0001140361-23-052721 | 10-Q | XBRL Viewer

Long-Term Debt (Tables) - Dermavant [Member]

6 Months Ended

Sep. 30, 2023

Funding Agreement with NovaQuest [Member]

The carrying balance of the debt issued to NovaQuest was as follows (in thousands):

	September 30, 2023			March 31, 2023
Fair value of long-term debt	$	217,031		$	207,640
Less: current portion		(28,120	)		(26,940	)
Total long-term debt, net	$	188,911		$	180,700

Credit Facility with XYQ Luxco [Member]

Debt Instrument [Line Items]

Long-Term Debt

Outstanding debt obligations to XYQ Luxco were as follows (in thousands):

	September 30, 2023			March 31, 2023
Principal amount	$	40,000		$	40,000
Exit fee		5,000			5,000
Less: unamortized discount and debt issuance costs		(8,905	)		(10,170	)
Total debt, net		36,095			34,830
Less: current portion		—			—
Total long-term debt, net	$	36,095		$	34,830

Revenue Interest Purchase and Sale Agreement with XYQ Luxco, NovaQuest [Member]

Debt Instrument [Line Items]

Long-Term Debt

The RIPSA carrying balance was as follows (in thousands):

	September 30, 2023			March 31, 2023
Carrying balance	$	189,714		$	178,571
Less: unamortized issuance costs		(4,397	)		(4,806	)
Total debt, net		185,317			173,765
Less: current portion		(20,878	)		(13,780	)
Total long-term debt, net	$	164,439		$	159,985

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

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

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+ Details

Equity Method Investments	6 Months Ended
Equity Method Investments	Sep. 30, 2023
Equity Method Investments [Abstract]
Equity Method Investments	Note 3—Equity Method Investments The Company maintains equity method investments in certain entities. As of September 30, 2023 and March 31, 2023, the most significant of these were our investments in Arbutus and Datavant, which are accounted for using the fair value option. The Company determined that it does not control these entities and as a result does not consolidate these entities. Due to the Company’s significant influence over operating and financial policies of these entities, the entities are considered related parties of the Company. Investment in Arbutus The Company holds an investment in Arbutus in the form of 38,847,462 common shares of Arbutus. As of September 30, 2023, RSL held approximately 23% of issued and outstanding shares of Arbutus. At September 30, 2023 and March 31, 2023, the aggregate fair value of the Company’s investment in Arbutus was $78.9 million and $117.7 million, respectively. During the three and six months ended September 30, 2023, the Company recognized unrealized losses of $10.5 million and $38.8 million on its investment in Arbutus, respectively, in the accompanying condensed consolidated statements of operations. During the three and six months ended September 30, 2022, the Company recognized unrealized losses of $31.1 million and $41.6 million on its investment in Arbutus, respectively, in the accompanying condensed consolidated statements of operations. The fair value of the Company’s investment was determined using the closing price of Arbutus’s common stock on September 30, 2023 and March 31, 2023 of $2.03 and $3.03, respectively. Investment in Datavant In June 2021, Datavant and Heracles Parent, L.L.C. (referred to herein as “Ciox Parent” and, after the closing of the Datavant Merger (as defined below), “Datavant”), primarily through its wholly owned subsidiary CIOX Health, LLC, entered into a definitive agreement to merge Datavant with and into a newly formed wholly owned subsidiary of Ciox Parent (the “Datavant Merger”). As of September 30, 2023, the Company’s minority equity interest represented approximately 17% of the outstanding Class A units in Ciox Parent. Ciox Parent’s capital structure includes several classes of preferred units that, among other features, have liquidation preferences and conversion rights. Upon conversion of such preferred units into Class A units, the Company’s ownership interest would be diluted. As of September 30, 2023 and March 31, 2023, the fair value of the Company’s investment was $164.3 million and $178.6 million, respectively. During the three and six months ended September 30, 2023, the Company recognized unrealized losses on its investment in Datavant of $35.1 million and $14.3 million, respectively, in the accompanying condensed consolidated statements of operations. During the three and six months ended September 30, 2022, the Company recognized unrealized losses on its investment of $21.9 million and $28.9 million, respectively, in the accompanying condensed consolidated statements of operations. The fair value of the Company’s investment was determined using valuation models that incorporate significant unobservable inputs and is classified as a Level 3 measurement within the fair value hierarchy. Refer to Note 13, “Fair Value Measurements” for more information.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	001-40782
Entity Registrant Name	ROIVANT SCIENCES LTD.
Entity Central Index Key	0001635088
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1173944
Entity Address, Address Line One	7th Floor
Entity Address, Address Line Two	50 Broadway
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	SW1H 0DB
Country Region	44
City Area Code	207
Local Phone Number	400 3347
Title of 12(b) Security	Common Shares, $0.0000000341740141 per share
Trading Symbol	ROIV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		803,921,356

Long-Term Debt, Credit Facility with XYQ Luxco (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	May 31, 2021	Sep. 30, 2023	Mar. 31, 2023
Outstanding Debt Obligations [Abstract]
Total debt, net		$ 389,445	$ 375,515
Less: current portion		(48,998)	(40,720)
Dermavant [Member] \| Credit Facility with XYQ Luxco [Member]
Loan and Credit Agreements by Dermavant [Abstract]
Proceeds from Lines of Credit	$ 40,000
Debt instrument, term	5 years
Interest rate	10.00%
Debt instrument exit fee and end of term charge	$ 5,000
Reduction in exit fee	$ 4,000
Warrants issued (in shares)	1,199,072
Exercise price of warrants (in dollars per share)	$ 0.01
Outstanding Debt Obligations [Abstract]
Principal amount		40,000	40,000
Exit fee		5,000	5,000
Less: unamortized discount and debt issuance costs		(8,905)	(10,170)
Total debt, net		36,095	34,830
Less: current portion		0	0
Total long-term debt, net		$ 36,095	$ 34,830

Long-Term Debt, Funding Agreement with NovaQuest (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended	16 Months Ended	71 Months Ended
	Oct. 31, 2018	May 31, 2022	Sep. 30, 2023	Sep. 30, 2023	Apr. 30, 2028	Mar. 31, 2023	Aug. 31, 2018
Carrying Balance of Debt Issued [Abstract]
Less: current portion			$ (28,120)	$ (28,120)		$ (26,940)
Total long-term debt, net			$ 188,911	188,911		180,700
Dermavant [Member] \| Funding Agreement with NovaQuest [Member]
Funding Agreement with NovaQuest [Abstract]
Face amount	$ 17,500						$ 100,000
Proceeds from issuance of debt	$ 117,500
Frequency of periodic payment			quarterly
Periodic payment				44,100
Quarterly payments made		$ 7,300
Carrying Balance of Debt Issued [Abstract]
Fair value of long-term debt			$ 217,031	217,031		207,640
Less: current portion			(28,120)	(28,120)		(26,940)
Total long-term debt, net			$ 188,911	$ 188,911		$ 180,700
Dermavant [Member] \| Funding Agreement with NovaQuest [Member] \| Forecast [Member]
Funding Agreement with NovaQuest [Abstract]
Frequency of periodic payment					quarterly
Periodic payment					$ 176,300
Debt instrument, term					6 years
Dermavant [Member] \| Funding Agreement with NovaQuest [Member] \| Maximum [Member]
Funding Agreement with NovaQuest [Abstract]
Debt instrument, term	15 years
Maximum milestone payment obligation	$ 440,600						141,000
Right to offset of commercial milestones payment							$ 88,100

Recent Transactions

6 Months Ended

Sep. 30, 2023

Recent Transactions [Abstract]

Recent Transactions

Note 5—Recent Transactions

(A)	Asset Acquisition

In July 2023, a newly-formed subsidiary in-licensed certain intellectual property rights in exchange for a $14.0 million upfront cash payment. The transaction was accounted for as an asset acquisition as the acquired assets did not meet the definition of a business. The acquired rights represent in-process research and development assets, which were determined to have no alternative future use. Accordingly, the Company recorded $14.0 million as acquired in-process research and development expense in the accompanying condensed consolidated statements of operations for the three and six months ended September 30, 2023.

Additionally, the newly-formed subsidiary agreed to pay up to $280 million of future development, regulatory, and commercial milestone payments and tiered high-single digit sales-based royalties.

(B)	Deconsolidation of Subsidiaries

In July 2023, VantAI Holdings, Inc. (“VantAI”), a wholly-owned subsidiary of the Company, completed a transaction pursuant to which SK, Inc. (“SK”) contributed $6.0 million to VantAI in exchange for preferred shares in VantAI (the “VantAI Preferred Financing”). In August 2023, the Company and SK Biopharmaceuticals Co., Ltd. (“SK Bio”), a subsidiary of SK, completed a transaction pursuant to which SK Bio purchased all of the Company’s shares in Proteovant Sciences, Inc. (“Proteovant”) in exchange for $47.5 million (the “Proteovant Sale”).

As a result of changes in governance and voting rights, the Company determined that it no longer held a controlling financial interest in VantAI. Accordingly, the Company deconsolidated VantAI as of July 2023. The Company recorded a $17.4 million gain on deconsolidation of Proteovant and VantAI in the accompanying condensed consolidated statements of operations for the three and six months ended September 30, 2023.

Upon deconsolidation, the Company recorded its $9.0 million retained investment in VantAI based upon the fair value of the preferred shares held by the Company. Due to the Company’s significant influence over the operating and financial policies of VantAI, the Company will account for its retained interest under the equity method of accounting.

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Sep. 30, 2023
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 8—Shareholders’ Equity (A) At-the-Market Equity Offering Program On September 19, 2022, the Company entered into a sales agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”) to sell its common shares having an aggregate offering price of up to $400.0 million from time to time through an “at-the-market” equity offering program under which Cowen acts as the Company’s agent (the “ATM Facility”). As of September 30, 2023, the Company had $400.0 million of remaining capacity available under the ATM Facility. (B) Common Share Purchase and Share Agreements In September 2023, the Company entered into common share purchase and sale agreements with certain institutional investors, pursuant to which the Company sold an aggregate of 19,600,685 of its common shares at a purchase price of $10.21 per share. Net proceeds to the Company were approximately $199.8 million after deducting offering expenses.

- Definition

The entire disclosure for equity.

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies

6 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies

(A) Basis of Presentation and Principles of Consolidation

The Company’s fiscal year ends on March 31, and its fiscal quarters end on June 30, September 30, and December 31.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and follow the requirements of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements.

These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023 filed with the SEC. The unaudited condensed consolidated balance sheet at March 31, 2023 has been derived from the audited consolidated financial statements at that date. In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented. Certain prior year amounts were reclassified to conform to current year presentation. Operating results for the six months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2024, for any other interim period, or for any other future year.

Any references in these notes to applicable accounting guidance are meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (‘‘ASC’’) and Accounting Standards Updates (‘‘ASU’’) of the Financial Accounting Standards Board (‘‘FASB’’). The unaudited condensed consolidated financial statements include the accounts of RSL and the subsidiaries in which it has a controlling financial interest, most often through a majority voting interest. All intercompany balances and transactions have been eliminated in consolidation.

For consolidated entities where the Company owns or is exposed to less than 100% of the economics, the Company records net loss attributable to noncontrolling interests in its unaudited condensed consolidated statements of operations equal to the percentage of common stock ownership interest retained in the respective operations by the noncontrolling parties. The Company presents noncontrolling interests as a component of shareholders’ equity on its unaudited condensed consolidated balance sheets.

The Company accounts for changes in its ownership interest in its subsidiaries while control is retained as equity transactions. The carrying amount of the noncontrolling interest is adjusted to reflect the change in RSL’s ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted is recognized within shareholders’ equity attributable to RSL.

(B) Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, costs, expenses, contingent liabilities, share-based compensation and research and development costs. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Financial instruments that potentially subject the Company to concentration of credit risk include cash and cash equivalents. The Company maintains cash deposits and cash equivalents in highly-rated, federally-insured financial institutions in excess of federally insured limits. The Company has established guidelines relative to diversification and maturities to maintain safety and liquidity. The Company has not experienced any credit losses related to these financial instruments and does not believe that it is exposed to any significant credit risk related to these instruments.

The Company has long-lived assets in different geographic locations. As of September 30, 2023 and March 31, 2023, a majority of the Company’s long-lived assets were located in the United States.

