0001140361-24-028145 | 10-K | XBRL Viewer

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2024

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 March 31, 2024 and 2023, by level, within the fair value hierarchy (in thousands):

	As of March 31, 2024								As of March 31, 2023
	Level 1		Level 2		Level 3		Balance as of March 31, 2024		Level 1		Level 2		Level 3		Balance as of March 31, 2023
Assets:
Money market funds	$	6,312,288	$	—	$	—	$	6,312,288	$	1,496,726	$	—	$	—	$	1,496,726
Investment in Datavant Class A units		—		—		147,526		147,526		—		—		178,579		178,579
Investment in Arbutus common shares		100,227		—		—		100,227		117,708		—		—		117,708
Other investments		—		—		—		—		8,030		—		—		8,030
Total assets at fair value	$	6,412,515	$	—	$	147,526	$	6,560,041	$	1,622,464	$	—	$	178,579	$	1,801,043
Liabilities:
Debt issued by Dermavant to NovaQuest	$	—	$	—	$	210,371	$	210,371	$	—	$	—	$	207,640	$	207,640
Liability instruments measured at fair value⁽¹⁾		—		—		25,737		25,737		29,895		—		33,651		63,546
Total liabilities at fair value	$	—	$	—	$	236,108	$	236,108	$	29,895	$	—	$	241,291	$	271,186

⁽¹⁾

At March 31, 2024, Level 3 includes the fair value of the Earn-Out Shares of $22.0 million and other liability instruments issued of $3.7 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 years ended March 31, 2024 and 2023 were as follows (in thousands):

Balance at March 31, 2022	$	193,963
Changes in fair value of investment in Datavant, included in net loss		(15,384	)
Balance at March 31, 2023		178,579
Changes in fair value of investment in Datavant, included in net loss		(31,053	)
Balance at March 31, 2024	$	147,526

Changes in Fair Value of the Level 3 Liabilities

The changes in fair value of the Level 3 liabilities during the years ended March 31, 2024 and 2023 were as follows (in thousands):

Balance at March 31, 2022	$	204,293
Fair value of liability instrument issued		248
Payments related to long-term debt		(29,375	)
Changes in fair value of debt and liability instruments, included in net loss		66,125
Balance at March 31, 2023		241,291
Payments related to long-term debt		(29,374	)
Exercise of Private Placement Warrants		(28,090	)
Changes in fair value of debt and liability instruments, included in net loss		52,281
Balance at March 31, 2024	$	236,108

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 March 31, 2024		As of March 31, 2023
Volatility		63.2%		79.9%
Risk-free rate		4.50%		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 March 31, 2024		As of March 31, 2023
Volatility		90.0%		100.0%
Risk-free rate		4.86%		4.02%

Certain Balance Sheet Components, Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Other Current Liabilities [Abstract]
Deferred revenue	$ 4,168	$ 12,444
Income tax payable	10,469	542
Other	1,417	2,090
Total other current liabilities	$ 16,054	$ 15,076

Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2024

Intangible Assets [Abstract]

Recognized Intangible Assets

The following table summarizes the Company’s recognized intangible assets (in thousands):

	March 31, 2024			March 31, 2023
Gross amount	$	155,171		$	152,629
Less: accumulated amortization		(17,329	)		(7,748	)
Net book value	$	137,842		$	144,881

Certain Balance Sheet Components, Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Other Current Assets [Abstract]
Prepaid expenses	$ 55,096	$ 60,827
Trade receivables, net	53,545	30,379
Restricted Cash	5,367	5,011
Inventory	35,251	2,761
Income tax receivable	1,827	2,356
Interest receivable	27,441	4,909
Other	17,595	15,531
Total other current assets	$ 196,122	$ 121,774

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2024

Summary of Significant Accounting Policies [Abstract]

Cash, Cash Equivalents, and Restricted Cash

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

	March 31, 2024		March 31, 2023
Cash and cash equivalents	$	6,535,706	$	1,676,813
Restricted cash (included in “Other current assets”)		5,367		5,011
Restricted cash (included in “Other assets”)		9,377		10,291
Cash, cash equivalents and restricted cash	$	6,550,450	$	1,692,115

Estimated Useful Life

The following table provides the range of estimated useful lives used for each asset type:

Property and Equipment		Estimated Useful Life
Computers		3 years
Laboratory and other equipment		5 - 10 years
Furniture and fixtures		7 years
Software		3 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 4,231,206	$ (1,115,463)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Non-cash acquired in-process research and development	0	87,749
Share-based compensation	199,627	217,781
Change in fair value of investments	47,973	20,815
Change in fair value of debt and liability instruments	78,943	78,001
Gain on deconsolidation of subsidiaries	(32,772)	(29,276)
Gain on sale of Telavant net assets	(5,348,410)	0
Gain on recovery of contingent consideration	0	(114,561)
Depreciation and amortization	22,036	18,857
Non-cash lease expense	6,845	7,565
Other	10,249	(21,206)
Changes in assets and liabilities, net of effects from acquisition and divestiture:
Other current assets	(81,478)	(31,670)
Other assets	16,488	(17,416)
Accounts payable	22,684	4,359
Accrued expenses	40,150	38,956
Operating lease liabilities	(8,326)	(8,604)
Accrued interest	21,977	18,571
Other liabilities	7,540	2,149
Net cash used in operating activities	(765,268)	(843,393)
Cash flows from investing activities:
Proceeds from sale of Telavant net assets, net	5,233,396	0
Proceeds from sale of subsidiary interests	47,500	0
Cash decrease upon deconsolidation of subsidiaries	(84,483)	(6,706)
Proceeds from sale of Myovant Top-Up Shares	0	114,561
Milestone payments	0	(140,136)
Purchase of property and equipment	(1,382)	(12,690)
Other	8,592	702
Net cash provided by (used in) investing activities	5,203,623	(44,269)
Cash flows from financing activities:
Proceeds from issuance of the Company's common shares, net of issuance costs paid	199,822	311,981
Proceeds from issuance of subsidiary common shares, net of issuance costs paid	238,733	67,727
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	(29,158)	(29,452)
Payment of offering costs and loan origination costs	0	(2,250)
Taxes paid related to net settlement of equity awards	(37,715)	(10,881)
Proceeds from exercise of the Company's and subsidiary stock options	54,314	2,814
Payments on principal portion of finance lease obligations	(1,547)	(692)
Proceeds from issuance of the Company's common stock under employee stock purchase plan	951	316
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	419,364	499,462
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	616	6,281
Net change in cash, cash equivalents and restricted cash	4,858,335	(381,919)
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	6,550,450	1,692,115
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	2,231	10,860
Supplemental disclosure of cash paid:
Income taxes paid	12,354	5,128
Interest paid	$ 10,268	$ 5,303

Description of Business and Liquidity (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($) Segment	Mar. 31, 2023 USD ($)	Apr. 30, 2024 Age
Description of Business [Abstract]
Number of operating segment \| Segment	1
Number of reporting segment \| Segment	1
Liquidity [Abstract]
Gain on sale of net assets	$ 5,348,410	$ 0
Cash and cash equivalents	6,535,706	1,676,813
Retained earnings / (accumulated deficit)	576,172	(3,772,754)
Income (Loss) from continuing operations, net of tax	4,231,206	$ (1,230,024)
Telavant Holdings, Inc [Member]
Liquidity [Abstract]
Gain on sale of net assets	$ 5,300,000
Subsequent Event [Member]
Description of Business [Abstract]
Minimum age required for treatment \| Age			2

Description of Business and Liquidity	12 Months Ended
Description of Business and Liquidity	Mar. 31, 2024
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 the lives of patients by accelerating the development and commercialization of medicines that matter. The Company does this by creating nimble subsidiaries or “Vants” to develop and commercialize its medicines and technologies. Beyond therapeutics, the Company also incubates discovery-stage companies and health technology startups complementary to its biopharmaceutical business. 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. A Supplemental New Drug Application for VTAMA (tapinarof) for the topical treatment of atopic dermatitis in adults and children 2 years of age and older was accepted by the FDA in April 2024. 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 4, “Equity Method Investments” for further discussion of the Company’s investments in unconsolidated entities. RSL completed its business combination (the “Business Combination”) with Montes Archimedes Acquisition Corp. (“MAAC”), a special purpose acquisition company, on September 30, 2021 and on October 1, 2021 began trading on Nasdaq under the ticker symbol “ROIV.” (B) Liquidity Historically, the Company incurred significant operating losses and negative cash flows from operations since its inception. During the year ended March 31, 2024, the Company recognized a gain of approximately $5.3 billion on the sale of Telavant Holdings, Inc. (“Telavant”) net assets. As of March 31, 2024, the Company had cash and cash equivalents of approximately $6.5 billion and its retained earnings was approximately $576.2 million. For the years ended March 31, 2024 and 2023, the Company had income from continuing operations of approximately $4.2 billion and incurred a loss from continuing operations of approximately $1.2 billion, 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. (“Dermavant”), 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 may require additional capital to fully implement its business plan. 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 consolidated financial statements.

Commitments and Contingencies (Details) $ in Thousands, $ in Millions	12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 CAD ($)	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Commitments [Abstract]
Compensation-related expenses	$ 61,242	$ 55,186
Selling, general and administrative expense	687,443	600,506
Research and development expense	$ 501,736	$ 525,215
GSK [Member]
Commitments [Abstract]
Purchase certain quantities of inventory over period	5 years
Remaining minimum purchase commitment related to agreement	$ 33,300
VTAMA/tapinarof (Dermavant) [Member]
Commitments [Abstract]
Potential material future milestone payments			$ 75.0
First Milestone Payable Amount Under Remaining Commercial Milestones			$ 35.0
HanAll Biopharma Co., Ltd. (Immunovant) [Member]
Commitments [Abstract]
Potential material future milestone payments	420,000
Izana Biosciences Limited (Kinevant Ltd.) [Member]
Commitments [Abstract]
Potential material future milestone payments	$ 40,000
Samsung [Member]
Commitments [Abstract]
Period of right to terminate the product service agreement	30 days
Period to purchase additional batches of batoclimab	4 years
Remaining minimum purchase commitment related to agreement	$ 46,200
Cash Bonus Program [Member]
Commitments [Abstract]
Compensation-related expenses					$ 76,900
Selling, general and administrative expense	35,600
Research and development expense	9,900
Remaining employee related liabilities current	$ 31,000
Cash Bonus Program [Member] \| Chief Financial Officer [Member]
Commitments [Abstract]
Compensation-related expenses				$ 2,800

Share-Based Compensation, Restricted Stock Units and Performance Stock Units (Details) - Restricted Stock and Performance Stock Units [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capped Value Appreciation Right , Weighted Average Grant Date Fair Value [Abstract]
Fair value of stock options vested	$ 49.1	$ 67.6
Unrecognized compensation expense	$ 119.9
Remaining weighted-average service period	2 years 2 months 23 days
RSL Equity Plans [Member]
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)	4,337,108
Vested (in shares)	(6,839,501)
Forfeited (in shares)	(1,420,184)
Non-vested balance, ending (in shares)	16,778,211	20,700,788
Capped Value Appreciation Right , Weighted Average Grant Date Fair Value [Abstract]
Non-vested balance, beginning (in dollars per share)	$ 8.3
Granted (in dollars per share)	9.15
Vested (in dollars per share)	7.18
Forfeited (in dollars per share)	7.58
Non-vested balance, ending (in dollars per share)	$ 9.04	$ 8.3

Earn-Out Shares, Public Warrants and Private Placement Warrants (Details) - $ / shares		3 Months Ended	12 Months Ended
	Aug. 31, 2023	Jun. 30, 2023	Mar. 31, 2024
Public Warrants and Private Placement Warrants [Abstract]
Redemption price (in dollars per share)		$ 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
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
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
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
Public Warrants and Private Placement Warrants [Abstract]
Period to exercise warrants after business combination			30 days
Warrants expiration period			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
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
MAAC Sponsor [Member] \| Private Placement Warrants [Member]
Public Warrants and Private Placement Warrants [Abstract]
Class of warrant outstanding (in shares)			10,214,365
Exercise price of warrants (in dollars per share)			$ 11.5
MAAC Sponsor [Member] \| Public Warrants [Member]
Public Warrants and Private Placement Warrants [Abstract]
Class of warrant outstanding (in shares)			20,535,896
Exercise price of warrants (in dollars per share)			$ 11.5

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 18—Subsequent Events (A) Share Repurchase Program The Company’s board of directors has authorized a common share repurchase program, allowing for repurchases of common shares in an aggregate amount of up to $1.5 billion (excluding fees and expenses). The repurchase program is funded by available cash and cash equivalents on hand and does not have an expiration date. Pursuant to the share repurchase program, on April 2, 2024, the Company entered into a share repurchase agreement with Sumitomo to repurchase all 71,251,083 common shares held by Sumitomo at a purchase price per share of $9.10, for an aggregate purchase price of approximately $648.4 million. The repurchase transaction with Sumitomo was completed on April 2, 2024. (B) Debt Renegotiation On May 24, 2024, Dermavant entered into amendments to (i) the NovaQuest Agreement (the “NovaQuest Agreement Amendment”), (ii) the Credit Facility (the “Credit Facility Amendment”), and (iii) the RIPSA (the “RIPSA Amendment” and collectively with the NovaQuest Agreement Amendment and the Credit Facility Amendment, the “Amendments”). The NovaQuest Agreement Amendment provides for the elimination of fixed quarterly cash payments totaling $176.3 million that would have been due and payable following regulatory approval of tapinarof in the U.S. for atopic dermatitis, if approved. In addition, the NovaQuest Agreement Amendment (i) eliminates cash payments of up to $141.0 million to NovaQuest that would have been due and payable upon achievement of certain commercial milestones by Dermavant and (ii) amends the timing of remaining cash payments, which now total $122.5 million in aggregate, to be paid between the fiscal years ending March 31, 2025 and March 31, 2029. The Credit Agreement Amendment provides for an extension of the maturity date of the Credit Facility from May 2026 to May 2028 and an increase in the interest rate payable on borrowings under the Credit Facility from 10% to 12.25% per annum. The RIPSA Amendment provides for, among other things, a near-term cap on the royalties currently payable equal to $6 million per fiscal year for each of the fiscal years ended March 31 2025, 2026 and 2027. The RIPSA Amendment did not otherwise amend the amount of the royalty payable, which is based on a capped single-digit revenue interest in net sales of VTAMA for all dermatological indications in the U.S., up to a cap of $344 million. The Amendments also includes certain other modifications to non-economic terms of the NovaQuest Agreement, including certain representations and covenants relating to the continued validity of, and performance by RSL, under an equity commitment letter (the “Equity Commitment Letter”) entered into in conjunction with the Amendments on May 24, 2024. Under the Equity Commitment Letter, RSL has agreed to contribute $195 million (the “Commitment”) to Dermavant in exchange for convertible preferred shares with a 1.5 times liquidation preference on invested capital. As consideration for entering into the Amendments, Dermavant issued common shares to NovaQuest and the holders of the RIPSA in an aggregate amount equal to approximately 13.2% of Dermavant’s issued and outstanding common and preferred shares (on an as converted basis) pursuant to subscription agreements (the “Subscription Agreements”). The common shares include certain antidilution top-up rights tied to RSL’s Commitment. The Amendments, together with the Equity Commitment Letter and the Subscription Agreements, constitute the “Debt Renegotiation.” As of closing of the Debt Renegotiation, RSL owned approximately 87% of Dermavant’s issued and outstanding common and preferred shares. The Company is in the process of evaluating the accounting impact as a result of the Debt Renegotiation.

