0001140361-23-031798 | 10-K | XBRL Viewer

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Description of Business and Liquidity (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($) Segment	Mar. 31, 2022 USD ($)
Description of Business [Abstract]
Number of operating segment \| Segment	1
Number of reporting segment \| Segment	1
Liquidity [Abstract]
Cash and cash equivalents	$ 1,676,813	$ 2,060,400
Accumulated deficit	(3,772,754)	(2,763,724)
Loss from continuing operations, net of tax	$ (1,230,024)	$ (924,116)

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

+ References

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+ Details

Net (Loss) Income per Common Share

12 Months Ended

Mar. 31, 2023

Net (Loss) Income per Common Share [Abstract]

Net (Loss) Income per Common Share

Note 18—Net (Loss) Income per Common Share

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

As of March 31, 2023 and 2022, potentially dilutive securities were as follows:

	March 31, 2023		March 31, 2022
Stock options and performance stock options		154,271,791		80,364,904
Restricted stock units and performance stock units (non-vested)		20,700,788		21,956,749
March 2020 CVARs⁽¹⁾		32,011,996		32,011,996
November 2021 CVARs (non-vested)		3,222,645		6,285,250
Restricted common stock (non-vested)		689,026		741,405
Earn-Out Shares (non-vested)		3,080,387		3,080,387
Private Placement Warrants		10,214,365		10,214,365
Public Warrants		20,475,875		20,475,875
Other stock based awards and instruments issued		6,122,842		5,103,577

⁽¹⁾	Refer to Note 13, “Share-Based Compensation” for details regarding settlement of CVARs.

Business Combination with MAAC

12 Months Ended

Mar. 31, 2023

Business Combination with MAAC [Abstract]

Business Combination with MAAC

Note 8—Business Combination with MAAC

On September 30, 2021 (the “Closing Date”), in accordance with the Business Combination Agreement, as amended (the “Business Combination Agreement”), RSL completed its business combination (the “Business Combination”) with MAAC, through the merger of RSL’s wholly owned subsidiary, Rhine Merger Sub, Inc., with MAAC (the “Merger”), with MAAC surviving the Merger as a wholly owned subsidiary of RSL. As MAAC does not represent a business for accounting purposes and its primary asset represents cash and cash equivalents, the Business Combination was treated as an equity contribution in exchange for the issuance of RSL shares. The net assets of MAAC were stated at historical cost, with no goodwill or other intangible assets recorded. Reported amounts from operations included herein prior to the Business Combination are those of RSL.

On the Closing Date prior to the effective time of the Merger (the “Effective Time”), RSL effected a 2.9262-for-1 stock subdivision based on the fixed exchange ratio established in the Business Combination. The shares, equity awards and net loss per share available to holders of the Company’s common stock prior to the Business Combination have been retroactively restated to reflect the fixed exchange ratio.

In accordance with the terms of the Business Combination Agreement, at the Effective Time:

(a)

each share of MAAC Class A common stock (the “MAAC Class A Shares”) and each share of MAAC Class B common stock (the “MAAC Class B Shares”) that were outstanding immediately before the Effective Time (other than treasury shares and any shares held by Patient Square Capital LLC (the “MAAC Sponsor”), any affiliate of the MAAC Sponsor or any of MAAC’s independent directors (the “MAAC Independent Directors”) or its transferee) were automatically canceled and extinguished and converted into one common share of RSL (the “Roivant Common Share”),

(b)

each MAAC Class B Share that was outstanding immediately before the Effective Time and held by the MAAC Sponsor, any affiliate of the MAAC Sponsor or any of the MAAC Independent Directors or its transferee were automatically canceled and extinguished and converted into a number of Roivant Common Shares based on an exchange ratio of 0.75, with a portion of such Roivant Common Shares issued to the MAAC Sponsor, any affiliate of the MAAC Sponsor, any MAAC Independent Director or its transferee by virtue of the Merger being subject to the vesting and other terms and conditions set forth in the Sponsor Support Agreement (as more fully described below),

(c)

each warrant to purchase MAAC Class A Shares that was outstanding immediately before the Effective Time was converted automatically into a right to acquire a Roivant Common Share (a “Roivant Warrant”) at an exercise price of $11.50 per share, subject to certain adjustments.

Following the Merger, the Roivant Common Shares and the Roivant Warrants began trading on the Nasdaq Global Market under the ticker symbols “ROIV” and “ROIVW,” respectively, on October 1, 2021.

In connection with the Business Combination, RSL entered into subscription agreements with certain investors, whereby it issued 22,000,000 common shares at $10.00 per share for an aggregate purchase price of $220.0 million (the “PIPE Financing”). The PIPE Financing closed simultaneously with the consummation of the Business Combination.

In connection with the Business Combination and PIPE Financing, the Company received $213.4 million in cash at closing (the “Closing”), net of deferred underwriting expenses and unpaid expenses incurred by MAAC in connection with the transaction. The Company incurred $24.4 million in costs directly related to the Business Combination and PIPE Financing, such as banker fees and costs associated with third-party legal, accounting and other professional services. Upon Closing, these costs, which had been capitalized on the Company’s consolidated balance sheet were recorded as a reduction of additional paid-in capital with the exception of $7.4 million, which were expensed as they represent the allocation of the transaction costs associated with the Roivant Warrants and Earn-Out Shares (as defined below) liabilities. Transaction costs were allocated to the Roivant Warrants and Earn-Out Shares liabilities based on the fair value of such instruments out of the total consideration.

Sponsor Support Agreement

Concurrently with the execution of the Business Combination Agreement, MAAC, the MAAC Sponsor, Roivant and each of the MAAC Independent Directors, entered into the Sponsor Support Agreement, which was subsequently amended on June 9, 2021, to reflect the MAAC Independent Directors and Roivant entering into respective Lock-Up Agreements, and further amended on September 30, 2021.

Pursuant to the Sponsor Support Agreement, among other things:

(a)

2,033,591 Roivant Common Shares issued to the MAAC Sponsor and 10,000 Roivant Common Shares issued to each MAAC Independent Director (collectively, the “20% Earn-Out Shares”), each in respect of its MAAC Class B Shares, will vest if the closing price of Roivant 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).

(b)

1,016,796 Roivant Common Shares issued to the MAAC Sponsor and 5,000 Roivant Common Shares issued to each MAAC Independent Director (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 Roivant 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).

(c)

The remaining number of Roivant Common Shares issued to the MAAC Sponsor and each MAAC Independent Director are not subject to the vesting conditions described above (the “Retained Shares”).

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

The Earn-Out Shares require liability classification and are classified as “Liability instruments measured at fair value” on the 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, 2023, no Earn-Out Shares have vested.

Lock-Up Agreements

On May 1, 2021 and June 9, 2021, RSL, on the one hand, and the MAAC Sponsor, the MAAC Independent Directors and certain Roivant equityholders, on the other hand, entered into lock-up agreements, pursuant to which, among other things, the MAAC Sponsor, the MAAC Independent Directors and such Roivant equityholders have agreed not to effect any sale or distribution of the Roivant Common Shares (including those underlying incentive equity awards or Roivant Warrants) held by the MAAC Sponsor, the MAAC Independent Directors or such equityholders as of immediately following the Closing during the applicable lock-up period, subject to customary exceptions.

The lock-up period applicable to Roivant Common Shares held by the MAAC Sponsor and MAAC Independent Directors as of immediately following the Closing will be (i) with respect to 25% of the Roivant Common Shares held by the MAAC Sponsor and MAAC Independent Directors, six months following the Closing, which expired on March 30, 2022, (ii) with respect to an additional 25% of the Roivant Common Shares held by the MAAC Sponsor and MAAC Independent Directors, the earlier of twelve months following the achievement of certain price-based vesting restrictions or six years from the Closing and (iii) with respect to 50% of the Roivant Common Shares held by the MAAC Sponsor and MAAC Independent Directors, thirty-six months following the Closing.

The Roivant Common Shares underlying warrants held by the MAAC Sponsor as of immediately following the Closing will be subject to a corresponding lock-up period for (a) with respect to 25% of such warrants held by the MAAC Sponsor, six months from the Closing, which expired on March 30, 2022, (b) with respect to an additional 25% of such warrants held by the MAAC Sponsor, twelve months from Closing, which expired on September 30, 2022, and (c) with respect to 50% of such warrants held by the MAAC Sponsor, thirty-six months from the Closing.

The lock-up period applicable to Roivant Common Shares held by certain Roivant equityholders as of immediately following the Closing (including those underlying incentive equity awards) will be (x) with respect to 25% of the Roivant Common Shares held by such Roivant equityholders (including those underlying incentive equity awards), six months following the Closing, which expired on March 30, 2022, (y) with respect to an additional 25% of the Roivant Common Shares held by such Roivant equityholders (including those underlying incentive equity awards), twelve months following the Closing, which expired on September 30, 2022, and (z) with respect to 50% of the Roivant Common Shares (including those underlying incentive equity awards) held by such Roivant equityholders, thirty-six months following the Closing.

Common Stock Warrants

At the effective time of the Merger, 10,214,365 Roivant Warrants that were held by the MAAC Sponsor at an exercise price of $11.50 (the “Private Placement Warrants”) and 20,535,896 Roivant Warrants held by MAAC’s shareholders at an exercise price of $11.50 (the “Public Warrants”) were converted into the right to acquire Roivant Common Shares. Pursuant to the agreement governing the Roivant Warrants, the Roivant Warrants became exercisable 30 days following the completion of the Business Combination. The Roivant Warrants will expire five years after the completion of the Business Combination, or earlier upon redemption or liquidation.

The Private Placement Warrants are generally identical to the Public Warrants, except that (i) the Private Placement Warrants (including the common stock issuable upon exercise of the Private Placement Warrants) were not transferable, assignable or salable until 30 days after the completion of the Business Combination (ii) they will not be redeemable by the Company when the price per share of Roivant Common Shares equals or exceeds $18.00, and (iii) the Private Placement Warrants may be exercised by holders on a cashless basis. If the Private Placement Warrants are held by holders other than our sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by Roivant in all redemption scenarios and exercisable by the holders on the same basis as the Public Warrants.

The Roivant Warrants require liability classification and are classified as “Liability instruments measured at fair value” on the consolidated balance sheets. The Private Placement Warrants liability and Public Warrants liability are 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, 2023, 60,021 Public Warrants have been exercised and none redeemed.

Redemption of Roivant Warrants when the price per share of Roivant Common Shares equals or exceeds $18.00.

The Company may redeem the outstanding Roivant Warrants for cash (except with respect to the Private Placement Warrants):

•

in whole and not in part;

•

at a price of $0.01 per Roivant Warrant;

•

upon a minimum of 30 days’ prior written notice of redemption; and

•

if, and only if, the last reported sale price of common stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrantholders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like).

However, in this case, the Company will not redeem the Roivant Warrants unless an effective registration statement under the Securities Act covering the Roivant Common Shares issuable upon exercise of the Roivant Warrants is effective and a current prospectus relating to those Roivant Common Shares is available throughout the 30-day redemption period. Any such exercise would not be on a “cashless” basis and would require the exercising warrantholder to pay the exercise price for each Roivant Warrant being exercised.

Redemption of Roivant Warrants when the price per share of Roivant Common Shares equals or exceeds $10.00.

The Company may redeem the outstanding Roivant Warrants (except as described herein with respect to the Private Placement Warrants):

•

in whole and not in part;

•

at $0.10 per Roivant Warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their Roivant Warrants on a cashless basis prior to redemption and receive that number of Roivant Common Shares determined by reference to an agreed table based on the redemption date and the “fair market value” of the Roivant Common Shares;

•

if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like); and

•

if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), the Private Placement Warrants must also concurrently be called for redemption on the same terms (except as described herein with respect to a holder’s ability to cashless exercise its warrants) as the outstanding Public Warrants, as described above.

For these purposes, “fair market value” of Roivant Common Shares shall mean the volume-weighted average price of common shares for the 10 trading days immediately following the date on which the notice of redemption is sent to warrantholders. In no event will the Roivant Warrants be exercisable in connection with this redemption feature for more than 0.361 Roivant Common Shares per Roivant Warrant (subject to adjustment).

Certain Balance Sheet Components

12 Months Ended

Mar. 31, 2023

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, 2023 and 2022 consisted of the following (in thousands):

	March 31, 2023		March 31, 2022

Prepaid expenses	$	60,827	$	53,370
Trade receivables, net		30,379		3,878
Restricted cash		5,011		3,903
Inventory		2,761		—
Income tax receivable		2,356		2,854
Other		20,440		22,118
Total other current assets	$	121,774	$	86,123

(B) Accrued Expenses

Accrued expenses at March 31, 2023 and 2022 consisted of the following (in thousands):

	March 31, 2023		March 31, 2022

Research and development expenses	$	76,278	$	66,188
Compensation-related expenses		55,186		44,262
Sales allowances		17,569		—
Other expenses		18,096		17,081
Total accrued expenses	$	167,129	$	127,531

Other current liabilities at March 31, 2023 and 2022 consisted of the following (in thousands):

	March 31, 2023		March 31, 2022

Deferred revenue	$	12,444	$	10,147
Income tax payable		542		708
Other		2,090		—
Total other current liabilities	$	15,076	$	10,855

Fair Value Measurements, Fair Value of Significant Unobservable Inputs (Details) $ / shares in Units, $ in Millions	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)
Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Non financial liabilities at fair value	$ 15.2	$ 9.2
Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Fair value liability	$ 15.2	$ 9.1
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liability Instruments Measured at Fair Value	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	1	1.10
Volatility [Member] \| Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Earn-out share, measurement input	79.90%	82.30%
Volatility [Member] \| Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Private placement warrants, measurement input	0.505	0.565
Risk-free Rate [Member] \| Datavant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investment in equity securities, measurement input	0.0402	0.0162
Risk-free Rate [Member] \| Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Earn-out share, measurement input	3.76%	2.43%
Risk-free Rate [Member] \| Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Private placement warrants, measurement input	0.0376	0.0243
Term (in years) [Member] \| Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Private placement warrants, term	3 years 6 months	4 years 6 months

Net (Loss) Income per Common Share (Tables)

12 Months Ended

Mar. 31, 2023

Net (Loss) Income per Common Share [Abstract]

Potentially Dilutive Securities

As of March 31, 2023 and 2022, potentially dilutive securities were as follows:

	March 31, 2023		March 31, 2022
Stock options and performance stock options		154,271,791		80,364,904
Restricted stock units and performance stock units (non-vested)		20,700,788		21,956,749
March 2020 CVARs⁽¹⁾		32,011,996		32,011,996
November 2021 CVARs (non-vested)		3,222,645		6,285,250
Restricted common stock (non-vested)		689,026		741,405
Earn-Out Shares (non-vested)		3,080,387		3,080,387
Private Placement Warrants		10,214,365		10,214,365
Public Warrants		20,475,875		20,475,875
Other stock based awards and instruments issued		6,122,842		5,103,577

⁽¹⁾	Refer to Note 13, “Share-Based Compensation” for details regarding settlement of CVARs.