(D) Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include cash deposits in banks and all highly liquid investments that are readily convertible to cash. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

Cash as reported in the condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows (in thousands):

	September 30, 2023		March 31, 2023
Cash and cash equivalents	$	1,408,231	$	1,676,813
Restricted cash (included in “Other current assets”)		5,474		5,011
Restricted cash (included in “Other assets”)		9,483		10,291
Cash, cash equivalents and restricted cash	$	1,423,188	$	1,692,115

(E) Contingencies

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

(F) Investments

Investments in equity securities may be accounted for using (i) the fair value option, if elected, (ii) fair value through earnings if fair value is readily determinable or (iii) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. The election to use the measurement alternative is made for each eligible investment.

The Company has elected the fair value option to account for certain investments over which the Company has significant influence. The Company believes the fair value option best reflects the underlying economics of the investment. See Note 3, “Equity Method Investments.”

(G) Fair Value Measurements

The Company utilizes fair value measurement guidance prescribed by accounting standards to value its financial instruments. The guidance establishes a fair value hierarchy for financial instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. Fair value is defined as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a three-tier fair value hierarchy that distinguishes among the following:

•

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

•

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

•

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

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

The Company’s financial instruments include shares of common stock of Arbutus Biopharma Corporation (“Arbutus”); shares of common stock of Heracles Parent, L.L.C., the parent entity of Datavant, (as defined and discussed in Note 3, “Equity Method Investments”); liability instruments issued, including warrant and earn-out shares liabilities issued in connection with the Company’s business combination with MAAC (as discussed in Note 12, “Earn-Out Shares, Public Warrants and Private Placement Warrants”); its investments in other entities; cash and cash equivalents consisting of money market funds; accounts payable; and long-term debt.

The shares of Arbutus common stock and investments in common stock with a readily determinable fair value are classified as Level 1, and their fair value is determined based upon quoted market prices in an active market. The shares of common stock of Heracles Parent, L.L.C., the parent entity of Datavant (as defined and discussed in Note 3, “Equity Method Investments”) and liability instruments issued, excluding the Public Warrants (as defined and discussed in Note 12, “Earn-Out Shares, Public Warrants and Private Placement Warrants”), are classified as Level 3 within the fair value hierarchy as the assumptions and estimates used in the valuations are unobservable in the market. Prior to their settlement, the Public Warrants were publicly traded and therefore were classified as Level 1 as the Public Warrants had a readily determinable fair value. Cash and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. Money market funds are included in Level 1 of the fair value hierarchy and are valued at the closing price reported by an actively traded exchange. The carrying value of long-term debt issued by Dermavant Sciences Ltd. (together with its wholly owned subsidiaries, “Dermavant”), which is stated at amortized cost, approximates fair value based on current interest rates for similar types of borrowings and therefore is included in Level 2 of the fair value hierarchy. Long-term debt issued by Dermavant for which the fair value option has been elected is included in Level 3 of the fair value hierarchy as the assumptions and estimates used in the valuation are unobservable in the market.

(H) Significant Accounting Policies

There were no significant changes to the Company’s significant accounting policies from those disclosed in the Company’s Form 10-K for the year ended March 31, 2023.

(I) Recently Adopted Accounting Pronouncements

The Company did not adopt any material accounting pronouncements during the six months ended September 30, 2023.

(J) Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise disclosed above, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures.

Subsequent Events	6 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 15—Subsequent Events In October 2023, the Company’s subsidiary, Immunovant, completed an underwritten public offering of 8,475,500 shares of its common stock (including 1,526,316 shares of common stock purchased by the Company on the same terms as other investors in the offering and the full exercise of the underwriters’ option to purchase 1,105,500 additional shares of common stock) at a price to the public of $38.00 per share. Concurrent with the public offering, the Company purchased 4,473,684 shares of Immunovant’s common stock in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended, at the same price per share as investors in the public offering of $38.00 per share. The net proceeds to Immunovant were approximately $466.6 million after deducting underwriting discounts and commissions, placement agent fees and offering expenses. The Company’s participation in Immunovant’s October offering resulted in an equity ownership interest in Immunovant of approximately 55%, and the Company will continue to consolidate Immunovant. On October 22, 2023, the Company, the Company’s subsidiary Telavant Holdings, Inc. (“Telavant”), Pfizer Inc. (“Pfizer”) and Roche Holdings, Inc. (“Roche”) entered into a Stock Purchase Agreement (the “Purchase Agreement”), pursuant to which Roche agreed to acquire all of the issued and outstanding shares of capital stock of Telavant on the terms and subject to the conditions set forth in the Purchase Agreement (the “Roche Transaction”). Telavant holds the rights to RVT-3101, an anti-TL1A antibody in development for ulcerative colitis (“UC”) and Crohn’s disease. The Company owns 75% of the issued and outstanding shares of common stock and preferred stock of Telavant and Pfizer owns the remaining 25%, in each case on an as-converted basis. The total consideration to be paid by Roche is comprised of (i) $7.1 billion in cash at the closing of the Roche Transaction, subject to certain customary adjustments as set forth in the Purchase Agreement, and (ii) a one-time milestone payment of $150 million in cash payable upon the initiation of a Phase 3 trial in UC, as described in more detail in the Purchase Agreement, in each case to be paid to all of Telavant’s equity holders, including holders of restricted stock units, on a pro rata basis relative to their ownership of Telavant prior to the closing of the Roche Transaction. The Company expects to receive cash proceeds of approximately $5.2 billion upon closing of the Roche Transaction and is eligible to receive approximately $110 million for its portion of a one-time milestone payment upon Phase 3 initiation in UC. The Company is in the process of evaluating the accounting impact on the consolidated financial statements. The Roche Transaction is expected to close in the fourth quarter of calendar year 2023 or the first quarter of calendar year 2024. The closing of the Roche Transaction is subject to the satisfaction or waiver of certain customary closing conditions, including certain regulatory approvals. The Purchase Agreement contains customary representations, warranties and covenants related to the Roche Transaction. The Purchase Agreement also includes customary termination provisions and provides that, if the Roche Transaction has not been consummated by July 23, 2024, the parties may terminate the Purchase Agreement and abandon the Roche Transaction.

Net Loss per Common Share (Details) - shares

6 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Stock Options and Performance Stock Options [Member]

Net Loss per Common Share [Abstract]

Potentially dilutive securities (in shares)

148,753,920

154,836,057

Restricted Stock Units and Performance Stock Units (Non-vested) [Member]

Net Loss per Common Share [Abstract]

Potentially dilutive securities (in shares)

20,073,411

25,214,766

March 2020 CVARs [Member]

Net Loss per Common Share [Abstract]

Potentially dilutive securities (in shares)

^[1]

28,753,677

32,011,996

November 2021 CVARs (Non-vested) [Member]

Net Loss per Common Share [Abstract]

Potentially dilutive securities (in shares)

2,506,499

4,060,128

Restricted Common Stock (Non-vested) [Member]

Net Loss per Common Share [Abstract]

Potentially dilutive securities (in shares)

487,005

772,018

Earn-Out Shares (Non-vested) [Member]

Net Loss per Common Share [Abstract]

Potentially dilutive securities (in shares)

3,080,387

Private Placement Warrants [Member]

Net Loss per Common Share [Abstract]

Potentially dilutive securities (in shares)

10,214,365

Public Warrants [Member]

Net Loss per Common Share [Abstract]

Potentially dilutive securities (in shares)

20,475,875

Other Stock Based Awards and Instruments Issued [Member]

Net Loss per Common Share [Abstract]

Potentially dilutive securities (in shares)

5,611,820

6,209,162

[1]	Refer to Note 9, “Share-Based Compensation” for details regarding settlement of CVARs.

Certain Balance Sheet Components, Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Accrued Expenses [Abstract]
Research and development expenses	$ 72,554	$ 76,278
Compensation-related expenses	30,723	55,186
Sales allowances	18,944	17,569
Other expenses	30,702	18,096
Total accrued expenses	$ 152,923	$ 167,129

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based compensation			$ 98,578	$ 134,773
Research and Development Expense [Member]
Share-based compensation	$ 8,877	$ 7,417	16,830	19,660
Selling, General and Administrative Expense [Member]
Share-based compensation	$ 40,309	$ 54,479	$ 81,501	$ 115,030

Description of Business and Liquidity (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Segment	Sep. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)
Description of Business [Abstract]
Number of operating segment \| Segment					1
Number of reporting segment \| Segment					1
Liquidity [Abstract]
Cash and cash equivalents	$ 1,408,231				$ 1,408,231		$ 1,676,813
Accumulated deficit	(4,368,897)				(4,368,897)		$ (3,772,754)
Net loss	$ (331,118)	$ (327,845)	$ (315,921)	$ (353,784)	$ (658,963)	$ (669,705)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Certain Balance Sheet Components, Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Other Current Liabilities [Abstract]
Deferred revenue	$ 5,798	$ 12,444
Income tax payable	1,358	542
Other	1,443	2,090
Total other current liabilities	$ 8,599	$ 15,076

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Taxes [Abstract]
Effective tax rate	(1.10%)	(0.70%)	(0.80%)	(0.90%)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (658,963)	$ (669,705)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	98,578	134,773
Change in fair value of investments	53,413	79,225
Change in fair value of debt and liability instruments	76,045	27,672
Gain on deconsolidation of subsidiaries	(17,354)	(16,762)
Depreciation and amortization	11,426	7,753
Non-cash lease expense	3,316	4,194
Other	5,295	8,716
Changes in assets and liabilities, net of effects from acquisition and divestiture:
Other current assets	(26,279)	(30,219)
Accounts payable	10,142	6,774
Accrued expenses	(12,390)	1,447
Operating lease liabilities	(4,154)	(4,753)
Other	14,566	9,173
Net cash used in operating activities	(446,359)	(441,712)
Cash flows from investing activities:
Milestone payments	0	(140,136)
Purchase of property and equipment	(678)	(10,560)
Proceeds from sale of subsidiary interests	47,500	0
Cash decrease upon deconsolidation of subsidiaries	(83,679)	(3,615)
Other	511	0
Net cash used in investing activities	(36,346)	(154,311)
Cash flows from financing activities:
Proceeds from issuance of the Company's common shares, net of issuance costs paid	199,822	0
Proceeds from subsidiary debt financings, net of financing costs paid	0	159,899
Payment of subsidiary dividend	(6,000)	0
Repayment of debt by subsidiary	(14,471)	(14,685)
Payment of offering costs and loan origination costs	0	(2,250)
Payments on principal portion of finance lease obligations	(907)	0
Proceeds from exercise of the Company's and subsidiary stock options	42,142	0
Taxes paid related to net settlement of equity awards	(5,788)	(8,329)
Proceeds from issuance of the Company's common shares under employee stock purchase plan	587	0
Proceeds from exercise of the Company's warrants	5	0
Payment for redemptions of the Company's warrants	(41)	0
Net cash provided by financing activities	215,349	134,635
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(1,571)	0
Net change in cash, cash equivalents and restricted cash	(268,927)	(461,388)
Cash, cash equivalents and restricted cash at beginning of period	1,692,115	2,074,034
Cash, cash equivalents and restricted cash at end of period	1,423,188	1,612,646
Non-cash investing and financing activities:
Cashless exercise of the Company's warrants	83,258	0
Issuance of the Company's common shares and other consideration for an acquisition	0	9,694
Other	$ 33	$ 691

Fair Value Measurements, Fair Value of Significant Unobservable Inputs (Details) $ in Millions	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)
Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Non financial liabilities at fair value	$ 27.6	$ 15.2
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liability Instruments Measured at Fair Value
Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liability Instruments Measured at Fair Value
Volatility [Member] \| Datavant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investment in equity securities, measurement input	1	1
Volatility [Member] \| Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Earn-out share, measurement input	69.30%	79.90%
Volatility [Member] \| Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Private placement warrants, measurement input		0.505
Risk-free Rate [Member] \| Datavant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investment in equity securities, measurement input	0.0507	0.0402
Risk-free Rate [Member] \| Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Earn-out share, measurement input	4.80%	3.76%
Risk-free Rate [Member] \| Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Private placement warrants, measurement input		0.0376
Term (in years) [Member] \| Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Private placement warrants, term		3 years 6 months