Recent Transactions, Asset Acquisition and Deconsolidation of Subsidiaries (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2023	Jul. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Deconsolidation of Subsidiaries [Abstract]
Gain on deconsolidation of subsidiaries			$ 32,772	$ 29,276
Retained investment			247,753	$ 304,317
Newly-Formed Subsidiary [Member]
Asset Acquisition [Abstract]
Upfront Cash Payment		$ 14,000
Acquired in process research and development expense			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
Retained investment		9,000
VantAI Preferred Financing [Member] \| SK, Inc. [Member]
Deconsolidation of Subsidiaries [Abstract]
Contributions from issuance of shares		$ 6,000

Recent Transactions, Telavant Disposition (Details) - USD ($) $ in Thousands		1 Months Ended	5 Months Ended	8 Months Ended	12 Months Ended
	Dec. 14, 2023	Nov. 30, 2022	Mar. 31, 2023	Dec. 14, 2023	Mar. 31, 2024	Mar. 31, 2023
Consideration [Abstract]
Gain on sale of Telavant net assets					$ 5,348,410	$ 0
Telavant Holdings, Inc. [Member]
Telavant Disposition [Abstract]
Fair value of consideration transferred		$ 87,700
Acquired in process research and development expense						$ 87,700
Consideration [Abstract]
Pretax loss			$ (101,900)	$ (71,100)
Telavant Holdings, Inc. [Member] \| RSL [Member]
Telavant Disposition [Abstract]
Ownership of subsidiary	75.00%			75.00%
Consideration [Abstract]
Gain on sale of Telavant net assets					$ 5,300,000
Telavant Holdings, Inc. [Member] \| Pfizer [Member]
Telavant Disposition [Abstract]
Ownership of subsidiary	25.00%			25.00%
Roche Transaction [Member]
Consideration [Abstract]
Upfront cash payment	$ 7,100,000
Consideration to be received from milestone	150,000
Roche Transaction [Member] \| RSL [Member]
Consideration [Abstract]
Upfront cash payment	5,234,373
Consideration to be received from milestone	110,000
Carrying amount of noncontrolling interest derecognized	87,500			$ 87,500
Total consideration	5,321,873			5,321,873
Assets sold	3,253			3,253
Liabilities transferred	29,790			29,790
Net liabilities sold	(26,537)			$ (26,537)
Gain on sale of Telavant net assets	$ 5,348,410

Share-Based Compensation, Employee Stock Purchase Plan (Details) - RSL ESPP [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Purchase Plan [Abstract]
Percentage of stock purchase price equal to lower of closing price under ESPP	85.00%
Percentage of maximum contribution of base salary	15.00%
Maximum amount of contribution of base salary	$ 25
Issuance of the Company's common shares under employee stock purchase plan (in shares)	140,227	111,519
Share-based compensation expense	$ 500	$ 300

Income Taxes, Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Current taxes [Abstract]
Current tax expense	$ 22,224	$ 5,190
Deferred taxes [Abstract]
Deferred tax benefit	0	0
Total income tax expense	22,224	5,190
Bermuda [Member]
Current taxes [Abstract]
Current tax expense	0	0
Deferred taxes [Abstract]
Deferred tax benefit	0	0
United States [Member]
Current taxes [Abstract]
Current tax expense	22,534	5,312
Deferred taxes [Abstract]
Deferred tax benefit	0	0
Switzerland [Member]
Current taxes [Abstract]
Current tax expense	0	0
Deferred taxes [Abstract]
Deferred tax benefit	0	0
Other [Member]
Current taxes [Abstract]
Current tax expense	(310)	(122)
Deferred taxes [Abstract]
Deferred tax benefit	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Intangible Assets

12 Months Ended

Mar. 31, 2024

Intangible Assets [Abstract]

Intangible Assets

Note 5—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 U.S. 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 (in thousands):

	March 31, 2024			March 31, 2023
Gross amount	$	155,171		$	152,629
Less: accumulated amortization		(17,329	)		(7,748	)
Net book value	$	137,842		$	144,881

Amortization expense was $9.6 million and $7.5 million for the years ended March 31, 2024 and 2023, respectively. Amortization expense was recorded as part of “Cost of revenues” in the accompanying consolidated statement of operations. Future amortization expense is approximately $9.5 million for each of the years ending from March 31, 2025 through March 31, 2029 and $90.3 million thereafter. The Company’s intangible assets are denominated in currencies other than U.S. dollar and therefore are subject to foreign currency movements.

Net Income (Loss) per Common Share (Details) - shares

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Stock Options and Performance Stock Options [Member]

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

54,648,258

154,271,791

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

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

5,422,465

20,700,788

March 2020 CVARs [Member]

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

^[1]

17,548,368

32,011,996

November 2021 CVARs (Non-vested) [Member]

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

249,120

3,222,645

Restricted Common Stock (Non-vested) [Member]

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

255,911

689,026

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

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

3,080,387

Private Placement Warrants [Member]

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

10,214,365

Public Warrants [Member]

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

20,475,875

Other Stock Based Awards and Instruments Issued [Member]

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

3,924,305

6,122,842

[1]	Refer to Note 11, “Share-Based Compensation” for details regarding settlement of CVARs.

Summary of Significant Accounting Policies, Property and Equipment (Details)	Mar. 31, 2024
Computers [Member]
Property and Equipment [Abstract]
Estimated useful lives	3 years
Laboratory and Other Equipment [Member] \| Minimum [Member]
Property and Equipment [Abstract]
Estimated useful lives	5 years
Laboratory and Other Equipment [Member] \| Maximum [Member]
Property and Equipment [Abstract]
Estimated useful lives	10 years
Furniture and Fixtures [Member]
Property and Equipment [Abstract]
Estimated useful lives	7 years
Software [Member]
Property and Equipment [Abstract]
Estimated useful lives	3 years

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

Mar. 31, 2024

Mar. 31, 2023

Assets: [Abstract]

Investment

$ 247,753

$ 304,317

Earn-Out Shares [Member]

Recurring Fair Value Measurements [Abstract]

Liabilities at fair value

22,000

15,200

Private Placement Warrants [Member]

Recurring Fair Value Measurements [Abstract]

Liabilities at fair value

15,200

Arbutus Biopharma Corporation [Member]

Assets: [Abstract]

Investment

100,200

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]

Liabilities at fair value

22,000

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] | Liability Instruments Measured at Fair Value [Member]

Recurring Fair Value Measurements [Abstract]

Other liability instruments

3,700

3,300

Recurring [Member]

Assets: [Abstract]

Total assets at fair value

6,560,041

1,801,043

Liabilities: [Abstract]

Debt issued by Dermavant to NovaQuest

210,371

207,640

Liability instruments measured at fair value

^[1]

25,737

63,546

Total liabilities at fair value

236,108

271,186

Recurring [Member] | Money Market Funds [Member]

Assets: [Abstract]

Money market funds

6,312,288

1,496,726

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

Assets: [Abstract]

Investment

147,526

178,579

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

Assets: [Abstract]

Investment

100,227

117,708

Recurring [Member] | Other Investment [Member]

Assets: [Abstract]

Investment

8,030

Recurring [Member] | Level 1 [Member]

Assets: [Abstract]

Total assets at fair value

6,412,515

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

6,312,288

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

100,227

117,708

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

Assets: [Abstract]

Investment

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 Investment [Member]

Assets: [Abstract]

Investment

Recurring [Member] | Level 3 [Member]

Assets: [Abstract]

Total assets at fair value

147,526

178,579

Liabilities: [Abstract]

Debt issued by Dermavant to NovaQuest

210,371

207,640

Liability instruments measured at fair value

^[1]

25,737

33,651

Total liabilities at fair value

236,108

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

147,526

178,579

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

Assets: [Abstract]

Investment

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

Assets: [Abstract]

Investment

$ 0

[1]

Discontinued Operations (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) Vants $ / shares shares	Nov. 30, 2022 $ / shares
Cash Flow from Discontinued Operations [Abstract]
Gain on recovery of contingent consideration	$ 0	$ (114,561)
Proceeds from sale of Myovant Top-Up Shares	$ 0	$ 114,561
Common Stock [Member]
Myovant Transaction [Abstract]
Share price (in dollars per share) \| $ / shares			$ 5
Myovant Sciences Ltd. [Member] \| Discontinued Operations [Member]
Myovant Transaction [Abstract]
Share price (in dollars per share) \| $ / shares		$ 27
Cash Flow from Discontinued Operations [Abstract]
Gain on recovery of contingent consideration		$ (114,561)
Proceeds from sale of Myovant Top-Up Shares		$ 114,561
Myovant Sciences Ltd. [Member] \| Discontinued Operations [Member] \| Common Stock [Member]
Myovant Transaction [Abstract]
Number of Top-Up shares received (in shares) \| shares		4,243,005
RSL [Member] \| Discontinued Operations [Member]
Myovant Transaction [Abstract]
Number of Vants \| Vants		5

Share-Based Compensation, Black-Scholes Closed form Option Pricing Model (Details) - shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock Options [Member]
Assumptions [Abstract]
Expected stock price volatility	72.22%	85.95%
Expected risk free interest rate	3.72%	2.89%
Expected term, in years	6 years 2 months 15 days	6 years 3 months
Expected dividend yield	0.00%	0.00%
Performance Stock Units [Member]
Share-Based Compensation [Abstract]
Granted (in shares)	0	0

Share-Based Compensation, Stock Options and Performance Stock Options under RSL Equity Plans (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($) Plan $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation [Abstract]
Number of equity incentive plans \| Plan	3
RSL 2021 EIP [Member]
Share-Based Compensation [Abstract]
Common shares reserved for future issuance (in shares)	142,055,968
Equity incentive plan term	10 years
Common shares available for future grants (in shares)	42,725,086
Stock Options and Performance Stock Options [Member] \| RSL Equity Plans [Member]
Number of Shares [Roll Forward]
Options outstanding, beginning balance (in shares)	154,271,791
Granted (in shares)	4,525,962
Exercised (in shares)	(11,124,901)
Forfeited/Canceled (in shares)	(604,245)
Options outstanding, ending balance (in shares)	147,068,607	154,271,791
Options exercisable at September 30, 2023 (in shares)	97,162,627
Average Exercise Price [Roll Forward]
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 7.75
Granted (in dollars per share) \| $ / shares	8.89
Exercised (in dollars per share) \| $ / shares	4.31
Forfeited/Canceled (in dollars per share) \| $ / shares	11.17
Outstanding, beginning balance (in dollars per share) \| $ / shares	8.03	$ 7.75
Exercisable, period end (in dollars per share) \| $ / shares	$ 9.5
Weighted-Average Remaining Contractual Term [Abstract]
Outstanding, weighted-average remaining contractual term	5 years 8 months 12 days	6 years 8 months 12 days
Exercisable, weighted-average remaining contractual term	4 years 7 months 6 days
Aggregate Intrinsic Value [Abstract]
Outstanding, aggregate intrinsic value \| $	$ 499,487	$ 280,171
Exercisable, aggregate intrinsic value \| $	228,479
Unrecognized compensation expense \| $	$ 156,900
Remaining weighted-average service period	2 years 3 days

Equity Method Investments, Investment in Arbutus (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Investments [Abstract]
Number of shares acquired (in shares)	806,677,954	760,143,393
Arbutus Biopharma Corporation [Member] \| Common Shares [Member]
Investments [Abstract]
Number of shares acquired (in shares)	38,847,462

Recent Transactions (Tables)

12 Months Ended

Mar. 31, 2024

Recent Transactions [Abstract]

Calculation of Gain

The table below summarizes the calculation of the gain.

	(in thousands)
Consideration:
Upfront cash payment	$	5,234,373
Carrying amount of noncontrolling interest derecognized		87,500
Total consideration		5,321,873

Assets sold		3,253
Liabilities transferred		29,790
Net liabilities sold		(26,537	)

Gain on sale of Telavant net assets	$	5,348,410

Subsequent Events (Details) $ / shares in Units, $ in Millions		48 Months Ended	71 Months Ended
	May 24, 2024 USD ($)	Apr. 01, 2028 USD ($)	Apr. 30, 2028 USD ($)	Apr. 02, 2024 USD ($) $ / shares shares	May 31, 2021 USD ($)	Oct. 31, 2018 USD ($)	Aug. 31, 2018 USD ($)
Subsequent Event [Member]
Common Share Repurchase Program [Abstract]
Commitment amount	$ 195.0
Liquidation Preference, Conversion Rate	1.5
Third party ownership of subsidiary	13.20%
Subsequent Event [Member] \| Stock Repurchase Program [Member]
Common Share Repurchase Program [Abstract]
Common stock repurchase authorized amount				$ 1,500.0
Purchase price per share (in dollars per share) \| $ / shares				$ 9.1
Funding Agreement with NovaQuest [Member] \| Forecast [Member]
Common Share Repurchase Program [Abstract]
Periodic payment			$ 176.3
NovaQuest Agreement Amendment [Member]
Common Share Repurchase Program [Abstract]
Maximum milestone payment obligation							$ 141.0
NovaQuest Agreement Amendment [Member] \| Forecast [Member]
Common Share Repurchase Program [Abstract]
Aggregate remaining milestone payment obligation to be paid		$ 122.5
Credit Facility with XYQ Luxco [Member] \| Subsequent Event [Member]
Common Share Repurchase Program [Abstract]
Interest rate	10.00%
Credit Facility Amendment [Member] \| Subsequent Event [Member]
Common Share Repurchase Program [Abstract]
Interest rate	12.25%
RIPSA Amendment [Member] \| Subsequent Event [Member]
Common Share Repurchase Program [Abstract]
Royalties Currently Payable 2025	$ 6.0
Royalties Currently Payable 2026	6.0
Royalties Currently Payable 2027	6.0
Royalties entitled to receive	$ 344.0
Sumitomo [Member] \| Subsequent Event [Member] \| Stock Repurchase Program [Member]
Common Share Repurchase Program [Abstract]
Number of shares repurchased (in shares) \| shares				71,251,083
Aggregate purchase price				$ 648.4
Dermavant [Member] \| Subsequent Event [Member]
Common Share Repurchase Program [Abstract]
Ownership of subsidiary	87.00%
Dermavant [Member] \| Funding Agreement with NovaQuest [Member]
Common Share Repurchase Program [Abstract]
Maximum milestone payment obligation						$ 440.6
Dermavant [Member] \| Credit Facility with XYQ Luxco [Member]
Common Share Repurchase Program [Abstract]
Interest rate					10.00%
Dermavant [Member] \| Revenue Interest Purchase and Sale Agreement with XYQ Luxco, NovaQuest [Member]
Common Share Repurchase Program [Abstract]
Royalties entitled to receive					$ 344.0

Recent Transactions

12 Months Ended

Mar. 31, 2024

Recent Transactions [Abstract]

Recent Transactions

Note 6—Recent Transactions

(A) Telavant Disposition

On December 14, 2023 (the “Transaction Date”), the Company completed the sale of its entire equity interest in its majority-owned subsidiary Telavant to Roche Holdings, Inc. (“Roche”) (the “Roche Transaction”). The Roche Transaction was made pursuant to a Stock Purchase Agreement dated October 22, 2023 among the Company, Telavant, Pfizer Inc. (“Pfizer”), and Roche (the “Stock Purchase Agreement”). Telavant was jointly formed by the Company and Pfizer in November 2022 to develop and commercialize RVT-3101, an anti-TL1A antibody in development for ulcerative colitis (“UC”) and Crohn’s disease, in the U.S. and Japan. Telavant’s in-license of RVT-3101 from Pfizer was accounted for as an asset acquisition as the acquired assets did not meet the definition of a business. The fair value of consideration transferred was $87.7 million, primarily consisting of preferred stock issued to Pfizer. The acquired rights were determined to have no alternative future use. Accordingly, the Company recorded $87.7 million as acquired in process research and development expense in the accompanying consolidated statements of operations for the year ended March 31, 2023. Prior to the Roche Transaction, the Company held 75% of the issued and outstanding shares of common stock and preferred stock of Telavant, and Pfizer owned the remaining 25%, in each case on an as-converted basis.

Pursuant to the Stock Purchase Agreement, Roche acquired all of the issued and outstanding shares of capital stock of Telavant in exchange for approximately $7.1 billion in cash at the closing of the Roche Transaction and a one-time milestone payment of $150 million in cash payable upon the initiation of a Phase 3 trial in UC. The $7.1 billion in closing consideration was 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, and this same treatment will be applied to the one-time milestone payment. The Company received an upfront payment of approximately $5.2 billion in cash as its pro rata portion of the consideration upon closing of the Roche Transaction. Additionally, the Company is eligible to receive approximately $110 million for its pro rata portion of the one-time milestone payment if the milestone payment condition is satisfied.