Asset Acquisitions and License Agreements, Hemavant (Details) - Hemavant Sciences GmbH [Member] - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Mar. 31, 2022
Asset Acquisition [Abstract]
Upfront Cash Payment	$ 8.0
Asset acquisition, consideration transferred, equity interests issued and issuable	$ 7.0
Shares issued price (in dollars per share)	$ 8
Payable for each additional product indication	$ 18.0
Stock shares issued during the period asset acquisition (in shares)	874,957
Stock issued during period, value acquisitions	$ 6.1
Acquired in process research and development expense		$ 14.1
Development And Regulatory Milestone [Member] \| Maximum [Member]
Asset Acquisition [Abstract]
Milestone payment payable	65.0
Commercial Milestone [Member] \| Maximum [Member]
Asset Acquisition [Abstract]
Milestone payment payable	$ 295.0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2023

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, 2023		March 31, 2022
Cash and cash equivalents	$	1,676,813	$	2,060,400
Restricted cash (included in “Other current assets”)		5,011		3,903
Restricted cash (included in “Other assets”)		10,291		9,731
Cash, cash equivalents and restricted cash	$	1,692,115	$	2,074,034

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

Income Taxes, Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Current taxes [Abstract]
Current tax expense	$ 5,190	$ 369
Deferred taxes [Abstract]
Deferred tax benefit	0	0
Total income tax expense	5,190	369
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	5,312	(223)
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	(122)	592
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

Summary of Significant Accounting Policies, Property and Equipment (Details)	12 Months Ended
	Mar. 31, 2023
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

Share-Based Compensation, Black-Scholes Closed form Option Pricing Model (Details) - shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options [Member]
Assumptions [Abstract]
Expected stock price volatility	85.95%	81.70%
Expected risk free interest rate	2.89%	1.13%
Expected term, in years	6 years 3 months	6 years 3 months
Expected dividend yield	0.00%	0.00%
Performance Stock Units [Member]
Share-Based Compensation [Abstract]
Granted (in shares)	0	0

Equity Method Investments, Investment in Arbutus (Details) - shares	Mar. 31, 2023	Mar. 31, 2022
Investments [Abstract]
Number of shares acquired (in shares)	760,143,393	694,975,965
Arbutus Biopharma Corporation [Member] \| Common Shares [Member]
Investments [Abstract]
Number of shares acquired (in shares)	38,847,462

Business Combination with MAAC, Lock-Up Agreements (Details) - MACC [Member] - Sponsor and Independent Directors [Member]	12 Months Ended
	Mar. 31, 2023
Closing One [Member]
Lock-Up Agreements [Abstract]
Percentage of shares held by common shareholder	25.00%
Period for satisfaction of closing conditions for common shareholder	6 months
Percentage of shares held by warrant holder	25.00%
Period for satisfaction of closing conditions for warrant holder	6 months
Percentage of shares held by equityholder	25.00%
Period for satisfaction of closing conditions for equityholder	6 months
Closing Two [Member]
Lock-Up Agreements [Abstract]
Percentage of shares held by common shareholder	25.00%
Period for satisfaction of closing conditions for common shareholder	12 months
Period for achievement of certain price-based vesting restrictions	6 years
Percentage of shares held by warrant holder	25.00%
Period for satisfaction of closing conditions for warrant holder	12 months
Percentage of shares held by equityholder	25.00%
Period for satisfaction of closing conditions for equityholder	12 months
Closing Three [Member]
Lock-Up Agreements [Abstract]
Percentage of shares held by common shareholder	50.00%
Period for satisfaction of closing conditions for common shareholder	36 months
Percentage of shares held by warrant holder	50.00%
Period for satisfaction of closing conditions for warrant holder	36 months
Percentage of shares held by equityholder	50.00%
Period for satisfaction of closing conditions for equityholder	36 months

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, 2023 USD ($)	May 31, 2022 USD ($)	May 31, 2022 CAD ($)	May 31, 2022 GBP (£)	Mar. 31, 2022 USD ($)
Recognized Intangible Assets [Abstract]
Remaining weighted average estimated useful lives			15 years 7 months 6 days
Gross amount			$ 152,629
Less: accumulated amortization			(7,748)
Net book value			144,881				$ 0
Future amortization expense, 2024			9,300
Future amortization expense, 2025			9,300
Future amortization expense, 2026			9,300
Future amortization expense, 2027			9,300
Future amortization expense, 2028			9,300
Future amortization expense, thereafter			98,400
Cost of Revenues [Member]
Recognized Intangible Assets [Abstract]
Amortization of intangible assets			$ 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

Leases

12 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Note 15—Leases

The Company’s 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,
	2023		2022
Operating lease cost	$	12,045	$	13,649
Short-term lease cost		1,623		326
Variable lease cost		2,151		1,227
Total operating lease cost	$	15,819	$	15,202

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

	Year Ended March 31, 2023
Amortization of right-of-use assets	$	454
Interest on lease liabilities		102
Total finance lease cost	$	556

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

	During the Year Ended March 31,
	2023		2022
Operating leases:
Cash paid for operating lease liabilities	$	13,109	$	14,403
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	4,224	$	6,035
Finance leases:
Operating cash flows from finance leases	$	61	$	—
Financing cash flows from finance leases	$	692	$	—
Finance lease right-of-use assets obtained in exchange for finance lease liabilities	$	6,338	$	—

	March 31, 2023			March 31, 2022
Weighted average remaining lease term (in years)
Operating leases		8.4			9.0
Finance leases		3.1			—
Weighted average discount rate
Operating leases		7.9	%		7.0	%
Finance leases		8.3	%		—	%

Amounts recognized in the accompanying consolidated balance sheets related to the finance leases were as follows (in thousands):

	Balance Sheet Classification	March 31, 2023
Finance lease right-of-use assets	Property and equipment, net	$	5,885
Finance lease liabilities, current	Other current liabilities	$	2,090
Finance lease liabilities, non-current	Other liabilities	$	3,574

As of March 31, 2023, maturities of lease liabilities were as follows (in thousands):

Years Ending March 31,	Operating leases			Finance leases
2024	$	13,588		$	2,199
2025		11,425			2,119
2026		10,279			1,730
2027		9,488			252
2028		9,515			168
Thereafter		43,107			—
Total lease payments		97,402			6,468
Less: present value adjustment		(27,021	)		(804	)
Less: tenant improvement allowance		(5,212	)		—
Total lease liabilities	$	65,169		$	5,664

Certain Balance Sheet Components, Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Other Current Liabilities [Abstract]
Deferred revenue	$ 12,444	$ 10,147
Income tax payable	542	708
Other	2,090	0
Total other current liabilities	$ 15,076	$ 10,855

Share-Based Compensation, Stock Options and Performance Stock Options under RSL Equity Plans (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($) Plan $ / shares shares	Mar. 31, 2022 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)	104,048,798
Equity incentive plan term	10 years
Common shares available for future grants (in shares)	10,875,197
Stock Options and Performance Stock Options [Member] \| RSL Equity Plans [Member]
Number of Shares [Roll Forward]
Options outstanding, beginning balance (in shares)	80,364,904
Granted (in shares)	74,708,623
Exercised (in shares)	(332,073)
Forfeited/Canceled (in shares)	(469,663)
Options outstanding, ending balance (in shares)	154,271,791	80,364,904
Options exercisable at March 31, 2023 (in shares)	64,915,881
Average Exercise Price [Roll Forward]
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 11.37
Granted (in dollars per share) \| $ / shares	3.85
Exercised (in dollars per share) \| $ / shares	5.83
Forfeited/Canceled (in dollars per share) \| $ / shares	9.71
Outstanding, beginning balance (in dollars per share) \| $ / shares	7.75	$ 11.37
Exercisable, period end (in dollars per share) \| $ / shares	$ 11.55
Weighted-Average Remaining Contractual Term [Abstract]
Outstanding, weighted-average remaining contractual term	6 years 8 months 12 days	5 years 6 months
Exercisable, weighted-average remaining contractual term	4 years 18 days
Aggregate Intrinsic Value [Abstract]
Outstanding, aggregate intrinsic value \| $	$ 280,171	$ 1,899
Exercisable, aggregate intrinsic value \| $	15,574
Unrecognized compensation expense \| $	$ 228,200
Remaining weighted-average service period	2 years 10 months 13 days
Stock options vested (in shares)	64,915,881	39,236,351

Leases, Lease Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Leases [Abstract]
Cash paid for operating lease liabilities	$ 13,109	$ 14,403
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	4,224	6,035
Finance Leases [Abstract]
Operating cash flows from finance leases	61	0
Financing cash flows from finance leases	692	0
Finance lease right-of-use assets obtained in exchange for finance lease liabilities	$ 6,338	$ 0
Weighted Average Remaining Lease Term (in years) [Abstract]
Operating leases	8 years 4 months 24 days	9 years
Finance leases	3 years 1 month 6 days
Weighted Average Discount Rate [Abstract]
Operating leases	7.90%	7.00%
Finance leases	8.30%	0.00%

Leases, Balance Sheets Related to Finance Leases (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Balance Sheet Classification [Abstract]
Finance lease right-of-use assets	$ 5,885
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net
Finance lease liabilities, current	$ 2,090
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current
Finance lease liabilities, non-current	$ 3,574
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent

Equity Method Investments (Tables)

12 Months Ended

Mar. 31, 2023

Equity Method Investments [Abstract]

Significant Equity Method Investments

Details regarding our significant equity method investments are as follows:

	Ownership %						Aggregate Fair Value (in millions)
	March 31, 2023			March 31, 2022			March 31, 2023		March 31, 2022

Datavant		17	%⁽¹⁾		17	%⁽¹⁾	$	178.6	$	193.9
Arbutus		24	%		26	%	$	117.7	$	115.8

⁽¹⁾

The ownership percentage represents the Company’s equity interest in the outstanding Class A units in Ciox Parent. Ciox Parent’s capital structure includes several classes of preferred units that, among other features, have liquidation preferences and conversion 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.

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,
	2023			2022
Datavant	$	15.4		$	30.2
Arbutus	$	(1.9	)	$	13.6

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,
	2022			2021
Revenue	$	873,435		$	727,926
Gross profit	$	354,561		$	305,244
Net loss	$	(190,243	)	$	(92,486	)

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,
	2023			2022
Revenue	$	33,125		$	21,456
Loss from operations	$	(71,895	)	$	(68,820	)
Net loss	$	(70,030	)	$	(75,631	)

Fair Value Measurements

12 Months Ended

Mar. 31, 2023

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 17—Fair Value Measurements

Recurring Fair Value Measurements

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, 2023 and 2022, by level, within the fair value hierarchy (in thousands):

	As of March 31, 2023								As of March 31, 2022
	Level 1		Level 2		Level 3		Balance as of March 31, 2023		Level 1		Level 2		Level 3		Balance as of March 31, 2022
Assets:
Money market funds	$	1,496,726	$	—	$	—	$	1,496,726	$	1,297,844	$	—	$	—	$	1,297,844
Investment in Datavant Class A units		—		—		178,579		178,579		—		—		193,963		193,963
Investment in Arbutus common shares		117,708		—		—		117,708		115,765		—		—		115,765
Other investments		8,030		—		—		8,030		16,106		—		—		16,106
Total assets at fair value	$	1,622,464	$	—	$	178,579	$	1,801,043	$	1,429,715	$	—	$	193,963	$	1,623,678
Liabilities:
Debt issued by Dermavant to NovaQuest	$	—	$	—	$	207,640	$	207,640	$	—	$	—	$	177,400	$	177,400
Liability instruments measured at fair value⁽¹⁾		29,895		—		33,651		63,546		18,019		—		26,893		44,912
Total liabilities at fair value	$	29,895	$	—	$	241,291	$	271,186	$	18,019	$	—	$	204,293	$	222,312

⁽¹⁾

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. At March 31, 2022, Level 1 includes the fair value of the Public Warrants of $18.0 million, and Level 3 includes the fair value of the Earn-Out Shares of $9.2 million, Private Placement Warrants of $9.1 million, and other liability instruments issued of $8.6 million.

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, 2023 and 2022.

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, 2023 and 2022 were as follows (in thousands):

Balance at March 31, 2021	$	—
Fair value of investment in Datavant at recognition date		224,147
Changes in fair value of investment in Datavant, included in net loss		(30,184	)
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

The changes in fair value of the Level 3 liabilities during the years ended March 31, 2023 and 2022 were as follows (in thousands):

Balance at March 31, 2021	$	217,993
Fair value of liability instrument issued		38,634
Changes in fair value of debt and liability instruments, included in net loss		9,226
Settlements		(88	)
Termination of Sumitomo Options		(61,472	)
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

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, 2023		As of March 31, 2022
Volatility		100.0%		110.0%
Risk-free rate		4.02%		1.62%

Debt issued by Dermavant to NovaQuest

The fair value of the debt instrument as of March 31, 2023 and 2022 represents the fair value of amounts payable to NovaQuest calculated using the Monte Carlo simulation method under the income approach determined by using probability assessments of the expected future payments through 2032. The future payments are based on significant inputs that are not observable in the market which are subject to remeasurement at each reporting date. The estimates of fair value may not be indicative of the amounts that could ultimately be paid by Dermavant to NovaQuest.

Earn-Out Shares

The fair value of the Earn-Out Shares issued as part of the Business Combination was calculated using the Monte Carlo simulation method under the income approach. The model was structured to include the lock-up periods to which the Earn-Out Shares are subject. Refer to Note 8, “Business Combination with MAAC” 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, 2023		As of March 31, 2022
Volatility		79.9%		82.3%
Risk-free rate		3.76%		2.43%

As of March 31, 2023 and 2022, the fair value of the Earn-Out Shares was $15.2 million and $9.2 million, respectively. Earn-Out Shares were included in “Liability instruments measured at fair value” in the accompanying consolidated balance sheets.

