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<div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 1—Description of Business and Liquidity</div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(A) Description of Business</div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Roivant Sciences Ltd. (inclusive of its consolidated subsidiaries, the “Company” or “RSL”) aims to improve the lives of patients by accelerating the development and commercialization of medicines that matter. The Company does this by creating nimble subsidiaries or “Vants” to develop and commercialize its medicines and technologies. Beyond therapeutics, the Company also incubates discovery-stage companies and health technology startups complementary to its biopharmaceutical business. The Company was founded on April 7, 2014 as a Bermuda exempted limited company.</span></div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: #212529; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">VTAMA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">®</sup> (tapinarof) was approved by the United States Food and Drug Administration (“FDA”) in May 2022 for the treatment of plaque psoriasis in adult patien<span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">ts. A Supplemental New Drug Application for VTAMA (tapinarof) for the topical treatment of atopic dermatitis in adults and children <span style="-sec-ix-hidden:Fact_86421a1926cd40caa4c68c1cbc568529">2 years</span> of age and older was accepted by the FDA in April 2024.</span><br/> </div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: #212529; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company has determined that it has one operating and reporting segment as it allocates resources and assesses financial performance on a consolidated basis. The Company’s subsidiaries are wholly owned subsidiaries and majority-owned or controlled subsidiaries. Refer to Note 4, “Equity Method Investments” for further discussion of the Company’s investments in unconsolidated entities.</div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">RSL completed its business combination (the “Business Combination”) with Montes Archimedes Acquisition Corp. (“MAAC”), a special purpose acquisition company, on September 30, 2021 and on October 1, 2021 began trading on Nasdaq under the ticker symbol “ROIV.”</span> </div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: #212529; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(B) Liquidity</div> <div><br/></div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Historically, the <span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> Company incurred significant operating losses and negative cash flows from operations since its inception. During the year ended March 31, 2024, the Company recognized a gain of approximately $5.3 billion on the sale of Telavant Holdings, Inc. <span style="font-family: 'Times New Roman'; font-size: 10pt;">(</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 48px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">“Telavant”)</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span>net assets. As of March 31, 2024, the Company had cash and cash equivalents of approximately $6.5 billion and its retained earnings was approximately $576.2 million. For the years ended March 31, 2024 and 2023, the Company had income from continuing operations of approximately $4.2 billion and incurred a loss from continuing operations of approximately $1.2 billion, respectively. The Company has historically financed its operations primarily through the sale of equity securities, sale of subsidiary interests, debt financings and revenue generated from licensing and collaboration arrangements. Through its subsidiary, Dermavant Sciences L<span style="font-family: 'Times New Roman'; font-size: 10pt;">td. </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 48px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">(“Dermavant”), </span>the Company has launched its first commercial product, VTAMA, following approval by the FDA in May 2022.</span></div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals to market its product candidates, dependence on key products, dependence on third-party service providers, such as contract research organizations, and protection of intellectual property rights. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and may require additional capital to fully implement its business plan.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: #212529; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div>

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<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 2—Summary of Significant Accounting Policies</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(A) Basis of Presentation and Principles of Consolidation</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company’s fiscal year ends on March 31, and its fiscal quarters end on June 30, September 30, and December 31.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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”).</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="font-family: 'Times New Roman';">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.<br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(B) Use of Estimates</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="font-family: 'Times New Roman';">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. </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(C) Concentrations</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company has long-lived assets in different geographic locations. As of March 31, 2024 and 2023, a majority of the Company’s long-lived assets were located in the United States (“U.S.”).</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(D) Cash, Cash Equivalents, and Restricted Cash</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman';" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Cash and cash equivalents</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">6,535,706</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">1,676,813</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Restricted cash (included in “Other current assets”)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">5,367</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">5,011</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom">Restricted cash (included in “Other assets”)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom">9,377</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom">10,291</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Cash, cash equivalents and restricted cash</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">6,550,450</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">1,692,115</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(E) Contingencies</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company continually assesses any litigation or other claims it may confront to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss which could be estimated. The Company accrues for all contingencies at the earliest date at which the Company deems it probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely than another, the Company accrues the minimum of the range. In the cases where the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the contingent loss, including an estimable range, if possible.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(F) Inventory</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">Inventory is included in “Other current assets” on the accompanying consolidated balance sheets.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(G) Property and Equipment</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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. <span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">The following table provides the range of estimated useful lives used for each asset type:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 39.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">Property and Equipment</div> </td> <td colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;"> </td> <td style="width: 60.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">Estimated Useful Life</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Computers</div> </td> <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 60.2%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">3 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Laboratory and other equipment</div> </td> <td colspan="1" style="width: 1%; vertical-align: top;"> </td> <td style="width: 60.2%; vertical-align: bottom; white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">5 - 10 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Furniture and fixtures</div> </td> <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 60.2%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">7 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Software</div> </td> <td colspan="1" style="width: 1%; vertical-align: top;"> </td> <td style="width: 60.2%; vertical-align: bottom; white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">3 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Leasehold improvements</div> </td> <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 60.2%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Lesser of estimated useful life or remaining lease term</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(H) Investments</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company has elected the fair value option to account for certain investments over which the Company has significant influence. The Company believes the fair value option best reflects the underlying economics of the investment. See Note 4, “Equity Method Investments.”</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(I) Intangible Assets, Net</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.”</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(J) Fair Value Measurements</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">The Company utilizes fair value measurement guidance prescribed by U.S. GAAP to value its financial instruments. The guidance establishes a fair value hierarchy for financial instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. Fair value is defined as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a three-tier fair value hierarchy that distinguishes among the following:</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> <div> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> <div> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"><span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company’s financial instruments include shares of common stock of Arbutus Biopharma Corporation (“Arbutus”); Class A units of Heracles Parent, L.L.C. (“Datavant”); liability instruments issued, including the warrants (prior to their settlement) and earn-out shares liabilities issued in connection with the Company’s business combination with MAAC (as discussed in Note 15, “Earn-Out Shares, Public Warrants and Private Placement Warrants”); its investments in other entities; cash and cash equivalents consisting of money market funds; accounts payable; and long-term debt. <br/> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"> <span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; font-weight: normal; color: rgb(33, 37, 41); font-style: normal; font-variant: normal; text-transform: none;">The shares of Arbutus common stock and investments in common stock with a readily determinable fair value are classified as Level 1, and their fair value is determined based upon quoted market prices in an active market. The Class A units of Datavant, and liability instruments issued, excluding the Public Warrants (as defined and discussed in Note 15, “Earn-Out Shares, Public Warrants and Private Placement Warrants”), are classified as Level 3 within the fair value hierarchy as the assumptions and estimates used in the valuations are unobservable in the market. Prior to their settlement, the Public Warrants were publicly traded and therefore were classified as Level 1 as the Public Warrants had a readily determinable fair value. Cash and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. Money market funds are included in Level 1 of the fair value hierarchy and are valued at the closing price reported by an actively traded exchange. The carrying value of long-term debt issued by Dermavant, which is stated at amortized cost, approximates fair value based on current interest rates for similar types of borrowings and therefore is included in Level 2 of the fair value hierarchy. Long-term debt issued by Dermavant for which the fair value option has been elected is included in Level 3 of the fair value hierarchy as the assumptions and estimates used in the valuation are unobservable in the market.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(K) Research and Development Expenses</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(33, 37, 41); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div><span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Research and development (“R&D”) costs are expensed as incurred. R&D expenses primarily consist of costs associated with preclinical studies and clinical trials as well as employee-related expenses, such as salaries, share-based compensation, and benefits, for employees engaged in R&D activities. The Company records accruals for estimated costs of R&D activities, including preclinical studies, clinical trials, and contract manufacturing, conducted by third-party service providers. The Company determines the estimates by reviewing open contracts, vendor agreements, and purchase orders; communicating with internal personnel and external service providers to understand the progress or stage of completion of services performed on its behalf; and estimating the associated costs for these services that have not yet been invoiced. If the actual timing of the performance of services or the level of effort varies from the estimate, the accrual or prepaid expense is adjusted accordingly.</span></div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(L) Acquired In-Process Research and Development Expenses</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company evaluates in-licensed agreements for IPR&D projects to determine if it meets the definition of a business and thus should be accounted for as a business combination. If the in-licensed agreement for IPR&D does not meet the definition of a business and the assets have not reached technological feasibility and have no alternative future use, the Company expenses payments made under such license agreements as acquired in-process research and development expense in its consolidated statements of operations. In those cases, payments for milestones achieved and payments for a product license prior to regulatory approval of the product are expensed in the period incurred. Payments made in connection with regulatory and sales-based milestones are capitalized and amortized to cost of revenue.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(M) Selling, General and Administrative Expenses</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Selling, general and administrative (“SG&A”) expenses consist primarily of employee-related expenses, such as salaries, share-based compensation, sales incentive compensation, and benefits, for employees engaged in SG&A activities. SG&A employees include those responsible for the identification and acquisition or in-license of new drug candidates as well as for managing Vant operations and facilitating the use of the Company’s platform and technologies at the Vants. SG&A expenses also consist of marketing programs, advertising, legal and accounting fees, consulting services, and other operating costs relating to corporate matters and daily operations. Additionally, SG&A expenses include costs incurred relating to the identification, acquisition or in-license and technology transfer of promising drug candidates along with costs incurred relating to the integration of new technologies.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(N) Leases</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company determines if an arrangement includes a lease at the inception of the agreement. Leases are classified at lease commencement as either operating leases or finance leases. Operating leases are included in “Operating lease right-of-use assets”, “Operating lease liabilities”, and “Operating lease liabilities, noncurrent” on the accompanying consolidated balance sheets. Commitments under finance leases are not significant and are included in “Property and equipment, net”, “Other current liabilities”, and “Other liabilities” on the accompanying consolidated balance sheets. For each of the Company’s lease arrangements, the Company records a right-of-use asset representing the Company’s right to use an underlying asset for the lease term and a lease liability representing the Company’s obligation to make lease payments. Lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the expected lease term. If the interest rate implicit in the Company’s leases is not readily determinable, in determining the weighted-average discount rate used to calculate the net present value of lease payments, the Company utilizes an estimate of its incremental borrowing rate. The Company’s incremental borrowing rates are determined based on the term of the lease, the economic environment of the lease, and the effect of collateralization. Lease expense for the Company’s leases is recognized on a straight-line basis over the lease term and variable lease costs are expensed as incurred.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(O) Income Taxes</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company’s policy is to recognize interest and/or penalties related to income tax matters in provision for income taxes.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(P) Share-Based Compensation</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(Q) Foreign Currency</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Assets and liabilities of foreign operations are translated using exchange rates in effect at the balance sheet date and their results of operations are translated using average exchange rates for the year. Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Adjustments resulting from the translation of the financial statements of the Company’s foreign functional currency subsidiaries into U.S. dollars are excluded from the determination of net loss and are accumulated in a separate component of shareholders’ equity. Foreign exchange transaction gains and losses are included in “Other expense (income), net” in the Company’s statements of operations.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(R) Revenue Recognition</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Product Revenue, Net</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">The Company began recognizing product revenues after the initial product launch of VTAMA following approval by the FDA in May 2022.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">More specifically, these adjustments include the following:</div> <div style="display:none;"><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"><br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">a<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">b<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">c<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman';"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">d<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">e<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman';"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">f<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">License, Milestone and Other Revenue</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; color: rgb(33, 37, 41); font-family: 'Times New Roman';">•</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(33, 37, 41); text-align: justify;"><span style="font-style: italic; font-family: 'Times New Roman';">Licenses of intellectual property: </span><span style="font-family: 'Times New Roman';">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.</span></div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; color: rgb(33, 37, 41); font-family: 'Times New Roman';">•</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(33, 37, 41); text-align: justify;"><span style="font-style: italic; font-family: 'Times New Roman';">Milestone payments: </span><span style="font-family: 'Times New Roman';">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<span style="font-style: italic;"> </span>basis in earnings in the period of the adjustment.</span></div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; color: rgb(33, 37, 41); font-family: 'Times New Roman';">•</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(33, 37, 41); text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Royalties and commercial milestone payments: </span><span style="font-family: 'Times New Roman';">For arrangements that include sales-based royalties, including commercial milestone payments<span style="font-size: 10pt; font-style: italic;"> </span>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.</span></div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-indent: 27pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">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.</span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trade Receivables, Net</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in customer credit profiles. The Company reserves against trade receivables for estimated losses that may arise from a customer’s inability to pay, and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated losses was de minimis as of March 31, 2024 and 2023. Trade receivables, net is included in “Other current assets” on the accompanying consolidated balance sheets.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(S) Cost of Revenues</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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 <span style="font-size: 10pt; color: rgb(0, 0, 0);">manufacturing and overhead costs, and manufacturing variances</span>. Cost of product revenues for the years ended <span style="font-size: 10pt; color: rgb(0, 0, 0);">March 31, 2024 and 2023</span> is included in “Cost of revenues” on the accompanying consolidated statements of operations.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">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.</div> <div><br/> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(T) Recently Adopted Accounting Pronouncements</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"> <span style="font-weight: normal; font-family: 'Times New Roman';">The Company did not adopt any material accounting pronouncements during the year ended March 31, 2024.</span></div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(U) Recently Issued Accounting Pronouncements</div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 27pt;"> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">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.</span> </div> <div style="text-align: justify;"> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="display:none;"><br/></div> <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. This ASU is applicable to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and subsequent interim periods, with early adoption permitted. These amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.</div> <div style="text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes updates to the income tax disclosures related to the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024 and is applicable to the Company’s fiscal year beginning April 1, 2025, with early adoption permitted. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.</div>