At the closing of the Roche Transaction, Roche acquired the full rights to further develop and manufacture RVT- 3101 and commercialize it in the U.S. and Japan. Outside of the U.S. and Japan, Pfizer holds commercialization rights. In addition, following the closing of the Roche Transaction, Roche acquired Telavant’s option to enter into a global collaboration with Pfizer on a next generation p40/TL1A directed bispecific antibody, currently in Phase 1.

The Telavant entity that was sold did not meet the definition of a business, and therefore the Company concluded that the Roche Transaction was a sale of non-financial assets, with control transferred at closing. The sale of Telavant did not meet the criteria for reporting discontinued operations as the sale does not represent a strategic shift in the Company’s business. The Company recognized a gain on sale of Telavant net assets of approximately $5.3 billion during the year ended March 31, 2024 in the accompanying consolidated statements of operations. The gain does not include the Company’s portion of the one-time milestone payment, which will be recognized in the period it is achieved. The gain on sale of Telavant net assets qualifies under the substantial shareholding exemption in the United Kingdom (“U.K.”) and consequently is not subject to the corporation income tax. The table below summarizes the calculation of the gain.

	(in thousands)
Consideration:
Upfront cash payment	$	5,234,373
Carrying amount of noncontrolling interest derecognized		87,500
Total consideration		5,321,873

Assets sold		3,253
Liabilities transferred		29,790
Net liabilities sold		(26,537	)

Gain on sale of Telavant net assets	$	5,348,410

The pretax loss generated by Telavant was $71.1 million for the period from April 1, 2023 to the Transaction Date and $101.9 million for the period from inception on November 14, 2022 to March 31, 2023. The entirety of the Telavant pretax losses was attributable to the Company.

(B) 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 consolidated statements of operations for the year ended March 31, 2024.

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.

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.

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 consolidated statements of operations for the year ended March 31, 2024.

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.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ 4,231,206	$ (1,115,463)
Other comprehensive loss:
Foreign currency translation adjustment	(936)	(1,490)
Total other comprehensive loss	(936)	(1,490)
Comprehensive income (loss)	4,230,270	(1,116,953)
Comprehensive loss attributable to noncontrolling interests	(117,190)	(106,252)
Comprehensive income (loss) attributable to Roivant Sciences Ltd.	$ 4,347,460	$ (1,010,701)

- 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

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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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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Shareholders' Equity - (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended					12 Months Ended
	Jul. 31, 2022	Oct. 31, 2023	Sep. 30, 2023	Feb. 28, 2023	Nov. 30, 2022	Oct. 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Sep. 19, 2022
Shareholders' Equity Description [Abstract]
Net proceeds of common stock							$ 199,822	$ 311,981
Gain on deconsolidation of subsidiaries							$ 32,772	$ 29,276
Immunovant, Inc. [Member]
Shareholders' Equity Description [Abstract]
Ownership of subsidiary							55.00%
Common Stock [Member]
Shareholders' Equity Description [Abstract]
Common shares issued (in shares)					30,000,000
Share price (in dollars per share)					$ 5
Common Stock [Member] \| Investor [Member]
Shareholders' Equity Description [Abstract]
Common shares issued (in shares)			19,600,685
Purchase price (in dollars per share)			$ 10.21
Net proceeds from sale of common stock			$ 199,800
Underwritten Public Offering [Member] \| Immunovant, Inc. [Member]
Shareholders' Equity Description [Abstract]
Net proceeds from sale of common stock		$ 466,700
Underwritten Public Offering [Member] \| Common Stock [Member]
Shareholders' Equity Description [Abstract]
Common shares issued (in shares)				30,666,665
Common stock, shares issued upon exercise of underwriter's options (in shares)				3,999,999
Share price (in dollars per share)				$ 7.5
Net proceeds of common stock				$ 216,900	$ 94,700
Common shares purchased by RSL (in shares)						416,667
Underwritten Public Offering [Member] \| Common Stock [Member] \| Immunovant, Inc. [Member]
Shareholders' Equity Description [Abstract]
Common shares issued (in shares)		8,475,500				12,500,000
Share price (in dollars per share)						$ 6
Net proceeds of common stock						$ 70,200
Sold by RSL [Member] \| Common Stock [Member]
Shareholders' Equity Description [Abstract]
Common shares issued (in shares)					20,000,000
Sold by Selling Shareholders [Member] \| Common Stock [Member]
Shareholders' Equity Description [Abstract]
Stock sold during period by selling shareholders (in shares)					10,000,000
Roivant participation of Immunovant Stock offering [Member] \| Common Stock [Member]
Shareholders' Equity Description [Abstract]
Purchase price (in dollars per share)		$ 38
Common shares purchased by RSL (in shares)		1,526,316
Option purchase additional shares of common stock (in shares)		1,105,500
Private Placement [Member] \| Common Stock [Member] \| Immunovant, Inc. [Member]
Shareholders' Equity Description [Abstract]
Purchase price (in dollars per share)		$ 38
Common shares purchased by RSL (in shares)		4,473,684
Cowen [Member] \| At-the-Market Equity Offering Program[Member]
Shareholders' Equity Description [Abstract]
Common shares aggregate offering price authorized									$ 400,000
Common shares aggregate offering price authorized, remaining capacity available							$ 400,000
Cytovant [Member]
Shareholders' Equity Description [Abstract]
Gain on deconsolidation of subsidiaries	$ 16,800

Certain Balance Sheet Components

12 Months Ended

Mar. 31, 2024

Certain Balance Sheet Components [Abstract]

Certain Balance Sheet Components

Note 7—Certain Balance Sheet Components

(A) Other Current Assets

Other current assets at March 31, 2024 and 2023 consisted of the following (in thousands):

	March 31, 2024		March 31, 2023

Prepaid expenses	$	55,096	$	60,827
Trade receivables, net		53,545		30,379
Restricted cash		5,367		5,011
Inventory		35,251		2,761
Income tax receivable		1,827		2,356
Interest receivable		27,441		4,909
Other		17,595		15,531
Total other current assets	$	196,122	$	121,774

(B) Accrued Expenses

Accrued expenses at March 31, 2024 and 2023 consisted of the following (in thousands):

	March 31, 2024		March 31, 2023

Research and development expenses	$	40,313	$	76,278
Compensation-related expenses		61,242		55,186
Sales allowances		23,277		17,569
Other expenses		50,754		18,096
Total accrued expenses	$	175,586	$	167,129

Other current liabilities at March 31, 2024 and 2023 consisted of the following (in thousands):

	March 31, 2024		March 31, 2023

Deferred revenue	$	4,168	$	12,444
Income tax payable		10,469		542
Other		1,417		2,090
Total other current liabilities	$	16,054	$	15,076

Fair Value Measurements, Changes in Fair Value of the Level 3 Liabilities (Details) - Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 241,291	$ 204,293
Fair value of liability instrument issued		248
Payments related to long-term debt	(29,374)	(29,375)
Exercise of Private Placement Warrants	(28,090)
Changes in fair value of debt and liability instruments, included in net loss	$ 52,281	$ 66,125
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	$ 236,108	$ 241,291

Fair Value Measurements, Fair Value of Significant Unobservable Inputs (Details) $ / shares in Units, $ in Millions	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)
Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Liabilities at fair value	$ 22.0	$ 15.2
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liability Instruments Measured at Fair Value	Liability Instruments Measured at Fair Value
Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Liabilities at fair value		$ 15.2
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Liability Instruments Measured at Fair Value
Private Placement Warrants [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Share redemption trigger price (in dollars per share) \| $ / shares	$ 18
Volatility [Member] \| Datavant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investment in equity securities, measurement input	0.90	1
Volatility [Member] \| Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Earn-out share, measurement input	63.20%	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	0.0486	0.0402
Risk-free Rate [Member] \| Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Earn-out share, measurement input	4.50%	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

Share-Based Compensation, CVARs (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation [Abstract]
Award modification expense		$ 20.8
CVARs [Member] \| November 2021 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Fair value of CVARs that service-vested		6.2	$ 13.0
CVARs [Member] \| RSL 2015 EIP [Member]
Share-Based Compensation [Abstract]
Fair value of CVARs that service-vested		$ 2.1	$ 16.7
Capped Value Appreciation Rights [Abstract]
Non-vested balance, beginning (in shares)		1,815,441
Granted (in shares)		0
Service-vested (in shares)		(1,775,667)
Forfeited (in shares)		(39,774)
Non-vested balance, ending (in shares)		0	1,815,441
Capped Value Appreciation Right , Weighted Average Grant Date Fair Value [Abstract]
Non-vested balance, beginning (in dollars per share)		$ 1.19
Granted (in dollars per share)		0
Service-vested (in dollars per share)		1.2
Forfeited (in dollars per share)		0.4
Non-vested balance, ending (in dollars per share)		$ 0	$ 1.19
CVARs [Member] \| RSL 2015 EIP [Member] \| March 2020 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Number of service-vested shares (in shares)		31,972,222	30,196,555
Equity instruments vested and settled (in shares)		14,482,570
Number of shares issued (in shares)		5,366,815
CVARs [Member] \| RSL 2021 EIP [Member]
Share-Based Compensation [Abstract]
Unrecognized compensation expense		$ 1.3
Remaining weighted-average service period		1 year 1 month 13 days
Capped Value Appreciation Rights [Abstract]
Non-vested balance, beginning (in shares)		3,222,645
Granted (in shares)	6,317,350	0
Service-vested (in shares)		(1,247,737)
Forfeited (in shares)		(192,830)
Non-vested balance, ending (in shares)		1,782,078	3,222,645
Capped Value Appreciation Right , Weighted Average Grant Date Fair Value [Abstract]
Non-vested balance, beginning (in dollars per share)		$ 4.89
Granted (in dollars per share)		0
Service-vested (in dollars per share)		4.98
Forfeited (in dollars per share)		4.32
Non-vested balance, ending (in dollars per share)		$ 4.89	$ 4.89
CVARs [Member] \| RSL 2021 EIP [Member] \| November 2021 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Number of shares issued (in shares)		1,247,737

Discontinued Operations (Tables)

12 Months Ended

Mar. 31, 2024

Discontinued Operations [Abstract]

Cash Flow from Discontinued Operations

In the accompanying consolidated statements of cash flows, the cash flows from discontinued operations are not separately classified. The cash flow item from discontinued operations was as follows (in thousands):

	Year Ended March 31, 2023
Gain on recovery of contingent consideration	$	(114,561	)
Proceeds from sale of Myovant Top-Up Shares	$	114,561

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2024

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 audited consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

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 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. Certain prior year amounts have been reclassified to conform with the current period presentation. These reclassifications had no effect on the previously reported results of operations. 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 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 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 March 31, 2024 and 2023, a majority of the Company’s long-lived assets were located in the United States (“U.S.”).

(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.

	March 31, 2024		March 31, 2023
Cash and cash equivalents	$	6,535,706	$	1,676,813
Restricted cash (included in “Other current assets”)		5,367		5,011
Restricted cash (included in “Other assets”)		9,377		10,291
Cash, cash equivalents and restricted cash	$	6,550,450	$	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 contingent loss, including an estimable range, if possible.

(F) Inventory

Inventories are recorded at the lower-of-cost or net realizable value, with cost determined based on a first-in, first-out basis. Net realizable value is the estimated selling price in the ordinary course of the Company’s business, less reasonably predictable costs of completion, disposal, and transportation. The cost basis of the Company’s inventories is reduced for any products that are considered excessive or obsolete based upon assumptions about future demand and market conditions. Inventories include the cost for raw materials, the cost to manufacture the raw materials into finished goods, freight charges, and overhead.

The Company performs an assessment of the recoverability of inventories during each reporting period and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. If they occur, such impairment charges are recorded as a component of cost of revenues in the consolidated statements of operations.

Prior to initial regulatory approval, the Company expenses costs relating to the production of inventory as research and development expenses when incurred. After such time as the product receives initial regulatory approval, the Company capitalizes inventory costs related to the product.

Inventory is included in “Other current assets” on the accompanying consolidated balance sheets.

(G) Property and Equipment

Property and equipment, consisting primarily of computers, laboratory and other equipment, furniture and fixtures, software, and leasehold improvements, is recorded at cost, less accumulated depreciation. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed to operations as incurred. Upon disposal, retirement or sale, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in the results of operations. Depreciation of property and equipment is recorded using the straight-line method over the estimated useful lives of the related assets once the asset has been placed in service. Leasehold improvements are amortized using the straight-line method over the estimated useful life or remaining lease term, whichever is shorter. The following table provides the range of estimated useful lives used for each asset type:

Property and Equipment		Estimated Useful Life
Computers		3 years
Laboratory and other equipment		5 - 10 years
Furniture and fixtures		7 years
Software		3 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term

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

(H) 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 4, “Equity Method Investments.”

(I) Intangible Assets, Net

Finite-lived intangible assets are recorded at cost, net of accumulated amortization, and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. See Note 5, “Intangible Assets.”

(J) Fair Value Measurements

The Company utilizes fair value measurement guidance prescribed by U.S. GAAP 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”); Class A units of Heracles Parent, L.L.C. (“Datavant”); liability instruments issued, including the warrants (prior to their settlement) and earn-out shares liabilities issued in connection with the Company’s business combination with MAAC (as discussed in Note 15, “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 Class A units of Datavant, and liability instruments issued, excluding the Public Warrants (as defined and discussed in Note 15, “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, 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.

(K) Research and Development Expenses

Research and development (“R&D”) costs are expensed as incurred. R&D expenses primarily consist of costs associated with preclinical studies and clinical trials as well as employee-related expenses, such as salaries, share-based compensation, and benefits, for employees engaged in R&D activities. The Company records accruals for estimated costs of R&D activities, including preclinical studies, clinical trials, and contract manufacturing, conducted by third-party service providers. The Company determines the estimates by reviewing open contracts, vendor agreements, and purchase orders; communicating with internal personnel and external service providers to understand the progress or stage of completion of services performed on its behalf; and estimating the associated costs for these services that have not yet been invoiced. If the actual timing of the performance of services or the level of effort varies from the estimate, the accrual or prepaid expense is adjusted accordingly.

(L) Acquired In-Process Research and Development Expenses

Acquired in-process research and development (“IPR&D”) expenses include consideration for the purchase of IPR&D through asset acquisitions and license agreements as well as payments made in connection with asset acquisitions and license agreements upon the achievement of development milestones.

The Company evaluates in-licensed agreements for IPR&D projects to determine if it meets the definition of a business and thus should be accounted for as a business combination. If the in-licensed agreement for IPR&D does not meet the definition of a business and the assets have not reached technological feasibility and have no alternative future use, the Company expenses payments made under such license agreements as acquired in-process research and development expense in its consolidated statements of operations. In those cases, payments for milestones achieved and payments for a product license prior to regulatory approval of the product are expensed in the period incurred. Payments made in connection with regulatory and sales-based milestones are capitalized and amortized to cost of revenue.

(M) Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses consist primarily of employee-related expenses, such as salaries, share-based compensation, sales incentive compensation, and benefits, for employees engaged in SG&A activities. SG&A employees include those responsible for the identification and acquisition or in-license of new drug candidates as well as for managing Vant operations and facilitating the use of the Company’s platform and technologies at the Vants. SG&A expenses also consist of marketing programs, advertising, legal and accounting fees, consulting services, and other operating costs relating to corporate matters and daily operations. Additionally, SG&A expenses include costs incurred relating to the identification, acquisition or in-license and technology transfer of promising drug candidates along with costs incurred relating to the integration of new technologies.