Private Placement Warrants

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 8, “Business Combination with MAAC” and the added restriction by which the Company cannot redeem the Private Placement Warrants if the Reference Value is 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		As of March 31, 2022
Volatility		50.5%		56.5%
Risk-free rate		3.76%		2.43%
Term (in years)		3.50		4.50

As of March 31, 2023 and 2022, the fair value of the Private Placement Warrants was $15.2 million and $9.1 million, respectively. The Private Placement Warrants were 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

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, 2023	Mar. 31, 2022
Share-Based Compensation [Abstract]
Intrinsic value of options exercised	$ 972	$ 89
Grant date fair value of options vested	$ 165,702	$ 210,487
Weighted-average grant date fair value per share of stock options granted (in dollars per share)	$ 2.86	$ 6.85

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	May 31, 2021
Related Party Transaction [Abstract]
Gain on termination of options	$ 0	$ 66,472
Asset Purchase Agreement [Member]
Related Party Transaction [Abstract]
Consideration received in cash			$ 5,000
Gain on termination of options		$ 66,500

Leases (Tables)

12 Months Ended

Mar. 31, 2023

Leases [Abstract]

Components of Operating and Finance Lease Expense

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

	Years Ended March 31,
	2023		2022
Operating lease cost	$	12,045	$	13,649
Short-term lease cost		1,623		326
Variable lease cost		2,151		1,227
Total operating lease cost	$	15,819	$	15,202

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

	Year Ended March 31, 2023
Amortization of right-of-use assets	$	454
Interest on lease liabilities		102
Total finance lease cost	$	556

Lease Right-of-use Assets and Lease Liabilities

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

	During the Year Ended March 31,
	2023		2022
Operating leases:
Cash paid for operating lease liabilities	$	13,109	$	14,403
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	4,224	$	6,035
Finance leases:
Operating cash flows from finance leases	$	61	$	—
Financing cash flows from finance leases	$	692	$	—
Finance lease right-of-use assets obtained in exchange for finance lease liabilities	$	6,338	$	—

	March 31, 2023			March 31, 2022
Weighted average remaining lease term (in years)
Operating leases		8.4			9.0
Finance leases		3.1			—
Weighted average discount rate
Operating leases		7.9	%		7.0	%
Finance leases		8.3	%		—	%

Balance Sheets Related to the Finance Leases

Amounts recognized in the accompanying consolidated balance sheets related to the finance leases were as follows (in thousands):

	Balance Sheet Classification	March 31, 2023
Finance lease right-of-use assets	Property and equipment, net	$	5,885
Finance lease liabilities, current	Other current liabilities	$	2,090
Finance lease liabilities, non-current	Other liabilities	$	3,574

Maturities of Lease Liabilities

As of March 31, 2023, maturities of lease liabilities were as follows (in thousands):

Years Ending March 31,	Operating leases			Finance leases
2024	$	13,588		$	2,199
2025		11,425			2,119
2026		10,279			1,730
2027		9,488			252
2028		9,515			168
Thereafter		43,107			—
Total lease payments		97,402			6,468
Less: present value adjustment		(27,021	)		(804	)
Less: tenant improvement allowance		(5,212	)		—
Total lease liabilities	$	65,169		$	5,664

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2023

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

Assets and Liabilities are Measured at Fair Value on Recurring Basis

	As of March 31, 2023								As of March 31, 2022
	Level 1		Level 2		Level 3		Balance as of March 31, 2023		Level 1		Level 2		Level 3		Balance as of March 31, 2022
Assets:
Money market funds	$	1,496,726	$	—	$	—	$	1,496,726	$	1,297,844	$	—	$	—	$	1,297,844
Investment in Datavant Class A units		—		—		178,579		178,579		—		—		193,963		193,963
Investment in Arbutus common shares		117,708		—		—		117,708		115,765		—		—		115,765
Other investments		8,030		—		—		8,030		16,106		—		—		16,106
Total assets at fair value	$	1,622,464	$	—	$	178,579	$	1,801,043	$	1,429,715	$	—	$	193,963	$	1,623,678
Liabilities:
Debt issued by Dermavant to NovaQuest	$	—	$	—	$	207,640	$	207,640	$	—	$	—	$	177,400	$	177,400
Liability instruments measured at fair value⁽¹⁾		29,895		—		33,651		63,546		18,019		—		26,893		44,912
Total liabilities at fair value	$	29,895	$	—	$	241,291	$	271,186	$	18,019	$	—	$	204,293	$	222,312

⁽¹⁾

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, 2023 and 2022 were as follows (in thousands):

Balance at March 31, 2021	$	—
Fair value of investment in Datavant at recognition date		224,147
Changes in fair value of investment in Datavant, included in net loss		(30,184	)
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 the Level 3 Liabilities

The changes in fair value of the Level 3 liabilities during the years ended March 31, 2023 and 2022 were as follows (in thousands):

Balance at March 31, 2021	$	217,993
Fair value of liability instrument issued		38,634
Changes in fair value of debt and liability instruments, included in net loss		9,226
Settlements		(88	)
Termination of Sumitomo Options		(61,472	)
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

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, 2023		As of March 31, 2022
Volatility		100.0%		110.0%
Risk-free rate		4.02%		1.62%

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, 2023		As of March 31, 2022
Volatility		79.9%		82.3%
Risk-free rate		3.76%		2.43%

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		As of March 31, 2022
Volatility		50.5%		56.5%
Risk-free rate		3.76%		2.43%
Term (in years)		3.50		4.50

Business Combination with MAAC, Sponsor Support Agreement (Details) - MAAC Sponsor [Member] - $ / shares		12 Months Ended
	Sep. 30, 2021	Mar. 31, 2023
Sponsor Support Agreement [Abstract]
Number of earn-out shares vested (in shares)		0
20% Earn-Out [Member]
Sponsor Support Agreement [Abstract]
Common shares issued (in shares)	2,033,591
Percentage of earn-out shares	20.00%
10 % Earn-Out [Member]
Sponsor Support Agreement [Abstract]
Common shares issued (in shares)	1,016,796
Percentage of earn-out shares	10.00%
Independent Directors [Member] \| 20% Earn-Out [Member]
Sponsor Support Agreement [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
Independent Directors [Member] \| 20% Earn-Out [Member] \| Minimum [Member]
Sponsor Support Agreement [Abstract]
Earn-out share price (in dollars per share)	$ 15
Independent Directors [Member] \| 10 % Earn-Out [Member]
Sponsor Support Agreement [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
Independent Directors [Member] \| 10 % Earn-Out [Member] \| Minimum [Member]
Sponsor Support Agreement [Abstract]
Earn-out share price (in dollars per share)	$ 20

Revenue (Details) - USD ($) $ in Millions	12 Months Ended
Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Proteovant [Member] \| Collaboration Agreement with Blueprint Medicines [Member]
License, Milestone and Other Revenue [Abstract]
Upfront payment received		$ 20.0
Contingent milestone payments		632.0
Deferred revenue		$ 20.0
Covant [Member] \| Collaboration and License Agreement [Member]
License, Milestone and Other Revenue [Abstract]
Upfront payment received	$ 10.0
Contingent milestone payments	$ 471.0

Income Taxes

12 Months Ended

Mar. 31, 2023

Income Taxes [Abstract]

Income Taxes

Note 14—Income Taxes

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

	Years Ended March 31,
	2023			2022
Loss before income taxes:
Bermuda⁽¹⁾	$	(48,547	)	$	390,831
United States		(444,407	)		(747,953	)
Switzerland		(728,124	)		(544,870	)
Other		(3,756	)		(21,755	)
Total income from continuing operations before income taxes	$	(1,224,834	)	$	(923,747	)

⁽¹⁾	Primarily entities which are centrally managed and controlled in the United Kingdom

	Years Ended March 31,
	2023			2022
Current taxes:
Bermuda	$	—		$	—
United States		5,312			(223	)
Switzerland		—			—
Other		(122	)		592
Total current tax expense	$	5,190		$	369
Deferred taxes:
Bermuda	$	—		$	—
United States		—			—
Switzerland		—			—
Other		—			—
Total deferred tax benefit	$	—		$	—
Total income tax expense	$	5,190		$	369

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

	Year Ended					Year Ended
	March 31, 2023					March 31, 2022
Income tax benefit at Bermuda statutory rate	$	—		—	%	$	—		—	%
Foreign rate differential⁽¹⁾		(208,440	)	17.02	%		(179,000	)	19.38	%
Permanent disallowed IPR&D		17,714		(1.45	)%		15,347		(1.66	)%
Tax-effect of changes in the fair value of investments and loss from equity method investment		4,118		(0.34	)%		15,169		(1.64	)%
Nontaxable gain on sale of investment		—		—	%		(84,313	)	9.13	%
Nontaxable gain on deconsolidation of business		(2,378	)	0.19	%		(958	)	0.10	%
Nondeductible executive compensation		20,558		(1.68	)%		25,973		(2.81	)%
Tax deficiencies (excess tax benefits) from share-based compensation		3,311		(0.27	)%		12,918		(1.40	)%
Other permanent adjustments		13,314		(1.09	)%		10,912		(1.18	)%
Research tax credits		(14,487	)	1.18	%		(10,113	)	1.09	%
Valuation allowance		157,197		(12.83	)%		205,811		(22.28	)%
Tax rate changes		2,771		(0.22	)%		(2,444	)	0.26	%
Other		11,512		(0.93	)%		(8,933	)	0.97	%
Total income tax expense	$	5,190		(0.42	)%	$	369		(0.04	)%

⁽¹⁾	Primarily related to operations in the United States, Switzerland, the United Kingdom, and other jurisdictions with statutory tax rates different than the Bermuda rate.

The Company’s effective tax rates for the years ended March 31, 2023 and 2022 was (0.42)% and (0.04)%, respectively, driven by the Company’s jurisdictional earnings by location and a valuation allowance that eliminates the Company’s global net deferred tax assets.

Deferred taxes reflect the tax effects of the differences between the amounts recorded as assets and liabilities for financial reporting purposes and the comparable amounts recorded for income tax purposes. Significant components of the deferred tax assets (liabilities) at March 31, 2023 and 2022 are as follows (in thousands):

	March 31, 2023			March 31, 2022
Deferred tax assets
Research tax credits	$	37,559		$	27,155
Intangible assets		52,857			61,544
Capitalized research and development		37,252			—
Net operating loss		422,613			312,749
Share-based compensation		105,343			93,177
Lease liabilities		15,521			15,406
Other assets		25,959			20,651
Subtotal		697,104			530,682
Valuation allowance		(674,517	)		(512,736	)
Deferred tax liabilities
Depreciation		(1,798	)		(1,397	)
Right-of-use assets		(12,959	)		(12,661	)
Other liabilities		(7,830	)		(3,888	)
Total deferred tax assets/(liabilities)	$	—		$	—

The Company has Federal net operating losses in Switzerland, the United States, the United Kingdom and other jurisdictions in the amount of $2,626.5 million, $231.1 million, $63.8 million, and $67.7 million, respectively. The Switzerland net operating losses will expire in varying amounts between March 31, 2025 and March 31, 2030. The United States 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 United Kingdom and other net operating losses can be carried forward indefinitely as well, with an annual limitation on utilization. The Company has generated net operating losses from United States state and local jurisdictions in the amount of $94.2 million which will expire in varying amounts between March 31, 2038 and March 31, 2043. The Company has generated $37.6 million of research tax credit carryforwards primarily in the United States and Canada, which will expire in varying amounts between March 31, 2037 and March 31, 2043.

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 $674.5 million as of March 31, 2023, representing the portion of the deferred tax asset that is not more likely than not to be realized. For the period April 1, 2022 through March 31, 2023, the valuation allowance increased by $161.8 million, primarily as a result of corresponding increases in our global net operating losses, as well as increased costs related to share-based compensation. 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 United Kingdom 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 United States, United Kingdom, 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, 2018 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, 2023 and 2022 was not material to the Company’s consolidated financial statements. No interest and penalties related to unrecognized tax benefits were recorded as of March 31, 2023 or March 31, 2022.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

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

Mar. 31, 2023

Mar. 31, 2022

Assets: [Abstract]

Investment

$ 304,317

$ 325,834

Earn-Out Shares [Member]

Recurring Fair Value Measurements [Abstract]

Non financial liabilities at fair value

15,200

9,200

Private Placement Warrants [Member]

Liabilities: [Abstract]

Total liabilities at fair value

15,200

9,100

Arbutus Biopharma Corporation [Member]

Assets: [Abstract]

Investment

117,700

115,800

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

Recurring Fair Value Measurements [Abstract]

Financial liabilities at fair value

29,900

18,000

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

Recurring Fair Value Measurements [Abstract]

Non financial liabilities at fair value

15,200

9,200

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

Recurring Fair Value Measurements [Abstract]

Financial liabilities at fair value

15,200

9,100

Level 3 [Member] | Liability Instruments Measured at Fair Value [Member]

Recurring Fair Value Measurements [Abstract]

Non financial liabilities at fair value

3,300

8,600

Recurring [Member]

Assets: [Abstract]

Total assets at fair value

1,801,043

1,623,678

Liabilities: [Abstract]

Debt issued by Dermavant to NovaQuest

207,640

177,400

Liability instruments measured at fair value

^[1]

63,546

44,912

Total liabilities at fair value

271,186

222,312

Recurring [Member] | Money Market Funds [Member]

Assets: [Abstract]

Money market funds

1,496,726

1,297,844

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

Assets: [Abstract]

Investment

178,579

193,963

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

Assets: [Abstract]

Investment

117,708

115,765

Recurring [Member] | Other Investment [Member]

Assets: [Abstract]

Investment

8,030

16,106

Recurring [Member] | Level 1 [Member]

Assets: [Abstract]

Total assets at fair value

1,622,464

1,429,715

Liabilities: [Abstract]

Debt issued by Dermavant to NovaQuest

Liability instruments measured at fair value

^[1]

29,895

18,019

Total liabilities at fair value

29,895

18,019

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

Assets: [Abstract]

Money market funds

1,496,726

1,297,844

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

117,708

115,765

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

Assets: [Abstract]

Investment

8,030

16,106

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

178,579

193,963

Liabilities: [Abstract]

Debt issued by Dermavant to NovaQuest

207,640

177,400

Liability instruments measured at fair value

^[1]

33,651

26,893

Total liabilities at fair value

241,291

204,293

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

178,579

193,963

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]

Shareholders' Equity - (Details) $ / shares in Units, $ in Thousands			1 Months Ended			12 Months Ended
	Jul. 31, 2022 USD ($)	Sep. 30, 2021 $ / shares shares	Feb. 28, 2023 USD ($) $ / shares shares	Nov. 30, 2022 USD ($) $ / shares shares	Oct. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Sep. 19, 2022 USD ($)	Feb. 14, 2022 USD ($)	Jul. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Shareholders' Equity Description [Abstract]
Common stock, shares authorized (in shares) \| shares						7,000,000,000	7,000,000,000
Common stock, par value (in dollars per share) \| $ / shares						$ 0.0000000341740141	$ 0.0000000341740141
Net proceeds of common stock						$ 311,981	$ 0
Gain on deconsolidation of subsidiaries						29,276	$ 5,041
SK, Inc. [Member]
Shareholders' Equity Description [Abstract]
Subscription receivables received										$ 100,000
Equity method investments											$ 200,000
Equity method investment ownership percentage											40.00%
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
Cantor [Member]
Shareholders' Equity Description [Abstract]
Common stock to be purchased under committed equity facility									$ 250,000
Cytovant [Member]
Shareholders' Equity Description [Abstract]
Gain on deconsolidation of subsidiaries	$ 16,800
Common Shares [Member]
Shareholders' Equity Description [Abstract]
Stock subdivision based on fixed exchange ratio		2.9262
Common stock, shares authorized (in shares) \| shares		7,000,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0000000341740141
Number of votes per share						one
Common shares issued (in shares) \| shares				30,000,000		50,666,665	7,369,000
Share price (in dollars per share) \| $ / shares				$ 5
Common Shares [Member] \| Underwritten Public Offering [Member]
Shareholders' Equity Description [Abstract]
Common shares issued (in shares) \| shares			30,666,665		416,667
Common stock, shares issued upon exercise of underwriter's options (in shares) \| shares			3,999,999
Share price (in dollars per share) \| $ / shares			$ 7.5
Net proceeds of common stock			$ 216,900	$ 94,700
Common Shares [Member] \| Sold by RSL [Member]
Shareholders' Equity Description [Abstract]
Common shares issued (in shares) \| shares				20,000,000
Common Shares [Member] \| Sold by Selling Shareholders [Member]
Shareholders' Equity Description [Abstract]
Stock sold during period by selling shareholders (in shares) \| shares				10,000,000
Common Shares [Member] \| Immunovant, Inc. [Member] \| Underwritten Public Offering [Member]
Shareholders' Equity Description [Abstract]
Common shares issued (in shares) \| shares					12,500,000
Share price (in dollars per share) \| $ / shares					$ 6
Net proceeds of common stock					$ 70,200