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company’s fiscal year ends on March 31, and its fiscal quarters end on June 30, September 30, and December 31.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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”).</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div>

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="font-family: 'Times New Roman';">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.<br/> </span> </div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(B) Use of Estimates</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="font-family: 'Times New Roman';">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. </span> </div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(C) Concentrations</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company has long-lived assets in different geographic locations. As of March 31, 2024 and 2023, a majority of the Company’s long-lived assets were located in the United States (“U.S.”).</div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(D) Cash, Cash Equivalents, and Restricted Cash</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman';" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Cash and cash equivalents</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">6,535,706</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">1,676,813</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Restricted cash (included in “Other current assets”)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">5,367</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">5,011</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom">Restricted cash (included in “Other assets”)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom">9,377</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom">10,291</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Cash, cash equivalents and restricted cash</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">6,550,450</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">1,692,115</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman';" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Cash and cash equivalents</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">6,535,706</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">1,676,813</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Restricted cash (included in “Other current assets”)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">5,367</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">5,011</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom">Restricted cash (included in “Other assets”)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom">9,377</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom">10,291</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Cash, cash equivalents and restricted cash</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">6,550,450</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">1,692,115</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

6535706000

1676813000

5367000

5011000

9377000

10291000

6550450000

1692115000

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(E) Contingencies</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company continually assesses any litigation or other claims it may confront to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss which could be estimated. The Company accrues for all contingencies at the earliest date at which the Company deems it probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely than another, the Company accrues the minimum of the range. In the cases where the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the contingent loss, including an estimable range, if possible.</div>

<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(F) Inventory</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">Inventory is included in “Other current assets” on the accompanying consolidated balance sheets.</div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(G) Property and Equipment</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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. <span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">The following table provides the range of estimated useful lives used for each asset type:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 39.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">Property and Equipment</div> </td> <td colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;"> </td> <td style="width: 60.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">Estimated Useful Life</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Computers</div> </td> <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 60.2%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">3 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Laboratory and other equipment</div> </td> <td colspan="1" style="width: 1%; vertical-align: top;"> </td> <td style="width: 60.2%; vertical-align: bottom; white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">5 - 10 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Furniture and fixtures</div> </td> <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 60.2%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">7 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Software</div> </td> <td colspan="1" style="width: 1%; vertical-align: top;"> </td> <td style="width: 60.2%; vertical-align: bottom; white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">3 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Leasehold improvements</div> </td> <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 60.2%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Lesser of estimated useful life or remaining lease term</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div>

<span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">The following table provides the range of estimated useful lives used for each asset type:</span> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 39.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">Property and Equipment</div> </td> <td colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;"> </td> <td style="width: 60.2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman';">Estimated Useful Life</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Computers</div> </td> <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 60.2%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">3 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Laboratory and other equipment</div> </td> <td colspan="1" style="width: 1%; vertical-align: top;"> </td> <td style="width: 60.2%; vertical-align: bottom; white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">5 - 10 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Furniture and fixtures</div> </td> <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 60.2%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">7 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Software</div> </td> <td colspan="1" style="width: 1%; vertical-align: top;"> </td> <td style="width: 60.2%; vertical-align: bottom; white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">3 years</div> </td> </tr> <tr> <td style="width: 39.8%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Leasehold improvements</div> </td> <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 60.2%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman';">Lesser of estimated useful life or remaining lease term</div> </td> </tr> </table>

P3Y

P5Y

P10Y

P7Y

P3Y

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(H) Investments</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company has elected the fair value option to account for certain investments over which the Company has significant influence. The Company believes the fair value option best reflects the underlying economics of the investment. See Note 4, “Equity Method Investments.”</div>

<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(I) Intangible Assets, Net</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.”</div>