(N) Leases

The Company determines if an arrangement includes a lease at the inception of the agreement. Leases are classified at lease commencement as either operating leases or finance leases. Operating leases are included in “Operating lease right-of-use assets”, “Operating lease liabilities”, and “Operating lease liabilities, noncurrent” on the accompanying consolidated balance sheets. Commitments under finance leases are not significant and are included in “Property and equipment, net”, “Other current liabilities”, and “Other liabilities” on the accompanying consolidated balance sheets. For each of the Company’s lease arrangements, the Company records a right-of-use asset representing the Company’s right to use an underlying asset for the lease term and a lease liability representing the Company’s obligation to make lease payments. Lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the expected lease term. If the interest rate implicit in the Company’s leases is not readily determinable, in determining the weighted-average discount rate used to calculate the net present value of lease payments, the Company utilizes an estimate of its incremental borrowing rate. The Company’s incremental borrowing rates are determined based on the term of the lease, the economic environment of the lease, and the effect of collateralization. Lease expense for the Company’s leases is recognized on a straight-line basis over the lease term and variable lease costs are expensed as incurred.

The Company elected the practical expedient not to apply the recognition and measurement requirements to short-term leases, which is any lease with a term of one year or less as of the lease commencement date. Leases may require the Company to pay additional amounts for taxes, insurance, maintenance, and other expenses, which are generally referred to as non-lease components. The Company has elected the practical expedient to combine lease and non-lease components. If a lease includes options to extend the lease term, the Company does not assume the option will be exercised in its initial lease term assessment unless there is reasonable certainty that the Company will renew based on an assessment of economic factors present as of the lease commencement date.

(O) Income Taxes

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

When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company’s policy is to recognize interest and/or penalties related to income tax matters in provision for income taxes.

(P) Share-Based Compensation

Share-based awards to employees, directors, and consultants, including stock options, restricted stock units, performance options and capped value appreciation rights, are measured at fair value on the date of the grant and that fair value is recognized as share-based compensation expense in the Company’s consolidated statements of operations over the requisite service period of the respective award. The estimated fair value of awards that contain performance conditions is expensed when the Company concludes that it is probable that the performance condition will be achieved. The Company may grant awards with graded-vesting features. When such awards have only service vesting requirements, the Company elected to record share-based compensation expense on a straight-line basis. If awards with graded-vesting features contain performance or market conditions, then the Company records share-based compensation expense using the accelerated attribution method.

The Company measures the fair value of its stock options that only have service vesting requirements or performance-based options without market conditions using the Black-Scholes option pricing model. For performance-based awards with market conditions, the Company determines the fair value of the awards as of the grant date using a Monte Carlo simulation model. When determining the grant-date fair value of stock-based awards, management further considers whether an adjustment is required to the observable market price or volatility of the Company’s common stock that is used in the valuation as a result of material non-public information, if that information is expected to result in a material increase in share price.

Certain assumptions need to be made with respect to utilizing the Black-Scholes option pricing model, including the expected life of the award, volatility of the underlying shares, the risk-free interest rate and the fair value of the Company’s shares of common stock. Since the Company has limited option exercise history, it has generally elected to estimate the expected life of an award based upon the “simplified method” with the continued use of this method extended until such time the Company has sufficient exercise history. The risk-free interest rate is based on the rates paid on securities issued by the U.S. Treasury with a term approximating the expected life of the equity award. The expected share price volatility for the Company’s common shares is estimated by taking the average historical price volatility for industry peers. The Company accounts for pre-vesting award forfeitures when they occur.

One of the inputs to the Black-Scholes option pricing model is the fair value of the Company’s common shares. Prior to the closing of its business combination with MAAC, as a privately held company, the Company estimated the fair value of the shares of common stock underlying its share-based awards on each grant date. Given the absence of a public trading market, and in accordance with the American Institute of Certified Public Accountants’ Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, the Company exercised reasonable judgment and considered numerous objective and subjective factors to determine its best estimate of the fair value of its common shares. The estimation of the fair value of the common shares considered factors including the following: the prices of the Company’s common shares sold to investors in arm’s length transactions; the estimated present value of the Company’s future cash flows; the Company’s business, financial condition and results of operations; the Company’s forecasted operating performance; the illiquid nature of the Company’s common shares; industry information such as market size and growth; market capitalization of comparable companies and the estimated value of transactions such companies have engaged in; and macroeconomic conditions.

The Company applies a similar methodology to estimate the fair value of the shares of common stock underlying share-based awards issued by its privately held Vants. Following the closing of the Company’s business combination with MAAC, RSL’s common shares became publicly traded and the Company began determining the fair value of each common share underlying share-based awards based on the closing price of its common shares as reported by Nasdaq on the date of grant. Therefore, it will not be necessary to determine the fair value of the new stock-based award pursuant to the methodology described above.

(Q) Foreign Currency

Assets and liabilities of foreign operations are translated using exchange rates in effect at the balance sheet date and their results of operations are translated using average exchange rates for the year. Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Adjustments resulting from the translation of the financial statements of the Company’s foreign functional currency subsidiaries into U.S. dollars are excluded from the determination of net loss and are accumulated in a separate component of shareholders’ equity. Foreign exchange transaction gains and losses are included in “Other expense (income), net” in the Company’s statements of operations.

(R) Revenue Recognition

The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for its arrangements, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation.

Product Revenue, Net

The Company began recognizing product revenues after the initial product launch of VTAMA following approval by the FDA in May 2022.

The Company sells VTAMA in the U.S. principally through wholesale, specialty distribution and pharmacy channels (collectively, “customers”). These customers subsequently resell the product to healthcare providers and patients. In addition to distribution agreements with customers, the Company enters into arrangements with healthcare providers and payers that provide for government-mandated and/or privately-negotiated rebates, chargebacks and discounts with respect to the purchase of the Company’s product. Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, either upon shipment or delivery to the customer.

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

More specifically, these adjustments include the following:

Prompt Pay and Cash Pay Discounts: The Company generally provides invoice discounts on product sales to its customers for prompt payment and/or cash payment. The Company estimates the amount of such discounts that will be utilized and deducts the amount from its gross product revenues and accounts receivable at the time such revenues are recognized.

Customer Fees: The Company pays fees to its customers for account management, data management, and other administrative services. To the extent the services received are distinct from sales of products to the customer, the Company records these payments in selling, general and administrative expenses.

Chargebacks: Chargebacks are discounts that occur when contracted customers purchase directly from a wholesaler or specialty distributor. Contracted customers, which currently consist primarily of public health service institutions, federal government entities, pharmaceutical benefit managers, and health maintenance organizations, generally purchase the product at a discounted price. The wholesaler or specialty distributor, in turn, charges back to the Company the difference between the price initially paid by the wholesaler or specialty distributor and the discounted price paid to the wholesaler or specialty distributor by the contracted customer. The allowance for chargebacks is based on actual chargebacks received and an estimate of sales to contracted customers.

Rebates: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program and the Medicare Part D prescription drug benefit as well as contracted discounts with pharmaceutical benefit managers and health maintenance organizations. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with payers or statutory requirements pertaining to Medicaid and Medicare benefit providers. The allowance for rebates is based on contractual or statutory discount rates, estimated payer mix, and expected utilization. The Company’s estimates for expected utilization of rebates are based on historical data received from wholesalers, specialty distributors, and pharmacies since launch, as well as analog data from similar products. The Company monitors sales trends and adjusts the allowance on a regular basis to reflect the most recent rebate experience. The Company’s liability for these rebates consists of invoices received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period.

Co-payment Assistance: The Company offers co-payment assistance to patients. Co-payment assistance is accrued based on an estimate of the number of co-payment assistance claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue but remains in the distribution channel inventories at the end of each reporting period.

Product Returns: Consistent with industry practice, the Company offers its customers limited product return rights for damages, shipment errors, and expiring product; provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution or customer agreement. The Company does not allow product returns for product that has been dispensed to a patient. In arriving at its estimate for product returns, the Company considers historical product returns, the underlying product demand, and industry specific data.

License, Milestone and Other Revenue

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

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

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

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

Revenue is also generated by certain technology-focused contracts from subscription and service-based fees recognized for the use of certain technology internally developed. Subscription revenue is recognized ratably over the contract period.

Trade Receivables, Net

The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in customer credit profiles. The Company reserves against trade receivables for estimated losses that may arise from a customer’s inability to pay, and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated losses was de minimis as of March 31, 2024 and 2023. Trade receivables, net is included in “Other current assets” on the accompanying consolidated balance sheets.

(S) Cost of Revenues

Following the initial product launch of VTAMA, the Company began to recognize cost of product revenues, which includes the cost of producing and distributing inventories related to product revenue during the respective period, including manufacturing, freight, and indirect overhead costs. Additionally, cost of product revenues may include costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances. Cost of product revenues for the years ended March 31, 2024 and 2023 is included in “Cost of revenues” on the accompanying consolidated statements of operations.

Cost of revenues related to the Company’s subscription and service-based revenue recognized for the use of technology developed consists primarily of employee, hosting, and third-party data costs.

(T) Recently Adopted Accounting Pronouncements

The Company did not adopt any material accounting pronouncements during the year ended March 31, 2024.

(U) 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.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. This ASU is applicable to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and subsequent interim periods, with early adoption permitted. These amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes updates to the income tax disclosures related to the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024 and is applicable to the Company’s fiscal year beginning April 1, 2025, with early adoption permitted. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.

Net Income (Loss) per Common Share (Tables)

12 Months Ended

Mar. 31, 2024

Net Income (Loss) per Common Share [Abstract]

Potentially Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Income (Loss) per Common Share

As of March 31, 2024 and 2023, the following potentially dilutive common stock equivalents were excluded from the computation of diluted net income (loss) per common share because including them would have been anti-dilutive:

	March 31, 2024		March 31, 2023
Stock options and performance stock options		54,648,258		154,271,791
Restricted stock units and performance stock units (non-vested)		5,422,465		20,700,788
March 2020 CVARs⁽¹⁾		17,548,368		32,011,996
November 2021 CVARs (non-vested)		249,120		3,222,645
Restricted common stock (non-vested)		255,911		689,026
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		3,924,305		6,122,842

⁽¹⁾	Refer to Note 11, “Share-Based Compensation” for details regarding settlement of CVARs.

Equity Method Investments, Summarized Equity Method Investment (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Significant Equity Method Investments [Abstract]

Aggregate Fair Value

$ 247,753

$ 304,317

Datavant Merger [Member]

Significant Equity Method Investments [Abstract]

Ownership percentage

^[1]

9.00%

17.00%

Aggregate Fair Value

^[1]

$ 147,500

$ 178,600

Unrealized Losses (Gains) on Significant Equity Method Investments [Abstract]

Unrealized Loss (Gain) on Investment

$ 31,100

$ 15,400

Arbutus Biopharma Corporation [Member]

Significant Equity Method Investments [Abstract]

Ownership percentage

22.00%

24.00%

Aggregate Fair Value

$ 100,200

$ 117,700

Unrealized Losses (Gains) on Significant Equity Method Investments [Abstract]

Unrealized Loss (Gain) on Investment

$ 17,500

$ (1,900)

[1]

The ownership percentage represents the Company’s equity interest in the outstanding Class A units in Datavant. Datavant’s capital structure includes several classes of preferred units that, among other features, have liquidation preferences and conversion features. Upon conversion of such preferred units into Class A units, the Company’s ownership interest would be diluted. Refer above for additional information regarding investment.

Net Income (Loss) per Common Share

12 Months Ended

Mar. 31, 2024

Net Income (Loss) per Common Share [Abstract]

Net Income (Loss) per Common Share

Note 17—Net Income (Loss) per Common Share

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

For periods of loss from continuing operations, 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. For the year ended March 31, 2023, 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 loss from continuing operations.

	March 31, 2024		March 31, 2023
Stock options and performance stock options		54,648,258		154,271,791
Restricted stock units and performance stock units (non-vested)		5,422,465		20,700,788
March 2020 CVARs⁽¹⁾		17,548,368		32,011,996
November 2021 CVARs (non-vested)		249,120		3,222,645
Restricted common stock (non-vested)		255,911		689,026
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		3,924,305		6,122,842

⁽¹⁾	Refer to Note 11, “Share-Based Compensation” for details regarding settlement of CVARs.

Commitments and Contingencies

12 Months Ended

Mar. 31, 2024

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 14—Commitments and Contingencies

(A) Commitments

Long-Term Debt

The Company is obligated to make contractual payments related to its long-term debt. Refer to Note 8, “Long-Term Debt” and Note 18, “Subsequent Events” for further information.

Lease Commitments

The Company has leases, consisting primarily of real estate leases. Refer to Note 13, “Leases” for further information.

Other Commitments

The Company has entered into commitments under various asset acquisition and license agreements. Potential material future milestone payments as of March 31, 2024 pursuant to certain key asset acquisition and license agreements are as follows:

•

VTAMA/tapinarof (Dermavant): up to CAD$75.0 million in remaining commercial milestones to Welichem Biotech Inc., with CAD$35.0 million payable upon VTAMA first U.S. commercial sale for atopic dermatitis and the remainder payable as first commercial sales are achieved in various countries outside of the U.S. Additional milestones are owed to NovaQuest pursuant to the NovaQuest Agreement. Refer to Note 8, “Long-Term Debt” and Note 18, “Subsequent Events” for further information.

•

Anti-FcRn franchise (Immunovant): up to a maximum of $420.0 million to HanAll Biopharma Co., Ltd. upon the achievement of certain development, regulatory and sales milestone events.

•

Brepocitinib (Priovant Therapeutics, Inc.): mid tens-of-millions sales milestone payment to Pfizer if aggregate net sales in a given year exceed a mid-hundred-of-millions amount.

•

Namilumab (Kinevant Ltd.): up to approximately $40 million to the prior shareholders of Izana Biosciences Limited upon the achievement of certain milestones.

Royalties are also due on net sales pursuant to these agreements. The Company has further commitments not reflected above relating to other asset acquisition and license agreements entered and expects to enter into additional asset acquisition and license agreements in the future, which may require upfront payments and long-term commitments of capital resources.

Additionally, the Company enters into agreements with contract service providers to assist in the performance of its research and development 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.

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 prices. 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 March 31, 2024, the remaining minimum purchase commitment related to these agreements was estimated to be approximately $33.3 million.

In November 2021, the Company’s subsidiary, Immunovant, entered into a Product Service Agreement (“PSA”) 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. Immunovant had the right to terminate the PSA with 30 days’ written notice to Samsung, exercisable no later than January 2024, in the event Immunovant decided to stop all development of, and all attempts to obtain regulatory approval for, batoclimab; subject to payment to Samsung of non-cancelable service fees and costs incurred by Samsung for all batches of batoclimab scheduled to be manufactured during the two-year period following such termination. Because efforts to develop and obtain regulatory approval for batoclimab remain ongoing, Immunovant did not exercise that early termination right and it has lapsed. As a result, Immunovant has an additional minimum obligation to purchase additional batches of batoclimab in the four-year period of 2026 through 2029. As of March 31, 2024, the remaining minimum purchase commitment related to this agreement was estimated to be approximately $46.2 million.

Cash Bonus Program

In December 2023, the Company approved a special one-time cash retention bonus award to its employees in the aggregate amount of $76.9 million (the “Cash Bonus Program”). In February 2024, the Company expanded this Cash Bonus Program to include an award to its Chief Financial Officer on similar terms as the other awards previously made to other employees. The Chief Financial Officer did not receive a payment from the Cash Bonus Program approved in December. This award to the Chief Financial Officer was in the aggregate amount of $2.8 million. During the year ended March 31, 2024, the Company recognized selling, general and administrative expense and research and development expense of $35.6 million and $9.9 million, respectively, relating to the Cash Bonus Program. The remaining portion of $31.0 million as of March 31, 2024 will be recognized over the applicable service period of the award.

(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.

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 U.S. 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. In May 2024, the court dismissed the complaint against Genevant and Arbutus. Acuitas may appeal the dismissal. Each of Genevant and Arbutus intends to continue to vigorously defend the case, to the extent Acuitas pursues an appeal.

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 consolidated financial statements as of March 31, 2024 and 2023.

