2021 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of operating segments \| segment	1
Number of reporting segments \| segment	1
Cash, cash equivalents and marketable securities	$ 616,000,000
Sumitomo Dainippon Pharma Co., Ltd. \| Majority Shareholder
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares owned (in shares) \| shares	50,041,181
Ownership percentage	53.80%
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 \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding payment from milestones achieved		$ 3,600,000,000
Richter \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding payment from milestones achieved		$ 122,500,000

Organization and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	12,555,751	12,547,236
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,747,596	8,484,057
Restricted stock awards (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	564,111
Restricted stock units and performance stock units (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,734,445	3,425,358
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	73,710	73,710

Revenue Components - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Pfizer collaboration revenue	$ 25,172	$ 0	$ 54,681	$ 0
Total revenues	77,902	0	118,965	33,333
ORGOVYX
Disaggregation of Revenue [Line Items]
Revenues	18,663	0	29,142	0
MYFEMBREE
Disaggregation of Revenue [Line Items]
Revenues	629	0	1,704	0
Richter product supply and royalties
Disaggregation of Revenue [Line Items]
Revenues	1,771	0	1,771	0
Product revenue, net
Disaggregation of Revenue [Line Items]
Revenues	21,063	0	32,617	0
Amortization of Upfront Payment
Disaggregation of Revenue [Line Items]
Pfizer collaboration revenue	20,974	0	41,948	0
Amortization of Regulatory Milestone
Disaggregation of Revenue [Line Items]
Pfizer collaboration revenue	4,198	0	12,733	0
Richter license and milestone revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 31,667	$ 0	$ 31,667	$ 33,333

Revenue Components - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Jul. 16, 2021	Mar. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Pfizer collaboration revenue			$ 25,172	$ 0	$ 54,681	$ 0
Richter
Disaggregation of Revenue [Line Items]
Regulatory milestone payments received	$ 15,000	$ 25,000
Richter license and milestone revenue
Disaggregation of Revenue [Line Items]
Revenues			31,667	0	31,667	33,333
Richter product supply and royalties
Disaggregation of Revenue [Line Items]
Revenues			1,771	$ 0	1,771	0
Richter product supply and royalties \| Richter
Disaggregation of Revenue [Line Items]
Revenues			1,700
Richter product supply and royalties \| Richter \| Maximum
Disaggregation of Revenue [Line Items]
Revenues					$ 100
Revenue Recognized Upon Completion of Delivery \| Richter
Disaggregation of Revenue [Line Items]
Revenues			$ 16,700			$ 33,300

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Certain Balance Sheet Components - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Cash and cash equivalents	$ 518,163	$ 674,493	$ 94,210
Restricted cash	10,100		1,987
Total cash, cash equivalents and restricted cash	$ 528,263	$ 677,480	$ 96,197	$ 78,018

Certain Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Raw materials	$ 931	$ 1,390
Work in process	1,960	773
Finished goods	3,250	448
Total inventories	$ 6,141	$ 2,611

Certain Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 10,100	$ 1,987
Sunovion Pharmaceuticals, Inc.
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 7,100

Certain Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Accrued compensation-related expenses	$ 17,111	$ 20,571
Accrued sales discounts, rebates, and allowances	10,493	1,315
Accrued R&D expenses	7,354	8,544
Accrued commercial expenses	7,226	7,770
Accrued other expenses	3,525	5,315
Accrued professional fees	625	935
Deferred product revenue	0	162
Total accrued expenses and other current liabilities	$ 46,334	$ 44,612

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 219,744	$ 70,009
Total liabilities	$ 5,769	$ 21,636
Stock options remeasured (in shares)	573,958	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	$ 5,769	$ 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	913	$ 36,903
Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	214,829	21,689
Cash and cash equivalents	121,000	12,700
Marketable securities	93,800	9,000
U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets		10,000
Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	4,002
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	913	36,903
Total liabilities	0	9,523
Level 1 \| Stock options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based compensation liabilities	0	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	913	36,903
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 \| Corporate Bonds
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	218,831	33,106
Total liabilities	5,769	12,113
Level 2 \| Stock options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based compensation liabilities	5,769	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	214,829	21,689
Level 2 \| U.S. agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets		10,000
Level 2 \| Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	4,002
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	0
Level 3 \| Stock options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based compensation liabilities	0	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 \| Corporate Bonds
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	6 Months Ended
	Sep. 30, 2021 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 21,636
Change in fair value	2,292
Settlements	(18,159)
Ending balance	$ 5,769