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2023
Income Taxes [Abstract]
Income Taxes	Note 10—Income Taxes The Company’s effective tax rate for the three and six months ended September 30, 2023 was (1.1)% and (0.8)%, respectively, and the effective tax rate for the three and six months ended September 30, 2022 was (0.7)% and (0.9)%, respectively. The 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 its 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.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Revenue, net	$ 37,101	$ 12,533	$ 58,725	$ 16,852
Operating expenses:
Cost of revenues	3,266	3,641	7,480	5,367
Research and development (includes $8,877 and $7,417 of share-based compensation expense for the three months ended September 30, 2023 and 2022 and $16,830 and $19,660 for the six months ended September 30, 2023 and 2022, respectively)	131,984	131,995	257,117	267,825
Acquired in-process research and development	13,950	0	26,450	0
Selling, general and administrative (includes $40,309 and $54,479 of share-based compensation expense for the three months ended September 30, 2023 and 2022 and $81,501 and $115,030 for the six months ended September 30, 2023 and 2022, respectively)	164,355	157,663	320,545	306,735
Total operating expenses	313,555	293,299	611,592	579,927
Loss from operations	(276,454)	(280,766)	(552,867)	(563,075)
Change in fair value of investments	45,849	54,678	53,413	79,225
Change in fair value of debt and liability instruments	21,533	(13,541)	76,045	27,672
Gain on deconsolidation of subsidiaries	(17,354)	(16,762)	(17,354)	(16,762)
Interest income	(14,299)	(5,670)	(31,014)	(7,651)
Interest expense	9,247	8,335	18,159	10,947
Other expense, net	5,931	5,950	1,338	7,035
Loss before income taxes	(327,361)	(313,756)	(653,454)	(663,541)
Income tax expense	3,757	2,165	5,509	6,164
Net loss	(331,118)	(315,921)	(658,963)	(669,705)
Net loss attributable to noncontrolling interests	(26,791)	(24,331)	(62,820)	(46,306)
Net loss attributable to Roivant Sciences Ltd.	$ (304,327)	$ (291,590)	$ (596,143)	$ (623,399)
Net loss per common share - basic (in dollars per share)	$ (0.4)	$ (0.42)	$ (0.78)	$ (0.89)
Net loss per common share - diluted (in dollars per share)	$ (0.4)	$ (0.42)	$ (0.78)	$ (0.89)
Weighted average shares outstanding - basic (in dollars per share)	770,227,849	699,888,061	764,780,630	697,894,414
Weighted average shares outstanding - diluted (in dollars per share)	770,227,849	699,888,061	764,780,630	697,894,414
Product Revenue, Net [Member]
Revenues:
Revenue, net	$ 18,424	$ 4,969	$ 35,083	$ 5,110
License, Milestone and Other Revenue [Member]
Revenues:
Revenue, net	$ 18,677	$ 7,564	$ 23,642	$ 11,742

Equity Method Investments, Investment in Datavant (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Investments [Abstract]
Aggregate fair value investment	$ 250,393		$ 250,393		$ 304,317
Datavant Merger [Member]
Investments [Abstract]
Equity method investment ownership percentage	17.00%		17.00%
Aggregate fair value investment	$ 164,300		$ 164,300		$ 178,600
Unrealized gain (losses) on investments	$ (35,100)	$ (21,900)	$ (14,300)	$ (28,900)

Certain Balance Sheet Components

6 Months Ended

Sep. 30, 2023

Certain Balance Sheet Components [Abstract]

Certain Balance Sheet Components

Note 6—Certain Balance Sheet Components

(A) Other Current Assets

Other current assets at September 30, 2023 and March 31, 2023 consisted of the following (in thousands):

	September 30, 2023		March 31, 2023

Prepaid expenses	$	60,718	$	60,827
Trade receivables, net		52,118		30,379
Restricted cash		5,474		5,011
Inventory		4,905		2,761
Income tax receivable		2,506		2,356
Other		17,675		20,440
Total other current assets	$	143,396	$	121,774

(B) Accrued Expenses

Accrued expenses at September 30, 2023 and March 31, 2023 consisted of the following (in thousands):

	September 30, 2023		March 31, 2023

Research and development expenses	$	72,554	$	76,278
Compensation-related expenses		30,723		55,186
Sales allowances		18,944		17,569
Other expenses		30,702		18,096
Total accrued expenses	$	152,923	$	167,129

Other current liabilities at September 30, 2023 and March 31, 2023 consisted of the following (in thousands):

	September 30, 2023		March 31, 2023

Deferred revenue	$	5,798	$	12,444
Income tax payable		1,358		542
Other		1,443		2,090
Total other current liabilities	$	8,599	$	15,076

Share-Based Compensation

6 Months Ended

Sep. 30, 2023

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 9—Share-Based Compensation

(A) RSL Equity Incentive Plans

RSL has three equity incentive plans: the Roivant Sciences Ltd. 2021 Equity Incentive Plan (the “RSL 2021 EIP”), the Roivant Sciences Ltd. Amended and Restated 2015 Equity Incentive Plan, and the Roivant Sciences Ltd. Amended and Restated 2015 Restricted Stock Unit Plan (collectively, the “RSL Equity Plans”). The RSL 2021 EIP was approved and adopted in connection with the Business Combination and became effective immediately prior to closing. At September 30, 2023, a total of 41,722,310 common shares were available for future grants under the RSL 2021 EIP.

Stock Options and Performance Stock Options

Activity for stock options and performance stock options under the RSL Equity Plans for the six months ended September 30, 2023 was as follows:

	Number of Options
Options outstanding at March 31, 2023		154,271,791
Granted		4,497,911
Exercised		(9,411,537	)
Forfeited/Canceled		(604,245	)
Options outstanding at September 30, 2023		148,753,920
Options exercisable at September 30, 2023		86,575,431

Restricted Stock Units and Performance Stock Units

Activity for restricted stock units and performance stock units under the RSL Equity Plans for the six months ended September 30, 2023 was as follows:

	Number of Shares
Non-vested balance at March 31, 2023		20,700,788
Granted		4,123,913
Vested		(4,023,340	)
Forfeited		(727,950	)
Non-vested balance at September 30, 2023		20,073,411

Capped Value Appreciation Rights

March 2020 CVAR Grants

As of September 30, 2023, there were 591,887 non-service-vested capped value appreciation rights (“CVARs”) and 28,161,790 service-vested CVARs relating to the March 2020 grants. During the six months ended September 30, 2023, 3,247,903 service-vested CVARs subject to the knock-in condition satisfied both the applicable hurdle price and the knock-in condition on the applicable measurement date, and as a result, 1,059,907 common shares were issued upon their settlement.

November 2021 CVAR Grants

Activity for CVARs under the RSL 2021 EIP for the six months ended September 30, 2023 was as follows:

	Number of CVARs
Non-vested balance at March 31, 2023		3,222,645
Vested		(628,971	)
Forfeited		(87,175	)
Non-vested balance at September 30, 2023		2,506,499

During the six months ended September 30, 2023, 628,971 common shares were issued upon their settlement.

(B) Subsidiary Equity Incentive Plans

Certain subsidiaries of RSL adopt their own equity incentive plan (“EIP”). Each EIP is generally structured so that the applicable subsidiary, and its affiliates’ employees, directors, officers and consultants are eligible to receive non-qualified and incentive stock options, stock appreciation rights, restricted share awards, restricted stock unit awards, and other share awards under their respective EIP. The Company recorded share-based compensation expense of $14.9 million and $29.8 million for the three and six months ended September 30, 2023, respectively, and $12.6 million and $24.1 million for the three and six months ended September 30, 2022, respectively, related to subsidiary EIPs.

Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets and Liabilities are Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2023 and March 31, 2023, by level, within the fair value hierarchy (in thousands):

	As of September 30, 2023								As of March 31, 2023
	Level 1		Level 2		Level 3		Balance as of September 30, 2023		Level 1		Level 2		Level 3		Balance as of March 31, 2023
Assets:
Money market funds	$	995,030	$	—	$	—	$	995,030	$	1,496,726	$	—	$	—	$	1,496,726
Investment in Datavant Class A units		—		—		164,325		164,325		—		—		178,579		178,579
Investment in Arbutus common shares		78,860		—		—		78,860		117,708		—		—		117,708
Other investments		7,208		—		—		7,208		8,030		—		—		8,030
Total assets at fair value	$	1,081,098	$	—	$	164,325	$	1,245,423	$	1,622,464	$	—	$	178,579	$	1,801,043
Liabilities:
Debt issued by Dermavant to NovaQuest	$	—	$	—	$	217,031	$	217,031	$	—	$	—	$	207,640	$	207,640
Liability instruments measured at fair value⁽¹⁾		—		—		31,114		31,114		29,895		—		33,651		63,546
Total liabilities at fair value	$	—	$	—	$	248,145	$	248,145	$	29,895	$	—	$	241,291	$	271,186

⁽¹⁾

At September 30, 2023, Level 3 includes the fair value of the Earn-Out Shares of $27.6 million and other liability instruments issued of $3.5 million. At March 31, 2023, Level 1 includes the fair value of the Public Warrants of $29.9 million, and Level 3 includes the fair value of the Earn-Out Shares of $15.2 million, Private Placement Warrants of $15.2 million, and other liability instruments issued of $3.3 million.

Changes in Fair Value of the Level 3 Assets

The changes in fair value of the Level 3 assets during the six months ended September 30, 2023 and 2022 were as follows (in thousands):

Balance at March 31, 2022	$	193,963
Changes in fair value of investment in Datavant, included in net loss		(28,942	)
Balance at September 30, 2022	$	165,021

Balance at March 31, 2023	$	178,579
Changes in fair value of investment in Datavant, included in net loss		(14,254	)
Balance at September 30, 2023	$	164,325

Changes in Fair Value of the Level 3 Liabilities

The changes in fair value of the Level 3 liabilities during the six months ended September 30, 2023 and 2022 were as follows (in thousands):

Balance at March 31, 2022	$	204,293
Payments related to long-term debt		(14,687	)
Changes in fair value of debt and liability instruments, included in net loss		37,705
Balance at September 30, 2022	$	227,311

Balance at March 31, 2023	$	241,291
Payments related to long-term debt		(14,687	)
Exercise of Private Placement Warrants		(28,090	)
Changes in fair value of debt and liability instruments, included in net loss		49,631
Balance at September 30, 2023	$	248,145

Private Placement Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Calculation Using Significant Unobservable Inputs

Significant unobservable inputs used to calculate the fair value of the Private Placement Warrants included the following:

	Point Estimate Used
Input	As of March 31, 2023
Volatility		50.5%
Risk-free rate		3.76%
Term (in years)		3.50

Earn-Out Shares [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Calculation Using Significant Unobservable Inputs

Significant unobservable inputs used to calculate the fair value of the Earn-Out Shares included the following:

	Point Estimate Used
Input	As of September 30, 2023		As of March 31, 2023
Volatility		69.3%		79.9%
Risk-free rate		4.80%		3.76%

Datavant [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Calculation Using Significant Unobservable Inputs

The fair value was calculated using significant unobservable inputs including the following:

	Point Estimate Used
Input	As of September 30, 2023		As of March 31, 2023
Volatility		100.0%		100.0%
Risk-free rate		5.07%		4.02%

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Cash, Cash Equivalents, and Restricted Cash

	September 30, 2023		March 31, 2023
Cash and cash equivalents	$	1,408,231	$	1,676,813
Restricted cash (included in “Other current assets”)		5,474		5,011
Restricted cash (included in “Other assets”)		9,483		10,291
Cash, cash equivalents and restricted cash	$	1,423,188	$	1,692,115

Fair Value Measurements, Changes in Fair Value of the Level 3 Assets (Details) - Level 3 [Member] - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 178,579	$ 193,963
Changes in fair value of investment in Datavant, included in net loss	$ (14,254)	$ (28,942)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Fair Value of Debt and Liability Instruments	Gain (Loss) on Fair Value of Debt and Liability Instruments
Ending Balance	$ 164,325	$ 165,021