Long-Term Debt, Revenue Interest Purchase and Sale Agreement (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2022	May 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Carrying Balance [Abstract]
Total debt, net			$ 375,515	$ 210,025
Less: current portion			(40,720)	$ 0
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			178,571
Less: unamortized issuance costs			(4,806)
Total debt, net			173,765
Less: current portion			(13,780)
Total long-term debt, net			$ 159,985

Equity Method Investments, Investment in Datavant (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 27, 2021	Mar. 31, 2023	Mar. 31, 2022
Investments [Abstract]
Gain on sale of investment		$ 0	$ 443,754
Datavant Merger [Member]
Investments [Abstract]
Proceeds from sale of investment	$ 320,000
Gain on sale of investment			$ 443,800

Revenue	12 Months Ended
Revenue	Mar. 31, 2023
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 United States. The Company began generating product revenue, net from sales of VTAMA in the United States 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 Proteovant In February 2022, Proteovant Therapeutics, Inc. (“Proteovant”) entered into a collaboration agreement with Blueprint Medicines pursuant to which the parties will jointly research and advance up to two novel protein degrader compounds into development candidates, as well as up to two additional novel protein degrader target programs as may be mutually agreed to by the Blueprint Medicines and Proteovant (each a target program). Under the terms of the collaboration agreement, Proteovant received a nonrefundable, upfront payment of $20.0 million in March 2022 and will be eligible to receive up to an additional $632.0 million in contingent milestone payments including specified research, development, regulatory and commercialization milestones and tiered percentage royalties on a licensed product-by-licensed product basis ranging from the mid- to high-single digits on net sales on the first two target programs, subject to adjustment in specified circumstances. If Proteovant opts-in to the second target program (the “Opt-In Right”), the parties will jointly develop and commercialize such compounds and will split profits and losses of that program equally in the United States along with global development costs. Additionally, development and regulatory milestone payments for the second target or opt-in target program will be reduced, and Proteovant will only be eligible to receive commercialization milestone payments and royalties on ex-United States sales of products relating to such target program. In addition, the parties may jointly extend the collaboration, with the same structure and financial terms, for up to two additional target programs through additional funding by Blueprint Medicines and Proteovant’s Opt-In Right would extend to the second of such additional target programs. Proteovant will be performing research and development activities throughout the period until Blueprint Medicines can exercise its option to obtain a worldwide, exclusive license to develop and commercialize any licensed compound, subject to Proteovant’s Opt-In Right. Proteovant initially recorded the $20.0 million upfront payment as deferred revenue on the accompanying consolidated balance sheets and is recognizing it as revenue as the services are provided over the development period. Covant In March 2023, Covant Therapeutics Operating, Inc. (“Covant”) 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 will receive 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.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,676,813	$ 2,060,400
Other current assets	121,774	86,123
Total current assets	1,798,587	2,146,523
Property and equipment, net	39,086	25,905
Operating lease right-of-use assets	53,251	61,044
Investments measured at fair value	304,317	325,834
Intangible assets, net	144,881	0
Other assets	49,482	25,823
Total assets	2,389,604	2,585,129
Current liabilities:
Accounts payable	37,830	34,583
Accrued expenses	167,129	127,531
Operating lease liabilities	11,693	11,398
Current portion of long-term debt (includes $26,940 accounted for under the fair value option at March 31, 2023)	40,720	0
Other current liabilities	15,076	10,855
Total current liabilities	272,448	184,367
Liability instruments measured at fair value	63,546	44,912
Operating lease liabilities, noncurrent	53,476	62,468
Long-term debt, net of current portion (includes $180,700 and $177,400 accounted for under the fair value option at March 31, 2023 and 2022, respectively)	375,515	210,025
Other liabilities	17,032	21,923
Total liabilities	782,017	523,695
Commitments and contingencies (Note 16)
Redeemable noncontrolling interest	0	22,491
Shareholders' equity:
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 shares authorized and 760,143,393 and 694,975,965 shares issued and outstanding at March 31, 2023 and 2022, respectively	0	0
Additional paid-in capital	4,933,137	4,421,614
Accumulated deficit	(3,772,754)	(2,763,724)
Accumulated other comprehensive loss	(2,617)	(946)
Shareholders' equity attributable to Roivant Sciences Ltd.	1,157,766	1,656,944
Noncontrolling interests	449,821	381,999
Total shareholders' equity	1,607,587	2,038,943
Total liabilities, redeemable noncontrolling interest and shareholders' equity	$ 2,389,604	$ 2,585,129

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

Income Taxes [Abstract]

Loss Before Income Taxes and Related (Benefit)/Expense

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

	Years Ended March 31,
	2023			2022
Loss before income taxes:
Bermuda⁽¹⁾	$	(48,547	)	$	390,831
United States		(444,407	)		(747,953	)
Switzerland		(728,124	)		(544,870	)
Other		(3,756	)		(21,755	)
Total income from continuing operations before income taxes	$	(1,224,834	)	$	(923,747	)

⁽¹⁾	Primarily entities which are centrally managed and controlled in the United Kingdom

Income Tax Expense

	Years Ended March 31,
	2023			2022
Current taxes:
Bermuda	$	—		$	—
United States		5,312			(223	)
Switzerland		—			—
Other		(122	)		592
Total current tax expense	$	5,190		$	369
Deferred taxes:
Bermuda	$	—		$	—
United States		—			—
Switzerland		—			—
Other		—			—
Total deferred tax benefit	$	—		$	—
Total income tax expense	$	5,190		$	369

Reconciliation of Income Tax Provision/(Benefit)

	Year Ended					Year Ended
	March 31, 2023					March 31, 2022
Income tax benefit at Bermuda statutory rate	$	—		—	%	$	—		—	%
Foreign rate differential⁽¹⁾		(208,440	)	17.02	%		(179,000	)	19.38	%
Permanent disallowed IPR&D		17,714		(1.45	)%		15,347		(1.66	)%
Tax-effect of changes in the fair value of investments and loss from equity method investment		4,118		(0.34	)%		15,169		(1.64	)%
Nontaxable gain on sale of investment		—		—	%		(84,313	)	9.13	%
Nontaxable gain on deconsolidation of business		(2,378	)	0.19	%		(958	)	0.10	%
Nondeductible executive compensation		20,558		(1.68	)%		25,973		(2.81	)%
Tax deficiencies (excess tax benefits) from share-based compensation		3,311		(0.27	)%		12,918		(1.40	)%
Other permanent adjustments		13,314		(1.09	)%		10,912		(1.18	)%
Research tax credits		(14,487	)	1.18	%		(10,113	)	1.09	%
Valuation allowance		157,197		(12.83	)%		205,811		(22.28	)%
Tax rate changes		2,771		(0.22	)%		(2,444	)	0.26	%
Other		11,512		(0.93	)%		(8,933	)	0.97	%
Total income tax expense	$	5,190		(0.42	)%	$	369		(0.04	)%

⁽¹⁾	Primarily related to operations in the United States, Switzerland, the United Kingdom, and other jurisdictions with statutory tax rates different than the Bermuda rate.

Components of Deferred Tax Assets (Liabilities)

Significant components of the deferred tax assets (liabilities) at March 31, 2023 and 2022 are as follows (in thousands):

	March 31, 2023			March 31, 2022
Deferred tax assets
Research tax credits	$	37,559		$	27,155
Intangible assets		52,857			61,544
Capitalized research and development		37,252			—
Net operating loss		422,613			312,749
Share-based compensation		105,343			93,177
Lease liabilities		15,521			15,406
Other assets		25,959			20,651
Subtotal		697,104			530,682
Valuation allowance		(674,517	)		(512,736	)
Deferred tax liabilities
Depreciation		(1,798	)		(1,397	)
Right-of-use assets		(12,959	)		(12,661	)
Other liabilities		(7,830	)		(3,888	)
Total deferred tax assets/(liabilities)	$	—		$	—

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

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Loss before income taxes [Abstract]

Loss before income taxes

$ (1,224,834)

$ (923,747)

Bermuda [Member]

Loss before income taxes [Abstract]

Loss before income taxes

^[1]

(48,547)

390,831

United States [Member]

Loss before income taxes [Abstract]

Loss before income taxes

(444,407)

(747,953)

Switzerland [Member]

Loss before income taxes [Abstract]

Loss before income taxes

(728,124)

(544,870)

Other [Member]

Loss before income taxes [Abstract]

Loss before income taxes

$ (3,756)

$ (21,755)

[1]	Primarily entities which are centrally managed and controlled in the United Kingdom

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Asset Acquisitions and License Agreements, Priovant (Details) - Priovant Therapeutics, Inc. [Member] - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2022
Asset Acquisition [Abstract]
Fair value of consideration transferred	$ 82.1
Stock issued during period, value acquisitions	70.0
Upfront Cash Payment	10.0
Other obligation related to acquisition	$ 2.1
Acquired in process research and development expense		$ 82.1

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Current liabilities:
Current portion of long-term debt accounted for under fair value option	$ 26,940
Long term debt accounted under fair value option	$ 180,700	$ 177,400
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)	760,143,393	694,975,965
Common stock, shares outstanding (in shares)	760,143,393	694,975,965

Leases, Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Maturities of Operating Lease Liabilities [Abstract]
2024	$ 13,588
2025	11,425
2026	10,279
2027	9,488
2028	9,515
Thereafter	43,107
Total lease payments	97,402
Less: present value adjustment	(27,021)
Less: tenant improvement allowance	(5,212)
Total lease liabilities	65,169
Maturities of Finance Lease Liabilities [Abstract]
2024	2,199
2025	2,119
2026	1,730
2027	252
2028	168
Thereafter	0
Total lease payments	6,468
Less: present value adjustment	(804)
Less: tenant improvement allowance	0
Total lease liabilities	$ 5,664

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, 2023	Apr. 30, 2028	Mar. 31, 2022	Aug. 31, 2018
Carrying Balance of Debt Issued [Abstract]
Less: current portion			$ (26,940)
Total long-term debt, net			$ 180,700		$ 177,400
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			$ 29,400
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			207,640		177,400
Less: current portion			(26,940)		0
Total long-term debt, net			$ 180,700		$ 177,400
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

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

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Stock Options and Performance Stock Options [Member]

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

154,271,791

80,364,904

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

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

20,700,788

21,956,749

March 2020 CVARs [Member]

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

^[1]

32,011,996

November 2021 CVARs (Non-vested) [Member]

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

3,222,645

6,285,250

Restricted Common Stock (Non-vested) [Member]

Net (Loss) Income per Common Share [Abstract]

Potentially dilutive securities (in shares)

689,026

741,405

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)

6,122,842

5,103,577

[1]	Refer to Note 13, “Share-Based Compensation” for details regarding settlement of CVARs.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 16—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 9, “Long-Term Debt” for further information. Lease Commitments The Company has leases, consisting primarily of real estate leases. Refer to Note 15, “Leases” for further information. Other Commitments In conjunction with Dermavant’s entry into the GSK Agreement in 2018, Dermavant entered into a clinical supply agreement pursuant to which GSK would provide a supply of tapinarof and clinical product at an agreed upon price during the Company’s clinical trials. In April 2019, Dermavant entered into a commercial supply agreement with GSK to continue to provide certain quantities of tapinarof and commercial product at agreed upon minimum quantities and price. The commercial supply agreement commenced in April 2022 upon completion of certain quality and regulatory conditions. In July 2022, Dermavant and GSK amended the terms of the clinical supply and commercial supply agreements which released GSK of certain commitments to supply tapinarof and released Dermavant of certain commitments to purchase tapinarof in exchange for a supplementary fee. Other supply and purchase commitments under the agreements remain in effect. In addition, Dermavant and Thermo Fisher Scientific (“TFS”) entered into a Commercial Manufacturing and Supply Agreement for which TFS agreed to provide a supply of tapinarof to Dermavant at an agreed upon price. The agreements discussed above require Dermavant to purchase certain quantities of inventory over a period of five years. As of March 31, 2023, the minimum purchase commitment related to these agreements is estimated to be approximately $38.0 million. In November 2021, the Company’s subsidiary, Immunovant, entered into a Product Service Agreement with Samsung Biologics Co., Ltd. (“Samsung”) by which Samsung will manufacture and supply Immunovant with batoclimab drug substance for commercial sale and perform other manufacturing-related services with respect to batoclimab. As of March 31, 2023, the minimum purchase commitment related to this agreement is estimated to be approximately $33.3 million. In May 2021, the Company entered into a master subscription agreement with Palantir Technologies Inc. (“Palantir”) for access to Palantir’s proprietary software for a five-year period. As of March 31, 2023, the remaining minimum payments for this software subscription are $30.0 million. The Company, primarily through its subsidiaries, has entered into commitments under various asset acquisition and license agreements. Additionally, the Company, through its subsidiaries, enters into agreements with contract service providers to assist in the performance of its R&D activities. Expenditures to contract research organizations and contract manufacturing organizations represent significant costs in the clinical development of its product candidates. Subject to required notice periods and certain obligations under binding purchase orders, the Company can elect to discontinue the work under these agreements at any time. The Company expects to enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of capital resources. (B) Loss Contingencies The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company accrues for loss contingencies when available information indicates that it is probable that a liability has been incurred and the amount of such loss can be reasonably estimated, and if the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the litigation or claim, including an estimable range, if possible. Immunovant Securities Litigation In February 2021, a putative securities class action complaint was filed against Immunovant and certain of its current and former officers in the U.S. District Court for the Eastern District of New York on behalf of a class consisting of those who acquired Immunovant’s securities from October 2, 2019 and February 1, 2021. The complaint alleged that Immunovant and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, by making false and misleading statements regarding the safety of batoclimab and sought unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including reasonable attorneys’ fees. In December 2021, the U.S. District Court appointed a lead plaintiff. In March 2022, the lead plaintiff filed an amended complaint adding both (i) the Company and (ii) Immunovant’s directors and underwriters as defendants, and asserting additional claims under Section 11, 12(a)(2), and 15 of the Securities Act of 1933, as amended, on behalf of a putative class consisting of those who purchased or otherwise acquired Immunovant’s securities pursuant and/or traceable to Immunovant’s follow-on public offering on or about September 2, 2020. In February 2023, after further briefing on the amended complaint the U.S. District Court issued an order permitting the lead plaintiff to file a second amended complaint. That second amended complaint was filed in March 2023. The defendants’ motions to dismiss were filed in May 2023. No hearing date has yet been set. The Company intends to continue to vigorously defend the case and has not recorded a liability related to this lawsuit because, at this time, the Company is unable to reasonably estimate possible losses or determine whether an unfavorable outcome is either probable or remote. Acuitas Declaratory Judgment Action In March 2022, Acuitas Therapeutics Inc. filed a lawsuit in the U.S. District Court for the Southern District of New York against two of the Company’s affiliates, Genevant and Arbutus, seeking a declaratory judgment that U.S. Patents 8,058,069, 8,492,359, 8,822,668, 9,006,417, 9,364,435, 9,404,127, 9,504,651, 9,518,272 and 11,141,378 are not infringed by the manufacture, use, offer for sale, sale or importation into the United States of COMIRNATY, Pfizer’s and BioNTech’s vaccine for COVID-19 and are otherwise invalid. On September 6, 2022, Acuitas filed a First Amended Complaint. In response, on October 4, 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. Each of Genevant and Arbutus intends to continue to vigorously defend the case. (C) Indemnification Agreements The Company is a party to a number of agreements entered into in the ordinary course of business that contain typical provisions that obligate the Company to indemnify the other parties to such agreements upon the occurrence of certain events. The aggregate maximum potential future liability of the Company under such indemnification provisions is uncertain. The Company also indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits. The maximum amount of potential future indemnification is unlimited; however, the Company currently maintains director and officer liability insurance, which may cover certain liabilities arising from the Company’s obligation to indemnify its directors and officers. To date, the Company has not incurred any material costs related to these indemnification obligations and has not accrued any liabilities related to such obligations in the consolidated financial statements as of March 31, 2023 and 2022.