<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(J) Fair Value Measurements</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">The Company utilizes fair value measurement guidance prescribed by U.S. GAAP to value its financial instruments. The guidance establishes a fair value hierarchy for financial instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. Fair value is defined as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a three-tier fair value hierarchy that distinguishes among the following:</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> <div> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> <div> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"><span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company’s financial instruments include shares of common stock of Arbutus Biopharma Corporation (“Arbutus”); Class A units of Heracles Parent, L.L.C. (“Datavant”); liability instruments issued, including the warrants (prior to their settlement) and earn-out shares liabilities issued in connection with the Company’s business combination with MAAC (as discussed in Note 15, “Earn-Out Shares, Public Warrants and Private Placement Warrants”); its investments in other entities; cash and cash equivalents consisting of money market funds; accounts payable; and long-term debt. <br/> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"> <span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; font-weight: normal; color: rgb(33, 37, 41); font-style: normal; font-variant: normal; text-transform: none;">The shares of Arbutus common stock and investments in common stock with a readily determinable fair value are classified as Level 1, and their fair value is determined based upon quoted market prices in an active market. The Class A units of Datavant, and liability instruments issued, excluding the Public Warrants (as defined and discussed in Note 15, “Earn-Out Shares, Public Warrants and Private Placement Warrants”), are classified as Level 3 within the fair value hierarchy as the assumptions and estimates used in the valuations are unobservable in the market. Prior to their settlement, the Public Warrants were publicly traded and therefore were classified as Level 1 as the Public Warrants had a readily determinable fair value. Cash and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. Money market funds are included in Level 1 of the fair value hierarchy and are valued at the closing price reported by an actively traded exchange. The carrying value of long-term debt issued by Dermavant, which is stated at amortized cost, approximates fair value based on current interest rates for similar types of borrowings and therefore is included in Level 2 of the fair value hierarchy. Long-term debt issued by Dermavant for which the fair value option has been elected is included in Level 3 of the fair value hierarchy as the assumptions and estimates used in the valuation are unobservable in the market.</div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(K) Research and Development Expenses</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(33, 37, 41); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div><span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Research and development (“R&D”) costs are expensed as incurred. R&D expenses primarily consist of costs associated with preclinical studies and clinical trials as well as employee-related expenses, such as salaries, share-based compensation, and benefits, for employees engaged in R&D activities. The Company records accruals for estimated costs of R&D activities, including preclinical studies, clinical trials, and contract manufacturing, conducted by third-party service providers. The Company determines the estimates by reviewing open contracts, vendor agreements, and purchase orders; communicating with internal personnel and external service providers to understand the progress or stage of completion of services performed on its behalf; and estimating the associated costs for these services that have not yet been invoiced. If the actual timing of the performance of services or the level of effort varies from the estimate, the accrual or prepaid expense is adjusted accordingly.</span></div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(L) Acquired In-Process Research and Development Expenses</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company evaluates in-licensed agreements for IPR&D projects to determine if it meets the definition of a business and thus should be accounted for as a business combination. If the in-licensed agreement for IPR&D does not meet the definition of a business and the assets have not reached technological feasibility and have no alternative future use, the Company expenses payments made under such license agreements as acquired in-process research and development expense in its consolidated statements of operations. In those cases, payments for milestones achieved and payments for a product license prior to regulatory approval of the product are expensed in the period incurred. Payments made in connection with regulatory and sales-based milestones are capitalized and amortized to cost of revenue.</div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(M) Selling, General and Administrative Expenses</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Selling, general and administrative (“SG&A”) expenses consist primarily of employee-related expenses, such as salaries, share-based compensation, sales incentive compensation, and benefits, for employees engaged in SG&A activities. SG&A employees include those responsible for the identification and acquisition or in-license of new drug candidates as well as for managing Vant operations and facilitating the use of the Company’s platform and technologies at the Vants. SG&A expenses also consist of marketing programs, advertising, legal and accounting fees, consulting services, and other operating costs relating to corporate matters and daily operations. Additionally, SG&A expenses include costs incurred relating to the identification, acquisition or in-license and technology transfer of promising drug candidates along with costs incurred relating to the integration of new technologies.</div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(N) Leases</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company determines if an arrangement includes a lease at the inception of the agreement. Leases are classified at lease commencement as either operating leases or finance leases. Operating leases are included in “Operating lease right-of-use assets”, “Operating lease liabilities”, and “Operating lease liabilities, noncurrent” on the accompanying consolidated balance sheets. Commitments under finance leases are not significant and are included in “Property and equipment, net”, “Other current liabilities”, and “Other liabilities” on the accompanying consolidated balance sheets. For each of the Company’s lease arrangements, the Company records a right-of-use asset representing the Company’s right to use an underlying asset for the lease term and a lease liability representing the Company’s obligation to make lease payments. Lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the expected lease term. If the interest rate implicit in the Company’s leases is not readily determinable, in determining the weighted-average discount rate used to calculate the net present value of lease payments, the Company utilizes an estimate of its incremental borrowing rate. The Company’s incremental borrowing rates are determined based on the term of the lease, the economic environment of the lease, and the effect of collateralization. Lease expense for the Company’s leases is recognized on a straight-line basis over the lease term and variable lease costs are expensed as incurred.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(O) Income Taxes</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company’s policy is to recognize interest and/or penalties related to income tax matters in provision for income taxes.</div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(P) Share-Based Compensation</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(Q) Foreign Currency</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Assets and liabilities of foreign operations are translated using exchange rates in effect at the balance sheet date and their results of operations are translated using average exchange rates for the year. Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Adjustments resulting from the translation of the financial statements of the Company’s foreign functional currency subsidiaries into U.S. dollars are excluded from the determination of net loss and are accumulated in a separate component of shareholders’ equity. Foreign exchange transaction gains and losses are included in “Other expense (income), net” in the Company’s statements of operations.</div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(R) Revenue Recognition</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Product Revenue, Net</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">The Company began recognizing product revenues after the initial product launch of VTAMA following approval by the FDA in May 2022.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">More specifically, these adjustments include the following:</div> <div style="display:none;"><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"><br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">a<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">b<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">c<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman';"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">d<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">e<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman';"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">f<br/> </td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">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.</div> </td> </tr> </table> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">License, Milestone and Other Revenue</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; color: rgb(33, 37, 41); font-family: 'Times New Roman';">•</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(33, 37, 41); text-align: justify;"><span style="font-style: italic; font-family: 'Times New Roman';">Licenses of intellectual property: </span><span style="font-family: 'Times New Roman';">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.</span></div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; color: rgb(33, 37, 41); font-family: 'Times New Roman';">•</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(33, 37, 41); text-align: justify;"><span style="font-style: italic; font-family: 'Times New Roman';">Milestone payments: </span><span style="font-family: 'Times New Roman';">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<span style="font-style: italic;"> </span>basis in earnings in the period of the adjustment.</span></div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; color: rgb(33, 37, 41); font-family: 'Times New Roman';">•</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(33, 37, 41); text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Royalties and commercial milestone payments: </span><span style="font-family: 'Times New Roman';">For arrangements that include sales-based royalties, including commercial milestone payments<span style="font-size: 10pt; font-style: italic;"> </span>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.</span></div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman';"> </span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-indent: 27pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">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.</span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="color: rgb(33, 37, 41); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trade Receivables, Net</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in customer credit profiles. The Company reserves against trade receivables for estimated losses that may arise from a customer’s inability to pay, and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated losses was de minimis as of March 31, 2024 and 2023. Trade receivables, net is included in “Other current assets” on the accompanying consolidated balance sheets.</div>

<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(S) Cost of Revenues</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">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 <span style="font-size: 10pt; color: rgb(0, 0, 0);">manufacturing and overhead costs, and manufacturing variances</span>. Cost of product revenues for the years ended <span style="font-size: 10pt; color: rgb(0, 0, 0);">March 31, 2024 and 2023</span> is included in “Cost of revenues” on the accompanying consolidated statements of operations.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">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.</div>

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(T) Recently Adopted Accounting Pronouncements</div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"> <span style="font-weight: normal; font-family: 'Times New Roman';">The Company did not adopt any material accounting pronouncements during the year ended March 31, 2024.</span></div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman';"><br/> </span> </div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(U) Recently Issued Accounting Pronouncements</div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 27pt;"> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">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.</span> </div> <div style="text-align: justify;"> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="display:none;"><br/></div> <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. This ASU is applicable to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and subsequent interim periods, with early adoption permitted. These amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.</div> <div style="text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes updates to the income tax disclosures related to the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024 and is applicable to the Company’s fiscal year beginning April 1, 2025, with early adoption permitted. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.</div>

10000000 471000000 15000000

15000000

24900000

15100000

<div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 4—Equity Method Investments</div> <div style="color: rgb(0, 0, 0); font-weight: 400; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);">The <span style="color: rgb(0, 0, 0); font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 32.6667px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Company maintains equity method investments in certain entities. As of March 31, 2024 and 2023, the most significant of these were the Company’s investments in Arbutus and Datavant, which are accounted for using the fair value option.</span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);"><br/> </span> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none; background-color: rgb(255, 255, 255);">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.</span> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);"><span style="color: rgb(33, 37, 41); letter-spacing: normal; text-align: left; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> <br/> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);">The Company holds an investment in Arbutus in the form of 38,847,462 common shares of Arbutus.</span> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"> <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);"><br/> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">The Company additionally holds an investment in Class A units of Datavant. The fair value of the Company’s investment in Datavant was determined using valuation models that incorporate significant unobservable inputs and is classified as a Level 3 measurement within the fair value hierarchy. Refer to Note 16, “Fair Value Measurements” for more information.</div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);"> </span><br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Summarized Equity Method Investment Details</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> <span style="font-style: normal;"><br/> </span></div> <div><span style="font-style: normal;"> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-indent: -18pt; margin-left: 18pt;"><span style="font-style: normal;"> <span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Details regarding significant equity method investments are as follows:</span></span> </div> <div><br/></div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Ownership %</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Aggregate Fair Value (in millions)</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Datavant<sup>(1)</sup></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">9</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">17</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">147.5</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">178.6</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Arbutus</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">22</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">24</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">100.2</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">117.7</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/> </div> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 4%; vertical-align: top;"> <div style="font-style: normal;"><sup>(1)</sup></div> </td> <td style="width: 96%; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The ownership percentage represents the Company’s equity interest in the outstanding Class A units in Datavant. Datavant’s capital structure includes several classes of preferred units that, among other features, have liquidation preferences and conversion features. Upon conversion of such preferred units into Class A units, the Company’s ownership interest would be diluted. <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Refer above for additional information regarding investment</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">.</span></div> </td> </tr> </table> <div> <br/></div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;">The Company recognized unrealized losses (gains) on its significant equity method investments in the accompanying consolidated statements of operations as follows:</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Unrealized Loss (Gain) on Investment (in millions)</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Datavant</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">31.1</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">15.4</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Arbutus</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">17.5</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(1.9</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> </tr> </table> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;">Summarized consolidated financial information of Datavant, reported on a one quarter lag, is as follows (in thousands):</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Twelve Months Ended December 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2023</div> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2022</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Revenue</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">991,107</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">873,435</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Gross profit</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">376,593</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">354,561</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Net loss</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(395,195</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(190,243</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> </tr> </table> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;">Summarized consolidated financial information of Arbutus is as follows (in thousands):</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Twelve Months Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> 2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Revenue</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">12,986</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">33,125</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Loss from operations</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(80,053</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(71,895</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Net loss</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(74,385</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(70,030</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> </tr> </table>