Long-Term Debt (Tables)

12 Months Ended

Mar. 31, 2024

Debt Instrument [Line Items]

Annual Maturities of Long-Term Debt

Annual maturities, including the exit fee, of outstanding debt obligations to XYQ Luxco as of March 31, 2024 are as follows (in thousands):

Years Ending March 31,
2025	$	—
2026		—
2027		—
2028		—
2029		45,000
Thereafter		—
Total	$	45,000

Dermavant [Member] | Funding Agreement with NovaQuest [Member]

Debt Instrument [Line Items]

Long-Term Debt, Net

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

	March 31, 2024			March 31, 2023
Fair value of long-term debt	$	210,371		$	207,640
Less: current portion		(6,000	)		(26,940	)
Total long-term debt, net	$	204,371		$	180,700

Dermavant [Member] | Credit Facility with XYQ Luxco [Member]

Debt Instrument [Line Items]

Long-Term Debt, Net

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

	March 31, 2024			March 31, 2023
Principal amount	$	40,000		$	40,000
Exit fee		5,000			5,000
Less: unamortized discount and debt issuance costs		(7,514	)		(10,170	)
Total debt, net		37,486			34,830
Less: current portion		—			—
Total long-term debt, net	$	37,486		$	34,830

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

Debt Instrument [Line Items]

Long-Term Debt, Net

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

	March 31, 2024			March 31, 2023
Carrying balance	$	198,810		$	178,571
Less: unamortized issuance costs		(4,076	)		(4,806	)
Total debt, net		194,734			173,765
Less: current portion		(6,000	)		(13,780	)
Total long-term debt, net	$	188,734		$	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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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

12 Months Ended

Mar. 31, 2024

Equity Method Investments [Abstract]

Equity Method Investments

Note 4—Equity Method Investments

The Company maintains equity method investments in certain entities. As of March 31, 2024 and 2023, the most significant of these were the Company’s 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.

The Company holds an investment in Arbutus in the form of 38,847,462 common shares of Arbutus.

The Company additionally holds an investment in Class A units of Datavant. The fair value of the Company’s investment in Datavant 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 16, “Fair Value Measurements” for more information.

Summarized Equity Method Investment Details

Details regarding significant equity method investments are as follows:

	Ownership %						Aggregate Fair Value (in millions)
	March 31, 2024			March 31, 2023			March 31, 2024		March 31, 2023
Datavant⁽¹⁾		9	%		17	%	$	147.5	$	178.6
Arbutus		22	%		24	%	$	100.2	$	117.7

⁽¹⁾

The Company recognized unrealized losses (gains) on its significant equity method investments in the accompanying consolidated statements of operations as follows:

	Unrealized Loss (Gain) on Investment (in millions)
	Years Ended March 31,
	2024		2023
Datavant	$	31.1	$	15.4
Arbutus	$	17.5	$	(1.9	)

Summarized consolidated financial information of Datavant, reported on a one quarter lag, is as follows (in thousands):

	Twelve Months Ended December 31,
	2023			2022
Revenue	$	991,107		$	873,435
Gross profit	$	376,593		$	354,561
Net loss	$	(395,195	)	$	(190,243	)

Summarized consolidated financial information of Arbutus is as follows (in thousands):

	Twelve Months Ended March 31,
	2024			2023
Revenue	$	12,986		$	33,125
Loss from operations	$	(80,053	)	$	(71,895	)
Net loss	$	(74,385	)	$	(70,030	)

Leases, Operating Lease Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Leases [Abstract]
Cash paid for operating lease liabilities	$ 13,010	$ 13,109
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 1,790	$ 4,224
Weighted average remaining lease term (in years)	7 years 9 months 18 days	8 years 4 months 24 days
Weighted average discount rate	7.40%	7.90%

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
License, Milestone and Other Revenue [Abstract]
Revenue	$ 124,795	$ 61,280
License, milestone and other revenue [Member]
License, Milestone and Other Revenue [Abstract]
Revenue	49,738	33,269
Covant [Member] \| Collaboration and License Agreement [Member]
License, Milestone and Other Revenue [Abstract]
Upfront payment received		10,000
Contingent milestone payments		471,000
Dermavant [Member] \| Collaboration and License Agreement [Member]
License, Milestone and Other Revenue [Abstract]
Milestone payments received	15,000
Dermavant [Member] \| Collaboration and License Agreement [Member] \| License, milestone and other revenue [Member]
License, Milestone and Other Revenue [Abstract]
Revenue	15,000
Genevant [Member] \| Collaboration and License Agreement [Member] \| License, milestone and other revenue [Member]
License, Milestone and Other Revenue [Abstract]
Revenue	$ 24,900	$ 15,100

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenue, net	$ 124,795	$ 61,280
Operating expenses:
Cost of revenues	15,560	13,128
Research and development (includes $34,595 and $30,914 of share-based compensation expense for the years ended March 31, 2024 and 2023, respectively)	501,736	525,215
Acquired in-process research and development	26,450	97,749
Selling, general and administrative (includes $164,841 and $186,603 of share-based compensation expense for the years ended March 31, 2024 and 2023, respectively)	687,443	600,506
Total operating expenses	1,231,189	1,236,598
Gain on sale of Telavant net assets	5,348,410	0
Income (loss) from operations	4,242,016	(1,175,318)
Change in fair value of investments	47,973	20,815
Change in fair value of debt and liability instruments	78,943	78,001
Gain on deconsolidation of subsidiaries	(32,772)	(29,276)
Interest income	(146,425)	(32,184)
Interest expense	34,778	27,968
Other expense (income), net	6,089	(15,808)
Income (loss) from continuing operations before income taxes	4,253,430	(1,224,834)
Income tax expense	22,224	5,190
Income (loss) from continuing operations, net of tax	4,231,206	(1,230,024)
Income from discontinued operations, net of tax	0	114,561
Net income (loss)	4,231,206	(1,115,463)
Net loss attributable to noncontrolling interests	(117,720)	(106,433)
Net income (loss) attributable to Roivant Sciences Ltd.	4,348,926	(1,009,030)
Amounts attributable to Roivant Sciences Ltd.:
Income (loss) from continuing operations, net of tax	4,348,926	(1,123,591)
Income from discontinued operations, net of tax	0	114,561
Net income (loss) attributable to Roivant Sciences Ltd.	$ 4,348,926	$ (1,009,030)
Net income (loss) per common share, basic:
Income (loss) from continuing operations (in dollars per share)	$ 5.55	$ (1.58)
Income from discontinued operations, net of tax operations (in dollars per share)	0	0.16
Net income (loss) per common share - basic (in dollars per share)	5.55	(1.42)
Net income (loss) per common share, diluted:
Income (loss) from continuing operations (in dollars per share)	5.23	(1.58)
Income from discontinued operations, net of tax (in dollars per share)	0	0.16
Net income (loss) per common share - diluted (in dollars per share)	$ 5.23	$ (1.42)
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	783,248,906	712,791,115
Weighted average shares outstanding - diluted (in shares)	831,049,444	712,791,115
Product revenue, net [Member]
Revenues:
Revenue, net	$ 75,057	$ 28,011
License, milestone and other revenue [Member]
Revenues:
Revenue, net	$ 49,738	$ 33,269

Income Taxes, Summary (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes, Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Operating Losses [Abstract]
Valuation allowance	$ 766,820	$ 674,517
Valuation allowance increase (decrease)	92,300
Interest and penalties related to unrecognized tax benefits	0	$ 0
Switzerland [Member]
Income Tax Operating Losses [Abstract]
Net operating losses	$ 3,439,000
Switzerland [Member] \| Minimum [Member]
Income Tax Operating Losses [Abstract]
Net operating losses expiration date	Mar. 31, 2025
Switzerland [Member] \| Maximum [Member]
Income Tax Operating Losses [Abstract]
Net operating losses expiration date	Mar. 31, 2031
United States [Member]
Income Tax Operating Losses [Abstract]
Net operating losses	$ 139,700
Annual net operating loss utilization limitation percentage	80.00%
United Kingdom [Member]
Income Tax Operating Losses [Abstract]
Net operating losses	$ 162,600
United States and Canada [Member]
Income Tax Operating Losses [Abstract]
Research tax credit carryforwards	$ 45,300
United States and Canada [Member] \| Minimum [Member]
Income Tax Operating Losses [Abstract]
Research tax credit carryforwards expiration date	Mar. 31, 2039
United States and Canada [Member] \| Maximum [Member]
Income Tax Operating Losses [Abstract]
Research tax credit carryforwards expiration date	Mar. 31, 2044

Share-Based Compensation, Stock Options and Performance Stock Options (Details) - Stock Options and Performance Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation [Abstract]
Intrinsic value of options exercised	$ 68,673	$ 972
Grant date fair value of options vested	$ 157,359	$ 165,702
Weighted-average grant date fair value per share of stock options granted (in dollars per share)	$ 5.98	$ 2.86

Fair Value Measurements

12 Months Ended

Mar. 31, 2024

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 16—Fair Value Measurements

Recurring Fair Value Measurements

	As of March 31, 2024								As of March 31, 2023
	Level 1		Level 2		Level 3		Balance as of March 31, 2024		Level 1		Level 2		Level 3		Balance as of March 31, 2023
Assets:
Money market funds	$	6,312,288	$	—	$	—	$	6,312,288	$	1,496,726	$	—	$	—	$	1,496,726
Investment in Datavant Class A units		—		—		147,526		147,526		—		—		178,579		178,579
Investment in Arbutus common shares		100,227		—		—		100,227		117,708		—		—		117,708
Other investments		—		—		—		—		8,030		—		—		8,030
Total assets at fair value	$	6,412,515	$	—	$	147,526	$	6,560,041	$	1,622,464	$	—	$	178,579	$	1,801,043
Liabilities:
Debt issued by Dermavant to NovaQuest	$	—	$	—	$	210,371	$	210,371	$	—	$	—	$	207,640	$	207,640
Liability instruments measured at fair value⁽¹⁾		—		—		25,737		25,737		29,895		—		33,651		63,546
Total liabilities at fair value	$	—	$	—	$	236,108	$	236,108	$	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 years ended March 31, 2024 and 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 consolidated 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 years ended March 31, 2024 and 2023 were as follows (in thousands):

Balance at March 31, 2022	$	193,963
Changes in fair value of investment in Datavant, included in net loss		(15,384	)
Balance at March 31, 2023		178,579
Changes in fair value of investment in Datavant, included in net loss		(31,053	)
Balance at March 31, 2024	$	147,526

The changes in fair value of the Level 3 liabilities during the years ended March 31, 2024 and 2023 were as follows (in thousands):

Balance at March 31, 2022	$	204,293
Fair value of liability instrument issued		248
Payments related to long-term debt		(29,375	)
Changes in fair value of debt and liability instruments, included in net loss		66,125
Balance at March 31, 2023		241,291
Payments related to long-term debt		(29,374	)
Exercise of Private Placement Warrants		(28,090	)
Changes in fair value of debt and liability instruments, included in net loss		52,281
Balance at March 31, 2024	$	236,108

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 March 31, 2024		As of March 31, 2023
Volatility		90.0%		100.0%
Risk-free rate		4.86%		4.02%

Debt issued by Dermavant to NovaQuest

The fair value of the debt instrument as of March 31, 2024 and 2023 represents the fair value of amounts payable to NovaQuest and was estimated based upon present value discounted quarterly payments and a Monte Carlo simulation model under the income approach for 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. The NovaQuest Agreement, along with the Credit Facility and RIPSA, was amended in May 2024. Refer to Note 18, “Subsequent Events” for details regarding the amendments.

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 15, “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 March 31, 2024		As of March 31, 2023
Volatility		63.2%		79.9%
Risk-free rate		4.50%		3.76%

As of March 31, 2024 and 2023, the fair value of the Earn-Out Shares was $22.0 million and $15.2 million, respectively. Earn-Out Shares were included in “Liability instruments measured at fair value” in the accompanying 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 15, “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 remained outstanding on September 1, 2023. All of the Private Placement Warrants were exercised at that time. 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 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

Leases

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Note 13—Leases

The Company’s operating leases consist primarily of real estate leases, including those entered into by certain wholly owned and majority-owned or controlled subsidiaries of RSL.

The components of operating lease expense for the Company were as follows (in thousands):

	Years Ended March 31,
	2024		2023
Operating lease cost	$	11,829	$	12,045
Short-term lease cost		79		1,623
Variable lease cost		1,193		2,151
Total operating lease cost	$	13,101	$	15,819

Information related to the Company’s operating lease right-of-use assets and lease liabilities was as follows (in thousands, except periods and percentages):

	Year Ended March 31,
	2024		2023
Cash paid for operating lease liabilities	$	13,010	$	13,109
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	1,790	$	4,224

	March 31, 2024			March 31, 2023
Weighted average remaining lease term (in years)		7.8			8.4
Weighted average discount rate		7.4	%		7.9	%

As of March 31, 2024, maturities of operating lease liabilities were as follows (in thousands):

Years Ending March 31,
2025	$	10,699
2026		9,657
2027		8,852
2028		8,867
2029		8,747
Thereafter		28,565
Total lease payments		75,387
Less: present value adjustment		(17,843	)
Less: tenant improvement allowance		(386	)
Total lease liabilities	$	57,158

Summary of Significant Accounting Policies, Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Cash and cash equivalents	$ 6,535,706	$ 1,676,813
Restricted cash (included in "Other current assets")	5,367	5,011
Restricted cash (included in "Other assets")	9,377	10,291
Cash, cash equivalents and restricted cash	$ 6,550,450	$ 1,692,115	$ 2,074,034

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

Income Taxes [Abstract]

Income/(Loss) Before Income Taxes and Related Expense (Benefit)

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

	Years Ended March 31,
	2024			2023
Income (loss) before income taxes:
Bermuda⁽¹⁾	$	5,181,194		$	(48,547	)
United States		(231,938	)		(444,407	)
Switzerland		(696,341	)		(728,124	)
Other		515			(3,756	)
Total income (loss) from continuing operations before income taxes	$	4,253,430		$	(1,224,834	)

⁽¹⁾	Primarily entities which are centrally managed and controlled in the U.K. and are subject to U.K. taxes.

Income Tax Expense

	Years Ended March 31,
	2024			2023
Current taxes:
Bermuda	$	—		$	—
United States		22,534			5,312
Switzerland		—			—
Other		(310	)		(122	)
Total current tax expense	$	22,224		$	5,190
Deferred taxes:
Bermuda	$	—		$	—
United States		—			—
Switzerland		—			—
Other		—			—
Total deferred tax benefit	$	—		$	—
Total income tax expense	$	22,224		$	5,190

Reconciliation of Income Tax Expense/(Benefit)

A reconciliation of income tax expense/(benefit) computed at the Bermuda statutory rate to income tax expense/(benefit) reflected in the consolidated financial statements is as follows (in thousands, except percentages):

	Year Ended					Year Ended
	March 31, 2024					March 31, 2023
Income tax expense/(benefit) at Bermuda statutory tax rate	$	—		—	%	$	—		—	%
Foreign rate differential⁽¹⁾		1,155,668		27.17	%		(208,440	)	17.02	%
Permanent disallowed IPR&D		—		—	%		17,714		(1.45	)%
Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments		15,431		0.36	%		4,118		(0.34	)%
Substantial shareholding exemption		(1,337,102	)	(31.44	)%		—		—	%
Nondeductible executive compensation		19,727		0.46	%		20,558		(1.68	)%
Tax deficiencies (excess tax benefits) from stock-based compensation		(21,668	)	(0.51	)%		3,311		(0.27	)%
Other permanent adjustments		40,544		0.95	%		10,936		(0.89	)%
Research tax credits		(24,664	)	(0.58	)%		(14,487	)	1.18	%
Valuation allowance		87,550		2.06	%		157,197		(12.83	)%
Reversal of certain deferred tax assets⁽²⁾		87,262		2.06	%		11,630		(0.95	)%
Other		(524	)	(0.01	)%		2,653		(0.21	)%
Total income tax expense	$	22,224		0.52	%	$	5,190		(0.42	)%

⁽¹⁾	Primarily related to operations in the U.S., Switzerland, the U.K. and other jurisdictions with statutory tax rates different than the Bermuda rate.