Long-Term Debt, Revenue Interest Purchase and Sale Agreement (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2022	May 31, 2021	Sep. 30, 2023	Mar. 31, 2023
Carrying Balance [Abstract]
Total debt, net			$ 389,445	$ 375,515
Less: current portion			(48,998)	(40,720)
Dermavant [Member] \| Revenue Interest Purchase and Sale Agreement with XYQ Luxco, NovaQuest [Member]
Revenue Interest Purchase and Sale Agreement [Abstract]
Face amount		$ 160,000
Royalties entitled to receive		$ 344,000
Committed funding under revenue interest purchase and sale agreement received	$ 160,000
Carrying Balance [Abstract]
Carrying balance			189,714	178,571
Less: unamortized issuance costs			(4,397)	(4,806)
Total debt, net			185,317	173,765
Less: current portion			(20,878)	(13,780)
Total long-term debt, net			$ 164,439	$ 159,985

Recent Transactions (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
Recent Transactions (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Jul. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Deconsolidation of Subsidiaries [Abstract]
Gain on deconsolidation of subsidiaries			$ 17,354	$ 16,762	$ 17,354	$ 16,762
Retained investment			250,393		250,393		$ 304,317
Newly-Formed Subsidiary [Member]
Asset Acquisition [Abstract]
Upfront cash payment		$ 14,000
Acquired in process research and development expense			14,000		14,000
Newly-Formed Subsidiary [Member] \| Maximum [Member]
Asset Acquisition [Abstract]
Milestone payment payable		280,000
SK Biopharmaceuticals Co Ltd [Member] \| Proteovant [Member]
Deconsolidation of Subsidiaries [Abstract]
Purchase of equity	$ 47,500
VantAI Preferred Financing [Member]
Deconsolidation of Subsidiaries [Abstract]
Gain on deconsolidation of subsidiaries			$ 17,400		$ 17,400
Retained investment		9,000
VantAI Preferred Financing [Member] \| SK, Inc. [Member]
Deconsolidation of Subsidiaries [Abstract]
Contributions from issuance of shares		$ 6,000

Fair Value Measurements, Assets and Liabilities are Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands

Sep. 30, 2023

Mar. 31, 2023

Assets: [Abstract]

Investment

$ 250,393

$ 304,317

Earn-Out Shares [Member]

Recurring Fair Value Measurements [Abstract]

Non financial liabilities at fair value

27,600

15,200

Arbutus Biopharma Corporation [Member]

Assets: [Abstract]

Investment

78,900

117,700

Level 1 [Member] | Warrant [Member] | Public Warrants [Member]

Recurring Fair Value Measurements [Abstract]

Financial liabilities at fair value

29,900

Level 3 [Member] | Earn-Out Shares [Member]

Recurring Fair Value Measurements [Abstract]

Non financial liabilities at fair value

27,600

15,200

Level 3 [Member] | Warrant [Member] | Private Placement Warrants [Member]

Recurring Fair Value Measurements [Abstract]

Financial liabilities at fair value

15,200

Level 3 [Member] | Other Liability Instruments Measured At Fair Value Measurement [Member]

Recurring Fair Value Measurements [Abstract]

Other Liability instruments measured at fair value measurement

3,500

3,300

Recurring [Member]

Assets: [Abstract]

Total assets at fair value

1,245,423

1,801,043

Liabilities: [Abstract]

Debt issued by Dermavant to NovaQuest

217,031

207,640

Liability instruments measured at fair value

^[1]

31,114

63,546

Total liabilities at fair value

248,145

271,186

Recurring [Member] | Money Market Funds [Member]

Assets: [Abstract]

Money market funds

995,030

1,496,726

Recurring [Member] | Common Shares [Member] | Datavant [Member]

Assets: [Abstract]

Investment

164,325

178,579

Recurring [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]

Assets: [Abstract]

Investment

78,860

117,708

Recurring [Member] | Other Investments [Member]

Assets: [Abstract]

Investment

7,208

8,030

Recurring [Member] | Level 1 [Member]

Assets: [Abstract]

Total assets at fair value

1,081,098

1,622,464

Liabilities: [Abstract]

Debt issued by Dermavant to NovaQuest

Liability instruments measured at fair value

^[1]

29,895

Total liabilities at fair value

29,895

Recurring [Member] | Level 1 [Member] | Money Market Funds [Member]

Assets: [Abstract]

Money market funds

995,030

1,496,726

Recurring [Member] | Level 1 [Member] | Common Shares [Member] | Datavant [Member]

Assets: [Abstract]

Investment

Recurring [Member] | Level 1 [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]

Assets: [Abstract]

Investment

78,860

117,708

Recurring [Member] | Level 1 [Member] | Other Investments [Member]

Assets: [Abstract]

Investment

7,208

8,030

Recurring [Member] | Level 2 [Member]

Assets: [Abstract]

Total assets at fair value

Liabilities: [Abstract]

Debt issued by Dermavant to NovaQuest

Liability instruments measured at fair value

^[1]

Total liabilities at fair value

Recurring [Member] | Level 2 [Member] | Money Market Funds [Member]

Assets: [Abstract]

Money market funds

Recurring [Member] | Level 2 [Member] | Common Shares [Member] | Datavant [Member]

Assets: [Abstract]

Investment

Recurring [Member] | Level 2 [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]

Assets: [Abstract]

Investment

Recurring [Member] | Level 2 [Member] | Other Investments [Member]

Assets: [Abstract]

Investment

Recurring [Member] | Level 3 [Member]

Assets: [Abstract]

Total assets at fair value

164,325

178,579

Liabilities: [Abstract]

Debt issued by Dermavant to NovaQuest

217,031

207,640

Liability instruments measured at fair value

^[1]

31,114

33,651

Total liabilities at fair value

248,145

241,291

Recurring [Member] | Level 3 [Member] | Money Market Funds [Member]

Assets: [Abstract]

Money market funds

Recurring [Member] | Level 3 [Member] | Common Shares [Member] | Datavant [Member]

Assets: [Abstract]

Investment

164,325

178,579

Recurring [Member] | Level 3 [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]

Assets: [Abstract]

Investment

Recurring [Member] | Level 3 [Member] | Other Investments [Member]

Assets: [Abstract]

Investment

$ 0

[1]

Intangible Assets (Tables)

6 Months Ended

Sep. 30, 2023

Intangible Assets [Abstract]

Recognized Intangible Assets

The following table summarizes the Company’s recognized intangible assets:

	Remaining Weighted Average Estimated Useful Lives (in years)	September 30, 2023 (in thousands)
Gross amount	15.0	$	153,052
Less: accumulated amortization			(12,431	)
Net book value		$	140,621

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2023 USD ($)
GSK [Member]
Commitments [Abstract]
Purchase certain quantities of inventory over period	5 years
Minimum purchase commitment related to agreement	$ 42.6
Samsung [Member]
Commitments [Abstract]
Minimum purchase commitment related to agreement	$ 18.7
Palantirs [Member]
Commitments [Abstract]
Proprietary software subscription period	5 years
Remaining minimum payments	$ 19.1

Share-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2023

Share-Based Compensation [Abstract]

Activity for Stock Options and Performance Stock Options

Activity for stock options and performance stock options under the RSL Equity Plans for the six months ended September 30, 2023 was as follows:

	Number of Options
Options outstanding at March 31, 2023		154,271,791
Granted		4,497,911
Exercised		(9,411,537	)
Forfeited/Canceled		(604,245	)
Options outstanding at September 30, 2023		148,753,920
Options exercisable at September 30, 2023		86,575,431

Activity for Restricted Stock Units and Performance Stock Units

Activity for restricted stock units and performance stock units under the RSL Equity Plans for the six months ended September 30, 2023 was as follows:

	Number of Shares
Non-vested balance at March 31, 2023		20,700,788
Granted		4,123,913
Vested		(4,023,340	)
Forfeited		(727,950	)
Non-vested balance at September 30, 2023		20,073,411

Activity for Capped Value Appreciation Rights

Activity for CVARs under the RSL 2021 EIP for the six months ended September 30, 2023 was as follows:

	Number of CVARs
Non-vested balance at March 31, 2023		3,222,645
Vested		(628,971	)
Forfeited		(87,175	)
Non-vested balance at September 30, 2023		2,506,499

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Cash and cash equivalents	$ 1,408,231	$ 1,676,813
Restricted cash (included in "Other current assets")	5,474	5,011
Restricted cash (included in "Other assets")	9,483	10,291
Cash, cash equivalents and restricted cash	$ 1,423,188	$ 1,692,115	$ 1,612,646	$ 2,074,034

Certain Balance Sheet Components (Tables)

6 Months Ended

Sep. 30, 2023

Certain Balance Sheet Components [Abstract]

Other Current Assets

Other current assets at September 30, 2023 and March 31, 2023 consisted of the following (in thousands):

	September 30, 2023		March 31, 2023

Prepaid expenses	$	60,718	$	60,827
Trade receivables, net		52,118		30,379
Restricted cash		5,474		5,011
Inventory		4,905		2,761
Income tax receivable		2,506		2,356
Other		17,675		20,440
Total other current assets	$	143,396	$	121,774

Accrued Expenses

Accrued expenses at September 30, 2023 and March 31, 2023 consisted of the following (in thousands):

	September 30, 2023		March 31, 2023

Research and development expenses	$	72,554	$	76,278
Compensation-related expenses		30,723		55,186
Sales allowances		18,944		17,569
Other expenses		30,702		18,096
Total accrued expenses	$	152,923	$	167,129

Other Current Liabilities

Other current liabilities at September 30, 2023 and March 31, 2023 consisted of the following (in thousands):

	September 30, 2023		March 31, 2023

Deferred revenue	$	5,798	$	12,444
Income tax payable		1,358		542
Other		1,443		2,090
Total other current liabilities	$	8,599	$	15,076

Net Loss per Common Share

6 Months Ended

Sep. 30, 2023

Net Loss per Common Share [Abstract]

Net Loss per Common Share

Note 14—Net Loss per Common Share

Basic net loss per common share is computed by dividing net loss attributable to Roivant Sciences Ltd. by the weighted-average number of common stock outstanding during the period. Diluted net loss per common share is computed by dividing the net loss attributable to Roivant Sciences Ltd. by the diluted weighted-average number of common stock outstanding during the period.

For periods of loss, diluted loss per share is calculated similar to basic loss per share as the effect of including all potentially dilutive common stock equivalents is anti-dilutive. All outstanding common stock equivalents have been excluded from the computation of diluted loss per share because their effect was anti-dilutive due to the net loss.

As of September 30, 2023 and 2022, potentially dilutive securities were as follows:

	September 30, 2023		September 30, 2022
Stock options and performance stock options		148,753,920		154,836,057
Restricted stock units and performance stock units (non-vested)		20,073,411		25,214,766
March 2020 CVARs⁽¹⁾		28,753,677		32,011,996
November 2021 CVARs (non-vested)		2,506,499		4,060,128
Restricted common stock (non-vested)		487,005		772,018
Earn-Out Shares (non-vested)		3,080,387		3,080,387
Private Placement Warrants		—		10,214,365
Public Warrants		—		20,475,875
Other stock based awards and instruments issued		5,611,820		6,209,162

⁽¹⁾	Refer to Note 9, “Share-Based Compensation” for details regarding settlement of CVARs.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

The Company’s fiscal year ends on March 31, and its fiscal quarters end on June 30, September 30, and December 31.

Principles of Consolidation

Use of Estimates

(B) Use of Estimates

Concentrations

The Company has long-lived assets in different geographic locations. As of September 30, 2023 and March 31, 2023, a majority of the Company’s long-lived assets were located in the United States.

Cash, Cash Equivalents, and Restricted Cash

(D) Cash, Cash Equivalents, and Restricted Cash

	September 30, 2023		March 31, 2023
Cash and cash equivalents	$	1,408,231	$	1,676,813
Restricted cash (included in “Other current assets”)		5,474		5,011
Restricted cash (included in “Other assets”)		9,483		10,291
Cash, cash equivalents and restricted cash	$	1,423,188	$	1,692,115

Contingencies

(E) Contingencies

Investments

(F) Investments

Fair Value Measurements

(G) Fair Value Measurements

•

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

•

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

Significant Accounting Policies /Recently Adopted/ Issued Accounting Pronouncements

(H) Significant Accounting Policies

There were no significant changes to the Company’s significant accounting policies from those disclosed in the Company’s Form 10-K for the year ended March 31, 2023.