Intangible Assets

12 Months Ended

Mar. 31, 2023

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 (the “GSK Agreement”). GSK previously acquired rights to a predecessor formulation from Welichem pursuant to an asset purchase agreement between GSK and Welichem entered into in May 2012. The Company evaluated the agreement and determined that the acquired assets did not meet the definition of a business and thus the transaction was accounted for as an asset acquisition.

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

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

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

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

	Remaining Weighted Average Estimated Useful Lives (in years)		March 31, 2023
Gross amount		15.6	$	152,629
Less: accumulated amortization				(7,748	)
Net book value			$	144,881

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

Amortization expense was $7.5 million for the year ended March 31, 2023 and was recorded as part of “Cost of revenues” in the accompanying consolidated statement of operations. Future amortization expense is approximately $9.3 million for each of the years ending from March 31, 2024 through March 31, 2028 and $98.4 million thereafter.

Discontinued Operations

12 Months Ended

Mar. 31, 2023

Discontinued Operations [Abstract]

Discontinued Operations

Note 11—Discontinued Operations

In March 2023, Sumitovant Biopharma Ltd. (“Sumitovant”), a wholly-owned subsidiary of 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.

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

Fair Value Measurements, Changes in Fair Value of the Level 3 Assets (Details) - Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 193,963	$ 0
Fair value of investment in Datavant at recognition date		224,147
Changes in fair value of investment in Datavant, included in net loss	$ (15,384)	$ (30,184)
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	$ 178,579	$ 193,963

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

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

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

Income tax benefit at Bermuda statutory rate

$ 0

Foreign rate differential

^[1]

(208,440)

(179,000)

Permanent disallowed IPR&D

17,714

15,347

Tax-effect of changes in the fair value of investments and loss from equity method investment

4,118

15,169

Nontaxable gain on sale of investment

(84,313)

Nontaxable gain on deconsolidation of business

(2,378)

(958)

Nondeductible executive compensation

20,558

25,973

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

3,311

12,918

Other permanent adjustments

13,314

10,912

Research tax credits

(14,487)

(10,113)

Valuation allowance

157,197

205,811

Tax rate changes

2,771

(2,444)

Other

11,512

(8,933)

Total income tax expense

$ 5,190

$ 369

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

Income tax benefit at Bermuda statutory rate

0.00%

Foreign rate differential

^[1]

17.02%

19.38%

Permanent disallowed IPR&D

(1.45%)

(1.66%)

Tax-effect of changes in the fair value of investments and loss from equity method investment

(0.34%)

(1.64%)

Nontaxable gain on sale of investment

0.00%

9.13%

Nontaxable gain on deconsolidation of business

0.19%

0.10%

Nondeductible executive compensation

(1.68%)

(2.81%)

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

(0.27%)

(1.40%)

Other permanent adjustments

(1.09%)

(1.18%)

Research tax credits

1.18%

1.09%

Valuation allowance

(12.83%)

(22.28%)

Tax rate changes

(0.22%)

0.26%

Other

(0.93%)

0.97%

Total income tax expense

(0.42%)

(0.04%)

[1]	Primarily related to operations in the United States, Switzerland, the United Kingdom, and other jurisdictions with statutory tax rates different than the Bermuda rate.

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2023 USD ($)
GSK [Member]
Commitments [Abstract]
Purchase certain quantities of inventory over period	5 years
Minimum purchase commitment related to agreement	$ 38.0
Palantirs [Member]
Commitments [Abstract]
Proprietary software subscription period	5 years
Remaining minimum payments	$ 30.0
Samsung [Member] \| GSK [Member]
Commitments [Abstract]
Minimum purchase commitment related to agreement	$ 33.3

Asset Acquisitions and License Agreements, Telavant (Details) - Telavant, Inc [Member] $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)
Asset Acquisition [Abstract]
Payments made for asset acquisition	$ 45.0
Cost share ratio	0.5
Fair value of consideration transferred	$ 87.7
Percentage of equity interest	25.00%
Acquired in process research and development expense		$ 87.7

Fair Value Measurements, Changes in Fair Value of the Level 3 Liabilities (Details) - Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 204,293	$ 217,993
Fair value of liability instrument issued	248	38,634
Payments related to long-term debt	(29,375)
Changes in fair value of debt and liability instruments, included in net loss	$ 66,125	$ 9,226
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
Settlements		$ (88)
Termination of Summitomo Options		(61,472)
Balance at end of period	$ 241,291	$ 204,293

Income Taxes, Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Deferred tax assets [Abstract]
Research tax credits	$ 37,559	$ 27,155
Intangible assets	52,857	61,544
Capitalized research and development	37,252	0
Net operating loss	422,613	312,749
Share-based compensation	105,343	93,177
Lease liabilities	15,521	15,406
Other assets	25,959	20,651
Subtotal	697,104	530,682
Valuation allowance	(674,517)	(512,736)
Deferred tax liabilities [Abstract]
Depreciation	(1,798)	(1,397)
Right-of-use assets	(12,959)	(12,661)
Other liabilities	(7,830)	(3,888)
Total deferred tax assets/(liabilities)	$ 0	$ 0

Equity Method Investments, Summarized Consolidated Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Summarized Consolidated Financial Information [Abstract]
Revenue	$ 61,280		$ 55,286
Loss from operations	(1,175,318)		(1,351,642)
Net loss	(1,115,463)		(924,116)
Datavant Merger [Member]
Summarized Consolidated Financial Information [Abstract]
Revenue		$ 873,435		$ 727,926
Gross profit		354,561		305,244
Net loss		$ (190,243)		$ (92,486)
Arbutus Biopharma Corporation [Member]
Summarized Consolidated Financial Information [Abstract]
Revenue	33,125		21,456
Loss from operations	(71,895)		(68,820)
Net loss	$ (70,030)		$ (75,631)

- Definition

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

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- Definition

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+ Details

Share-Based Compensation

12 Months Ended

Mar. 31, 2023

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 13—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, 2023, 104,048,798 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 our board of directors in its discretion. 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, 2023, a total of 10,875,197 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, 2023 is as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at March 31, 2022		80,364,904		$	11.37		5.50	$	1,899
Granted		74,708,623		$	3.85
Exercised		(332,073	)	$	5.83
Forfeited/Canceled		(469,663	)	$	9.71
Options outstanding at March 31, 2023		154,271,791		$	7.75		6.70	$	280,171
Options exercisable at March 31, 2023		64,915,881		$	11.55		4.05	$	15,574

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, 2023. At March 31, 2023, total unrecognized compensation expense related to non-vested stock options and performance stock options was approximately $228.2 million and is expected to be recognized over a weighted-average period of approximately 2.87 years.

At March 31, 2023 and 2022, there were 64,915,881 and 39,236,351 vested stock options and performance stock options, respectively. Vesting for performance stock options was subject to a liquidity event vesting requirement in addition to time-based service requirements. The liquidity event vesting requirement was met upon closing of the Business Combination on September 30, 2021.

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, 2023 and 2022.

	Years Ended March 31,
Assumptions	2023			2022
Expected stock price volatility		85.95	%		81.70	%
Expected risk free interest rate		2.89	%		1.13	%
Expected term, in years		6.25			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,
	2023		2022
Intrinsic value of options exercised	$	972	$	89
Grant date fair value of options vested	$	165,702	$	210,487
Weighted-average grant date fair value per share of stock options granted	$	2.86	$	6.85

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, 2023 is as follows:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2022		21,956,749		$	10.63
Granted		11,322,957		$	4.23
Vested		(6,880,673	)	$	9.82
Forfeited		(5,698,245	)	$	6.95
Non-vested balance at March 31, 2023		20,700,788		$	8.30

The total fair value of restricted stock units and performance stock units vested during the years ended March 31, 2023 and 2022 was $67.6 million and $59.3 million, respectively. Vesting for both restricted stock units and performance stock units was subject to a liquidity event vesting requirement. 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, 2023, total unrecognized compensation expense related to non-vested restricted stock units and performance stock units was approximately $125.3 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 2.66 years.

Capped Value Appreciation Rights

March 2020 CVAR Grants

In March 2020, the Company granted capped value appreciation rights (“CVARs”) that will 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. On March 30, 2022, the Company amended the outstanding CVARs that were granted in March 2020. Pursuant to the amendment, 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. This amendment was accounted for as a modification and resulted in an aggregate of approximately $16.9 million of incremental fair value. Incremental fair value associated with CVARs that did not require further service for vesting was recognized in full on March 30, 2022. The Company will recognize the incremental fair value for CVARs that require future service for vesting over the remaining requisite service period.

Activity for CVARs under the RSL 2015 EIP for the year ended March 31, 2023 is as follows:

	Number of CVARs			Weighted Average Grant Date Fair Value
Non-service-vested CVARs balance at March 31, 2022		13,798,086		$	1.25
Granted		—		$	—
Service-vested		(11,982,645	)	$	1.39
Forfeited		—		$	—
Non-service-vested CVARs balance at March 31, 2023		1,815,441		$	1.19

At March 31, 2023 and 2022, there were 30,196,555 and 18,213,910 service-vested CVARs, respectively. The hurdle price and/or, if applicable, Knock-In Condition was not satisfied for these service-vested CVARs and as such they remain outstanding. The total fair value of CVARs that service-vested during the year ended March 31, 2023 and 2022 was $16.7 million and $22.3 million, respectively.

At March 31, 2023, total unrecognized compensation expense related to non-service-vested CVARs was approximately $0.4 million and is expected to be recognized over a weighted-average period of approximately 0.74 years.

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, 2023 is as follows:

	Number of CVARs			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2022		6,285,250		$	4.95
Granted		—		$	—
Vested		(2,627,636	)	$	4.93
Forfeited		(434,969	)	$	5.51
Non-vested balance at March 31, 2023		3,222,645		$	4.89

The total fair value of CVARs that vested during the year ended March 31, 2023 was $13.0 million. None of the CVARs granted in November 2021 were vested at March 31, 2022.

At March 31, 2023, total unrecognized compensation expense related to non-vested CVARs was approximately $5.2 million and is expected to be recognized over a weighted-average period of approximately 2.13 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.

As of March 31, 2023, 111,519 common shares have been purchased and issued under the RSL ESPP. Share-based compensation expense recorded was approximately $0.3 million for the year ended March 31, 2023.

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 $49.0 million and $47.4 million for the years ended March 31, 2023 and 2022, respectively, related to subsidiary EIPs. At March 31, 2023, total unrecognized compensation expense related to subsidiary equity was approximately $150.3 million.

Long-Term Debt, Dermavant - Credit Facility with XYQ Luxco (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	May 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Outstanding Debt Obligations [Abstract]
Total debt, net		$ 375,515	$ 210,025
Less: current portion		(40,720)	0
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		(10,170)	(12,375)
Total debt, net		34,830	32,625
Less: current portion		0	0
Total long-term debt, net		34,830	$ 32,625
Annual Maturities of including Exit Fee [Abstract]
2024		0
2025		0
2026		0
2027		45,000
2028		0
Thereafter		0
Total debt gross, including exit fee		$ 45,000

Leases, Components of Operating and Finance Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Lease Cost [Abstract]
Operating lease cost	$ 12,045	$ 13,649
Short-term lease cost	1,623	326
Variable lease cost	2,151	1,227
Total operating lease cost	15,819	$ 15,202
Finance Lease Cost [Abstract]
Amortization of right-of-use assets	454
Interest on lease liabilities	102
Total finance lease cost	$ 556

Description of Business and Liquidity	12 Months Ended
Description of Business and Liquidity	Mar. 31, 2023
Description of Business and Liquidity [Abstract]
Description of Business and Liquidity	Note 1—Description of Business and Liquidity (A) Description of Business Roivant Sciences Ltd. (inclusive of its consolidated subsidiaries, the “Company” or “RSL”) aims to improve health by rapidly delivering innovative medicines and technologies to patients. The Company does this by building biotech and healthcare technology companies (“Vants”) and deploying technology to drive greater efficiency in research and development and commercialization. In addition to biopharmaceutical subsidiaries, the Company also builds technology Vants focused on improving the process of developing and commercializing medicines. The Company was founded on April 7, 2014 as a Bermuda exempted limited company. VTAMA^® (tapinarof) was approved by the United States Food and Drug Administration (“FDA”) in May 2022 for the treatment of plaque psoriasis in adult patients. The Company has determined that it has one operating and reporting segment as it allocates resources and assesses financial performance on a consolidated basis. The Company’s subsidiaries are wholly owned subsidiaries and majority-owned or controlled subsidiaries. Refer to Note 4, “Investments” for further discussion of the Company’s investments in unconsolidated entities. (B) Liquidity The Company has incurred significant losses and negative cash flows from operations since its inception. As of March 31, 2023, the Company had cash and cash equivalents of approximately $1.7 billion and its accumulated deficit was approximately $3.8 billion. For the years ended March 31, 2023 and 2022, the Company incurred losses from continuing operations of approximately $1.2 billion and $924.1 million, respectively. The Company has historically financed its operations primarily through the sale of equity securities, sale of subsidiary interests, debt financings and revenue generated from licensing and collaboration arrangements. Through its subsidiary, Dermavant Sciences Ltd., the Company has launched its first commercial product, VTAMA , following approval by the FDA in May 2022. The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals to market its product candidates, dependence on key products, dependence on third-party service providers, such as contract research organizations, and protection of intellectual property rights. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. The Company intends to raise such additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay or discontinue the development of its product candidates or take other steps to conserve capital. The Company expects its existing cash and cash equivalents will be sufficient to fund its committed operating expenses and capital expenditure requirements for at least the next 12 months from the date of issuance of these consolidated financial statements.