38847462

<div><span style="font-style: normal;"> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-indent: -18pt; margin-left: 18pt;"><span style="font-style: normal;"> <span style="font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Details regarding significant equity method investments are as follows:</span></span> </div> <div><br/></div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Ownership %</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Aggregate Fair Value (in millions)</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Datavant<sup>(1)</sup></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">9</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">17</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">%<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">147.5</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">178.6</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Arbutus</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">22</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">24</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">100.2</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">117.7</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/> </div> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 4%; vertical-align: top;"> <div style="font-style: normal;"><sup>(1)</sup></div> </td> <td style="width: 96%; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The ownership percentage represents the Company’s equity interest in the outstanding Class A units in Datavant. Datavant’s capital structure includes several classes of preferred units that, among other features, have liquidation preferences and conversion features. Upon conversion of such preferred units into Class A units, the Company’s ownership interest would be diluted. <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Refer above for additional information regarding investment</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">.</span></div> </td> </tr> </table>

0.09

0.17

147500000

178600000

0.22

0.24

100200000

117700000

<div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;">The Company recognized unrealized losses (gains) on its significant equity method investments in the accompanying consolidated statements of operations as follows:</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Unrealized Loss (Gain) on Investment (in millions)</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Datavant</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">31.1</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">15.4</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Arbutus</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">17.5</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(1.9</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> </tr> </table>

31100000

15400000

17500000

-1900000

<div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;">Summarized consolidated financial information of Datavant, reported on a one quarter lag, is as follows (in thousands):</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Twelve Months Ended December 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2023</div> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2022</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Revenue</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">991,107</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">873,435</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Gross profit</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">376,593</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">354,561</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Net loss</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(395,195</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(190,243</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> </tr> </table>

991107000

873435000

376593000

354561000

-395195000

-190243000

<div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;">Summarized consolidated financial information of Arbutus is as follows (in thousands):</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Twelve Months Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> 2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Revenue</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">12,986</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">33,125</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Loss from operations</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(80,053</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(71,895</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Net loss</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(74,385</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(70,030</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</span></div> </td> </tr> </table>

12986000

33125000

-80053000

-71895000

-74385000

-70030000

<div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 5—Intangible Assets</div> <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;">In July 2018, Dermavant acquired the worldwide rights (other than for China) with respect to certain intellectual property rights retained by Welichem Biotech Inc. (“Welichem”) to VTAMA and related compounds from Glaxo Group Limited and GlaxoSmithKline Intellectual Property Development Ltd. (collectively, “GSK”) pursuant to an asset purchase agreement. GSK previously acquired rights to a predecessor formulation from Welichem pursuant to an asset purchase agreement between GSK and Welichem entered into in May 2012. The Company evaluated the agreement and determined that the acquired assets did not meet the definition of a business and thus the transaction was accounted for as an asset acquisition.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;">Following the FDA approval of VTAMA in May 2022, the Company became obligated to pay a regulatory milestone to GSK of £100.0 million (approximately $126 million on the date of achievement) following the receipt of marketing approval of VTAMA in the U.S. The milestone was paid in July 2022.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;">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.</div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;">Both of the above milestones were capitalized as intangible assets upon achievement and are being amortized over their estimated useful lives.</div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 0px;"> <br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The following table summarizes the Company’s recognized intangible assets (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: middle; padding-bottom: 2px;" valign="bottom"></td> <td colspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; font-weight: bold; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">March 31, 2024</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">March 31, 2023</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="text-align: center;"> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left;">Gross amount</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">155,171</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>152,629</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div>Less: accumulated amortization</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">(17,329</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div>(7,748</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 9pt;">Net book value</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">137,842</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">144,881</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;">Amortization expense was $9.6 million and <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$7.5 million</span> for the <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">years ended March 31, 2024</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span>and 2023, respectively. Amortization expense was recorded as part of “Cost of revenues” in the accompanying consolidated statement of operations. Future amortization expense is approximately <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$9.5 million</span> for each of the years ending from March 31, 2025 through March 31, 2029 and <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">$90.3 million</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> thereafter. The Company’s intangible assets are denominated in currencies other than U.S. dollar and therefore are subject to foreign currency movements.</span></div>

100000000 126000000 126000000 25000000 20000000 20000000

<div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The following table summarizes the Company’s recognized intangible assets (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: middle; padding-bottom: 2px;" valign="bottom"></td> <td colspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; font-weight: bold; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">March 31, 2024</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">March 31, 2023</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="text-align: center;"> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left;">Gross amount</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">155,171</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>152,629</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div>Less: accumulated amortization</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">(17,329</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div>(7,748</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 9pt;">Net book value</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">137,842</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">144,881</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

155171000

152629000

17329000

7748000

137842000

144881000

9600000

7500000

9500000

90300000

87700000

87700000 0.75 0.25 7100000000 150000000 7100000000 5200000000 110000000 5300000000 <span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;">The table below summarizes the calculation of the gain.</span> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255);"> <br/> </div> <div style="background-color: #FFFFFF; letter-spacing: normal; white-space: normal; word-spacing: 0px; color: #212529; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: left; text-transform: none;"> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; text-transform: none; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(in thousands)</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Consideration:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right;" valign="bottom"><br/> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-left: 9pt;">Upfront cash payment<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">5,234,373</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-left: 9pt;">Carrying amount of noncontrolling interest derecognized<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">87,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-left: 18pt;"><span style="font-weight: bold;">Total consideration</span><br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">5,321,873</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom">Assets sold<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">3,253</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Liabilities transferred<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">29,790</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-left: 9pt;"><span style="font-weight: bold;">Net liabilities sold</span><br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(26,537</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">)</span></div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: bold;">Gain on sale of Telavant net assets</span><br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: bold;" valign="bottom">5,348,410</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div> 5234373000 87500000 5321873000 3253000 29790000 -26537000 5348410000 -71100000 -101900000 14000000 14000000 280000000

6000000

47500000

17400000

9000000

<div><span style="font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Note 7—Certain Balance Sheet Components </span></div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">(A) Other Current Assets</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">Other current assets at <span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">March 31, 2024</span> and <span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">2023</span> consisted of the following (in thousands):</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; text-transform: none; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Prepaid expenses</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">55,096</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">60,827</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Trade receivables, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">53,545</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">30,379</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Restricted cash</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">5,367</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">5,011</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Inventory</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">35,251</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">2,761</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Income tax receivable</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">1,827</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">2,356</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom">Interest receivable<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">27,441</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">4,909</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">17,595</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">15,531</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="text-align: left; margin-left: 12pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Total other current assets</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">196,122</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">121,774</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div> <br class="Apple-interchange-newline"/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">(B) Accrued Expenses</span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></span></div> <div style="display:none;"><br/></div> <div style="text-indent: 27pt;"> <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> Accrued expenses at March 31, 2024 and 2023 consisted of the following (in thousands): </span> </div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: #212529; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Research and development expenses</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">40,313</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">76,278</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Compensation-related expenses</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">61,242</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">55,186</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Sales allowances</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">23,277</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">17,569</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Other expenses</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">50,754</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">18,096</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; margin-left: 12pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total accrued expenses</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">175,586</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">167,129</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div> <div> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">(C) Other Current Liabilities</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">Other current liabilities at <span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">March 31, 2024</span> and <span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">2023</span> consisted of the following (in thousands):</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; text-transform: none; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <br/> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Deferred revenue</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">4,168</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">12,444</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Income tax payable</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">10,469</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">542</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">1,417</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">2,090</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="text-align: left; margin-left: 12pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total other current liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">16,054</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">15,076</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

<div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">Other current assets at <span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">March 31, 2024</span> and <span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">2023</span> consisted of the following (in thousands):</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; text-transform: none; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Prepaid expenses</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">55,096</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">60,827</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Trade receivables, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">53,545</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">30,379</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Restricted cash</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">5,367</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">5,011</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Inventory</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">35,251</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">2,761</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Income tax receivable</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">1,827</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">2,356</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom">Interest receivable<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">27,441</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">4,909</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">17,595</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">15,531</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="text-align: left; margin-left: 12pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Total other current assets</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">196,122</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom"> <div style="font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">121,774</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

55096000

60827000

53545000

30379000

5367000

5011000

35251000

2761000

1827000

2356000

27441000

4909000

17595000 15531000

196122000

121774000

<div style="display:none;"><br/></div> <div style="text-indent: 27pt;"> <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> Accrued expenses at March 31, 2024 and 2023 consisted of the following (in thousands): </span> </div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: #212529; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Research and development expenses</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">40,313</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">76,278</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Compensation-related expenses</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">61,242</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">55,186</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Sales allowances</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">23,277</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">17,569</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Other expenses</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">50,754</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">18,096</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; margin-left: 12pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total accrued expenses</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">175,586</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">167,129</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div>