(I) Recently Adopted Accounting Pronouncements

The Company did not adopt any material accounting pronouncements during the six months ended September 30, 2023.

(J) Recently Issued Accounting Pronouncements

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements of Comprehensive Loss [Abstract]
Net loss	$ (331,118)	$ (315,921)	$ (658,963)	$ (669,705)
Other comprehensive income (loss):
Foreign currency translation adjustment	3,602	3,752	(546)	9,519
Total other comprehensive income (loss)	3,602	3,752	(546)	9,519
Comprehensive loss	(327,516)	(312,169)	(659,509)	(660,186)
Comprehensive loss attributable to noncontrolling interests	(26,727)	(24,648)	(62,911)	(46,822)
Comprehensive loss attributable to Roivant Sciences Ltd.	$ (300,789)	$ (287,521)	$ (596,598)	$ (613,364)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Current liabilities:
Current portion of long-term debt accounted for under fair value option	$ 28,120	$ 26,940
Long term debt accounted under fair value option	$ 188,911	$ 180,700
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0.0000000341740141	$ 0.0000000341740141
Common stock, shares authorized (in shares)	7,000,000,000	7,000,000,000
Common stock, shares issued (in shares)	800,792,365	760,143,393
Common stock, shares outstanding (in shares)	800,792,365	760,143,393

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 11—Commitments and Contingencies (A) Commitments In conjunction with Dermavant’s entry into the GSK Agreement in 2018, Dermavant entered into a clinical supply agreement pursuant to which GSK would provide a supply of tapinarof and clinical product at an agreed upon price during the Company’s clinical trials. In April 2019, Dermavant entered into a commercial supply agreement with GSK to continue to provide certain quantities of tapinarof and commercial product at agreed upon minimum quantities and price. The commercial supply agreement commenced in April 2022 upon completion of certain quality and regulatory conditions. In July 2022, Dermavant and GSK amended the terms of the clinical supply and commercial supply agreements which released GSK of certain commitments to supply tapinarof and released Dermavant of certain commitments to purchase tapinarof in exchange for a supplementary fee. Other supply and purchase commitments under the agreements remain in effect. In addition, Dermavant and Thermo Fisher Scientific (“TFS”) entered into a Commercial Manufacturing and Supply Agreement for which TFS agreed to provide a supply of tapinarof to Dermavant at an agreed upon price. The agreements discussed above require Dermavant to purchase certain quantities of inventory over a period of five years. As of September 30, 2023, the minimum purchase commitment related to these agreements is estimated to be approximately $42.6 million. In November 2021, the Company’s subsidiary, Immunovant, Inc. (“Immunovant”), entered into a Product Service Agreement with Samsung Biologics Co., Ltd. (“Samsung”) by which Samsung will manufacture and supply Immunovant with batoclimab drug substance for commercial sale and perform other manufacturing-related services with respect to batoclimab. As of September 30, 2023, the minimum purchase commitment related to this agreement is estimated to be approximately $18.7 million. In May 2021, the Company entered into a master subscription agreement with Palantir Technologies Inc. (“Palantir”) for access to Palantir’s proprietary software for a five-year period. As of September 30, 2023, the remaining minimum payments for this software subscription are $19.1 million. The Company, primarily through its subsidiaries, has entered into commitments under various asset acquisition and license agreements. Additionally, the Company through its subsidiaries enters into agreements with contract service providers to assist in the performance of its R&D activities. Expenditures to contract research organizations and contract manufacturing organizations represent significant costs in the clinical development of its product candidates. Subject to required notice periods and certain 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, manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of capital resources. The Company also has commitments relating to its long-term debt and leases. Refer to Note 7, “Long-Term Debt” for further information. There have been no material changes to the commitments relating to the Company’s leases during the six months ended September 30, 2023 outside the ordinary course of business. For further information regarding the Company’s lease commitments, refer to Note 15, “Leases” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023. (B) Loss 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 loss can be reasonably estimated, and if the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the litigation or claim, including an estimable range, if possible. Immunovant Securities Litigation In February 2021, a putative securities class action complaint was filed against Immunovant and certain of its current and former officers in the U.S. District Court for the Eastern District of New York on behalf of a class consisting of those who acquired Immunovant’s securities from October 2, 2019 and February 1, 2021. The complaint alleged that Immunovant and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, by making false and misleading statements regarding the safety of batoclimab and sought unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including reasonable attorneys’ fees. In December 2021, the U.S. District Court appointed a lead plaintiff. In March 2022, the lead plaintiff filed an amended complaint adding both (i) the Company and (ii) Immunovant’s directors and underwriters as defendants, and asserting additional claims under Section 11, 12(a)(2), and 15 of the Securities Act of 1933, as amended, on behalf of a putative class consisting of those who purchased or otherwise acquired Immunovant’s securities pursuant and/or traceable to Immunovant’s follow-on public offering on or about September 2, 2020. In February 2023, after further briefing on the amended complaint the U.S. District Court issued an order permitting the lead plaintiff to file a second amended complaint. That second amended complaint was filed in March 2023. The defendants’ served motions to dismiss the second amended complaint on April 28, 2023. The fully briefed motions to dismiss, including defendants’ opening briefs, lead plaintiff’s opposition and defendants’ replies, were filed with the court on June 30, 2023. No hearing date has yet been set. The Company intends to continue to vigorously defend the case and has not recorded a liability related to this lawsuit because, at this time, the Company is unable to reasonably estimate possible losses or determine whether an unfavorable outcome is either probable or remote. Acuitas Declaratory Judgment Action In March 2022, Acuitas Therapeutics Inc. (“Acuitas”) filed a lawsuit in the U.S. District Court for the Southern District of New York (“SDNY”) against two of the Company’s affiliates, Genevant and Arbutus, seeking a declaratory judgment that certain patents held by Arbutus and licensed by Genevant are not infringed by the manufacture, use, offer for sale, sale or importation into the United States of COMIRNATY, Pfizer’s and BioNTech’s vaccine for COVID-19 and are otherwise invalid. On September 6, 2022, Acuitas filed a First Amended Complaint. In response, on October 4, 2022, Genevant and Arbutus filed a motion to dismiss the first amended complaint for lack of a controversy and supporting brief. Briefing on this motion was completed in mid-November. On August 4, 2023, Acuitas voluntarily dismissed the action in the SDNY and re-filed a complaint in the U.S. District Court for the District of New Jersey. On October 13, 2023, Genevant and Arbutus filed a motion to dismiss the re-filed complaint. Each of Genevant and Arbutus intends to continue to vigorously defend the case. (C) Indemnification Agreements The Company is a party to a number of agreements entered into in the ordinary course of business that contain typical provisions that obligate the Company to indemnify the other parties to such agreements upon the occurrence of certain events. The aggregate maximum potential future liability of the Company under such indemnification provisions is uncertain. The Company also indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits. The maximum amount of potential future indemnification is unlimited; however, the Company currently maintains director and officer liability insurance, which may cover certain liabilities arising from the Company’s obligation to indemnify its directors and officers. To date, the Company has not incurred any material costs related to these indemnification obligations and has not accrued any liabilities related to such obligations in the condensed consolidated financial statements as of September 30, 2023 and March 31, 2023.

Long-Term Debt

6 Months Ended

Sep. 30, 2023

Long-Term Debt [Abstract]

Long-Term Debt

Note 7—Long-Term Debt

Dermavant

Funding Agreement with NovaQuest

In connection with Dermavant’s acquisition of tapinarof from GSK pursuant to an asset purchase agreement (the “GSK Agreement”), Dermavant and NovaQuest Co-Investment Fund VIII, L.P. (“NovaQuest”) entered into a funding agreement (the “NovaQuest Agreement”). Pursuant to the NovaQuest Agreement, Dermavant borrowed $100.0 million in August 2018 and $17.5 million in October 2018.

In exchange for the $117.5 million in total funding from NovaQuest, Dermavant agreed to make fixed payments to NovaQuest under the NovaQuest Agreement upon regulatory approval of tapinarof. For each of the atopic dermatitis and psoriasis indications, Dermavant is required to make quarterly payments to NovaQuest totaling $176.3 million per indication over a six-year period following regulatory approval of tapinarof for the applicable indication in the United States. In the event that Dermavant receives regulatory approval for one indication, and Dermavant terminates the development of the other indication for any reason other than a Technical Failure (as defined below), then Dermavant will be required to make the above-referenced quarterly payments to NovaQuest up to $440.6 million over a 15-year period for the approved indication, which are referred to as 15-year Payments. A Technical Failure is deemed to occur for an indication if the development program for such indication is terminated due to (1) significant safety concerns, (2) material adverse developments or (3) the receipt by Dermavant of a complete response letter or a final non-approval letter from the FDA is expected to result in significant delay in or cost to reach commercialization for the applicable indication. In addition, Dermavant is required to make up to $141.0 million in payments to NovaQuest upon achievement of certain commercial milestones. In the event that Dermavant is required to start making 15-year Payments, then Dermavant has the right to offset such amounts by up to $88.1 million of the commercial milestone payments, with such offset being applied to the quarterly payments in reverse chronological order (such that the final quarterly payments owed will be used first to offset the commercial milestone payments). The NovaQuest Agreement does not contain any royalty payment requirements on commercialization of tapinarof. Upon receiving FDA approval for the psoriasis indication, Dermavant made its first quarterly payment of $7.3 million under the NovaQuest Agreement in May 2022 and has made cumulative quarterly payments totaling $44.1 million as of September 30, 2023.

At issuance, the Company concluded that certain features of the long-term debt would be considered derivatives that would require bifurcation. In lieu of bifurcating various features in the agreement, the Company has elected the fair value option for this financial instrument and records the changes in the fair value within the statements of operations at the end of each reporting period. Direct costs and fees related to the debt issued under the NovaQuest Agreement were recognized in earnings. As of September 30, 2023 and March 31, 2023, the fair value of the debt was $217.0 million and $207.6 million, respectively. Refer to Note 13, “Fair Value Measurements” for additional details regarding the fair value measurement.

The carrying balance of the debt issued to NovaQuest was as follows (in thousands):

	September 30, 2023			March 31, 2023
Fair value of long-term debt	$	217,031		$	207,640
Less: current portion		(28,120	)		(26,940	)
Total long-term debt, net	$	188,911		$	180,700

Credit Facility with XYQ Luxco

In May 2021, Dermavant and certain of its subsidiaries entered into a $40.0 million senior secured credit facility (the “Credit Facility”) with XYQ Luxco S.A.R.L (“XYQ Luxco”), as lender, and U.S. Bank National Association, as collateral agent. The Credit Facility has a five-year maturity and bears an interest rate of 10.0% per annum. Interest is payable quarterly in arrears on the last day of each calendar quarter through the maturity date. A lump sum principal payment is due on the maturity date. Dermavant is also obligated to pay an exit fee of $5.0 million. The exit fee can be reduced to $4.0 million upon achievement of certain equity milestones defined in the agreement, which are not deemed likely as of September 30, 2023. In connection with the funding of the Credit Facility, Dermavant issued a warrant to XYQ Luxco to purchase 1,199,072 common shares of Dermavant at an exercise price of $0.01 per common share.

Outstanding debt obligations to XYQ Luxco were as follows (in thousands):

	September 30, 2023			March 31, 2023
Principal amount	$	40,000		$	40,000
Exit fee		5,000			5,000
Less: unamortized discount and debt issuance costs		(8,905	)		(10,170	)
Total debt, net		36,095			34,830
Less: current portion		—			—
Total long-term debt, net	$	36,095		$	34,830

Revenue Interest Purchase and Sale Agreement

In May 2021, Dermavant, as seller, entered into a $160.0 million revenue interest purchase and sale agreement (the “RIPSA”) for its investigational product tapinarof with XYQ Luxco, NovaQuest Co-Investment Fund XVII, L.P., an affiliate of NovaQuest Capital Management, LLC, and MAM Tapir Lender, LLC, an affiliate of Marathon Asset Management, L.P., together with U.S. Bank National Association, as collateral agent. Under the terms of the RIPSA, Dermavant is obligated to pay royalties based on a capped single-digit revenue interest in net sales of tapinarof for all dermatological indications in the United States, up to a cap of $344.0 million, in exchange for the $160.0 million in committed funding, which was paid to Dermavant in June 2022 following the approval of tapinarof by the FDA.