Summary of Significant Accounting Policies, Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Cash and cash equivalents	$ 1,676,813	$ 2,060,400
Restricted cash (included in "Other current assets")	5,011	3,903
Restricted cash (included in "Other assets")	10,291	9,731
Cash, cash equivalents and restricted cash	$ 1,692,115	$ 2,074,034	$ 2,141,676

Discontinued Operations (Tables)

12 Months Ended

Mar. 31, 2023

Discontinued Operations [Abstract]

Cash Flow from Discontinued Operations

	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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-Paragraph 4A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

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, 2023	Mar. 31, 2022
Capped Value Appreciation Right , Weighted Average Grant Date Fair Value [Abstract]
Fair value of stock options vested	$ 67.6	$ 59.3
Unrecognized compensation expense	$ 125.3
Remaining weighted-average service period	2 years 7 months 28 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)	21,956,749
Granted (in shares)	11,322,957
Vested (in shares)	(6,880,673)
Forfeited (in shares)	(5,698,245)
Non-vested balance, ending (in shares)	20,700,788	21,956,749
Capped Value Appreciation Right , Weighted Average Grant Date Fair Value [Abstract]
Non-vested balance, beginning (in dollars per share)	$ 10.63
Granted (in dollars per share)	4.23
Vested (in dollars per share)	9.82
Forfeited (in dollars per share)	6.95
Non-vested balance, ending (in dollars per share)	$ 8.3	$ 10.63

Share-Based Compensation, Employee Stock Purchase Plan (Details) - RSL ESPP [Member] $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($) shares
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 common shares under employee stock purchase plan (in shares) \| shares	111,519
Share-based compensation expense	$ 300

Business Combination with MAAC, Summary (Details) - MACC [Member] $ / shares in Units, $ in Millions	Sep. 30, 2021 USD ($) $ / shares shares
Business Combination, Description [Abstract]
Stockholders equity note stock split exchange ratio	2.9262
Number of each common shares held by sponsor or independent directors converted to common shares (in shares) \| shares	1
PIPE Financing [Member]
Business Combination, Description [Abstract]
Number of shares issued in business combination (in shares) \| shares	22,000,000
Share price (in dollars per share) \| $ / shares	$ 10
Shares issued	$ 220.0
Cash received	213.4
Costs incurred related to financing	24.4
Transaction costs associated with warrants and earn-out shares liabilities	$ 7.4
Class A Shares [Member]
Business Combination, Description [Abstract]
Exercise price of warrants (in dollars per share) \| $ / shares	$ 11.5
Class B Shares [Member]
Business Combination, Description [Abstract]
Exchange Ratio Of M A A C Class B To Roivant Common Shares	0.75

Share-Based Compensation, Subsidiary Equity Incentive Plans (Details) - Subsidiary Equity Incentive Plans [Member] - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Subsidiary Equity Incentive Plans [Abstract]
Share-based compensation expense	$ 49.0	$ 47.4
Unrecognized compensation expense	$ 150.3

Long-Term Debt

12 Months Ended

Mar. 31, 2023

Long-Term Debt [Abstract]

Long-Term Debt and Loan Commitment

Note 9—Long-Term Debt

Dermavant

Funding Agreement with NovaQuest

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

In exchange for the $117.5 million in total funding from NovaQuest, Dermavant agreed to make fixed payments to NovaQuest under the NovaQuest Agreement upon regulatory approval of tapinarof. For each of the atopic dermatitis and psoriasis indications, Dermavant is required to make quarterly payments to NovaQuest totaling $176.3 million per indication over a six-year period following regulatory approval of tapinarof for the applicable indication in the United States. In the event that Dermavant receives regulatory approval for one indication, and Dermavant terminates the development of the other indication for any reason other than a Technical Failure (as defined below), then Dermavant will be required to make the above-referenced quarterly payments to NovaQuest up to $440.6 million over a 15-year period for the approved indication, which are referred to as 15-year Payments. A Technical Failure is deemed to occur for an indication if the development program for such indication is terminated due to (1) significant safety concerns, (2) material adverse developments or (3) the receipt by Dermavant of a complete response letter or a final non-approval letter from the FDA is expected to result in significant delay in or cost to reach commercialization for the applicable indication. In addition, Dermavant is required to make up to $141.0 million in payments to NovaQuest upon achievement of certain commercial milestones. In the event that Dermavant is required to start making 15-year Payments, then Dermavant has the right to offset such amounts by up to $88.1 million of the commercial milestone payments, with such offset being applied to the quarterly payments in reverse chronological order (such that the final quarterly payments owed will be used first to offset the commercial milestone payments). The NovaQuest Agreement does not contain any royalty payment requirements on commercialization of tapinarof. Upon receiving FDA approval for the psoriasis indication, Dermavant made its first quarterly payment of $7.3 million under the NovaQuest Agreement in May 2022 and has made cumulative quarterly payments totaling $29.4 million as of March 31, 2023.

At issuance, the Company concluded that certain features of the long-term debt would be considered derivatives that would require bifurcation. In lieu of bifurcating various features in the agreement, the Company has elected the fair value option for this financial instrument and records the changes in the fair value within the 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, 2023 and 2022, the fair value of the debt was $207.6 million and $177.4 million, respectively. Refer to Note 17, “Fair Value Measurements” for additional details regarding the fair value measurement.

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

	March 31, 2023			March 31, 2022
Fair value of long-term debt	$	207,640		$	177,400
Less: current portion		(26,940	)		—
Total long-term debt, net	$	180,700		$	177,400

Credit Facility with XYQ Luxco

In May 2021, Dermavant entered into a $40.0 million senior secured credit facility (the “Credit Facility”) entered into by Dermavant and certain of its subsidiaries in May 2021 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, 2023. In connection with the funding of the Credit Facility, Dermavant issued a warrant to XYQ Luxco to purchase 1,199,072 common shares of Dermavant at an exercise price of $0.01 per common share.

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

	March 31, 2023			March 31, 2022
Principal amount	$	40,000		$	40,000
Exit fee		5,000			5,000
Less: unamortized discount and debt issuance costs		(10,170	)		(12,375	)
Total debt, net		34,830			32,625
Less: current portion		—			—
Total long-term debt, net	$	34,830		$	32,625

Annual maturities, including the exit fee, of outstanding debt obligations to XYQ Luxco as of March 31, 2023 are as follows (in thousands):

Years Ending March 31,
2024	$	—
2025		—
2026		—
2027		45,000
2028		—
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 United States, up to a cap of $344.0 million, in exchange for the $160.0 million in committed funding, which was paid to Dermavant in June 2022 following the approval of tapinarof by the FDA.

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

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

	March 31, 2023
Carrying balance	$	178,571
Less: unamortized issuance costs		(4,806	)
Total debt, net		173,765
Less: current portion		(13,780	)
Total long-term debt, net	$	159,985

Share-Based Compensation, CVARs (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation [Abstract]
Award modification expense		$ 20.8
CVARs [Member] \| March 2020 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Incremental fair value capped value appreciation rights amendment		16.9
CVARs [Member] \| November 2021 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Fair value of CVARs that service-vested		13.0
Capped Value Appreciation Rights [Abstract]
Granted (in shares)	0
Service-vested (in shares)			0
CVARs [Member] \| RSL 2015 EIP [Member]
Share-Based Compensation [Abstract]
Fair value of CVARs that service-vested		16.7	$ 22.3
Unrecognized compensation expense		$ 0.4
Remaining weighted-average service period		8 months 26 days
Capped Value Appreciation Rights [Abstract]
Non-vested balance, beginning (in shares)		13,798,086
Granted (in shares)		0
Service-vested (in shares)		(11,982,645)
Forfeited (in shares)		0
Non-vested balance, ending (in shares)		1,815,441	13,798,086
Capped Value Appreciation Right , Weighted Average Grant Date Fair Value [Abstract]
Non-vested balance, beginning (in dollars per share)		$ 1.25
Granted (in dollars per share)		0
Service-vested (in dollars per share)		1.39
Forfeited (in dollars per share)		0
Non-vested balance, ending (in dollars per share)		$ 1.19	$ 1.25
CVARs [Member] \| RSL 2015 EIP [Member] \| March 2020 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Number of service-vested shares (in shares)		30,196,555	18,213,910
CVARs [Member] \| RSL 2021 EIP [Member]
Share-Based Compensation [Abstract]
Unrecognized compensation expense		$ 5.2
Remaining weighted-average service period		2 years 1 month 17 days
Capped Value Appreciation Rights [Abstract]
Non-vested balance, beginning (in shares)		6,285,250
Granted (in shares)	6,317,350	0
Service-vested (in shares)		(2,627,636)
Forfeited (in shares)		(434,969)
Non-vested balance, ending (in shares)		3,222,645	6,285,250
Capped Value Appreciation Right , Weighted Average Grant Date Fair Value [Abstract]
Non-vested balance, beginning (in dollars per share)		$ 4.95
Granted (in dollars per share)		0
Service-vested (in dollars per share)		4.93
Forfeited (in dollars per share)		5.51
Non-vested balance, ending (in dollars per share)		$ 4.89	$ 4.95

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements of Comprehensive Loss [Abstract]
Net loss	$ (1,115,463)	$ (924,116)
Other comprehensive loss:
Foreign currency translation adjustment	(1,490)	(2,271)
Total other comprehensive loss	(1,490)	(2,271)
Comprehensive loss	(1,116,953)	(926,387)
Comprehensive loss attributable to noncontrolling interests	(106,252)	(78,734)
Comprehensive loss attributable to Roivant Sciences Ltd.	$ (1,010,701)	$ (847,653)

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

- Definition

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

+ References

+ Details

Business Combination with MAAC, Common Stock Warrants (Details)	12 Months Ended
	Mar. 31, 2023 $ / shares shares
Redemption of Warrants for Price Per Share of Equals or Exceeds $18.00 [Member]
Common Stock Warrants [Abstract]
Warrant redemption price (in dollars per unit)	$ 0.01
Notice period to redeem warrants	30 days
Threshold trading days	20 days
Threshold consecutive trading days	30 days
Redemption period	30 days
Redemption of Warrants for Price Per Share of Equals or Exceeds $18.00 [Member] \| Maximum [Member]
Common Stock Warrants [Abstract]
Earn-out share redemption price (in dollars per share)	$ 18
Redemption of Warrants for Price Per Share of Equals or Exceeds $10.00 [Member]
Common Stock Warrants [Abstract]
Warrant redemption price (in dollars per unit)	$ 0.1
Notice period to redeem warrants	30 days
Redemption of Warrants for Price Per Share of Equals or Exceeds $10.00 [Member] \| Maximum [Member]
Common Stock Warrants [Abstract]
Earn-out share redemption price (in dollars per share)	$ 10
MAAC Sponsor [Member]
Common Stock Warrants [Abstract]
Period to exercise warrants after business combination	30 days
Warrants expiration period	5 years
Trading day period to calculate volume weighted average trading price	30 days
Period for fair market value determination	10 days
Redemption price per warrant subject to adjustment (in dollars per share)	$ 0.361
MAAC Sponsor [Member] \| Private Placement Warrants [Member]
Common Stock Warrants [Abstract]
Class of warrant outstanding (in shares) \| shares	10,214,365
Exercise price (in dollars per share)	$ 11.5
MAAC Sponsor [Member] \| Public Warrants [Member]
Common Stock Warrants [Abstract]
Class of warrant outstanding (in shares) \| shares	20,535,896
Exercise price (in dollars per share)	$ 11.5
Warrant exercised (in shares) \| shares	60,021
Number of warrants redeemed (in shares) \| shares	0

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

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Significant Equity Method Investments [Abstract]

Aggregate Fair Value

$ 304,317

$ 325,834

Datavant Merger [Member]

Significant Equity Method Investments [Abstract]

Ownership percentage

^[1]

17.00%

Aggregate Fair Value

$ 178,600

$ 193,900

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

Unrealized Loss (Gain) on Investment

$ 15,400

$ 30,200

Arbutus Biopharma Corporation [Member]

Significant Equity Method Investments [Abstract]

Ownership percentage

24.00%

26.00%

Aggregate Fair Value

$ 117,700

$ 115,800

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

Unrealized Loss (Gain) on Investment

$ (1,900)

$ 13,600

[1]

Certain Balance Sheet Components, Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Other Current Assets [Abstract]
Prepaid expenses	$ 60,827	$ 53,370
Trade receivables, net	30,379	3,878
Restricted Cash	5,011	3,903
Inventory	2,761	0
Income tax receivable	2,356	2,854
Other	20,440	22,118
Total other current assets	$ 121,774	$ 86,123

Certain Balance Sheet Components (Tables)

12 Months Ended

Mar. 31, 2023

Certain Balance Sheet Components [Abstract]

Other Current Assets

Other current assets at March 31, 2023 and 2022 consisted of the following (in thousands):

	March 31, 2023		March 31, 2022

Prepaid expenses	$	60,827	$	53,370
Trade receivables, net		30,379		3,878
Restricted cash		5,011		3,903
Inventory		2,761		—
Income tax receivable		2,356		2,854
Other		20,440		22,118
Total other current assets	$	121,774	$	86,123

Accrued Expenses

Accrued expenses at March 31, 2023 and 2022 consisted of the following (in thousands):

	March 31, 2023		March 31, 2022

Research and development expenses	$	76,278	$	66,188
Compensation-related expenses		55,186		44,262
Sales allowances		17,569		—
Other expenses		18,096		17,081
Total accrued expenses	$	167,129	$	127,531

Other Current Liabilities

Other current liabilities at March 31, 2023 and 2022 consisted of the following (in thousands):

	March 31, 2023		March 31, 2022

Deferred revenue	$	12,444	$	10,147
Income tax payable		542		708
Other		2,090		—
Total other current liabilities	$	15,076	$	10,855