40313000 76278000

61242000

55186000

23277000 17569000

50754000

18096000

175586000

167129000

4168000

12444000

10469000

542000

1417000

2090000

16054000

15076000

<div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 8—Long-Term Debt<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; background-color: rgb(255, 255, 255);">Dermavant</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold; background-color: rgb(255, 255, 255);">Funding Agreement with NovaQuest</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255);">In connection with Dermavant’s acquisition of tapinarof from GSK pursuant to an asset purchase agreement (the “GSK Agreement”), Dermavant and NovaQuest Co-Investment Fund VIII, L.P. (“NovaQuest”) entered into a funding agreement (the “NovaQuest Agreement”). Pursuant to the NovaQuest Agreement, Dermavant borrowed $100.0 million in August 2018 and $17.5 million in October 2018.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255);">In exchange for the $117.5 million in total funding from NovaQuest, Dermavant agreed to make fixed payments to NovaQuest under the NovaQuest Agreement upon regulatory approval of tapinarof. For each of the atopic dermatitis and psoriasis indications, Dermavant is required to make quarterly payments to NovaQuest totaling $176.3 million per indication over a six-year period following regulatory approval of tapinarof for the applicable indication in the U.S. In the event that Dermavant receives regulatory approval for one indication, and Dermavant terminates the development of the other indication for any reason other than a Technical Failure (as defined below), then Dermavant will be required to make the above-referenced quarterly payments to NovaQuest up to $440.6 million over a 15-year period for the approved indication, which are referred to as 15-year Payments. A Technical Failure is deemed to occur for an indication if the development program for such indication is terminated due to (1) significant safety concerns, (2) material adverse developments or (3) the receipt by Dermavant of a complete response letter or a final non-approval letter from the FDA is expected to result in significant delay or cost to reach commercialization for the applicable indication. In addition, Dermavant is required to make up to $141.0 million in payments to NovaQuest upon achievement of certain commercial milestones. In the event that Dermavant is required to start making 15-year Payments, then Dermavant has the right to offset such amounts by up to $88.1 million of the commercial milestone payments, with such offset being applied to the quarterly payments in reverse chronological order (such that the final quarterly payments owed will be used first to offset the commercial milestone payments). The NovaQuest Agreement does not contain any royalty payment requirements on commercialization of tapinarof. Upon receiving FDA approval for the psoriasis indication, Dermavant made its first quarterly payment of $7.3 million under the NovaQuest Agreement in May 2022 and has made cumulative quarterly payments totaling $58.8 million as of March 31, 2024. </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255);">At issuance, the Company concluded that certain features of the long-term debt would be considered derivatives that would require bifurcation. In lieu of bifurcating various features in the agreement, the Company has elected the fair value option for this financial instrument and records the changes in the fair value within the consolidated statements of operations at the end of each reporting period. Direct costs and fees related to the debt issued under the NovaQuest Agreement were recognized in earnings. As of March 31, 2024 and 2023, the fair value of the debt was $210.4 million and $207.6 million, respectively. Refer to Note 16, “Fair Value Measurements” for additional details regarding the fair value measurement.</div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255);"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255);">The NovaQuest Agreement, Credit Facility (as defined below), and RIPSA (as defined below) were amended in May 2024. Refer to Note 18, “Subsequent Events” for details regarding the amendments. The below table was adjusted to reflect the amendment to the NovaQuest Agreement.<br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">The carrying balance of the debt issued to NovaQuest was as follows (in thousands):</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; text-transform: none; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Fair value of long-term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">210,371</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">207,640</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Less: current portion</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(6,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(26,940</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total long-term debt, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">204,371</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">180,700</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div> <br/> </div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Credit Facility with XYQ Luxco</div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">In May 2021, Dermavant and certain of its subsidiaries entered into a $40.0 million senior secured credit facility (the “Credit Facility”) with XYQ Luxco S.A.R.L (“XYQ Luxco”), as lender, and U.S. Bank National Association, as collateral agent. The Credit Facility has a five-year maturity and bears an interest rate of 10.0% per annum. Interest is payable quarterly in arrears on the last day of each calendar quarter through the maturity date. A lump sum principal payment is due on the maturity date. Dermavant is also obligated to pay an exit fee of <span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$5.0 million</span>. 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 <span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">March 31, 2024</span>. 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.</div> <div><br class="Apple-interchange-newline"/></div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; text-indent: 27pt;">Outstanding debt obligations to XYQ Luxco were as follows (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Principal amount</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">40,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">40,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Exit fee </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Less: unamortized discount and debt issuance costs</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(7,514</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(10,170</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total debt, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">37,486</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">34,830</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Less: current portion</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total long-term debt, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">37,486</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">34,830</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="color: #212529; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: #212529; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; text-indent: 27pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The NovaQuest Agreement, Credit Facility, and RIPSA (as defined below) were amended in May 2024. Refer to Note 18, “Subsequent Events” for details regarding the amendments. The below table was adjusted to reflect the amendment to the Credit Facility.<br/> </span> </div> <div style="color: #212529; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Annual maturities, including the exit fee, of outstanding debt obligations to XYQ Luxco as of March 31, 2024 are as follows (in thousands):</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Years Ending March 31,</div> </td> <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;">2025</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;">2026</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;">2027</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;">2028</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;">2029</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">45,000</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Thereafter</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Total</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">45,000</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold;">Revenue Interest Purchase and Sale Agreement</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">In May 2021, Dermavant, as seller, entered into a $160.0 million revenue interest purchase and sale agreement (the “RIPSA”) for its investigational product tapinarof with XYQ Luxco, NovaQuest Co-Investment Fund XVII, L.P., an affiliate of NovaQuest Capital Management, LLC, and MAM Tapir Lender, LLC, an affiliate of Marathon Asset Management, L.P., together with U.S. Bank National Association, as collateral agent. Under the terms of the RIPSA, Dermavant is obligated to pay royalties based on a capped single-digit revenue interest in net sales of tapinarof for all dermatological indications in the U.S., up to a cap of $344.0 million, in exchange for the $160.0 million in committed funding, which was paid to Dermavant in June 2022 following the approval of tapinarof by the FDA.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">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.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: left; text-indent: 27pt; text-transform: none;">The NovaQuest Agreement, Credit Facility, and RIPSA were amended in May 2024. Refer to Note 18, “Subsequent Events” for details regarding the amendments. The below table was adjusted to reflect the amendment to the RIPSA.<br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">The RIPSA carrying balance was as follows (in thousands):</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; text-transform: none; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <span style="font-weight: bold;">March 31, 2023</span></td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Carrying balance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">198,810</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">178,571</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Less: unamortized issuance costs</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(4,076</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(4,806</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total debt, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">194,734</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">173,765</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Less: current portion</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(6,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(13,780</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total long-term debt, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">188,734</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">159,985</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

100000000

17500000

117500000

quarterly

176300000

P6Y

440600000

P15Y

141000000

P15Y

88100000 7300000

quarterly

58800000

210400000

207600000

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 27pt; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;">The carrying balance of the debt issued to NovaQuest was as follows (in thousands):</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; text-transform: none; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Fair value of long-term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">210,371</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">207,640</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Less: current portion</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(6,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(26,940</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total long-term debt, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">204,371</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">$</span></div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">180,700</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

210371000

207640000

6000000

26940000

204371000

180700000

40000000

P5Y

0.10

5000000

4000000

1199072

0.01

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-align: left; text-indent: 27pt;">Outstanding debt obligations to XYQ Luxco were as follows (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Principal amount</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">40,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">40,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Exit fee </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Less: unamortized discount and debt issuance costs</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(7,514</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(10,170</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total debt, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">37,486</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">34,830</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Less: current portion</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total long-term debt, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">37,486</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">34,830</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

40000000

5000000 5000000

7514000

10170000

37486000

34830000

37486000

34830000

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Annual maturities, including the exit fee, of outstanding debt obligations to XYQ Luxco as of March 31, 2024 are as follows (in thousands):</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Years Ending March 31,</div> </td> <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;">2025</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;">2026</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;">2027</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;">2028</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;">2029</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">45,000</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Thereafter</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Total</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">45,000</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

45000000

45000000 160000000 344000000 160000000

198810000

178571000

4076000

4806000

194734000

173765000

6000000

13780000

188734000

159985000

4243005 5

114600000

114561000 114561000

<div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 10—Shareholders’ Equity</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;"><br/> </span> </div> <div><span style="font-weight: bold;"> </span></div> <div><span style="color: rgb(33, 37, 41); font-weight: bold; background-color: rgb(255, 255, 255); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(A)</span><span style="background-color: rgb(255, 255, 255); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> At-the-Market Equity Offering Program</span></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;"><br/> </div> <div style="display:none;"><br/></div> <div style="background-color: rgb(255, 255, 255); letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-transform: none; text-indent: 27pt;">On September 19, 2022, the Company entered into a sales agreement with Cowen and Company, LLC (“Cowen”) to sell its common shares having an aggregate offering price of up to $400.0 million from time to time through an “at-the-market” equity offering program under which Cowen acts as the Company’s agent (the “ATM Facility”).</div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-transform: none; text-indent: 27pt;">As of <span style="font-size: 10pt; color: rgb(0, 0, 0);">March 31, 2024</span>, the Company had $400.0 million of remaining capacity available under the ATM Facility.</div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; background-color: rgb(255, 255, 255);">(B) Underwritten Public Offerings of Common Shares</div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;"><br/> </div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-transform: none; text-indent: 27pt;">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.</div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-transform: none; text-indent: 27pt;">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.</div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: left; text-transform: none;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; background-color: rgb(255, 255, 255);">(C) Common Share Purchase and Share Agreements </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; background-color: rgb(255, 255, 255);"> <br/> </div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-transform: none; text-indent: 27pt;">In September 2023, the Company entered into common share purchase and sale agreements with certain institutional investors, pursuant to which the Company sold an aggregate of 19,600,685 of its common shares at a purchase price of $10.21 per share. Net proceeds to the Company were approximately $199.8 million after deducting offering expenses.<br/> </div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: left; text-transform: none;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; background-color: rgb(255, 255, 255);">(D) Disposal of Cytovant</div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;"><br/> </div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-transform: none; text-indent: 27pt;">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 <span style="font-size: 10pt; color: rgb(0, 0, 0);">year ended March 31, 2023</span><span style="font-size: 10pt;">.</span></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; background-color: rgb(255, 255, 255);">(E) Consolidated Vant Equity Transactions</div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold; background-color: rgb(255, 255, 255);">Immunovant</div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold;"><br/> </div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-transform: none; text-indent: 27pt;"><span style="font-family: 'Times New Roman';">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</span>.</div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: left; text-transform: none;"> <br/> </div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-transform: none; text-indent: 27pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">In October 2023, the Company’s subsidiary, Immunovant, Inc., completed an underwritten public offering of 8,475,500 shares of its common stock (including 1,526,316 shares of common stock purchased by the Company on the same terms as other investors in the offering and the full exercise of the underwriters’ option to purchase 1,105,500 additional shares of common stock) at a price to the public of $38.00 per share. Concurrent with the public offering, the Company purchased 4,473,684 shares of Immunovant’s common stock in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended, at the same price per share as investors in the public offering of $38.00 per share. The net proceeds to Immunovant were approximately $466.7 million after deducting underwriting discounts and commissions, placement agent fees and offering expenses. The Company’s equity ownership interest in Immunovant is approximately 55% as of March 31, 2024, and the Company continues to consolidate Immunovant.</span><br/> </div>