The transaction is accounted for as debt. Over the term of the arrangement, the effective interest rate will be updated prospectively each reporting period based on the carrying amount of the note, payments made to date, and the estimated remaining cash flows related to the note.

The RIPSA carrying balance was as follows (in thousands):

	September 30, 2023			March 31, 2023
Carrying balance	$	189,714		$	178,571
Less: unamortized issuance costs		(4,397	)		(4,806	)
Total debt, net		185,317			173,765
Less: current portion		(20,878	)		(13,780	)
Total long-term debt, net	$	164,439		$	159,985

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,408,231	$ 1,676,813
Other current assets	143,396	121,774
Total current assets	1,551,627	1,798,587
Property and equipment, net	24,477	39,086
Operating lease right-of-use assets	48,629	53,251
Investments measured at fair value	250,393	304,317
Intangible assets, net	140,621	144,881
Other assets	49,796	49,482
Total assets	2,065,543	2,389,604
Current liabilities:
Accounts payable	44,123	37,830
Accrued expenses	152,923	167,129
Operating lease liabilities	10,903	11,693
Current portion of long-term debt (includes $28,120 and $26,940 accounted for under the fair value option at September 30, 2023 and March 31, 2023, respectively)	48,998	40,720
Other current liabilities	8,599	15,076
Total current liabilities	265,546	272,448
Liability instruments measured at fair value	31,114	63,546
Operating lease liabilities, noncurrent	48,630	53,476
Long-term debt, net of current portion (includes $188,911 and $180,700 accounted for under the fair value option at September 30, 2023 and March 31, 2023, respectively)	389,445	375,515
Other liabilities	5,175	17,032
Total liabilities	739,910	782,017
Commitments and contingencies (Note 11)
Shareholders' equity:
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 shares authorized and 800,792,365 and 760,143,393 shares issued and outstanding at September 30, 2023 and March 31, 2023, respectively	0	0
Additional paid-in capital	5,320,503	4,933,137
Accumulated deficit	(4,368,897)	(3,772,754)
Accumulated other comprehensive loss	(3,072)	(2,617)
Shareholders' equity attributable to Roivant Sciences Ltd.	948,534	1,157,766
Noncontrolling interests	377,099	449,821
Total shareholders' equity	1,325,633	1,607,587
Total liabilities and shareholders' equity	$ 2,065,543	$ 2,389,604

Earn-Out Shares, Public Warrants and Private Placement Warrants (Details) - $ / shares		1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023
Public Warrants and Private Placement Warrants [Abstract]
Redemption price (in dollars per share)		$ 0.1		$ 0.1
Cashless warrant exercised (in shares)			20,061,507
Unexercised public warrants (in shares)			413,971
Private Placement Warrants [Member]
Public Warrants and Private Placement Warrants [Abstract]
Aggregate value of shares exchanged on a cashless basis (in shares)			2,548,621
Private Placement Warrants [Member] \| Minimum [Member]
Public Warrants and Private Placement Warrants [Abstract]
Exercise price of warrants (in dollars per share)		18		18
Public Warrants [Member]
Public Warrants and Private Placement Warrants [Abstract]
Class of warrant outstanding (in shares)			20,475,875
Redemption price (in dollars per share)		$ 0.1		0.1
Warrant exercised (in shares)			397
Aggregate value of shares exchanged (in shares)			397
Aggregate value of shares exchanged on a cashless basis (in shares)			5,005,531
Public Warrants [Member] \| Maximum [Member]
Public Warrants and Private Placement Warrants [Abstract]
Number of trading days		30 days
Public Warrants [Member] \| Minimum [Member]
Public Warrants and Private Placement Warrants [Abstract]
Number of trading days		20 days
Public Warrants [Member] \| Common Stock [Member]
Public Warrants and Private Placement Warrants [Abstract]
Cash exercise price (in dollars per share)			$ 11.5
Public Warrants [Member] \| Common Stock [Member] \| Minimum [Member]
Public Warrants and Private Placement Warrants [Abstract]
Sale price (in dollars per share)		$ 10		$ 10
Public and Private Warrants [Member] \| Common Stock [Member]
Public Warrants and Private Placement Warrants [Abstract]
Cash exercise price (in dollars per share)	$ 11.5
Cashless exercise price (in dollars per share)	$ 11.5
Number of common shares issued to surrendering holder per warrant (in shares)	0.2495
MAAC Sponsor [Member]
Earn-Out Shares [Abstract]
Number of earn-out shares vested (in shares)		0		0
Public Warrants and Private Placement Warrants [Abstract]
Period to exercise warrants after business combination				30 days
Warrants expiration period		5 years		5 years
MAAC Sponsor [Member] \| 20% Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)				2,033,591
Percentage of earn-out shares				20.00%
MAAC Sponsor [Member] \| 10 % Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)				1,016,796
Percentage of earn-out shares				10.00%
MAAC Sponsor [Member] \| Independent Directors [Member] \| 20% Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)				10,000
Number of trading days to meet earn-out price threshold				20 days
Trading day period for earn-out shares				30 days
MAAC Sponsor [Member] \| Independent Directors [Member] \| 20% Earn-Out [Member] \| Minimum [Member]
Earn-Out Shares [Abstract]
Earn-out share price (in dollars per share)		$ 15		$ 15
MAAC Sponsor [Member] \| Independent Directors [Member] \| 10 % Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)				5,000
Number of trading days to meet earn-out price threshold				20 days
Trading day period for earn-out shares				30 days
MAAC Sponsor [Member] \| Independent Directors [Member] \| 10 % Earn-Out [Member] \| Minimum [Member]
Earn-Out Shares [Abstract]
Earn-out share price (in dollars per share)		$ 20		$ 20
MAAC Sponsor [Member] \| Private Placement Warrants [Member]
Public Warrants and Private Placement Warrants [Abstract]
Class of warrant outstanding (in shares)		10,214,365		10,214,365
Exercise price of warrants (in dollars per share)		$ 11.5		$ 11.5
MAAC Sponsor [Member] \| Public Warrants [Member]
Public Warrants and Private Placement Warrants [Abstract]
Class of warrant outstanding (in shares)		20,535,896		20,535,896
Exercise price of warrants (in dollars per share)		$ 11.5		$ 11.5

Subsequent Events (Details) - Subsequent Events [Member] - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Oct. 22, 2023	Oct. 31, 2023
Immunovant, Inc. [Member] \| Underwritten Public Offering [Member]
Subsequent Events [Abstract]
Net proceeds of common stock		$ 466.6
Roche Transaction [Member]
Subsequent Events [Abstract]
Consideration to be received in cash	$ 7,100.0
Consideration to be received from milestone	$ 150.0
Pfizer [Member] \| Telavant Holdings, Inc [Member]
Subsequent Events [Abstract]
Ownership percentage	25.00%
RSL [Member] \| Immunovant, Inc. [Member]
Subsequent Events [Abstract]
Ownership percentage	55.00%
RSL [Member] \| Telavant Holdings, Inc [Member]
Subsequent Events [Abstract]
Ownership percentage	75.00%
RSL [Member] \| Roche Transaction [Member]
Subsequent Events [Abstract]
Consideration to be received in cash	$ 5,200.0
Consideration to be received from milestone	$ 110.0
Common Stock [Member] \| Roivant participation of Immunovant Stock offering [Member]
Subsequent Events [Abstract]
Common shares purchased by RSL (in shares)		1,526,316
Option purchase additional shares of common stock (in shares)		1,105,500
Sale price (in dollars per share)		$ 38
Common Stock [Member] \| Immunovant, Inc. [Member] \| Underwritten Public Offering [Member]
Subsequent Events [Abstract]
Common shares issued (in shares)		8,475,500
Common Stock [Member] \| Immunovant, Inc. [Member] \| Private Placement [Member]
Subsequent Events [Abstract]
Common shares purchased by RSL (in shares)		4,473,684
Sale price (in dollars per share)		$ 38

Share-Based Compensation, Restricted Stock Units and Performance Stock Units (Details) - Restricted Stock and Performance Stock Units [Member] - RSL Equity Plans [Member]	6 Months Ended
	Sep. 30, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested balance, beginning (in shares)	20,700,788
Granted (in shares)	4,123,913
Vested (in shares)	(4,023,340)
Forfeited (in shares)	(727,950)
Non-vested balance, ending (in shares)	20,073,411

Intangible Assets

6 Months Ended

Sep. 30, 2023

Intangible Assets [Abstract]

Intangible Assets

Note 4—Intangible Assets

In July 2018, Dermavant acquired the worldwide rights (other than for China) with respect to certain intellectual property rights retained by Welichem Biotech Inc. (“Welichem”) to VTAMA and related compounds from Glaxo Group Limited and GlaxoSmithKline Intellectual Property Development Ltd. (collectively, “GSK”) pursuant to an asset purchase agreement. GSK previously acquired rights to a predecessor formulation from Welichem pursuant to an asset purchase agreement between GSK and Welichem entered into in May 2012. The Company evaluated the agreement and determined that the acquired assets did not meet the definition of a business and thus the transaction was accounted for as an asset acquisition.

Following the FDA approval of VTAMA in May 2022, the Company became obligated to pay a regulatory milestone to GSK of £100.0 million (approximately $126 million on the date of achievement) following the receipt of marketing approval of VTAMA in the United States. The milestone was paid in July 2022.

Additionally, the first sale of VTAMA in May 2022 resulted in the achievement of a milestone to Welichem Biotech Inc. of CAD$25.0 million (approximately $20 million on the date of achievement). The milestone was paid in August 2022.

Both of the above milestones were capitalized as intangible assets upon achievement and are being amortized over their estimated useful lives.

The following table summarizes the Company’s recognized intangible assets:

	Remaining Weighted Average Estimated Useful Lives (in years)	September 30, 2023 (in thousands)
Gross amount	15.0	$	153,052
Less: accumulated amortization			(12,431	)
Net book value		$	140,621

The Company’s intangible assets are denominated in currencies other than U.S. dollar and therefore are subject to foreign currency movements.

Amortization expense was $2.4 million and $2.2 million for the three months ended September 30, 2023 and 2022, respectively, and $4.8 million and $2.9 million for the six months ended September 30, 2023 and 2022, respectively. Amortization expense was recorded as part of “Cost of revenues” in the accompanying condensed consolidated statement of operations. Future amortization expense is approximately $4.7 million for the remainder of the year ended March 31, 2024, $9.3 million for each of the years ended from March 31, 2025 through March 31, 2028 and $98.7 million thereafter.

Description of Business and Liquidity	6 Months Ended
Description of Business and Liquidity	Sep. 30, 2023
Description of Business and Liquidity [Abstract]
Description of Business and Liquidity	Note 1—Description of Business and Liquidity (A) Description of Business Roivant Sciences Ltd. (inclusive of its consolidated subsidiaries, the “Company” or “RSL”) aims to improve health by rapidly delivering innovative medicines and technologies to patients. The Company does this by building biotech and healthcare technology companies (“Vants”) and deploying technology to drive greater efficiency in research and development and commercialization. In addition to biopharmaceutical subsidiaries, the Company also builds technology Vants focused on improving the process of developing and commercializing medicines. The Company was founded on April 7, 2014 as a Bermuda exempted limited company. VTAMA® (tapinarof) was approved by the United States Food and Drug Administration (“FDA”) in May 2022 for the treatment of plaque psoriasis in adult patients. 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 Company’s subsidiaries are wholly owned subsidiaries and majority-owned or controlled subsidiaries. Refer to Note 3, “Equity Method Investments” for further discussion of the Company’s investments in unconsolidated entities. On September 30, 2021, RSL completed its business combination (the “Business Combination”) with Montes Archimedes Acquisition Corp. (“MAAC”), a special purpose acquisition company, and began trading on Nasdaq under the ticker symbol “ROIV.” (B) Liquidity The Company has incurred significant losses and negative cash flows from operations since its inception. As of September 30, 2023, the Company had cash and cash equivalents of approximately $1.4 billion and its accumulated deficit was approximately $4.4 billion. For the six months ended September 30, 2023 and 2022, the Company incurred net losses of approximately $659.0 million and $669.7 million, respectively. The Company has historically financed its operations primarily through the sale of equity securities, sale of subsidiary interests, debt financings and revenue generated from licensing and collaboration arrangements. Through its subsidiary, Dermavant Sciences Ltd., the Company has launched its first commercial product, VTAMA, following approval by the FDA in May 2022. The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals to market its product candidates, dependence on key products, dependence on third-party service providers, such as contract research organizations, and protection of intellectual property rights. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. The Company intends to raise such additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay or discontinue the development of its product candidates or take other steps to conserve capital. The Company expects its existing cash and cash equivalents will be sufficient to fund its committed operating expenses and capital expenditure requirements for at least the next 12 months from the date of issuance of these condensed consolidated financial statements.