⁽²⁾	Primarily relates to deferred tax assets associated with entities no longer included in the consolidated financial statements (i.e., sold, deconsolidated or liquidated).

Components of Deferred Tax Assets (Liabilities)

Significant components of the deferred tax assets (liabilities) at March 31, 2024 and 2023 are as follows (in thousands):

	March 31, 2024			March 31, 2023
Deferred tax assets
Research tax credits	$	45,291		$	37,559
Intangible assets		50,054			52,857
Capitalized research and development		32,124			37,252
Net operating loss		519,046			422,613
Share-based compensation		105,458			105,343
Lease liabilities		13,286			15,521
Other assets		19,605			25,959
Subtotal		784,864			697,104
Valuation allowance		(766,820	)		(674,517	)

Deferred tax liabilities
Depreciation		(775	)		(1,798	)
Right-of-use assets		(10,992	)		(12,959	)
Other liabilities		(6,277	)		(7,830	)
Total deferred tax assets/(liabilities)	$	—		$	—

Revenue	12 Months Ended
Revenue	Mar. 31, 2024
Revenue [Abstract]
Revenue	Note 3—Revenue (A) Product Revenue, Net The Company’s product revenue, net relates entirely to the sale of VTAMA in the U.S. The Company began generating product revenue, net from sales of VTAMA in the U.S. following the approval of VTAMA for the treatment of plaque psoriasis in adult patients by the FDA in May 2022. The Company records product revenue net of estimated chargebacks, discounts, rebates, returns, and other allowances associated with the respective sales. (B) License, Milestone and Other Revenue Covant In March 2023, Covant Therapeutics Operating, Inc. (“Covant”), a wholly-owned subsidiary of the Company, entered into a collaboration and license agreement with Boehringer Ingelheim International, GmbH (“BI”). Under the terms of the collaboration and license agreement, Covant will conduct discovery work on RNA-specific adenosine deaminase 1 (“ADAR1”) targeting and modulating compounds and BI will receive an exclusive, royalty-bearing, worldwide transferable, sublicensable license to exploit Covant’s ADAR1 binding compounds and/or resulting products worldwide. In exchange, Covant received a nonrefundable, upfront payment of $10.0 million and will be eligible to receive up to an additional $471.0 million in contingent milestone payments including specified research, development, regulatory, and commercialization milestones; and tiered royalties on global sales. Dermavant In January 2020, Dermavant entered into a collaboration and license agreement with Japan Tobacco Inc. (“JT”) for exclusive rights to develop, register, and market tapinarof in Japan for the treatment of dermatological diseases and conditions, including psoriasis and atopic dermatitis. In conjunction with this agreement, JT executed an exclusive license agreement with its subsidiary, Torii Pharmaceutical Co., Ltd., for co-development and commercialization of tapinarof in Japan. The Company evaluated the collaboration and license agreement and concluded that JT is a customer. During the year ended March 31, 2024, a development milestone was achieved, and the Company received a payment of $15.0 million. Accordingly, the Company recorded $15.0 million as license, milestone and other revenue in the accompanying consolidated statements of operations for the year ended March 31, 2024. Genevant Genevant Sciences Ltd. (“Genevant”), a technology-focused nucleic acid delivery and development company, is party to various collaboration and license agreements. Related to these agreements, the Company recorded $24.9 million and $15.1 million as license, milestone, and other revenue in the accompanying consolidated statements of operations for the years ended March 31, 2024 and 2023, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Equity Method Investments (Tables)

12 Months Ended

Mar. 31, 2024

Equity Method Investments [Abstract]

Significant Equity Method Investments

Details regarding significant equity method investments are as follows:

	Ownership %						Aggregate Fair Value (in millions)
	March 31, 2024			March 31, 2023			March 31, 2024		March 31, 2023
Datavant⁽¹⁾		9	%		17	%	$	147.5	$	178.6
Arbutus		22	%		24	%	$	100.2	$	117.7

⁽¹⁾

Unrealized Losses (Gains) on Significant Equity Method Investments

The Company recognized unrealized losses (gains) on its significant equity method investments in the accompanying consolidated statements of operations as follows:

	Unrealized Loss (Gain) on Investment (in millions)
	Years Ended March 31,
	2024		2023
Datavant	$	31.1	$	15.4
Arbutus	$	17.5	$	(1.9	)

Datavant Merger [Member]

Schedule of Equity Method Investments [Line Items]

Consolidated Financial Information

Summarized consolidated financial information of Datavant, reported on a one quarter lag, is as follows (in thousands):

	Twelve Months Ended December 31,
	2023			2022
Revenue	$	991,107		$	873,435
Gross profit	$	376,593		$	354,561
Net loss	$	(395,195	)	$	(190,243	)

Arbutus Biopharma Corporation [Member]

Schedule of Equity Method Investments [Line Items]

Consolidated Financial Information

Summarized consolidated financial information of Arbutus is as follows (in thousands):

	Twelve Months Ended March 31,
	2024			2023
Revenue	$	12,986		$	33,125
Loss from operations	$	(80,053	)	$	(71,895	)
Net loss	$	(74,385	)	$	(70,030	)

Share-Based Compensation

12 Months Ended

Mar. 31, 2024

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 11—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 (the “RSL 2015 EIP”), and the Roivant Sciences Ltd. Amended and Restated 2015 Restricted Stock Unit Plan (the “2015R 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. Since the effective date of the RSL 2021 EIP, no further stock awards have been or will be made under the RSL 2015 EIP. Additionally, no further stock awards will be made under the 2015R Plan. As of March 31, 2024, 142,055,968 of the Company’s common shares were reserved for issuance under the RSL 2021 EIP. The number of common shares reserved for issuance under the RSL 2021 EIP will automatically increase on April 1 of each year by an amount equal to the lesser of (i) 5% of the common shares outstanding as of the last day of the immediately preceding fiscal year and (ii) such number of common shares as determined by the board of directors in its discretion. Prior to April 1, 2024, the board of directors resolved not to increase the number of common shares reserved for issuance under the RSL 2021 EIP on April 1, 2024, but instead to defer until later this fiscal year the decision as to whether to increase the reserve by up to 5% of the common shares outstanding as of the March 31, 2024. The RSL 2021 EIP has a ten-year term. The Company’s employees, directors, and consultants are eligible to receive incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock awards under the RSL 2021 EIP. At March 31, 2024, a total of 42,725,086 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 year ended March 31, 2024 was as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at March 31, 2023		154,271,791		$	7.75		6.70	$	280,171
Granted		4,525,962		$	8.89
Exercised		(11,124,901	)	$	4.31
Forfeited/Canceled		(604,245	)	$	11.17
Options outstanding at March 31, 2024		147,068,607		$	8.03		5.70	$	499,487
Options exercisable at March 31, 2024		97,162,627		$	9.50		4.60	$	228,479

The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable options and the fair value of the Company’s common stock at March 31, 2024. At March 31, 2024, total unrecognized compensation expense related to non-vested stock options was approximately $156.9 million and is expected to be recognized over a weighted-average period of approximately 2.01 years. All performance stock options have been fully expensed as of March 31, 2024.

The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes closed form option-pricing model applying the weighted average assumptions in the following table. No performance stock options were granted during the years ended March 31, 2024 and 2023.

	Years Ended March 31,
Assumptions	2024			2023
Expected stock price volatility		72.22	%		85.95	%
Expected risk free interest rate		3.72	%		2.89	%
Expected term, in years		6.21			6.25
Expected dividend yield		—	%		—	%

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

	Years Ended March 31,
	2024		2023
Intrinsic value of options exercised	$	68,673	$	972
Grant date fair value of options vested	$	157,359	$	165,702
Weighted-average grant date fair value per share of stock options granted	$	5.98	$	2.86

Restricted Stock Units and Performance Stock Units

Activity for restricted stock units and performance stock units under the RSL Equity Plans for the year ended March 31, 2024 was as follows:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2023		20,700,788		$	8.30
Granted		4,337,108		$	9.15
Vested		(6,839,501	)	$	7.18
Forfeited		(1,420,184	)	$	7.58
Non-vested balance at March 31, 2024		16,778,211		$	9.04

The total fair value of restricted stock units and performance stock units vested during the years ended March 31, 2024 and 2023 was $49.1 million and $67.6 million, respectively. Restricted stock units vest upon the achievement of time-based service requirements. The vesting of performance stock units requires that certain performance conditions are achieved during the performance period and is subject to continued service requirements.

At March 31, 2024, total unrecognized compensation expense related to non-vested restricted stock units and performance stock units was approximately $119.9 million. Unrecognized compensation expense relating to restricted stock units and performance stock units that are deemed probable of vesting is expected to be recognized over a weighted-average period of approximately 2.23 years.

Capped Value Appreciation Rights

March 2020 CVAR Grants

Activity for capped value appreciation rights (“CVARs”) under the RSL 2015 EIP for the year ended March 31, 2024 was as follows:

	Number of CVARs			Weighted Average Grant Date Fair Value
Non-service-vested CVARs balance at March 31, 2023		1,815,441		$	1.19
Granted		—		$	—
Service-vested		(1,775,667	)	$	1.20
Forfeited		(39,774	)	$	0.40
Non-service-vested CVARs balance at March 31, 2024		—		$	—

The CVARs granted in March 2020 pay at settlement the excess in shares of (a) the lesser of (i) the fair market value of a common share as of the settlement date or (ii) the cap of $12.68, over (b) the hurdle price of either $6.40 or $11.50, as applicable to each grant. For CVARs with the lower hurdle price of $6.40, in the event the fair market value of a common share is greater than $6.40 per share but less than $9.20 per share as of the relevant date of determination (the “Knock-In Condition”), this award of CVARs will remain outstanding unless and until the knock-in condition is satisfied as of any applicable monthly measurement date thereafter before the expiration date of the CVARs. In the event any CVARs have satisfied the time-based service and liquidity event vesting requirements (“service-vested CVARs”) but have not satisfied the applicable hurdle price on an applicable measurement date, then such CVARs will be deemed to remain outstanding and the applicable award holder will be provided the right to earn such CVARs if the hurdle price is satisfied on subsequent annual “hurdle measurement dates” prior to the original expiration date of the CVARs, being March 31, 2026. The “hurdle measurement dates” are March 30 of each of years 2023 through 2026. If the hurdle price is not satisfied on any such subsequent annual hurdle measurement date prior to the expiration date of the CVARs, then the CVARs will be forfeited in their entirety on the expiration date.

As of March 31, 2024 and 2023, 31,972,222 and 30,196,555 CVARs, respectively, had met the service-vesting requirement. During the year ended March 31, 2024, 14,482,570 service-vested CVARs satisfied their applicable hurdle price and the knock-in condition, if relevant, on the applicable measurement date, and as a result, 5,366,815 common shares were issued upon their settlement. All other CVARs granted in March 2020 that remain outstanding have met the service vesting condition as of March 31, 2024 but have not satisfied their applicable hurdle price on an applicable hurdle measurement date. The total fair value of CVARs that service-vested during the years ended March 31, 2024 and 2023 was $2.1 million and $16.7 million, respectively. All March 2020 CVARs have been fully expensed as of March 31, 2024.

November 2021 CVAR Grants

In November 2021, the Company made one-time grants of 6,317,350 CVARs in the aggregate under the RSL 2021 EIP to eligible participants. The CVARs are eligible to vest based on the satisfaction of service-based and performance-based vesting requirements. The performance-based vesting requirement was achieved in December 2021. Vested CVARs will be settled in common shares, up to a specified cap price.

Activity for CVARs under the RSL 2021 EIP for the year ended March 31, 2024 was as follows:

	Number of CVARs			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2023		3,222,645		$	4.89
Granted		—		$	—
Vested		(1,247,737	)	$	4.98
Forfeited		(192,830	)	$	4.32
Non-vested balance at March 31, 2024		1,782,078		$	4.89

The total fair value of CVARs that vested during the years ended March 31, 2024 and 2023 was $6.2 million and $13.0 million, respectively. During the year ended March 31, 2024, 1,247,737 common shares were issued upon their settlement.

At March 31, 2024, total unrecognized compensation expense related to non-vested CVARs was approximately $1.3 million and is expected to be recognized over a weighted-average period of approximately 1.12 years.

Separation Agreement with former Chairman

In February 2023, the Company entered into a Separation and Mutual Release Agreement with its former Chairman. Pursuant to the terms of this agreement, all non-vested performance stock options were accelerated and deemed fully vested, and the time-based service requirement for all non-vested CVARs was accelerated and deemed satisfied, in each case as of the separation date. Share-based compensation expense included in SG&A expense for the year ended March 31, 2023 includes a reversal of expense of $20.8 million related to the modification of these awards.

(B) Employee Stock Purchase Plan

In September 2021, the Company adopted the Roivant Sciences Ltd. Employee Stock Purchase Plan (the “RSL ESPP”), which provides eligible employees, as defined by the RSL ESPP, the opportunity to purchase stock under the RSL ESPP at a price equal to 85% of the lower of the closing price on (i) the first trading day, or (ii) the last trading day of each offering period. Contributions under the RSL ESPP are limited to a maximum of 15% of an employee’s base salary during the offering period and an annual maximum of $25 thousand. The Company opened enrollment in August 2022 for a three-month initial offering period, beginning October 2022, with additional six-month offering periods following thereafter.

During the years ended March 31, 2024 and 2023, 140,227 and 111,519 common shares were purchased and issued under the RSL ESPP, respectively. Share-based compensation expense recorded was approximately $0.5 million and $0.3 million for the years ended March 31, 2024 and 2023, respectively.

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 $67.0 million and $49.0 million for the years ended March 31, 2024 and 2023, respectively, related to subsidiary EIPs. At March 31, 2024, total unrecognized compensation expense related to subsidiary equity was approximately $119.9 million.

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 6,535,706	$ 1,676,813
Other current assets	196,122	121,774
Total current assets	6,731,828	1,798,587
Property and equipment, net	19,058	39,086
Operating lease right-of-use assets	46,892	53,251
Investments measured at fair value	247,753	304,317
Intangible assets, net	137,842	144,881
Other assets	39,109	49,482
Total assets	7,222,482	2,389,604
Current liabilities:
Accounts payable	53,225	37,830
Accrued expenses	175,586	167,129
Operating lease liabilities	9,893	11,693
Current portion of long-term debt (includes $6,000 and $26,940 accounted for under the fair value option at March 31, 2024 and 2023, respectively)	12,000	40,720
Other current liabilities	16,054	15,076
Total current liabilities	266,758	272,448
Liability instruments measured at fair value	25,737	63,546
Operating lease liabilities, noncurrent	47,265	53,476
Long-term debt, net of current portion (includes $204,371 and $180,700 accounted for under the fair value option at March 31, 2024 and 2023, respectively)	430,591	375,515
Other liabilities	3,602	17,032
Total liabilities	773,953	782,017
Commitments and contingencies (Note 14)
Shareholders' equity:
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 shares authorized and 806,677,954 and 760,143,393 shares issued and outstanding at March 31, 2024 and 2023, respectively	0	0
Additional paid-in capital	5,396,492	4,933,137
Retained earnings / (accumulated deficit)	576,172	(3,772,754)
Accumulated other comprehensive loss	(4,083)	(2,617)
Shareholders' equity attributable to Roivant Sciences Ltd.	5,968,581	1,157,766
Noncontrolling interests	479,948	449,821
Total shareholders' equity	6,448,529	1,607,587
Total liabilities and shareholders' equity	$ 7,222,482	$ 2,389,604

Income Taxes

12 Months Ended

Mar. 31, 2024

Income Taxes [Abstract]

Income Taxes

Note 12—Income Taxes

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

	Years Ended March 31,
	2024			2023
Income (loss) before income taxes:
Bermuda⁽¹⁾	$	5,181,194		$	(48,547	)
United States		(231,938	)		(444,407	)
Switzerland		(696,341	)		(728,124	)
Other		515			(3,756	)
Total income (loss) from continuing operations before income taxes	$	4,253,430		$	(1,224,834	)

⁽¹⁾	Primarily entities which are centrally managed and controlled in the U.K. and are subject to U.K. taxes.