400000000 400000000

30000000

20000000

10000000

94700000

30666665

3999999

7.5

216900000

19600685

10.21

199800000

16800000

12500000

416667

70200000

8475500

1526316 1105500

4473684

466700000 0.55

<div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 11—Share-Based Compensation</div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">(A) RSL Equity Incentive Plans</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">RSL has three equity incentive plans: the Roivant Sciences Ltd. 2021 Equity Incentive Plan (the “RSL 2021 EIP”), the Roivant Sciences Ltd. Amended and Restated 2015 Equity Incentive Plan (the “RSL 2015 EIP”), and the Roivant Sciences Ltd. Amended and Restated 2015 Restricted Stock Unit Plan (the “2015R Plan”) (collectively, the “RSL Equity Plans”). The RSL 2021 EIP was approved and adopted in connection with the Business Combination and became effective immediately prior to closing. Since the effective date of the RSL 2021 EIP, no further stock awards have been or will be made under the RSL 2015 EIP. Additionally, no further stock awards will be made under the 2015R Plan. As of March 31, 2024, 142,055,968 of the Company’s common shares were reserved for issuance under the RSL 2021 EIP. The number of common shares reserved for issuance under the RSL 2021 EIP will automatically increase on April 1 of each year by an amount equal to the lesser of (i) 5% of the common shares outstanding as of the last day of the immediately preceding fiscal year and (ii) such number of common shares as determined by the board of directors in its discretion. Prior to April 1, 2024, the board of directors resolved not to increase the number of common shares reserved for issuance under the RSL 2021 EIP on April 1, 2024, but instead to defer until later this fiscal year the decision as to whether to increase the reserve by up to 5% of the common shares outstanding as of the March 31, 2024. The RSL 2021 EIP has a ten-year term. The Company’s employees, directors, and consultants are eligible to receive incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock awards under the RSL 2021 EIP. At March 31, 2024, a total of 42,725,086 common shares were available for future grants under the RSL 2021 EIP.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(33, 37, 41); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Stock Options and Performance Stock Options</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Activity for stock options and performance stock options under the RSL Equity Plans for the year ended March 31, 2024 was as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Number of<br/> Options</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Weighted<br/> Average Exercise<br/> Price</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Weighted<br/> Average<br/> Remaining<br/> Contractual Life<br/> (in years)</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Aggregate<br/> Intrinsic Value<br/> (in thousands)</div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Options outstanding at March 31, <span style="text-indent: 0pt;">2023</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">154,271,791</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">7.75</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6.70</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">280,171</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4,525,962</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">8.89</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Exercised</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(11,124,901</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4.31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Forfeited/Canceled</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(604,245</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">11.17</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Options outstanding at March 31, <span style="text-indent: 0pt;">2024</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">147,068,607</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">8.03</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5.70</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">499,487</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Options exercisable at March 31, <span style="text-indent: 0pt;">2024</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">97,162,627</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">9.50</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4.60</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">228,479</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="color: #212529; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="color: rgb(33, 37, 41);">The </span>aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable options and the fair value of the Company’s common stock at March 31, 2024. At March 31, 2024, total unrecognized compensation expense related to non-vested stock options was approximately $156.9 million and is expected to be recognized over a weighted-average period of approximately 2.01 years. All performance stock options have been fully expensed as of March 31, 2024.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes closed form option-pricing model applying the weighted average assumptions in the following table. No performance stock options were granted during the years ended March 31, 2024 and 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Assumptions</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2023<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Expected stock price volatility</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">72.22</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">85.95</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Expected risk free interest rate</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3.72</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">2.89</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Expected term, in years</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6.21</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6.25</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Expected dividend yield</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Additional information regarding stock options and performance stock options is set forth below (in thousands, except per share data).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2024<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2023<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Intrinsic value of options exercised</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">68,673</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">972</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Grant date fair value of options vested</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">157,359</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">165,702</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Weighted-average grant date fair value per share of stock options granted</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5.98</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">2.86</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(33, 37, 41); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Restricted Stock Units and Performance Stock Units</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Activity for restricted stock units and performance stock units under the RSL Equity Plans for the year ended March 31, 2024 was as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Number of Restricted<br/> Stock Units</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Weighted Average<br/> Grant Date Fair<br/> Value</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-vested balance at March 31, <span style="text-indent: 0pt;">2023</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">20,700,788</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">8.30</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4,337,108</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">9.15</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Vested</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(6,839,501</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">7.18</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Forfeited</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1,420,184</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">7.58</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-vested balance at March 31, <span style="text-indent: 0pt;">2024</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">16,778,211</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">9.04</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The total fair value of restricted stock units and performance stock units vested during the years ended March 31, 2024 and 2023 was $49.1 million and $67.6 million, respectively. Restricted stock units vest upon the achievement of time-based service requirements. The vesting of performance stock units requires that certain performance conditions are achieved during the performance period and is subject to continued service requirements.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">At March 31, 2024, total unrecognized compensation expense related to non-vested restricted stock units and performance stock units was approximately $119.9 million. Unrecognized compensation expense relating to restricted stock units and performance stock units that are deemed probable of vesting is expected to be recognized over a weighted-average period of approximately 2.23 years.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <div style="color: rgb(33, 37, 41); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Capped Value Appreciation Rights</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(33, 37, 41); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="text-decoration: underline;">March 2020 CVAR Grants</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 27pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Activity for capped value appreciation rights (“CVARs”) under the RSL 2015 EIP for the year ended March 31, 2024 was as follows: </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Number of CVARs</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Weighted Average<br/> Grant Date Fair<br/> Value</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-service-vested CVARs balance at March 31, <span style="text-indent: 0pt;">2023</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,815,441</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1.19</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Service-vested</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1,775,667</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1.20</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Forfeited</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(39,774</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">0.40</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-service-vested CVARs balance at March 31, <span style="text-indent: 0pt;">2024</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div><br/> </div> <div style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: justify;">The CVARs granted in March 2020 pay at settlement the excess in shares of (a) the lesser of (i) the fair market value of a common share as of the settlement date or (ii) the cap of $12.68, over (b) the hurdle price of either $6.40 or $11.50, as applicable to each grant. <span style="color: rgb(0, 0, 0); font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">For CVARs with the lower hurdle price of $6.40, in the event the fair market value of a common share is greater than $6.40 per share but less than $9.20 per share as of the relevant date of determination (the “Knock-In Condition”), this award of CVARs will remain outstanding unless and until the knock-in condition is satisfied as of any applicable monthly measurement date thereafter before the expiration date of the CVARs. In</span> 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.</div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <br/></div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">As of <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">March 31, 2024</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> and </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">2023</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">, </span>31,972,222<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> and 30,196,555 CVARs, respectively, had met the service-vesting requirement. During the year ended March 31, 2024, 14,482,570 service-vested CVARs satisfied their applicable hurdle price and the knock-in condition, if relevant, on the applicable measurement date, and as a result, 5,366,815 common shares were issued upon their settlement.</span> All other CVARs granted in March 2020 that remain outstanding have met the service vesting condition as of March 31, 2024 but have not satisfied their applicable hurdle price on an applicable hurdle measurement date.<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> The total fair value of CVARs that service-vested during the years ended March 31, 2024 and 2023 was </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">$2.1 million</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> and </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">$16.7 million</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">, respectively. All March 2020 CVARs have been fully expensed as of March 31, 2024</span>.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(33, 37, 41); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="text-decoration: underline;">November 2021 CVAR Grants</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Activity for CVARs under the RSL 2021 EIP for the year ended March 31, 2024 was as follows:</div> <div><br/></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Number of CVARs</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Weighted Average<br/> Grant Date Fair<br/> Value</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-vested balance at March 31, <span style="text-indent: 0pt;">2023</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,222,645</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4.89</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">Vested<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(1,247,737</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">4.98</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Forfeited</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(192,830</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4.32</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-vested balance at March 31, <span style="text-indent: 0pt;">2024</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,782,078</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4.89</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: #212529; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The total fair value of CVARs that vested during the years ended March 31, 2024 and 2023 was $6.2 million and $13.0 million, respectively. During the year ended March 31, 2024, 1,247,737 common shares were issued upon their settlement.</span> </div> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: #212529; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">At March 31, 2024, total unrecognized compensation expense related to non-vested CVARs was approximately $1.3 million and is expected to be recognized over a weighted-average period of approximately 1.12 years.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold;"><span style="font-family: 'Times New Roman';">Separation Agreement with former Chairman</span><br/> <br/> </div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-indent: 27pt; text-transform: none;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">(B) Employee Stock Purchase Plan</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-indent: 27pt; text-transform: none;">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.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-indent: 27pt; text-transform: none;">During the years ended March 31, 2024 and 2023, 140,227 and 111,519 common shares were purchased and issued under the RSL ESPP, respectively. Share-based compensation expense recorded was approximately $0.5 million and $0.3 million for the years ended March 31, 2024 and 2023, respectively<span style="font-size: 10pt; font-family: 'Times New Roman';">.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">(C) Subsidiary Equity Incentive Plans</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Certain subsidiaries of RSL adopt their own equity incentive plan (“EIP”). Each EIP is generally structured so that the applicable subsidiary, and its affiliates’ employees, directors, officers and consultants are eligible to receive non-qualified and incentive stock options, stock appreciation rights, restricted share awards, restricted stock unit awards, and other share awards under their respective EIP. The Company recorded share-based compensation expense of $67.0 million and $49.0 million for the years ended March 31, 2024 and 2023, respectively, related to subsidiary EIPs. At March 31, 2024, total unrecognized compensation expense related to subsidiary equity was approximately $119.9 million.</div>