Fair Value Measurements - Fair Value of Share-based Compensation Liabilities (Details) - Stock options	Sep. 30, 2021
Expected common share price volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share-based compensation liabilities, measurement input	487
Expected risk free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share-based compensation liabilities, measurement input	0.40
Expected term, in years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share-based compensation liabilities, measurement input	300
Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share-based compensation liabilities, measurement input	0

Related Party Transactions (Details)			1 Months Ended	3 Months Ended		6 Months Ended
Related Party Transactions (Details)	Aug. 01, 2020	Dec. 27, 2019 USD ($) day director	Aug. 31, 2020	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($)	Mar. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Amounts due to related parties				$ 334,000		$ 334,000		$ 543,000
Sumitomo Dainippon Pharma Co., Ltd. \| Majority Shareholder
Related Party Transaction [Line Items]
Number of shares owned (in shares) \| shares				50,041,181		50,041,181
Ownership percentage				53.80%		53.80%
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 Other Expenses Agreement \| SG&A expense
Related Party Transaction [Line Items]
Expenses incurred under agreements					$ 200,000		$ 300,000
Sumitomo Dainippon Pharma Co., Ltd. \| Majority Shareholder \| Sunovion Pharmaceuticals Inc. Market Access Services Agreement
Related Party Transaction [Line Items]
Agreement term	3 years
Amounts due to related parties				$ 300,000		$ 300,000		$ 400,000
Agreement extension term	1 year
Termination notice period	9 months
MSG \| Majority Shareholder \| Sunovion Pharmaceuticals Inc. Market Access Services Agreement \| SG&A expense
Related Party Transaction [Line Items]
Agreement term			2 years
Expenses incurred under agreements				1,200,000	1,100,000	2,400,000	1,100,000
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
Facility term		5 years
Notice period for prepayment \| day		10
Default interest rate (as a percent)		5.00%
Repayment period upon change in control		30 days
Available borrowing capacity				41,300,000		41,300,000
Outstanding balance				358,700,000		358,700,000
Interest expense				$ 2,900,000	$ 2,100,000	$ 5,800,000	$ 4,300,000
LIBOR \| Term Loan \| Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd. \| Sumitomo Dainippon Pharma Co., Ltd. \| Majority Shareholder
Related Party Transaction [Line Items]
Variable interest rate (as a percent)		3.00%

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	0.69%	0.20%	(0.92%)	(0.54%)
Deferred employer payroll taxes	$ 1.8		$ 1.8
Deferred employer payroll taxes, current	0.9		0.9
Deferred employer payroll taxes, noncurrent	$ 0.9		$ 0.9

Share-Based Compensation (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 31, 2021	Sep. 30, 2021 USD ($) plan shares	Sep. 30, 2021 USD ($) plan shares	Mar. 31, 2021 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan		2	2
Unrecognized compensation cost		$ 109,600	$ 109,600
Unrecognized compensation expense, period for recognition			3 years 7 days
Share-based compensation expense from acceleration, modification and subsequent remeasurement of awards		900	$ 2,300
Share-based compensation liabilities		5,769	5,769	$ 21,636
Accelerated vesting of awards		$ 1,300	$ 1,300
Fair Value, Recurring
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options remeasured (in shares) \| shares		573,958	573,958	1,281,803
Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of equity awards vested (as a percent)	25.00%
Myovant 2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant (in shares) \| shares		2,600,000	2,600,000
2020 Inducement Equity Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant (in shares) \| shares		100,000	100,000

Share-Based Compensation (Option Activity) (Details) - shares	6 Months Ended
	Sep. 30, 2021
Number of Options
Beginning balance (in shares)	8,293,331
Granted (in shares)	1,057,349
Exercised (in shares)	(1,255,578)
Forfeited (in shares)	(347,506)
Ending balance (in shares)	7,747,596
Number of Options (in shares)	7,747,596
Options exercisable, Number of Options (in shares)	4,942,410

Share-Based Compensation (RSU and PSU Activity) (Details) - Restricted Stock and Performance Stock Units	6 Months Ended
	Sep. 30, 2021 shares
Number of Shares
Beginning balance (in shares)	3,571,235
Granted (in shares)	2,691,005
Vested (in shares)	(821,342)
Forfeited (in shares)	(706,453)
Ending balance (in shares)	4,734,445

Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 11,863	$ 6,924	$ 23,125	$ 14,736
R&D expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	5,060	3,725	9,167	7,749
SG&A expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 6,803	$ 3,199	$ 13,958	$ 6,987

Collaboration and License Agreements - Narrative (Details)						1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 16, 2021 USD ($)	May 26, 2021 USD ($)	Dec. 26, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) milestone	Apr. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additions										$ 0
Cost share advance								$ 84,768,000		84,768,000					$ 121,862,000
Amounts due to Pfizer								19,957,000		19,957,000					1,954,000
Deferred revenue										28,652,000	$ (23,333,000)
Pfizer collaboration revenue								$ 25,172,000	$ 0	54,681,000	0
Cost share advance from Pfizer										(38,304,000)	0
Shared costs										$ 38,304,000
Richter
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License Agreement, Regulatory Milestones, Upfront Payment Received				$ 40,000,000
Maximum payment from regulatory milestones achieved					$ 40,000,000
Regulatory milestone payments received	$ 15,000,000				25,000,000
Maximum payment from sales-related milestones achieved					107,500,000
Remaining transaction price					$ 50,000,000
Additions to deferred revenue							$ 10,000,000
Percentage of performance obligation satisfied								66.66%		66.66%
Richter \| Revenue Recognized Upon Completion of Delivery
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues								$ 16,700,000			$ 33,300,000
Pfizer
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum payment from regulatory milestones achieved			$ 100,000,000											$ 100,000,000
Maximum payment from sales-related milestones achieved			$ 3,500,000,000
Additions to deferred revenue		$ 100,000,000
Percentage of revenue recognized			100.00%
Upfront payment received						$ 650,000,000
Maximum payment from milestones achieved			$ 3,700,000,000
Number of regulatory milestones \| milestone						2
Maximum aggregate payment from milestones achieved			200,000,000
Additions			$ 150,000,000
Repayment period			2 years
Reduction in cost share advance from implied financing costs			$ 3,600,000
Deferred revenue, recognition period			6 years
Amounts due to Pfizer								20,000,000		$ 20,000,000					1,900,000
Amounts due to collaboration partner, share of profits								$ 8,600,000		$ 8,600,000					$ 1,800,000
Percentage of revenue recognized by counterparty								50.00%		50.00%					50.00%
Amounts due to collaboration partner, reimbursement of allowable expenses								$ 11,400,000		$ 11,400,000					$ 100,000
Pfizer collaboration revenue										54,700,000
Cost share advance from Pfizer										$ 37,100,000
Percentage of reimbursement of Allowable Expenses										50.00%
Shared costs										$ 38,300,000
Accretion of implied financing costs										1,200,000
Pfizer \| R&D expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shared costs										13,900,000
Pfizer \| SG&A expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shared costs										$ 24,400,000
Pfizer \| Forecast
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Costs covered by company												$ 50,000,000	$ 100,000,000

Collaboration and License Agreements - Remaining Transaction Price (Details) - Richter - USD ($) $ in Millions	Sep. 30, 2021	Mar. 30, 2020
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]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Recognition period for remaining transaction price	6 months

Collaboration and License Agreements - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
Deferred Revenue
Deferred revenue, current	$ 100,564	$ 100,564
Deferred revenue, non-current	426,021	397,369
Cost Cash Advance from Collaboration Partner
Beginning balance	121,862
Additions	0
Imputed Interest	1,210
Deductions	(38,304)
Ending balance	84,768
Cost share advance from collaboration partner, current	84,768	92,415
Cost share advance from Pfizer, non-current	0	29,447
Collaboration expense to Pfizer
Deferred Revenue
Beginning balance	497,933
Additions	100,000
Imputed Interest	0
Deductions	(71,348)
Ending balance	526,585
Deferred revenue, current	100,600	100,600
Deferred revenue, non-current	$ 426,000	$ 397,400

Commitments and Contingencies (Details) - USD ($) $ in Millions		6 Months Ended
	May 30, 2018	Sep. 30, 2021	Mar. 31, 2021
Takeda License Agreement
Supply Commitment [Line Items]
Royalties payable		$ 1.6	$ 0.3
Agreement term after first commercial sale		10 years
Takeda Commercial Supply Agreement
Supply Commitment [Line Items]
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