	Years Ended March 31,
	2024			2023
Current taxes:
Bermuda	$	—		$	—
United States		22,534			5,312
Switzerland		—			—
Other		(310	)		(122	)
Total current tax expense	$	22,224		$	5,190
Deferred taxes:
Bermuda	$	—		$	—
United States		—			—
Switzerland		—			—
Other		—			—
Total deferred tax benefit	$	—		$	—
Total income tax expense	$	22,224		$	5,190

	Year Ended					Year Ended
	March 31, 2024					March 31, 2023
Income tax expense/(benefit) at Bermuda statutory tax rate	$	—		—	%	$	—		—	%
Foreign rate differential⁽¹⁾		1,155,668		27.17	%		(208,440	)	17.02	%
Permanent disallowed IPR&D		—		—	%		17,714		(1.45	)%
Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments		15,431		0.36	%		4,118		(0.34	)%
Substantial shareholding exemption		(1,337,102	)	(31.44	)%		—		—	%
Nondeductible executive compensation		19,727		0.46	%		20,558		(1.68	)%
Tax deficiencies (excess tax benefits) from stock-based compensation		(21,668	)	(0.51	)%		3,311		(0.27	)%
Other permanent adjustments		40,544		0.95	%		10,936		(0.89	)%
Research tax credits		(24,664	)	(0.58	)%		(14,487	)	1.18	%
Valuation allowance		87,550		2.06	%		157,197		(12.83	)%
Reversal of certain deferred tax assets⁽²⁾		87,262		2.06	%		11,630		(0.95	)%
Other		(524	)	(0.01	)%		2,653		(0.21	)%
Total income tax expense	$	22,224		0.52	%	$	5,190		(0.42	)%

⁽¹⁾	Primarily related to operations in the U.S., Switzerland, the U.K. and other jurisdictions with statutory tax rates different than the Bermuda rate.

⁽²⁾	Primarily relates to deferred tax assets associated with entities no longer included in the consolidated financial statements (i.e., sold, deconsolidated or liquidated).

The Company’s effective tax rate for the years ended March 31, 2024 and 2023 was 0.52% and (0.42)%, respectively. The effective tax rate for the year ended March 31, 2024 is driven by the Company’s gain on sale of Telavant net assets, which qualifies for the substantial shareholding exemption in the U.K. and consequently is not subject to the corporation income tax, as well as earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets. The effective tax rate for the year ended March 31, 2023 is driven by the earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets.

Deferred taxes reflect the tax effects of the differences between the amounts recorded as assets and liabilities for financial reporting purposes and the comparable amounts recorded for income tax purposes. Significant components of the deferred tax assets (liabilities) at March 31, 2024 and 2023 are as follows (in thousands):

	March 31, 2024			March 31, 2023
Deferred tax assets
Research tax credits	$	45,291		$	37,559
Intangible assets		50,054			52,857
Capitalized research and development		32,124			37,252
Net operating loss		519,046			422,613
Share-based compensation		105,458			105,343
Lease liabilities		13,286			15,521
Other assets		19,605			25,959
Subtotal		784,864			697,104
Valuation allowance		(766,820	)		(674,517	)

Deferred tax liabilities
Depreciation		(775	)		(1,798	)
Right-of-use assets		(10,992	)		(12,959	)
Other liabilities		(6,277	)		(7,830	)
Total deferred tax assets/(liabilities)	$	—		$	—

The Company has net operating losses in Switzerland, the U.S. and the U.K. in the amount of $3,439.0 million, $139.7 million, and $162.6 million, respectively. The Switzerland net operating losses will expire in varying amounts between March 31, 2025 and March 31, 2031. The U.S. net operating losses can be carried forward indefinitely with utilization limited to 80% of future taxable income for tax years beginning on or after January 1, 2021, while the U.K. and other net operating losses can be carried forward indefinitely as well, with an annual limitation on utilization. The Company has generated $45.3 million of research tax credit carryforwards primarily in the U.S. and Canada, which will expire in varying amounts between March 31, 2039 and March 31, 2044.

The Company assesses the realizability of the deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and record a valuation allowance as necessary. Due to the Company’s cumulative loss position which provides significant negative evidence difficult to overcome, the Company has recorded a valuation allowance of $766.8 million as of March 31, 2024, representing the portion of the deferred tax asset that is not more likely than not to be realized. For the period April 1, 2023 through March 31, 2024, the valuation allowance increased by $92.3 million, primarily as a result of corresponding increases in our global net operating losses. The amount of the deferred tax asset considered realizable could be adjusted for future factors that would impact the assessment of the objective and subjective evidence of the Company. The Company will continue to assess the realizability of deferred tax assets at each balance sheet date in order to determine the amount, if any, required for a valuation allowance.

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

The Company is subject to tax and is required to file U.S., U.K., and Switzerland federal income tax returns, as well as income tax returns in various state, local, and foreign jurisdictions. The Company is subject to tax examinations for tax years ended March 31, 2019 and forward in major taxing jurisdictions. Tax audits and examinations can involve complex issues, interpretations, and judgments. The resolution of matters may span multiple years particularly if subject to litigation or negotiation. The Company believes it has appropriately recorded its tax position using reasonable estimates and assumptions, however, the potential tax benefits may impact the results of operations or cash flows in the period of resolution, settlement or when the statutes of limitations expire.

The Company’s unrecognized tax benefit activity during the years ended March 31, 2024 and March 31, 2023 were not material to the Company’s consolidated financial statements. No interest and penalties related to unrecognized tax benefits were recorded as of March 31, 2024 or March 31, 2023.

- 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

Income Taxes, Reconciliation of Income Tax Expense/(Benefit) (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Reconciliation of Income Tax Provision/(Benefit) , Amount [Abstract]

Income tax expense/(benefit) at Bermuda statutory tax rate

$ 0

Foreign rate differential

^[1]

1,155,668

(208,440)

Permanent disallowed IPR&D

17,714

Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments

15,431

4,118

Substantial shareholding exemption

(1,337,102)

Nondeductible executive compensation

19,727

20,558

Tax deficiencies (excess tax benefits) from stock-based compensation

(21,668)

3,311

Other permanent adjustments

40,544

10,936

Research tax credits

(24,664)

(14,487)

Valuation allowance

87,550

157,197

Reversal of certain deferred tax assets

^[2]

87,262

11,630

Other

(524)

2,653

Total income tax expense

$ 22,224

$ 5,190

Reconciliation of Income Tax Provision/(Benefit), Percent [Abstract]

Income tax benefit at Bermuda statutory rate

0.00%

Foreign rate differential

^[1]

27.17%

17.02%

Permanent disallowed IPR&D

0.00%

(1.45%)

Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investment

0.36%

(0.34%)

Substantial shareholding exemption

(31.44%)

0.00%

Nondeductible executive compensation

0.46%

(1.68%)

Tax deficiencies (excess tax benefits) from stock-based compensation

(0.51%)

(0.27%)

Other permanent adjustments

0.95%

(0.89%)

Research tax credits

(0.58%)

1.18%

Valuation allowance

2.06%

(12.83%)

Reversal of certain deferred tax assets

^[2]

2.06%

(0.95%)

Other

(0.01%)

(0.21%)

Total income tax expense

0.52%

(0.42%)

[1]	Primarily related to operations in the U.S., Switzerland, the U.K. and other jurisdictions with statutory tax rates different than the Bermuda rate.
[2]	Primarily relates to deferred tax assets associated with entities no longer included in the consolidated financial statements (i.e., sold, deconsolidated or liquidated).

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based compensation	$ 199,627	$ 217,781
Research and Development Expense [Member]
Share-based compensation	34,595	30,914
Selling, General and Administrative Expense [Member]
Share-based compensation	$ 164,841	$ 186,603

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Mar. 31, 2024	May 28, 2024	Sep. 29, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 8.0
Entity Common Stock, Shares Outstanding		738,721,807
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Iselin, New Jersey

Long-Term Debt, Revenue Interest Purchase and Sale Agreement (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2022	May 31, 2021	Mar. 31, 2024	Mar. 31, 2023
Carrying Balance [Abstract]
Total debt, net			$ 430,591	$ 375,515
Less: current portion			(12,000)	(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			198,810	178,571
Less: unamortized issuance costs			(4,076)	(4,806)
Total debt, net			194,734	173,765
Less: current portion			(6,000)	(13,780)
Total long-term debt, net			$ 188,734	$ 159,985

Intangible Assets (Details) $ in Thousands, £ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Aug. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	May 31, 2022 USD ($)	May 31, 2022 CAD ($)	May 31, 2022 GBP (£)
Recognized Intangible Assets [Abstract]
Gross amount			$ 155,171	$ 152,629
Less: accumulated amortization			(17,329)	(7,748)
Net book value			137,842	144,881
Future amortization expense, 2025			9,500
Future amortization expense, 2026			9,500
Future amortization expense, 2027			9,500
Future amortization expense, 2028			9,500
Future amortization expense, 2029			9,500
Future amortization expense, thereafter			90,300
Cost of Revenues [Member]
Recognized Intangible Assets [Abstract]
Amortization of intangible assets			$ 9,600	$ 7,500
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

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2024

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.

The accompanying audited consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Principles of Consolidation

Use of Estimates

(B) Use of Estimates

Concentrations

The Company has long-lived assets in different geographic locations. As of March 31, 2024 and 2023, a majority of the Company’s long-lived assets were located in the United States (“U.S.”).

Cash, Cash Equivalents, and Restricted Cash

(D) Cash, Cash Equivalents, and Restricted Cash

	March 31, 2024		March 31, 2023
Cash and cash equivalents	$	6,535,706	$	1,676,813
Restricted cash (included in “Other current assets”)		5,367		5,011
Restricted cash (included in “Other assets”)		9,377		10,291
Cash, cash equivalents and restricted cash	$	6,550,450	$	1,692,115

Contingencies

(E) Contingencies

Inventory

(F) Inventory

Inventory is included in “Other current assets” on the accompanying consolidated balance sheets.

Property and Equipment

(G) Property and Equipment

Property and Equipment		Estimated Useful Life
Computers		3 years
Laboratory and other equipment		5 - 10 years
Furniture and fixtures		7 years
Software		3 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term

Investments

(H) Investments

Intangible Assets, Net

(I) Intangible Assets, Net

Fair Value Measurements

(J) 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.

Research and Development Expenses

(K) Research and Development Expenses

Acquired In-Process Research and Development Expenses

(L) Acquired In-Process Research and Development Expenses

Selling, General and Administrative Expenses

(M) Selling, General and Administrative Expenses

Leases

(N) Leases

Income Taxes

(O) Income Taxes

Share-Based Compensation

(P) Share-Based Compensation

Foreign Currency

(Q) Foreign Currency

Revenue Recognition

(R) Revenue Recognition

Product Revenue, Net

The Company began recognizing product revenues after the initial product launch of VTAMA following approval by the FDA in May 2022.

More specifically, these adjustments include the following:

License, Milestone and Other Revenue

•

Trade Receivables, Net

Cost of Revenues

(S) Cost of Revenues

Cost of revenues related to the Company’s subscription and service-based revenue recognized for the use of technology developed consists primarily of employee, hosting, and third-party data costs.

Recently Adopted/ Issued Accounting Pronouncements

(T) Recently Adopted Accounting Pronouncements

The Company did not adopt any material accounting pronouncements during the year ended March 31, 2024.

(U) 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.

Certain Balance Sheet Components, Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Accrued Expenses [Abstract]
Research and development expenses	$ 40,313	$ 76,278
Compensation-related expenses	61,242	55,186
Sales allowances	23,277	17,569
Other expenses	50,754	18,096
Total accrued expenses	$ 175,586	$ 167,129

Equity Method Investments, Summarized Consolidated Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Summarized Consolidated Financial Information [Abstract]
Revenue	$ 124,795		$ 61,280
Loss from operations	4,242,016		(1,175,318)
Net loss	4,231,206		(1,115,463)
Datavant Merger [Member]
Summarized Consolidated Financial Information [Abstract]
Revenue		$ 991,107		$ 873,435
Gross profit		376,593		354,561
Net loss		$ (395,195)		$ (190,243)
Arbutus Biopharma Corporation [Member]
Summarized Consolidated Financial Information [Abstract]
Revenue	12,986		33,125
Loss from operations	(80,053)		(71,895)
Net loss	$ (74,385)		$ (70,030)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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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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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
-Subparagraph (a)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Mar. 31, 2024
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 10—Shareholders’ Equity (A) At-the-Market Equity Offering Program On September 19, 2022, the Company entered into a 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 March 31, 2024, the Company had $400.0 million of remaining capacity available under the ATM Facility. (B) Underwritten Public Offerings of Common Shares In November 2022, the Company completed an underwritten primary and secondary public offering of 30,000,000 common shares of RSL at a price to the public of $5.00 per share. Of these common shares, 20,000,000 were sold by RSL and 10,000,000 were sold by certain selling shareholders. Net proceeds to the Company were approximately $94.7 million after deducting underwriting discounts and commissions and offering expenses. The Company did not receive any proceeds from the sale of common shares by the selling shareholders in the offering. In February 2023, the Company completed an underwritten public offering of 30,666,665 common shares of RSL (including 3,999,999 common shares issued and sold upon the full exercise of the underwriters’ option to purchase additional shares) at a price to the public of $7.50 per share. Net proceeds to the Company were approximately $216.9 million after deducting underwriting discounts and commissions and offering expenses. (C) 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. (D) Disposal of Cytovant In July 2022, the Company exited its operations in Cytovant Sciences HK Limited (“Cytovant”) by transferring all of its equity interest to certain investors holding Series A-1 preference shares of Cytovant in exchange for nominal consideration. As a result of this transaction, the Company deconsolidated Cytovant and recorded a gain on deconsolidation of $16.8 million, primarily as a result of relieving its redeemable noncontrolling interest, in the accompanying consolidated statements of operations for the year ended March 31, 2023. (E) Consolidated Vant Equity Transactions Immunovant In October 2022, the Company’s subsidiary, Immunovant, Inc. (“Immunovant”), completed an underwritten public offering of 12,500,000 shares of its common stock (including 416,667 shares of common stock purchased by RSL) at a price to the public of $6.00 per share, for net proceeds to Immunovant of approximately $70.2 million after deducting underwriting discounts and commissions and offering expenses. In October 2023, the Company’s subsidiary, Immunovant, Inc., 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 $466.7 million after deducting underwriting discounts and commissions, placement agent fees and offering expenses. The Company’s equity ownership interest in Immunovant is approximately 55% as of March 31, 2024, and the Company continues to consolidate Immunovant.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Earn-Out Shares, Public Warrants and Private Placement Warrants

12 Months Ended

Mar. 31, 2024

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

Earn-Out Shares, Public Warrants and Private Placement Warrants

Note 15—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 directors are not subject to the vesting conditions described above.

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 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 consolidated statements of operations. As of March 31, 2024, 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 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 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 consolidated statements of operations.

On August 2, 2023, the Company announced that it would redeem all Warrants that remained outstanding on September 1, 2023 (the “Redemption Date”).

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.