142055968

P10Y

42725086

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Activity for stock options and performance stock options under the RSL Equity Plans for the year ended March 31, 2024 was as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Number of<br/> Options</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Weighted<br/> Average Exercise<br/> Price</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Weighted<br/> Average<br/> Remaining<br/> Contractual Life<br/> (in years)</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Aggregate<br/> Intrinsic Value<br/> (in thousands)</div> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Options outstanding at March 31, <span style="text-indent: 0pt;">2023</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">154,271,791</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">7.75</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6.70</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">280,171</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4,525,962</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">8.89</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Exercised</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(11,124,901</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4.31</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Forfeited/Canceled</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(604,245</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">11.17</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Options outstanding at March 31, <span style="text-indent: 0pt;">2024</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">147,068,607</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">8.03</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5.70</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">499,487</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Options exercisable at March 31, <span style="text-indent: 0pt;">2024</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">97,162,627</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">9.50</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4.60</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">228,479</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

154271791

7.75

P6Y8M12D

280171000

4525962

8.89

11124901

4.31

604245

11.17

147068607

8.03

P5Y8M12D

499487000

97162627

9.5

P4Y7M6D

228479000

156900000

P2Y3D

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes closed form option-pricing model applying the weighted average assumptions in the following table. No performance stock options were granted during the years ended March 31, 2024 and 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Assumptions</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2023<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Expected stock price volatility</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">72.22</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">85.95</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Expected risk free interest rate</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3.72</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">2.89</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Expected term, in years</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6.21</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6.25</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Expected dividend yield</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> </tr> </table>

0.7222

0.8595

0.0372

0.0289

P6Y2M15D

P6Y3M

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Additional information regarding stock options and performance stock options is set forth below (in thousands, except per share data).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2024<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2023<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Intrinsic value of options exercised</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">68,673</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">972</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Grant date fair value of options vested</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">157,359</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">165,702</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Weighted-average grant date fair value per share of stock options granted</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5.98</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">2.86</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 68673000 972000

157359000

165702000

5.98 2.86 <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Activity for restricted stock units and performance stock units under the RSL Equity Plans for the year ended March 31, 2024 was as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Number of Restricted<br/> Stock Units</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Weighted Average<br/> Grant Date Fair<br/> Value</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-vested balance at March 31, <span style="text-indent: 0pt;">2023</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">20,700,788</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">8.30</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4,337,108</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">9.15</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Vested</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(6,839,501</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">7.18</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Forfeited</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1,420,184</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">7.58</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-vested balance at March 31, <span style="text-indent: 0pt;">2024</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">16,778,211</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">9.04</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

20700788

8.3

4337108

9.15

6839501

7.18

1420184

7.58

16778211

9.04

49100000

67600000

119900000

P2Y2M23D

<div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 27pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Activity for capped value appreciation rights (“CVARs”) under the RSL 2015 EIP for the year ended March 31, 2024 was as follows: </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Number of CVARs</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Weighted Average<br/> Grant Date Fair<br/> Value</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-service-vested CVARs balance at March 31, <span style="text-indent: 0pt;">2023</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,815,441</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1.19</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Service-vested</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1,775,667</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1.20</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Forfeited</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(39,774</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">0.40</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-service-vested CVARs balance at March 31, <span style="text-indent: 0pt;">2024</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

1815441

1.19

1775667

1.2

39774

0.4

31972222 30196555 14482570

5366815

2100000

16700000

6317350

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Activity for CVARs under the RSL 2021 EIP for the year ended March 31, 2024 was as follows:</div> <div><br/></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Number of CVARs</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Weighted Average<br/> Grant Date Fair<br/> Value</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-vested balance at March 31, <span style="text-indent: 0pt;">2023</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,222,645</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4.89</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Granted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">Vested<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(1,247,737</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">4.98</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Forfeited</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(192,830</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4.32</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Non-vested balance at March 31, <span style="text-indent: 0pt;">2024</span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,782,078</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4.89</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

3222645

4.89

1247737

4.98

192830

4.32

1782078

4.89

6200000

13000000

1247737

1300000

P1Y1M13D

20800000 0.85 0.15 25000

140227

111519

500000

300000

67000000

49000000

119900000

<div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 12—Income Taxes<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">income/(loss) before income taxes and the related expense (benefit) are as follows (in thousands):</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Income (loss) before income taxes:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Bermuda<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,181,194</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(48,547</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">United States</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(231,938</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(444,407</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Switzerland</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(696,341</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(728,124</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">515</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(3,756</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); margin-left: 18pt;">Total income (loss) from continuing operations before income taxes</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4,253,430</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1,224,834</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 24.5pt; vertical-align: top;"><sup style="color: rgb(33, 37, 41); vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(33, 37, 41); text-align: justify;">Primarily entities which are centrally managed and controlled in the U.K. and are subject to U.K. taxes.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Current taxes:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(33, 37, 41); margin-left: 9pt;">Bermuda</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="color: rgb(33, 37, 41); margin-left: 9pt;">United States</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">22,534</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,312</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(33, 37, 41); margin-left: 9pt;">Switzerland</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(33, 37, 41); margin-left: 9pt;">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(310</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(122</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(33, 37, 41);">Total current tax expense</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">22,224</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,190</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Deferred taxes:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Bermuda</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">United States</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Switzerland</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(33, 37, 41);">Total deferred tax benefit</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(33, 37, 41);">Total income tax expense</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">22,224</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,190</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="text-indent: 24.5pt; color: #212529; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">A reconciliation of income tax expense/(benefit) computed at the Bermuda statutory rate to income tax expense/(benefit) reflected in the consolidated financial statements is as follows (in thousands, except percentages):<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center;" valign="bottom"> Year Ended</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center;" valign="bottom"> Year Ended</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Income tax expense/(benefit) at Bermuda statutory tax rate<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> </tr> <tr> <td style="vertical-align: top; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Foreign rate differential<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,155,668</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">27.17</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(208,440</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">17.02</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Permanent disallowed IPR&D</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">17,714</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1.45</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td style="vertical-align: top; font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 52%;" valign="bottom"> <div> <div style="text-align: left;">Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments</div> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">15,431</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">0.36</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4,118</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.34</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left;">Substantial shareholding exemption<br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(1,337,102</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(31.44</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)%</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> </tr> <tr> <td style="vertical-align: top; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Nondeductible executive compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">19,727</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">0.46</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">20,558</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1.68</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(33, 37, 41);">Tax deficiencies (excess tax benefits) from stock-based compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(21,668</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.51</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,311</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.27</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Other permanent adjustments</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">40,544</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">0.95</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">10,936</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.89</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Research tax credits</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(24,664</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.58</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(14,487</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1.18</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">87,550</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">2.06</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">157,197</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(12.83</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left;">Reversal of certain deferred tax assets<sup>(2)</sup></div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">87,262</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2.06</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">11,630</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(0.95</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)%</td> </tr> <tr> <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(524</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.01</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">2,653</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.21</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total income tax expense</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">22,224</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">0.52</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,190</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.42</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="vertical-align: top; width: 24.5pt;"> <div style="text-align: left;"><sup style="color: #212529; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="text-align: justify;"><span style="color: rgb(33, 37, 41);">Primarily related to operations in the U.S., Switzerland, the U.K. and other jurisdictions with statutory tax rates different than the Bermuda rate.</span></div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 24.5pt;"> <div style="text-align: left;"><sup>(2)</sup></div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div>Primarily relates to deferred tax assets associated with entities no longer included in the consolidated financial statements (i.e., sold, deconsolidated or liquidated).</div> </td> </tr> </table> </div> <div> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company’s effective tax rate for the years ended March 31, 2024 and 2023 was 0.52% and (0.42)%, respectively. The effective tax rate for the year ended March 31, 2024 is driven by the Company’s gain on sale of Telavant net assets, which qualifies for the substantial shareholding exemption in the U.K. and consequently is not subject to the corporation income tax, as well as earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets. The effective tax rate for the year ended March 31, 2023 is driven by the earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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. <span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">Significant components of the deferred tax assets (liabilities) at March 31, 2024 and 2023 are as follows (in thousands):</span></div> <div><br/></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Deferred tax assets</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Research tax credits</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">45,291</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">37,559</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Intangible assets</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">50,054</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">52,857</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 9pt;">Capitalized research and development</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">32,124</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">37,252</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Net operating loss</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">519,046</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">422,613</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Share-based compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">105,458</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">105,343</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Lease liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">13,286</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">15,521</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Other assets</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">19,605</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">25,959</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(33, 37, 41);">Subtotal</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">784,864</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">697,104</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(766,820</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(674,517</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Deferred tax liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Depreciation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(775</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1,798</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Right-of-use assets</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(10,992</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(12,959</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Other liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(6,277</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(7,830</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total deferred tax assets/(liabilities)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company has net operating losses in Switzerland, the U.S. and the U.K. in the amount of $3,439.0 million, $139.7 million, and $162.6 million, respectively. The Switzerland net operating losses will expire in varying amounts between March 31, 2025 and March 31, 2031. The U.S. net operating losses can be carried forward indefinitely with utilization limited to 80% of future taxable income for tax years beginning on or after January 1, 2021, while the U.K. and other net operating losses can be carried forward indefinitely as well, with an annual limitation on utilization. The Company has generated $45.3 million of research tax credit carryforwards primarily in the U.S. and Canada, which will expire in varying amounts between March 31, 2039 and March 31, 2044.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company assesses the realizability of the deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and record a valuation allowance as necessary. Due to the Company’s cumulative loss position which provides significant negative evidence difficult to overcome, the Company has recorded a valuation allowance of $766.8 million as of March 31, 2024, representing the portion of the deferred tax asset that is not more likely than not to be realized. For the period April 1, 2023 through March 31, 2024, the valuation allowance increased by $92.3 million, primarily as a result of corresponding increases in our global net operating losses. The amount of the deferred tax asset considered realizable could be adjusted for future factors that would impact the assessment of the objective and subjective evidence of the Company. The Company will continue to assess the realizability of deferred tax assets at each balance sheet date in order to determine the amount, if any, required for a valuation allowance.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">There are outside basis differences related to the Company’s investment in subsidiaries for which no deferred taxes have been recorded as these would not be subject to tax on repatriation as Bermuda has no tax regime for Bermuda exempted limited companies, and the U.K. tax regime relating to company distributions and sales generally provides for exemption from tax for most overseas profits, subject to certain exceptions.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company is subject to tax and is required to file U.S., U.K., and Switzerland federal income tax returns, as well as income tax returns in various state, local, and foreign jurisdictions. The Company is subject to tax examinations for tax years ended March 31, 2019 and forward in major taxing jurisdictions. Tax audits and examinations can involve complex issues, interpretations, and judgments. The resolution of matters may span multiple years particularly if subject to litigation or negotiation. The Company believes it has appropriately recorded its tax position using reasonable estimates and assumptions, however, the potential tax benefits may impact the results of operations or cash flows in the period of resolution, settlement or when the statutes of limitations expire.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;"><span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The Company’s unrecognized tax benefit activity during the years ended March 31, 2024 and March 31, 2023 were not material to the Company’s consolidated financial statements. No interest and penalties related to unrecognized tax benefits were recorded as of March 31, 2024 or March 31, 2023</span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">.</span></div>