Fair Value Measurements

6 Months Ended

Sep. 30, 2023

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 13—Fair Value Measurements

Recurring Fair Value Measurements

	As of September 30, 2023								As of March 31, 2023
	Level 1		Level 2		Level 3		Balance as of September 30, 2023		Level 1		Level 2		Level 3		Balance as of March 31, 2023
Assets:
Money market funds	$	995,030	$	—	$	—	$	995,030	$	1,496,726	$	—	$	—	$	1,496,726
Investment in Datavant Class A units		—		—		164,325		164,325		—		—		178,579		178,579
Investment in Arbutus common shares		78,860		—		—		78,860		117,708		—		—		117,708
Other investments		7,208		—		—		7,208		8,030		—		—		8,030
Total assets at fair value	$	1,081,098	$	—	$	164,325	$	1,245,423	$	1,622,464	$	—	$	178,579	$	1,801,043
Liabilities:
Debt issued by Dermavant to NovaQuest	$	—	$	—	$	217,031	$	217,031	$	—	$	—	$	207,640	$	207,640
Liability instruments measured at fair value⁽¹⁾		—		—		31,114		31,114		29,895		—		33,651		63,546
Total liabilities at fair value	$	—	$	—	$	248,145	$	248,145	$	29,895	$	—	$	241,291	$	271,186

⁽¹⁾

There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy that occurred during the six months ended September 30, 2023.

Level 3 Disclosures

The Company measures its Level 3 assets and liabilities at fair value based on significant inputs not observable in the market, which causes them to be classified as a Level 3 measurement within the fair value hierarchy. The valuation of the Level 3 assets and liabilities uses assumptions and estimates the Company believes would be made by a market participant in making the same valuation. The Company assesses these assumptions and estimates on an ongoing basis as additional data impacting the assumptions and estimates are obtained. Changes in the fair value related to updated assumptions and estimates are recorded within the statements of operations at the end of each reporting period.

The fair value of Level 3 assets and liabilities may change significantly as additional data are obtained, impacting the Company’s assumptions regarding probabilities of potential scenarios used to estimate fair value. In evaluating this information, considerable judgment is required to interpret the data used to develop the assumptions and estimates. Accordingly, the use of different market assumptions and/or different valuation techniques may have a material effect on the estimated fair value amounts, and such changes could materially impact the Company’s results of operations in future periods.

The changes in fair value of the Level 3 assets during the six months ended September 30, 2023 and 2022 were as follows (in thousands):

Balance at March 31, 2022	$	193,963
Changes in fair value of investment in Datavant, included in net loss		(28,942	)
Balance at September 30, 2022	$	165,021

Balance at March 31, 2023	$	178,579
Changes in fair value of investment in Datavant, included in net loss		(14,254	)
Balance at September 30, 2023	$	164,325

The changes in fair value of the Level 3 liabilities during the six months ended September 30, 2023 and 2022 were as follows (in thousands):

Balance at March 31, 2022	$	204,293
Payments related to long-term debt		(14,687	)
Changes in fair value of debt and liability instruments, included in net loss		37,705
Balance at September 30, 2022	$	227,311

Balance at March 31, 2023	$	241,291
Payments related to long-term debt		(14,687	)
Exercise of Private Placement Warrants		(28,090	)
Changes in fair value of debt and liability instruments, included in net loss		49,631
Balance at September 30, 2023	$	248,145

Investment in Datavant

The Company elected the fair value option to account for the investment in Datavant. The estimate of fair value for this investment was determined using the income approach and implementation of the option pricing method (“OPM”). The OPM allows for the allocation of a company’s equity value among the various equity capital owners (preferred and common shareholders). The OPM uses the preferred shareholders’ liquidation preferences, participation rights, dividend policy, and conversion rights to determine how proceeds from a liquidity event shall be distributed among the various ownership classes at a future date. The fair value was calculated using significant unobservable inputs including the following:

	Point Estimate Used
Input	As of September 30, 2023		As of March 31, 2023
Volatility		100.0%		100.0%
Risk-free rate		5.07%		4.02%

Debt issued by Dermavant to NovaQuest

The fair value of the debt instrument as of September 30, 2023 and March 31, 2023 represents the fair value of amounts payable to NovaQuest calculated using the Monte Carlo simulation method under the income approach determined by using probability assessments of the expected future payments through 2032. The future payments are based on significant inputs that are not observable in the market which are subject to remeasurement at each reporting date. The estimates of fair value may not be indicative of the amounts that could ultimately be paid by Dermavant to NovaQuest.

Earn-Out Shares

The fair value of the Earn-Out Shares issued as part of the Business Combination was calculated using the Monte Carlo simulation method under the income approach. The model was structured to include the lock-up periods to which the Earn-Out Shares are subject. Refer to Note 12, “Earn-Out Shares, Public Warrants and Private Placement Warrants” for additional details. Significant unobservable inputs used to calculate the fair value of the Earn-Out Shares included the following:

	Point Estimate Used
Input	As of September 30, 2023		As of March 31, 2023
Volatility		69.3%		79.9%
Risk-free rate		4.80%		3.76%

As of September 30, 2023 and March 31, 2023, the fair value of the Earn-Out Shares was $27.6 million and $15.2 million, respectively. Earn-Out Shares were included in “Liability instruments measured at fair value” in the accompanying condensed consolidated balance sheets.

Private Placement Warrants

Prior to their settlement, the fair value of the Private Placement Warrants issued as part of the Business Combination was calculated using the Monte Carlo simulation method under the income approach. The model was structured to incorporate the redemption features as discussed in Note 12, “Earn-Out Shares, Public Warrants and Private Placement Warrants” and the added restriction by which the Company could not redeem the Private Placement Warrants if the Reference Value was greater than $18.00. Significant unobservable inputs used to calculate the fair value of the Private Placement Warrants included the following:

	Point Estimate Used
Input	As of March 31, 2023
Volatility		50.5%
Risk-free rate		3.76%
Term (in years)		3.50

In August 2023, the Company announced that it would redeem all Warrants that remain outstanding on September 1, 2023. All of the Private Placement Warrants were exercised. As of March 31, 2023, the fair value of the Private Placement Warrants was $15.2 million, which was included in “Liability instruments measured at fair value” in the accompanying condensed consolidated balance sheets.

- 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

Shareholders' Equity - (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 19, 2022
Common Stock [Member]
Shareholders' Equity [Abstract]
Sale of common shares (in shares)		19,600,685
Common Stock [Member] \| Investor [Member]
Shareholders' Equity [Abstract]
Sale of common shares (in shares)	19,600,685
Purchase price (in dollars per share)	$ 10.21	$ 10.21
Net proceeds from sale of common stock	$ 199.8
Cowen [Member] \| At-the-Market Equity Offering Program[Member]
Shareholders' Equity [Abstract]
Common shares aggregate offering price authorized			$ 400.0
Common shares aggregate offering price authorized, remaining capacity available	$ 400.0	$ 400.0

Share-Based Compensation, CVARs, Employee Stock Purchase Plan and Subsidiary Equity Incentive Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsidiary Equity Incentive Plans [Member]
Subsidiary Equity Incentive Plans [Abstract]
Share-based compensation expense	$ 14.9	$ 12.6	$ 29.8	$ 24.1
CVARs [Member] \| March 2020 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Number of non-service-vested shares (in shares)	591,887		591,887
Number of service-vested shares (in shares)	28,161,790		28,161,790
Equity instruments vested and settled (in shares)			3,247,903
Number of shares issued (in shares)			1,059,907
CVARs [Member] \| November 2021 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Number of shares issued (in shares)			628,971
CVARs [Member] \| RSL 2021 EIP [Member] \| November 2021 CVAR Grants [Member]
Capped Value Appreciation Rights [Abstract]
Non-vested balance, beginning (in shares)			3,222,645
Vested (in shares)			(628,971)
Forfeited (in shares)			(87,175)
Non-vested balance, ending (in shares)	2,506,499		2,506,499

Condensed Consolidated Statements of Shareholders' Equity and Redeemable Noncontrolling Interest - USD ($) $ in Thousands	Redeemable Noncontrolling Interest [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Noncontrolling Interests [Member]	Total
Beginning balance at Mar. 31, 2022	$ 22,491
Ending balance at Jun. 30, 2022	22,491
Beginning balance at Mar. 31, 2022		$ 0	$ 4,421,614	$ (946)	$ (2,763,724)	$ 381,999	$ 2,038,943
Beginning balance (in shares) at Mar. 31, 2022		694,975,965
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of subsidiary common shares to the Company		$ 0	(251)	0	0	251	0
Issuance of subsidiary common shares to the Company (in shares)		0
Issuance of Company's common shares in connection with equity incentive plans and tax withholding payments		$ 0	(8,329)	0	0	0	(8,329)
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments (in shares)		4,739,781
Issuance of the Company's common shares related to settlement of transaction consideration		$ 0	0	0	0	0	0
Issuance of the Company's common shares related to settlement of transaction consideration (in shares)		1,455,719
Share-based compensation		$ 0	61,590	0	0	11,204	72,794
Foreign currency translation adjustment		0	0	5,966	0	(199)	5,767
Net loss		0	0	0	(331,809)	(21,975)	(353,784)
Ending balance at Jun. 30, 2022		$ 0	4,474,624	5,020	(3,095,533)	371,280	1,755,391
Ending balance (in shares) at Jun. 30, 2022		701,171,465
Beginning balance at Mar. 31, 2022	22,491
Ending balance at Sep. 30, 2022	0
Beginning balance at Mar. 31, 2022		$ 0	4,421,614	(946)	(2,763,724)	381,999	2,038,943
Beginning balance (in shares) at Mar. 31, 2022		694,975,965
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss							(669,705)
Ending balance at Sep. 30, 2022		$ 0	4,538,635	9,089	(3,387,123)	353,548	1,514,149
Ending balance (in shares) at Sep. 30, 2022		704,386,981
Beginning balance at Jun. 30, 2022	22,491
Increase (Decrease) in Temporary Equity [Roll Forward]
Deconsolidation of subsidiaries	(22,491)
Ending balance at Sep. 30, 2022	$ 0
Beginning balance at Jun. 30, 2022		$ 0	4,474,624	5,020	(3,095,533)	371,280	1,755,391
Beginning balance (in shares) at Jun. 30, 2022		701,171,465
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deconsolidation of subsidiary		$ 0	0	0	0	0	0
Share-based compensation		0	57,415	0	0	4,564	61,979
Issuance of the Company's common shares in connection with equity incentive plans		$ 0	0	0	0	0	0
Issuance of the Company's common shares in connection with equity incentive plans (in shares)		1,185,639
Issuance of the Company's common shares and other consideration for an acquisition		$ 0	8,836	0	0	112	8,948
Issuance of the Company's common shares and other consideration for an acquisition (in shares)		2,029,877
Issuance of subsidiary common shares to the Company and cash contributions to majority-owned subsidiaries		$ 0	(2,240)	0	0	2,240	0
Foreign currency translation adjustment		0	0	4,069	0	(317)	3,752
Net loss		0	0	0	(291,590)	(24,331)	(315,921)
Ending balance at Sep. 30, 2022		$ 0	4,538,635	9,089	(3,387,123)	353,548	1,514,149
Ending balance (in shares) at Sep. 30, 2022		704,386,981
Beginning balance at Mar. 31, 2023		$ 0	4,933,137	(2,617)	(3,772,754)	449,821	1,607,587
Beginning balance (in shares) at Mar. 31, 2023		760,143,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Company's common shares in connection with equity incentive plans and tax withholding payments		$ 0	14,395	0	0	0	14,395
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments (in shares)		6,994,468
Share-based compensation		$ 0	34,498	0	0	14,762	49,260
Dividend declared by subsidiary		0	0	0	0	(6,000)	(6,000)
Subsidiary stock options exercised		0	503	0	0	387	890
Cash contributions to majority-owned subsidiaries		0	(623)	0	0	623	0
Foreign currency translation adjustment		0	0	(3,993)	0	(155)	(4,148)
Net loss		0	0	0	(291,816)	(36,029)	(327,845)
Ending balance at Jun. 30, 2023		$ 0	4,981,910	(6,610)	(4,064,570)	423,409	1,334,139
Ending balance (in shares) at Jun. 30, 2023		767,137,861
Beginning balance at Mar. 31, 2023		$ 0	4,933,137	(2,617)	(3,772,754)	449,821	1,607,587
Beginning balance (in shares) at Mar. 31, 2023		760,143,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss							(658,963)
Ending balance at Sep. 30, 2023		$ 0	5,320,503	(3,072)	(4,368,897)	377,099	1,325,633
Ending balance (in shares) at Sep. 30, 2023		800,792,365
Beginning balance at Jun. 30, 2023		$ 0	4,981,910	(6,610)	(4,064,570)	423,409	1,334,139
Beginning balance (in shares) at Jun. 30, 2023		767,137,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of the Company's common shares, net of issuance costs		$ 0	199,822	0	0	0	199,822
Issuance of the Company's common shares, net of issuance costs (in shares)		19,600,685
Issuance of the Company's common shares related to settlement of warrants		$ 0	83,264	0	0	0	83,264
Issuance of the Company's common shares related to settlement of warrants (in shares)		7,554,549
Issuance of the Company's common shares under employee stock purchase plan		$ 0	587	0	0	0	587
Issuance of the Company's common shares under employee stock purchase plan (in shares)		96,385
Issuance of Company's common shares in connection with equity incentive plans and tax withholding payments		$ 0	20,873	0	0	0	20,873
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments (in shares)		6,402,885
Deconsolidation of subsidiary		$ 0	0	0	0	(35,050)	(35,050)
Share-based compensation		0	34,487	0	0	14,831	49,318
Subsidiary stock options exercised		0	131	0	0	65	196
Cash contributions to majority-owned subsidiaries		0	(571)	0	0	571	0
Foreign currency translation adjustment		0	0	3,538	0	64	3,602
Net loss		0	0	0	(304,327)	(26,791)	(331,118)
Ending balance at Sep. 30, 2023		$ 0	$ 5,320,503	$ (3,072)	$ (4,368,897)	$ 377,099	$ 1,325,633
Ending balance (in shares) at Sep. 30, 2023		800,792,365