Consolidated Statements of Shareholders' Equity and Redeemable Noncontrolling Interest - USD ($) $ in Thousands	Redeemable Noncontrolling Interest [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Subscription Receivable [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Accumulated Deficit [Member]	Noncontrolling Interests [Member]	Total
Beginning balance at Mar. 31, 2021	$ 22,491
Ending balance at Mar. 31, 2022	22,491
Beginning balance at Mar. 31, 2021		$ 0	$ 3,814,805	$ (100,000)	$ 1,445	$ (1,918,462)	$ 241,726	$ 2,039,514
Beginning balance (in shares) at Mar. 31, 2021		651,576,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of subsidiary warrants		$ 0	2,051	0	0	0	24	2,075
Issuance of subsidiary warrants (in shares)		0
Issuance of the Company's common shares upon closing of Business Combination and PIPE Financing, net of issuance costs		$ 0	129,097	0	0	0	0	129,097
Issuance of the Company's common shares upon closing of Business Combination and PIPE Financing, net of issuance costs (in shares)		32,372,478
Issuance of the Company's common shares related to settlement of transaction consideration		$ 0	0	0	0	0	0	0
Issuance of the Company's common shares related to settlement of transaction consideration (in shares)		840,398
Issuance of subsidiary preferred shares		$ 0	0	0	0	0	70,000	70,000
Issuance of subsidiary common and preferred shares to the Company and cash contributions to majority-owned subsidiaries		0	(62,408)	0	0	0	62,408	0
Payment of subscription receivable		0	(40,000)	100,000	0	0	40,000	100,000
Repurchase of equity awards		0	0	0	0	0	(2,247)	(2,247)
Issuance of the Company's common shares, net of issuance costs		$ 0	57,167	0	0	0	0	57,167
Issuance of the Company's common shares, net of issuance costs (in shares)		7,369,000
Issuance of common stock upon warrants exercise		$ 0	778	0	0	0	0	778
Issuance of common stock upon warrants exercise (in shares)		60,021
Stock options exercised and restricted stock units vested and settled		$ 0	412	0	0	0	0	412
Stock options exercised and restricted stock units vested and settled (in shares)		2,757,775
Deconsolidation of subsidiaries		$ 0	0	0	0	0	3,578	3,578
Share-based compensation		$ 0	519,712	0	0	0	45,244	564,956
Share-based compensation (in shares)		0
Foreign currency translation adjustment		$ 0	0	0	(2,391)	0	120	(2,271)
Net loss		0	0	0	0	(845,262)	(78,854)	(924,116)
Ending balance at Mar. 31, 2022		$ 0	4,421,614	0	(946)	(2,763,724)	381,999	2,038,943
Ending balance (in shares) at Mar. 31, 2022		694,975,965
Increase (Decrease) in Temporary Equity [Roll Forward]
Deconsolidation of subsidiary	(22,491)
Ending balance at Mar. 31, 2023	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares in connection with equity incentive plans and tax withholding payments		$ 0	(8,737)	0	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	0
Issuance of the Company's common shares related to settlement of transaction consideration (in shares)		1,455,719
Issuance of subsidiary preferred shares		$ 0	0	0	0	0	87,500	87,500
Issuance of the Company's common shares and other consideration for an acquisition		$ 0	8,836	0	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 and preferred shares to the Company and cash contributions to majority-owned subsidiaries		$ 0	(5,463)	0	0	0	5,463	0
Issuance of the Company's common shares, net of issuance costs		$ 0	311,683	0	0	0	0	311,683
Issuance of the Company's common shares, net of issuance costs (in shares)		50,666,665
Issuance of subsidiary common shares, net of issuance costs		$ 0	19,599	0	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	0	278	670
Deconsolidation of subsidiaries		0	0	0	0	0	(292)	(292)
Issuance of common shares under employee stock purchase plan		$ 0	316	0	0	0	0	316
Issuance of common shares under employee stock purchase plan (in shares)		111,519
Share-based compensation		$ 0	184,897	0	0	0	32,884	217,781
Share-based compensation (in shares)		0
Foreign currency translation adjustment		$ 0	0	0	(1,671)	0	181	(1,490)
Net loss		0	0	0	0	(1,009,030)	(106,433)	(1,115,463)
Ending balance at Mar. 31, 2023		$ 0	$ 4,933,137	$ 0	$ (2,617)	$ (3,772,754)	$ 449,821	$ 1,607,587
Ending balance (in shares) at Mar. 31, 2023		760,143,393

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies

(A) Basis of Presentation and Principles of Consolidation

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

The accompanying 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, 2023 and 2022, a majority of the Company’s long-lived assets were located in the United States.

(D) Cash, Cash Equivalents, and Restricted Cash

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

	March 31, 2023		March 31, 2022
Cash and cash equivalents	$	1,676,813	$	2,060,400
Restricted cash (included in “Other current assets”)		5,011		3,903
Restricted cash (included in “Other assets”)		10,291		9,731
Cash, cash equivalents and restricted cash	$	1,692,115	$	2,074,034

(E) Contingencies

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

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

•

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

•

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

•

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

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

The Company’s financial instruments include shares of common stock of Arbutus Biopharma Corporation (“Arbutus”); shares of common stock of Heracles Parent, L.L.C., the parent entity of Datavant (as defined and discussed in Note 4, “Investments”); liability instruments issued, including the Roivant Warrants and Earn-Out Shares (each as defined in Note 8, “Business Combination with MAAC”) liabilities issued in connection with the Company’s business combination with MAAC (as discussed in Note 8, “Business Combination with MAAC”); its investments in other entities; cash and cash equivalents consisting of money market funds; accounts payable; and long-term debt.

The shares of Arbutus common stock and investments in common stock with a readily determinable fair value are classified as Level 1, and their fair value is determined based upon quoted market prices in an active market. The shares of common stock of Heracles Parent, L.L.C., the parent entity of Datavant (as defined and discussed in Note 4, “Investments”), and liability instruments issued, excluding the Public Warrants (as defined and discussed in Note 8, “Business Combination with MAAC”), are classified as Level 3 within the fair value hierarchy as the assumptions and estimates used in the valuations are unobservable in the market. The Public Warrants are publicly traded and therefore are classified as Level 1 as the Public Warrants have a readily determinable fair value. Cash and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. Money market funds are included in Level 1 of the fair value hierarchy and are valued at the closing price reported by an actively traded exchange. The carrying value of long-term debt issued by Dermavant Sciences Ltd. (together with its wholly owned subsidiaries, “Dermavant”), which is stated at amortized cost, approximates fair value based on current interest rates for similar types of borrowings and therefore is included in Level 2 of the fair value hierarchy. Long-term debt issued by Dermavant for which the fair value option has been elected is included in Level 3 of the fair value hierarchy as the assumptions and estimates used in the valuation are unobservable in the market.

(K) Research and Development Expenses

Research and development (“R&D”) costs are expensed as incurred. Preclinical and clinical study costs are accrued over the service periods specified in the contracts and adjusted as necessary based upon an ongoing review of the level of effort and costs actually incurred. R&D costs primarily consist of costs associated with preclinical studies and clinical trials, including amounts paid to contract research organizations, contract manufacturing organizations, and other third parties that conduct R&D activities on behalf of the Company, as well as employee-related expenses, such as salaries, share-based compensation, and benefits, for employees engaged in R&D activities.

(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 therefore 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. 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 our 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. Finance leases 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.

(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 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:

(a)

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.

(b)

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.

(c)

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.

(d)

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.

(e)

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.

(f)

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.

•

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

•

Milestone payments: At the inception of each arrangement that includes research, development or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the 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.

•

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, 2023 and 2022. Trade receivables, net is included in “Other current assets” on the accompanying consolidated balance sheets.

(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. 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 through March 31, 2023 is included in “Cost of revenues” on the accompanying consolidated statements of operations.

(T) Warrant Liabilities

The Company classifies the Roivant Warrants (as defined in Note 8, “Business Combination with MAAC”) as liabilities. At the end of each reporting period, changes in fair value during the period are recognized within the consolidated statements of operations. The Company will continue to adjust the carrying value of the liability associated with the Roivant Warrants for changes in the fair value until the earlier of a) the exercise or expiration of the Roivant Warrants or b) the redemption of the Roivant Warrants. Issuance costs incurred that were attributable to the Roivant Warrants were expensed as incurred.

(U) Recently Adopted Accounting Pronouncements

The Company did not adopt any material accounting pronouncements during the year ended March 31, 2023.

(V) Recently Issued Accounting Pronouncements

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

Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2023

Intangible Assets [Abstract]

Recognized Intangible Assets

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

	Remaining Weighted Average Estimated Useful Lives (in years)		March 31, 2023
Gross amount		15.6	$	152,629
Less: accumulated amortization				(7,748	)
Net book value			$	144,881

Income Taxes, Summary (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes, Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Operating Losses [Abstract]
Valuation allowance	$ 674,517	$ 512,736
Valuation allowance increase (decrease)	161,800
Interest and penalties related to unrecognized tax benefits	0	$ 0
United States and Local Jurisdiction [Member]
Income Tax Operating Losses [Abstract]
Net operating losses	$ 94,200
United States and Local Jurisdiction [Member] \| Minimum [Member]
Income Tax Operating Losses [Abstract]
Net operating losses expiration date	Mar. 31, 2038
United States and Local Jurisdiction [Member] \| Maximum [Member]
Income Tax Operating Losses [Abstract]
Net operating losses expiration date	Mar. 31, 2043
Switzerland [Member]
Income Tax Operating Losses [Abstract]
Net operating losses	$ 2,626,500
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, 2030
United States [Member]
Income Tax Operating Losses [Abstract]
Net operating losses	$ 231,100
Annual net operating loss utilization limitation percentage	80.00%
United Kingdom [Member]
Income Tax Operating Losses [Abstract]
Net operating losses	$ 63,800
Other Jurisdictions [Member]
Income Tax Operating Losses [Abstract]
Net operating losses	67,700
United States And Canada [Member]
Income Tax Operating Losses [Abstract]
Research tax credit carryforwards	$ 37,600
United States And Canada [Member] \| Minimum [Member]
Income Tax Operating Losses [Abstract]
Research tax credit carryforwards expiration date	Mar. 31, 2037
United States And Canada [Member] \| Maximum [Member]
Income Tax Operating Losses [Abstract]
Research tax credit carryforwards expiration date	Mar. 31, 2043

Certain Balance Sheet Components, Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Accrued Expenses [Abstract]
Research and development expenses	$ 76,278	$ 66,188
Compensation-related expenses	55,186	44,262
Sales allowances	17,569	0
Other expenses	18,096	17,081
Total accrued expenses	$ 167,129	$ 127,531

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based compensation	$ 217,781	$ 564,956
Research and Development Expense [Member]
Share-based compensation	30,914	63,735
Selling, General and Administrative Expense [Member]
Share-based compensation	$ 186,603	$ 501,221

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Mar. 31, 2023	Jun. 26, 2023	Sep. 30, 2022
Entity Listings [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Mar. 31, 2023
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 0BD
Country Region	44
City Area Code	207
Local Phone Number	400 3347
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 445.2
Entity Common Stock, Shares Outstanding		766,811,433
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Iselin, New Jersey
Common Stock [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Common Shares, $0.0000000341740141 per share
Trading Symbol	ROIV
Security Exchange Name	NASDAQ
Redeemable Warrants [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Redeemable Warrants, each whole warrant exercisable for one Common Share at an exercise price of $11.50 per share
Trading Symbol	ROIVW
Security Exchange Name	NASDAQ

Related Party Transactions	12 Months Ended
Related Party Transactions	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 10—Related Party Transactions Sumitomo Pharma Co., Ltd. In May 2021, the Company entered into an Asset Purchase Agreement with Sumitomo Pharma Co., Ltd. (“Sumitomo”) and its subsidiary Sumitomo Pharmaceuticals (Suzhou) Co., Ltd. (“SPC”) (the “Asset Purchase Agreement”). The transactions contemplated by the Asset Purchase Agreement closed in June 2021. Pursuant to the Asset Purchase Agreement: (i) Sumitomo terminated all of its existing options to acquire the Company’s equity interests in certain of its subsidiaries (the “Sumitomo Options”); (ii) the Company transferred and assigned to SPC all of its intellectual property, development and commercialization rights for (a) lefamulin in Mainland China, Taiwan, Hong Kong, and Macau (collectively “Greater China”), (b) vibegron in Mainland China, (c) rodatristat ethyl in Greater China and South Korea and (d) RVT-802 in Greater China and South Korea; (iii) Sumitomo agreed to pay the Company $5.0 million in cash; and (iv) Sumitomo entered into an agreement with the Company to pursue future collaborations with Genevant Sciences Ltd. (“Genevant”). The Company received the cash payment, net of certain withholding taxes, in August 2021. The Company recorded a gain on the termination of the Sumitomo Options of $66.5 million, consisting of the fair value of the Sumitomo Options on the date of termination and the cash payment, in the accompanying consolidated statements of operations for the year ended March 31, 2022.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (1,115,463)	$ (924,116)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash acquired in-process research and development	87,749	78,223
Share-based compensation	217,781	564,956
Change in fair value of investments	20,815	87,291
Gain on sale of investment	0	(443,754)
Change in fair value of debt and liability instruments	78,001	(3,354)
Gain on deconsolidation of subsidiaries	(29,276)	(5,041)
Gain on termination of Sumitomo Options	0	(61,472)
Gain on recovery of contingent consideration	(114,561)	0
Depreciation and amortization	18,857	5,932
Non-cash lease expense	7,565	7,270
Other	(21,206)	617
Changes in assets and liabilities, net of effects from acquisition and divestiture:
Other current assets	(31,670)	(27,999)
Accounts payable	4,359	15,403
Accrued expenses	38,956	50,595
Deferred consideration liability	0	(50,000)
Operating lease liabilities	(8,604)	(6,865)
Other	3,304	34,585
Net cash used in operating activities	(843,393)	(677,729)
Cash flows from investing activities:
Cash decrease upon deconsolidation of subsidiaries	(6,706)	(39)
Proceeds from sale of investment	0	320,170
Proceeds from sale of Myovant Top-Up Shares	114,561	0
Milestone payments	(140,136)	0
Purchase of property and equipment	(12,690)	(17,436)
Other	702	600
Net cash (used in) provided by investing activities	(44,269)	303,295
Cash flows from financing activities:
Proceeds from issuance of the Company's common shares, net of issuance costs paid	311,981	0
Proceeds from Business Combination and PIPE Financing	0	213,424
Proceeds from issuance of subsidiary common shares, net of issuance costs paid	67,727	0
Proceeds from payment of subscription receivable	0	100,000
Proceeds from subsidiary debt financings, net of financing costs paid	159,899	36,400
Repayment of debt by subsidiary	(29,452)	(21,590)
Payment of offering costs and loan origination costs	(2,250)	(20,297)
Taxes paid related to net settlement of equity awards	(10,881)	0
Proceeds from exercise of the Company's and subsidiary stock options	2,814	412
Payments on principal portion of finance lease obligations	(692)	0
Proceeds from common stock issuances under employee stock purchase plan	316	0
Other	0	(1,557)
Net cash provided by financing activities	499,462	306,792
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	6,281	0
Net change in cash, cash equivalents and restricted cash	(381,919)	(67,642)
Cash, cash equivalents and restricted cash at beginning of period	2,074,034	2,141,676
Cash, cash equivalents and restricted cash at end of period	1,692,115	2,074,034
Non-cash investing and financing activities:
Issuance of the Company's common shares and other consideration for an acquisition	9,694	0
Other	10,860	6,035
Supplemental disclosure of cash paid:
Income taxes paid	5,128	916
Interest paid	$ 5,303	$ 5,535

Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2023

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, 2023 is as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at March 31, 2022		80,364,904		$	11.37		5.50	$	1,899
Granted		74,708,623		$	3.85
Exercised		(332,073	)	$	5.83
Forfeited/Canceled		(469,663	)	$	9.71
Options outstanding at March 31, 2023		154,271,791		$	7.75		6.70	$	280,171
Options exercisable at March 31, 2023		64,915,881		$	11.55		4.05	$	15,574