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 (Tables)

12 Months Ended

Mar. 31, 2024

Certain Balance Sheet Components [Abstract]

Other Current Assets

Other current assets at March 31, 2024 and 2023 consisted of the following (in thousands):

	March 31, 2024		March 31, 2023

Prepaid expenses	$	55,096	$	60,827
Trade receivables, net		53,545		30,379
Restricted cash		5,367		5,011
Inventory		35,251		2,761
Income tax receivable		1,827		2,356
Interest receivable		27,441		4,909
Other		17,595		15,531
Total other current assets	$	196,122	$	121,774

Accrued Expenses

Accrued expenses at March 31, 2024 and 2023 consisted of the following (in thousands):

	March 31, 2024		March 31, 2023

Research and development expenses	$	40,313	$	76,278
Compensation-related expenses		61,242		55,186
Sales allowances		23,277		17,569
Other expenses		50,754		18,096
Total accrued expenses	$	175,586	$	167,129

Other Current Liabilities

Other current liabilities at March 31, 2024 and 2023 consisted of the following (in thousands):

	March 31, 2024		March 31, 2023

Deferred revenue	$	4,168	$	12,444
Income tax payable		10,469		542
Other		1,417		2,090
Total other current liabilities	$	16,054	$	15,076

Leases, Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Maturities of Operating Lease Liabilities [Abstract]
2025	$ 10,699
2026	9,657
2027	8,852
2028	8,867
2029	8,747
Thereafter	28,565
Total lease payments	75,387
Less: present value adjustment	(17,843)
Less: tenant improvement allowance	(386)
Total lease liabilities	$ 57,158

Leases, Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Lease Cost [Abstract]
Operating lease cost	$ 11,829	$ 12,045
Short-term lease cost	79	1,623
Variable lease cost	1,193	2,151
Total operating lease cost	$ 13,101	$ 15,819

Long-Term Debt, Dermavant - Funding Agreement with NovaQuest (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended	71 Months Ended
	Oct. 31, 2018	May 31, 2022	Mar. 31, 2024	Apr. 30, 2028	Mar. 31, 2023	Aug. 31, 2018
Carrying Balance of Debt Issued [Abstract]
Less: current portion			$ (6,000)		$ (26,940)
Total long-term debt, net			$ 204,371		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			$ 58,800
Maximum Milestone Payment Obligation	440,600
Maximum milestone payment obligation	$ 440,600
Quarterly payments made		$ 7,300
Carrying Balance of Debt Issued [Abstract]
Fair value of long-term debt			210,371		207,640
Less: current portion			(6,000)		(26,940)
Total long-term debt, net			$ 204,371		$ 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]
Maximum Milestone Payment Obligation						141,000
Debt instrument, term	15 years
Maximum milestone payment obligation						141,000
Right to offset of commercial milestones payment						$ 88,100

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Long-Term Debt, Dermavant - Credit Facility with XYQ Luxco (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	May 31, 2021	Mar. 31, 2024	Mar. 31, 2023
Outstanding Debt Obligations [Abstract]
Total debt, net		$ 430,591	$ 375,515
Less: current portion		(12,000)	(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		(7,514)	(10,170)
Total debt, net		37,486	34,830
Less: current portion		0	0
Total long-term debt, net		37,486	$ 34,830
Annual Maturities of including Exit Fee [Abstract]
2025		0
2026		0
2027		0
2028		0
2029		45,000
Thereafter		0
Total debt gross, including exit fee		$ 45,000

Income Taxes, Income/(Loss) Before Income Taxes and Related Expense (Benefit) (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Income (loss) before income taxes [Abstract]

Income (loss) before income taxes

$ 4,253,430

$ (1,224,834)

Bermuda [Member]

Income (loss) before income taxes [Abstract]

Income (loss) before income taxes

^[1]

5,181,194

(48,547)

United States [Member]

Income (loss) before income taxes [Abstract]

Income (loss) before income taxes

(231,938)

(444,407)

Switzerland [Member]

Income (loss) before income taxes [Abstract]

Income (loss) before income taxes

(696,341)

(728,124)

Other [Member]

Income (loss) before income taxes [Abstract]

Income (loss) before income taxes

$ 515

$ (3,756)

[1]	Primarily entities which are centrally managed and controlled in the U.K. and are subject to U.K. taxes.

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
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-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

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-Paragraph 2
-Subparagraph (SX 210.5-03(10))
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-Subparagraph (SX 210.9-04(15))
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+ Details

Share-Based Compensation, Subsidiary Equity Incentive Plans (Details) - Subsidiary Equity Incentive Plans [Member] - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Subsidiary Equity Incentive Plans [Abstract]
Share-based compensation expense	$ 67.0	$ 49.0
Unrecognized compensation expense	$ 119.9

Discontinued Operations

12 Months Ended

Mar. 31, 2024

Discontinued Operations [Abstract]

Discontinued Operations

Note 9—Discontinued Operations

In March 2023, Sumitovant Biopharma Ltd. (“Sumitovant”), a wholly-owned subsidiary of Sumitomo Pharma Co., Ltd. (“Sumitomo”), completed its acquisition of Myovant Sciences Ltd. (“Myovant”), pursuant to an agreement by which Sumitovant acquired all outstanding shares of Myovant not already owned by Sumitovant for $27.00 per share in cash (the “Myovant Transaction”). Shortly prior to the closing of the Myovant Transaction, RSL received 4,243,005 common shares of Myovant (the “Myovant Top-Up Shares”) from Sumitovant. RSL was entitled to the Myovant Top-Up Shares pursuant to the December 2019 transaction with Sumitomo (the “Sumitomo Transaction”) that included, among other things, the transfer of RSL’s ownership interest in five Vants—Myovant, Urovant Sciences Ltd., Enzyvant Therapeutics Ltd., Altavant Sciences Ltd., and Spirovant Sciences Ltd.—to Sumitovant. The Sumitomo Transaction was presented as discontinued operations during the year ending March 31, 2020, and the right to receive the Myovant Top-Up Shares was treated as a contingent consideration upon a sale of the business and accounted for as a gain contingency.

As part of the Myovant Transaction, the Myovant Top-Up Shares were subsequently acquired back by Sumitovant for $27.00 per share. The total amount received of $114.6 million was recorded as gain on sale of common shares of Myovant and presented as “Income from discontinued operations, net of tax” in the accompanying consolidated statements of operations for the year ended March 31, 2023.

	Year Ended March 31, 2023
Gain on recovery of contingent consideration	$	(114,561	)
Proceeds from sale of Myovant Top-Up Shares	$	114,561

Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

Activity for stock options and performance stock options under the RSL Equity Plans for the year ended March 31, 2024 was as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at March 31, 2023		154,271,791		$	7.75		6.70	$	280,171
Granted		4,525,962		$	8.89
Exercised		(11,124,901	)	$	4.31
Forfeited/Canceled		(604,245	)	$	11.17
Options outstanding at March 31, 2024		147,068,607		$	8.03		5.70	$	499,487
Options exercisable at March 31, 2024		97,162,627		$	9.50		4.60	$	228,479

Schedule of Fair Value Assumptions

	Years Ended March 31,
Assumptions	2024			2023
Expected stock price volatility		72.22	%		85.95	%
Expected risk free interest rate		3.72	%		2.89	%
Expected term, in years		6.21			6.25
Expected dividend yield		—	%		—	%

Summary of Fair Value of Vested Stock Option

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

	Years Ended March 31,
	2024		2023
Intrinsic value of options exercised	$	68,673	$	972
Grant date fair value of options vested	$	157,359	$	165,702
Weighted-average grant date fair value per share of stock options granted	$	5.98	$	2.86

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 year ended March 31, 2024 was as follows:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2023		20,700,788		$	8.30
Granted		4,337,108		$	9.15
Vested		(6,839,501	)	$	7.18
Forfeited		(1,420,184	)	$	7.58
Non-vested balance at March 31, 2024		16,778,211		$	9.04

CVARs [Member] | Equity Incentive Plan 2015 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Activity for Capped Value Appreciation Rights

Activity for capped value appreciation rights (“CVARs”) under the RSL 2015 EIP for the year ended March 31, 2024 was as follows:

	Number of CVARs			Weighted Average Grant Date Fair Value
Non-service-vested CVARs balance at March 31, 2023		1,815,441		$	1.19
Granted		—		$	—
Service-vested		(1,775,667	)	$	1.20
Forfeited		(39,774	)	$	0.40
Non-service-vested CVARs balance at March 31, 2024		—		$	—

CVARs [Member] | Equity Incentive Plan 2021 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Activity for Capped Value Appreciation Rights

Activity for CVARs under the RSL 2021 EIP for the year ended March 31, 2024 was as follows:

	Number of CVARs			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2023		3,222,645		$	4.89
Granted		—		$	—
Vested		(1,247,737	)	$	4.98
Forfeited		(192,830	)	$	4.32
Non-vested balance at March 31, 2024		1,782,078		$	4.89

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current liabilities:
Current portion of long-term debt accounted for under fair value option	$ 6,000	$ 26,940
Long term debt accounted under fair value option	$ 204,371	$ 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)	806,677,954	760,143,393
Common stock, shares outstanding (in shares)	806,677,954	760,143,393

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 Loss [Member]	(Accumulated Deficit) / Retained Earnings [Member]	Noncontrolling Interests [Member]	Total
Beginning balance at Mar. 31, 2022	$ 22,491
Increase (Decrease) in Temporary Equity [Roll Forward]
Deconsolidation of subsidiary	(22,491)
Ending balance at Mar. 31, 2023	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]
Issuance of the Company's common shares, net of issuance costs		$ 0	311,683	0	0	0	311,683
Issuance of the Company's common shares, net of issuance costs (in shares)		50,666,665
Issuance of common shares in connection with equity incentive plans and tax withholding payments		$ 0	(8,737)	0	0	0	(8,737)
Issuance of common shares in connection with equity incentive plans and tax withholding payments (in shares)		10,903,648
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
Issuance of the Company's common shares under employee stock purchase plan		$ 0	316	0	0	0	316
Issuance of the Company's common shares under employee stock purchase plan (in shares)		111,519
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, net of issuance costs		$ 0	19,599	0	0	48,129	67,728
Issuance of subsidiary common shares, net of issuance costs (in shares)		0
Subsidiary stock options exercised		$ 0	392	0	0	278	670
Issuance of subsidiary common shares to the Company and cash contributions to majority-owned subsidiaries		0	(5,463)	0	0	5,463	0
Issuance of subsidiary preferred shares		0	0	0	0	87,500	87,500
Deconsolidation of subsidiaries		0	0	0	0	(292)	(292)
Share-based compensation		0	184,897	0	0	32,884	217,781
Foreign currency translation adjustment		0	0	(1,671)	0	181	(1,490)
Net income (loss)		0	0	0	(1,009,030)	(106,433)	(1,115,463)
Ending balance at Mar. 31, 2023		$ 0	4,933,137	(2,617)	(3,772,754)	449,821	1,607,587
Ending balance (in shares) at Mar. 31, 2023		760,143,393
Ending balance at Mar. 31, 2024	$ 0
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 in connection with equity incentive plans, net of forfeitures, and tax withholding payments		$ 0	10,857	0	0	0	10,857
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments (in shares)		18,926,077
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 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)		313,023
Issuance of the Company's common shares under employee stock purchase plan		$ 0	951	0	0	0	951
Issuance of the Company's common shares under employee stock purchase plan (in shares)		140,227
Issuance of subsidiary common shares, net of issuance costs		$ 0	129,763	0	0	108,970	238,733
Issuance of subsidiary common shares, net of issuance costs (in shares)		0
Subsidiary stock options exercised		$ 0	3,192	0	0	2,550	5,742
Issuance of subsidiary common shares to the Company and cash contributions to majority-owned subsidiaries		0	(106,531)	0	0	106,531	0
Deconsolidation of subsidiaries		0	0	0	0	(35,148)	(35,148)
Dividend declared by subsidiary		0	0	0	0	(6,000)	(6,000)
Disposition of Telavant		0	0	0	0	(87,500)	(87,500)
Share-based compensation		0	142,037	0	0	57,914	199,951
Foreign currency translation adjustment		0	0	(1,466)	0	530	(936)
Net income (loss)		0	0	0	4,348,926	(117,720)	4,231,206
Ending balance at Mar. 31, 2024		$ 0	$ 5,396,492	$ (4,083)	$ 576,172	$ 479,948	$ 6,448,529
Ending balance (in shares) at Mar. 31, 2024		806,677,954

Long-Term Debt

12 Months Ended

Mar. 31, 2024

Long-Term Debt [Abstract]

Long-Term Debt and Loan Commitment

Note 8—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 U.S. 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 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 $58.8 million as of March 31, 2024.

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 consolidated 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 March 31, 2024 and 2023, the fair value of the debt was $210.4 million and $207.6 million, respectively. Refer to Note 16, “Fair Value Measurements” for additional details regarding the fair value measurement.

The NovaQuest Agreement, Credit Facility (as defined below), and RIPSA (as defined below) were amended in May 2024. Refer to Note 18, “Subsequent Events” for details regarding the amendments. The below table was adjusted to reflect the amendment to the NovaQuest Agreement.

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

	March 31, 2024			March 31, 2023
Fair value of long-term debt	$	210,371		$	207,640
Less: current portion		(6,000	)		(26,940	)
Total long-term debt, net	$	204,371		$	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 March 31, 2024. 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):

	March 31, 2024			March 31, 2023
Principal amount	$	40,000		$	40,000
Exit fee		5,000			5,000
Less: unamortized discount and debt issuance costs		(7,514	)		(10,170	)
Total debt, net		37,486			34,830
Less: current portion		—			—
Total long-term debt, net	$	37,486		$	34,830

The NovaQuest Agreement, Credit Facility, and RIPSA (as defined below) were amended in May 2024. Refer to Note 18, “Subsequent Events” for details regarding the amendments. The below table was adjusted to reflect the amendment to the Credit Facility.

Annual maturities, including the exit fee, of outstanding debt obligations to XYQ Luxco as of March 31, 2024 are as follows (in thousands):

Years Ending March 31,
2025	$	—
2026		—
2027		—
2028		—
2029		45,000
Thereafter		—
Total	$	45,000

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 U.S., 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 NovaQuest Agreement, Credit Facility, and RIPSA were amended in May 2024. Refer to Note 18, “Subsequent Events” for details regarding the amendments. The below table was adjusted to reflect the amendment to the RIPSA.

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

	March 31, 2024			March 31, 2023
Carrying balance	$	198,810		$	178,571
Less: unamortized issuance costs		(4,076	)		(4,806	)
Total debt, net		194,734			173,765
Less: current portion		(6,000	)		(13,780	)
Total long-term debt, net	$	188,734		$	159,985

Fair Value Measurements, Changes in Fair Value of the Level 3 Assets (Details) - Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	$ (31,053)	$ (15,384)
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	$ 147,526	$ 178,579

Income Taxes, Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Deferred tax assets [Abstract]
Research tax credits	$ 45,291	$ 37,559
Intangible assets	50,054	52,857
Capitalized research and development	32,124	37,252
Net operating loss	519,046	422,613
Share-based compensation	105,458	105,343
Lease liabilities	13,286	15,521
Other assets	19,605	25,959
Subtotal	784,864	697,104
Valuation allowance	(766,820)	(674,517)
Deferred tax liabilities [Abstract]
Depreciation	(775)	(1,798)
Right-of-use assets	(10,992)	(12,959)
Other liabilities	(6,277)	(7,830)
Total deferred tax assets/(liabilities)	$ 0	$ 0

Leases (Tables)

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Components of Operating Lease Expense

The components of operating lease expense for the Company were as follows (in thousands):

	Years Ended March 31,
	2024		2023
Operating lease cost	$	11,829	$	12,045
Short-term lease cost		79		1,623
Variable lease cost		1,193		2,151
Total operating lease cost	$	13,101	$	15,819

Operating Lease Right-of-use Assets and Lease Liabilities

Information related to the Company’s operating lease right-of-use assets and lease liabilities was as follows (in thousands, except periods and percentages):

	Year Ended March 31,
	2024		2023
Cash paid for operating lease liabilities	$	13,010	$	13,109
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	1,790	$	4,224

	March 31, 2024			March 31, 2023
Weighted average remaining lease term (in years)		7.8			8.4
Weighted average discount rate		7.4	%		7.9	%

Maturities of Operating Lease Liabilities

As of March 31, 2024, maturities of operating lease liabilities were as follows (in thousands):

Years Ending March 31,
2025	$	10,699
2026		9,657
2027		8,852
2028		8,867
2029		8,747
Thereafter		28,565
Total lease payments		75,387
Less: present value adjustment		(17,843	)
Less: tenant improvement allowance		(386	)
Total lease liabilities	$	57,158