Net Loss per Common Share (Tables)

6 Months Ended

Sep. 30, 2023

Net Loss per Common Share [Abstract]

Potentially Dilutive Securities

As of September 30, 2023 and 2022, potentially dilutive securities were as follows:

	September 30, 2023		September 30, 2022
Stock options and performance stock options		148,753,920		154,836,057
Restricted stock units and performance stock units (non-vested)		20,073,411		25,214,766
March 2020 CVARs⁽¹⁾		28,753,677		32,011,996
November 2021 CVARs (non-vested)		2,506,499		4,060,128
Restricted common stock (non-vested)		487,005		772,018
Earn-Out Shares (non-vested)		3,080,387		3,080,387
Private Placement Warrants		—		10,214,365
Public Warrants		—		20,475,875
Other stock based awards and instruments issued		5,611,820		6,209,162

⁽¹⁾	Refer to Note 9, “Share-Based Compensation” for details regarding settlement of CVARs.

Earn-Out Shares, Public Warrants and Private Placement Warrants

6 Months Ended

Sep. 30, 2023

Earn-Out Shares, Public Warrants and Private Placement Warrants [Abstract]

Earn-Out Shares, Public Warrants and Private Placement Warrants

Note 12—Earn-Out Shares, Public Warrants and Private Placement Warrants

Earn-Out Shares

In connection with the Business Combination, the Company issued the following:

2,033,591 common shares to Patient Square Capital LLC (the “MAAC Sponsor”) and 10,000 common shares issued to each of MAAC’s independent directors (collectively, the “20% Earn-Out Shares”), which will vest if the closing price of the Company’s common shares is greater than or equal to $15.00 over any twenty out of thirty trading day period during the Vesting Period (defined below).

1,016,796 common shares issued to the MAAC Sponsor and 5,000 common shares issued to each of MAAC’s independent directors (collectively, the “10% Earn-Out Shares” and, together with the 20% Earn-Out Shares, the “Earn-Out Shares”), each in respect of its MAAC Class B Shares, will vest if the closing price of the Company’s common shares is greater than or equal to $20.00 over any twenty out of thirty trading day period during the Vesting Period (as defined below).

The remaining number of common shares issued to the MAAC Sponsor and each of MAAC’s independent director are not subject to the vesting conditions described above (the “Retained Shares”).

The Vesting Period commenced on November 9, 2021 and ends no later than September 30, 2026 (the “Vesting Period”). The Vesting Period will, if a definitive purchase agreement with respect to a Sale (as defined in the Sponsor Support Agreement) is entered into on or prior to the end of such period, be extended to the earlier of one day after the consummation of such Sale and the termination of such definitive transaction agreement, and if a Sale occurs during such Vesting Period, then all of the Earn-Out Shares unvested as of such time will automatically vest immediately prior to the consummation of such Sale. If any Earn-Out Shares have not vested on or prior to the end of such Vesting Period, then such Earn-Out Shares will be forfeited.

The Earn-Out Shares require liability classification and are classified as “Liability instruments measured at fair value” on the condensed consolidated balance sheets. The Earn-Out Shares liability is subject to remeasurement at each balance sheet date with changes in fair value recognized in the Company’s statements of operations. As of September 30, 2023, no Earn-Out Shares have vested.

Public Warrants and Private Placement Warrants

Immediately following the Business Combination, the Company had 10,214,365 outstanding warrants for the purchase of one of the Company’s common shares, which were held by the MAAC Sponsor at an exercise price of $11.50 (the “Private Placement Warrants”), and 20,535,896 outstanding warrants for the purchase of one of the Company’s common shares, which were held by MAAC’s shareholders at an exercise price of $11.50 (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”). Pursuant to the Warrant Agreement, dated October 6, 2020, by and between the Montes Archimedes Acquisition Corp. (“MAAC”) and Continental Stock Transfer & Trust Company, as predecessor warrant agent, as modified by the Warrant Assumption Agreement, dated September 30, 2021, by and among MAAC, the Company and American Stock Transfer & Trust Company, LLC as successor warrant agent (as modified, the “Warrant Agreement”), the Warrants became exercisable 30 days following the completion of the Business Combination and would expire five years after the completion of the Business Combination, or earlier upon redemption or liquidation.

Prior to their settlement, the Warrants required liability classification and were classified as “Liability instruments measured at fair value” on the condensed consolidated balance sheets. The Private Placement Warrants liability and Public Warrants liability were subject to remeasurement with changes in fair value recognized in the Company’s statements of operations. The Warrants were remeasured immediately prior to settlement. These remeasurements were recognized in “Change in fair value of debt and liability instruments” in the accompanying condensed consolidated statements of operations.

Under the terms of the Warrant Agreement, the Company was entitled to redeem the Public Warrants at a redemption price of $0.10 per Public Warrant because the last reported sales price (the “Reference Value”) of the Company’s common shares was at least $10.00 per share for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which RSL gave a Notice of Redemption. In addition, because the Reference Value was less than $18.00 per share, the outstanding Private Placement Warrants were also required to be concurrently called for redemption on the same terms as the outstanding Public Warrants. This share price performance requirement was satisfied as of July 28, 2023. On August 2, 2023, the Company announced that it would redeem all Warrants that remain outstanding on September 1, 2023 (the “Redemption Date”).

Prior to the Redemption Date, Warrant holders were permitted to exercise the Warrants (i) for cash, at an exercise price of $11.50 per common share, or (ii) on a “cashless basis” whereby, in lieu of paying the Company the $11.50 exercise price per common share, the surrendering holder would receive approximately 0.2495 common shares per Warrant as determined in accordance with the terms of the Warrant Agreement.

Of the 20,475,875 Public Warrants that were outstanding as of June 30, 2023, 397 Public Warrants were exercised for cash at an exercise price of $11.50 per common share in exchange for an aggregate of 397 common shares and 20,061,507 were exercised on a cashless basis in exchange for an aggregate of 5,005,531 common shares. The remaining 413,971 unexercised Public Warrants were redeemed at the $0.10 redemption price. In addition, all of the Private Placement Warrants were exercised on a cashless basis in exchange for an aggregate of 2,548,621 common shares.

Certain Balance Sheet Components, Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Other Current Assets [Abstract]
Prepaid expenses	$ 60,718	$ 60,827
Trade receivables, net	52,118	30,379
Restricted Cash	5,474	5,011
Inventory	4,905	2,761
Income tax receivable	2,506	2,356
Other	17,675	20,440
Total other current assets	$ 143,396	$ 121,774

Intangible Assets (Details) $ in Thousands, £ in Millions, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Aug. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)	May 31, 2022 USD ($)	May 31, 2022 CAD ($)	May 31, 2022 GBP (£)
Recognized Intangible Assets [Abstract]
Remaining weighted average estimated useful lives			15 years		15 years
Gross amount			$ 153,052		$ 153,052
Less: accumulated amortization			(12,431)		(12,431)
Net book value			140,621		140,621		$ 144,881
Future amortization expense, remainder of 2024			4,700		4,700
Future amortization expense, 2025			9,300		9,300
Future amortization expense, 2026			9,300		9,300
Future amortization expense, 2027			9,300		9,300
Future amortization expense, 2028			9,300		9,300
Future amortization expense, thereafter			98,700		98,700
Cost of Revenues [Member]
Recognized Intangible Assets [Abstract]
Amortization of intangible assets			$ 2,400	$ 2,200	$ 4,800	$ 2,900
GSK [Member]
Intangible Assets [Abstract]
Milestone payable								$ 126,000		£ 100.0
Milestone amount paid		$ 126,000
Welichem Biotech Inc [Member]
Intangible Assets [Abstract]
Milestone payable								$ 20,000	$ 25.0
Milestone amount paid	$ 20,000

Fair Value Measurements, Changes in Fair Value of the Level 3 Liabilities (Details) - Level 3 [Member] - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 241,291	$ 204,293
Payments related to long-term debt	(14,687)	(14,687)
Exercise of Private Placement Warrants	(28,090)
Changes in fair value of debt and liability instruments, included in net loss	$ 49,631	$ 37,705
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Fair Value of Debt and Liability Instruments	Gain (Loss) on Fair Value of Debt and Liability Instruments
Balance at end of period	$ 248,145	$ 227,311

Equity Method Investments, Investment in Arbutus (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Investments [Abstract]
Number of shares acquired (in shares)	800,792,365		800,792,365		760,143,393
Aggregate fair value investment	$ 250,393		$ 250,393		$ 304,317
Arbutus Biopharma Corporation [Member]
Investments [Abstract]
Equity method investment ownership percentage	23.00%		23.00%
Aggregate fair value investment	$ 78,900		$ 78,900		$ 117,700
Unrealized gain (losses) on investments	$ (10,500)	$ (31,100)	$ (38,800)	$ (41,600)
Closing price of common stock (in dollars per share)	$ 2.03		$ 2.03		$ 3.03
Arbutus Biopharma Corporation [Member] \| Common Stock [Member]
Investments [Abstract]
Number of shares acquired (in shares)	38,847,462		38,847,462

Share-Based Compensation, Stock Options and Performance Stock Options under RSL Equity Plans (Details)	6 Months Ended
	Sep. 30, 2023 IncentivePlans shares
Share-Based Compensation [Abstract]
Number of equity incentive plans \| IncentivePlans	3
RSL 2021 EIP [Member]
Share-Based Compensation [Abstract]
Common shares available for future grants (in shares)	41,722,310
Stock Options and Performance Stock Options [Member] \| RSL Equity Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning balance (in shares)	154,271,791
Granted (in shares)	4,497,911
Exercised (in shares)	(9,411,537)
Forfeited/Canceled (in shares)	(604,245)
Options outstanding, ending balance (in shares)	148,753,920
Options exercisable at September 30, 2023 (in shares)	86,575,431