Schedule of Fair Value Assumptions

	Years Ended March 31,
Assumptions	2023			2022
Expected stock price volatility		85.95	%		81.70	%
Expected risk free interest rate		2.89	%		1.13	%
Expected term, in years		6.25			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,
	2023		2022
Intrinsic value of options exercised	$	972	$	89
Grant date fair value of options vested	$	165,702	$	210,487
Weighted-average grant date fair value per share of stock options granted	$	2.86	$	6.85

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, 2023 is as follows:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2022		21,956,749		$	10.63
Granted		11,322,957		$	4.23
Vested		(6,880,673	)	$	9.82
Forfeited		(5,698,245	)	$	6.95
Non-vested balance at March 31, 2023		20,700,788		$	8.30

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 CVARs under the RSL 2015 EIP for the year ended March 31, 2023 is as follows:

	Number of CVARs			Weighted Average Grant Date Fair Value
Non-service-vested CVARs balance at March 31, 2022		13,798,086		$	1.25
Granted		—		$	—
Service-vested		(11,982,645	)	$	1.39
Forfeited		—		$	—
Non-service-vested CVARs balance at March 31, 2023		1,815,441		$	1.19

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, 2023 is as follows:

	Number of CVARs			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2022		6,285,250		$	4.95
Granted		—		$	—
Vested		(2,627,636	)	$	4.93
Forfeited		(434,969	)	$	5.51
Non-vested balance at March 31, 2023		3,222,645		$	4.89

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenue, net	$ 61,280	$ 55,286
Operating expenses:
Cost of revenues	13,128	8,966
Research and development (includes $30,914 and $63,735 of share-based compensation expense for the years ended March 31, 2023 and 2022, respectively)	525,215	483,035
Acquired in-process research and development	97,749	139,894
Selling, general and administrative (includes $186,603 and $501,221 of share-based compensation expense for the years ended March 31, 2023 and 2022, respectively)	600,506	775,033
Total operating expenses	1,236,598	1,406,928
Loss from operations	(1,175,318)	(1,351,642)
Change in fair value of investments	20,815	87,291
Gain on sale of investment	0	(443,754)
Change in fair value of debt and liability instruments	78,001	(3,354)
Gain on termination of Sumitomo Options	0	(66,472)
Gain on deconsolidation of subsidiaries	(29,276)	(5,041)
Interest income	(32,184)	(369)
Interest expense	27,968	7,041
Other income, net	(15,808)	(3,237)
Loss from continuing operations before income taxes	(1,224,834)	(923,747)
Income tax expense	5,190	369
Loss from continuing operations, net of tax	(1,230,024)	(924,116)
Income from discontinued operations, net of tax	114,561	0
Net loss	(1,115,463)	(924,116)
Net loss attributable to noncontrolling interests	(106,433)	(78,854)
Net loss attributable to Roivant Sciences Ltd.	(1,009,030)	(845,262)
Amounts attributable to Roivant Sciences Ltd.:
Loss from continuing operations, net of tax	(1,123,591)	(845,262)
Income from discontinued operations, net of tax	114,561	0
Net loss attributable to Roivant Sciences Ltd.	$ (1,009,030)	$ (845,262)
Basic and diluted net (loss) income per common share:
Basic loss from continuing operations (in dollars per share)	$ (1.58)	$ (1.26)
Diluted loss from continuing operations (in dollars per share)	(1.58)	(1.26)
Basic income from discontinued operations (in dollars per share)	0.16	0
Diluted income from discontinued operations (in dollars per share)	0.16	0
Basic net loss per common share (in dollars per share)	(1.42)	(1.26)
Diluted net loss per common share (in dollars per share)	$ (1.42)	$ (1.26)
Basic weighted average shares outstanding (in shares)	712,791,115	669,753,458
Diluted weighted average shares outstanding (in shares)	712,791,115	669,753,458
Product revenue, net [Member]
Revenues:
Revenue, net	$ 28,011	$ 0
License, milestone and other revenue [Member]
Revenues:
Revenue, net	$ 33,269	$ 55,286

Equity Method Investments

12 Months Ended

Mar. 31, 2023

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, 2023 and 2022, the most significant of these were our investments in Datavant and Arbutus, which are accounted for using the fair value option.

Following an equity raise completed by Datavant Holdings, Inc. (“Datavant”) along with a restructuring of Datavant’s equity classes in April 2020, the Company deconsolidated Datavant. In June 2021, Datavant and Heracles Parent, L.L.C. (referred to herein as “Ciox Parent” and, after the closing of the Datavant Merger (as defined below), “Datavant”), primarily through its wholly owned subsidiary CIOX Health, LLC, entered into a definitive agreement to merge Datavant with and into a newly formed wholly owned subsidiary of Ciox Parent (the “Datavant Merger”). The merger closed on July 27, 2021. At closing, the Company received approximately $320 million in cash and a minority equity stake in Ciox Parent. As a result of the transaction, the Company recognized a gain on sale of investment of $443.8 million in the accompanying consolidated statements of operations for the year ended March 31, 2022. 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 17, “Fair Value Measurements” for more information.

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

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.

Summarized Equity Method Investment Details

Details regarding our significant equity method investments are as follows:

	Ownership %						Aggregate Fair Value (in millions)
	March 31, 2023			March 31, 2022			March 31, 2023		March 31, 2022

Datavant		17	%⁽¹⁾		17	%⁽¹⁾	$	178.6	$	193.9
Arbutus		24	%		26	%	$	117.7	$	115.8

⁽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,
	2023			2022
Datavant	$	15.4		$	30.2
Arbutus	$	(1.9	)	$	13.6

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

	Twelve Months Ended December 31,
	2022			2021
Revenue	$	873,435		$	727,926
Gross profit	$	354,561		$	305,244
Net loss	$	(190,243	)	$	(92,486	)

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

	Twelve Months Ended March 31,
	2023			2022
Revenue	$	33,125		$	21,456
Loss from operations	$	(71,895	)	$	(68,820	)
Net loss	$	(70,030	)	$	(75,631	)

Long-Term Debt (Tables)

12 Months Ended

Mar. 31, 2023

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, 2023 are as follows (in thousands):

Years Ending March 31,
2024	$	—
2025		—
2026		—
2027		45,000
2028		—
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, 2023			March 31, 2022
Fair value of long-term debt	$	207,640		$	177,400
Less: current portion		(26,940	)		—
Total long-term debt, net	$	180,700		$	177,400

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, 2023			March 31, 2022
Principal amount	$	40,000		$	40,000
Exit fee		5,000			5,000
Less: unamortized discount and debt issuance costs		(10,170	)		(12,375	)
Total debt, net		34,830			32,625
Less: current portion		—			—
Total long-term debt, net	$	34,830		$	32,625

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, 2023
Carrying balance	$	178,571
Less: unamortized issuance costs		(4,806	)
Total debt, net		173,765
Less: current portion		(13,780	)
Total long-term debt, net	$	159,985

- Definition

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

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+ Details

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Mar. 31, 2023
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 12—Shareholders’ Equity (A) RSL Common Stock On September 30, 2021 in connection with the closing of the Business Combination, the Company effected a 2.9262-for-1 stock subdivision based on the fixed exchange ratio established in the Business Combination. All per share amounts and number of shares in the consolidated financial statements and related notes have been retroactively restated to reflect the stock split. Additionally, in connection with the closing of the Business Combination, the Company adjusted its authorized share capital to equal 7,000,000,000 common shares, par value $0.0000000341740141 per share. Each common share has the right to one vote. The holders of common shares are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No dividends have been declared by the board of directors since the Company’s inception. (B) At-the-Market Equity Offering Program On September 19, 2022, the Company entered into a sales agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”) to sell its common shares having an aggregate offering price of up to $400.0 million from time to time through an “at-the-market” equity offering program under which Cowen acts as the Company’s agent (the “ATM Facility”). As of March 31, 2023, the Company had $400.0 million of remaining capacity available under the ATM Facility. The Company had previously entered into a committed equity facility (the “Cantor Facility”) with an affiliate of Cantor Fitzgerald & Co. (“Cantor”) on February 14, 2022. Under the terms of the Cantor Facility, Cantor committed to purchase up to an aggregate of $250.0 million in the Company’s common shares from time to time at the request of the Company, subject to certain limitations and the satisfaction of certain conditions. In connection with the Company’s entry into the Sales Agreement with Cowen, the Company elected to terminate the Cantor Facility, effective as of October 5, 2022. (C) 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. (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. Proteovant In July 2021, Proteovant Sciences, Inc. collected the subscription receivable relating to the second $100.0 million payment due under a subscription agreement entered into with SK, Inc. (“SK”) in December 2020 pursuant to which SK agreed to make a $200.0 million equity investment in Proteovant Sciences, Inc., representing an ownership interest of 40.0% on the closing date.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Asset Acquisitions and License Agreements	12 Months Ended
Asset Acquisitions and License Agreements	Mar. 31, 2023
Asset Acquisitions and License Agreements [Abstract]
Asset Acquisitions and License Agreements	Note 6—Asset Acquisitions and License Agreements During the years ended March 31, 2023 and 2022, the Company, directly or indirectly through Vants, completed the following key asset acquisitions and license agreements. The Company evaluated the below agreements and determined that the acquired assets did not meet the definition of a business as substantially all the fair value of the assets acquired were concentrated in a single asset or group of similar assets and/or the acquired assets were not capable of producing outputs due to the lack of an assembled workforce and early stage of development and thus, each transaction was accounted for as an asset acquisition. The Company then evaluated whether each in-process research and development asset had an alternative future use and concluded it did not. As a result, the Company recorded the consideration attributable to in-process research and development under the below agreements as acquired in-process research and development expense in the accompanying consolidated statements of operations for the years ended March 31, 2023 and 2022. Priovant In September 2021, Priovant Therapeutics, Inc. (“Priovant”) entered into a license and collaboration agreement with Pfizer, Inc. (“Pfizer”) (the “Pfizer License Agreement”). The transaction 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 $82.1 million, consisting of $70.0 million of preferred stock issued to Pfizer, representing a dilution-protected minority ownership interest in Priovant; a $10.0 million upfront cash payment; and $2.1 million relating to other obligations. The acquired rights, which included the licensed rights, starting materials and in-process inventory for each drug candidate, represent in-process research and development assets, which were determined to have no alternative future use. Accordingly, the Company recorded $82.1 million as acquired in-process research and development expense in the accompanying consolidated statements of operations for the year ended March 31, 2022. Priovant is obligated to pay Pfizer a mid tens-of-millions sales milestone payment if aggregate net sales of its licensed products in Priovant’s territory in a given year exceed a mid hundreds-of-millions amount. Pfizer is obligated to pay Priovant a low tens-of-millions sales milestone payment if aggregate net sales of its licensed products outside of Priovant’s territory in a given year exceed a mid hundreds-of-millions amount. Priovant is obligated to pay Pfizer a tiered, sub-teens royalty, on aggregate net sales of its licensed products in Priovant’s territory. Pfizer is obligated to pay Priovant a tiered high single-digit to sub-teens royalty, on aggregate net sales of its licensed products outside of Priovant’s territory. Hemavant In November 2021, Hemavant Sciences GmbH (“Hemavant”), a wholly owned subsidiary of the Company, entered into a license agreement with Eisai Co., Ltd. (“Eisai”) (the “Eisai License Agreement”). Pursuant to the Eisai License Agreement, Eisai granted Hemavant (i) an exclusive, worldwide, sublicensable, royalty-bearing license under certain patents and know-how and (ii) a non-exclusive, worldwide, sublicensable, royalty-bearing license under certain additional patents, know-how and inventions, in each case, to develop, manufacture and commercialize the compound known as RVT-2001 and products incorporating RVT-2001 for all human and animal uses. In exchange for the rights, the Company made an upfront payment to Eisai consisting of $8.0 million in cash and the issuance of $7.0 million in shares of the Company’s common stock at an agreed price of $8.00 per share. Hemavant may also be obligated to pay up to a maximum of $65.0 million in development and regulatory milestone payments (with respect the product for the first indication) and up to a maximum of $18.0 million in payments (with respect to the product for each additional indication) and up to a maximum of $295.0 million in commercial milestone payments. Hemavant may also be obligated to pay a tiered high single-digit to sub-teens royalty, subject to certain customary reductions, on net sales of licensed products. The transaction was accounted for as an asset acquisition as the acquired assets did not meet the definition of a business. The acquired rights, which include the licensed rights and in-process inventory of the drug candidate, represent in-process research and development assets that were determined to have no alternative future use. The fair value of the 874,957 shares of the Company’s common stock issued to Eisai based on the closing price as of the effective date of the Eisai License Agreement was $6.1 million. Accordingly, the Company recorded $14.1 million as acquired in-process research and development expense in the accompanying consolidated statements of operations for the year ended March 31, 2022. Telavant In November 2022, Telavant, Inc. (“Telavant”) entered into a license and collaboration agreement with Pfizer, Inc. (“Pfizer”), pursuant to which Pfizer granted Telavant an exclusive license to RVT-3101, a fully human monoclonal antibody targeting TL1A. Under the license, Telavant will be responsible for funding the worldwide development of RVT-3101 in ulcerative colitis and in additional inflammatory and fibrotic diseases and holds commercialization rights in the U.S. and Japan. Pfizer will maintain commercialization rights and rights to revenue outside of the U.S. and Japan. At closing, the Company contributed $45.0 million in cash to Telavant and committed to contribute or raise additional capital that is non-dilutive to Pfizer. In addition, Pfizer granted Telavant an exclusive option to collaborate with Pfizer on the p40/TL1A directed bispecific antibody PF-07261271, which recently entered Phase 1. The option provides Telavant the right to enter into an agreement prior to Phase 2 for global development of the antibody with a 50/50 cost share as well as co-commercialization with Pfizer. The transaction 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, which represents a dilution-protected 25% equity interest in Telavant. The acquired rights, which included the licensed rights, starting materials and in-process inventory, and the exclusive option to collaborate with Pfizer on p40/TL1A directed bispecific antibody PF-07261271, represent in-process research and development assets, which 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. Telavant is obligated to pay a mid-single-digit royalty on aggregate net sales of its licensed products in Telavant’s territory.

Discontinued Operations (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($) Vants $ / shares shares	Mar. 31, 2022 USD ($)	Nov. 30, 2022 $ / shares
Cash Flow from Discontinued Operations [Abstract]
Gain on recovery of contingent consideration	$ (114,561)	$ 0
Proceeds from sale of Myovant Top-Up Shares	$ 114,561	$ 0
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

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

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

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, 2023 and 2022, a majority of the Company’s long-lived assets were located in the United States.

Cash, Cash Equivalents, and Restricted Cash

(D) Cash, Cash Equivalents, and Restricted Cash

	March 31, 2023		March 31, 2022
Cash and cash equivalents	$	1,676,813	$	2,060,400
Restricted cash (included in “Other current assets”)		5,011		3,903
Restricted cash (included in “Other assets”)		10,291		9,731
Cash, cash equivalents and restricted cash	$	1,692,115	$	2,074,034

Contingencies

(E) Contingencies

Inventory

(F) Inventory

Inventory is included in “Other current assets” and “Other 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.