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">income/(loss) before income taxes and the related expense (benefit) are as follows (in thousands):</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Income (loss) before income taxes:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Bermuda<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,181,194</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(48,547</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">United States</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(231,938</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(444,407</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Switzerland</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(696,341</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(728,124</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">515</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(3,756</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); margin-left: 18pt;">Total income (loss) from continuing operations before income taxes</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4,253,430</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1,224,834</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 24.5pt; vertical-align: top;"><sup style="color: rgb(33, 37, 41); vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(33, 37, 41); text-align: justify;">Primarily entities which are centrally managed and controlled in the U.K. and are subject to U.K. taxes.</div> </td> </tr> </table>

5181194000

-48547000

-231938000

-444407000

-696341000

-728124000

515000

-3756000

4253430000

-1224834000

<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Current taxes:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(33, 37, 41); margin-left: 9pt;">Bermuda</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="color: rgb(33, 37, 41); margin-left: 9pt;">United States</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">22,534</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,312</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(33, 37, 41); margin-left: 9pt;">Switzerland</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(33, 37, 41); margin-left: 9pt;">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(310</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(122</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(33, 37, 41);">Total current tax expense</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">22,224</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,190</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Deferred taxes:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Bermuda</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">United States</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Switzerland</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(33, 37, 41);">Total deferred tax benefit</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 34.2pt; color: rgb(33, 37, 41);">Total income tax expense</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">22,224</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,190</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

22534000

5312000

-310000

-122000

22224000

5190000

22224000

5190000

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">A reconciliation of income tax expense/(benefit) computed at the Bermuda statutory rate to income tax expense/(benefit) reflected in the consolidated financial statements is as follows (in thousands, except percentages):<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td rowspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center;" valign="bottom"> Year Ended</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center;" valign="bottom"> Year Ended</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Income tax expense/(benefit) at Bermuda statutory tax rate<br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> </tr> <tr> <td style="vertical-align: top; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Foreign rate differential<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,155,668</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">27.17</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(208,440</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">17.02</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Permanent disallowed IPR&D</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">17,714</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1.45</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td style="vertical-align: top; font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 52%;" valign="bottom"> <div> <div style="text-align: left;">Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments</div> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">15,431</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">0.36</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4,118</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.34</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left;">Substantial shareholding exemption<br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(1,337,102</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(31.44</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)%</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> </tr> <tr> <td style="vertical-align: top; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Nondeductible executive compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">19,727</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">0.46</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">20,558</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1.68</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(33, 37, 41);">Tax deficiencies (excess tax benefits) from stock-based compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(21,668</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.51</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,311</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.27</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Other permanent adjustments</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">40,544</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">0.95</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">10,936</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.89</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Research tax credits</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(24,664</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.58</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(14,487</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1.18</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">87,550</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">2.06</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">157,197</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(12.83</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left;">Reversal of certain deferred tax assets<sup>(2)</sup></div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">87,262</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2.06</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">11,630</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(0.95</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)%</td> </tr> <tr> <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(524</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.01</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">2,653</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.21</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> <tr> <td style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total income tax expense</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">22,224</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">0.52</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,190</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(0.42</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)%</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="vertical-align: top; width: 24.5pt;"> <div style="text-align: left;"><sup style="color: #212529; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="text-align: justify;"><span style="color: rgb(33, 37, 41);">Primarily related to operations in the U.S., Switzerland, the U.K. and other jurisdictions with statutory tax rates different than the Bermuda rate.</span></div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 24.5pt;"> <div style="text-align: left;"><sup>(2)</sup></div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div>Primarily relates to deferred tax assets associated with entities no longer included in the consolidated financial statements (i.e., sold, deconsolidated or liquidated).</div> </td> </tr> </table> </div>

1155668000

0.2717

-208440000

0.1702

17714000

-0.0145

15431000 0.0036 4118000 -0.0034 -1337102000 -0.3144 0 0

19727000

0.0046

20558000

-0.0168

-21668000

-0.0051

3311000

-0.0027

40544000 0.0095 10936000 -0.0089

24664000

0.0058

14487000

-0.0118

87550000

0.0206

157197000

-0.1283

87262000 0.0206 11630000 -0.0095

-524000

-0.0001

2653000

-0.0021

22224000

0.0052

5190000

-0.0042

0.0052

-0.0042

<span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">Significant components of the deferred tax assets (liabilities) at March 31, 2024 and 2023 are as follows (in thousands):</span> <div><br/></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Deferred tax assets</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Research tax credits</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">45,291</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">37,559</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Intangible assets</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">50,054</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">52,857</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 9pt;">Capitalized research and development</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">32,124</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">37,252</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Net operating loss</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">519,046</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">422,613</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Share-based compensation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">105,458</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">105,343</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Lease liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">13,286</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">15,521</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Other assets</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">19,605</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">25,959</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(33, 37, 41);">Subtotal</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">784,864</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">697,104</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Valuation allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(766,820</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(674,517</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Deferred tax liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Depreciation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(775</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(1,798</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Right-of-use assets</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(10,992</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(12,959</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Other liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(6,277</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(7,830</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total deferred tax assets/(liabilities)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table>

45291000

37559000

50054000

52857000

32124000

37252000

519046000

422613000

105458000

105343000

13286000 15521000

19605000

25959000

784864000

697104000

766820000

674517000

775000 1798000 10992000 12959000

6277000

7830000

3439000000

139700000

162600000

2025-03-31

2031-03-31

0.80

45300000

2039-03-31

2044-03-31

766800000

92300000

<div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 13—Leases</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company’s operating leases consist primarily of real estate leases, including those entered into by certain wholly owned and majority-owned or controlled subsidiaries of RSL.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 9pt; text-align: justify;">The components of operating lease expense for the Company were as follows (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2024<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2023<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Operating lease cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">11,829</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">12,045</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Short-term lease cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">79</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,623</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Variable lease cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,193</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">2,151</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Total operating lease cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">13,101</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">15,819</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Information related to the Company’s operating lease right-of-use assets and lease liabilities was as follows (in thousands, except periods and percentages):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Year Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2023<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Cash paid for operating lease liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">13,010</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">13,109</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="color: rgb(33, 37, 41);">Operating lease right-of-use assets obtained in exchange for operating lease liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,790</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4,224</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">Weighted average remaining lease term (in years)<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">7.8</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">8.4</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom">Weighted average discount rate<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">7.4</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">%</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">7.9</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">%</td> </tr> </table> <div> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">As of March 31, 2024, maturities of operating lease liabilities were as follows (in thousands):</div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td rowspan="1" style="border-bottom: 2px solid; vertical-align: top; width: 86%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Years Ending March 31,</div> </td> <td colspan="1" rowspan="1" style="white-space: nowrap; text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 2px solid;" valign="bottom"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></td> <td colspan="1" rowspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">2025</span><br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">10,699</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">2026</span><br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">9,657</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">2027</span><br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">8,852</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">2028</span><br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">8,867</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">2029</span><br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">8,747</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Thereafter</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">28,565</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Total lease payments</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">75,387</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Less: present value adjustment</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(17,843</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Less: tenant improvement allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(386</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Total lease liabilities<br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">57,158</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 9pt; text-align: justify;">The components of operating lease expense for the Company were as follows (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Years Ended March 31,</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2024<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> 2023<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Operating lease cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">11,829</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">12,045</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Short-term lease cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">79</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,623</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Variable lease cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,193</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">2,151</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(33, 37, 41);">Total operating lease cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">13,101</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">15,819</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

11829000

12045000

79000

1623000

1193000

2151000

13101000 15819000 <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Information related to the Company’s operating lease right-of-use assets and lease liabilities was as follows (in thousands, except periods and percentages):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Year Ended March 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2023<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Cash paid for operating lease liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">13,010</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">13,109</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="color: rgb(33, 37, 41);">Operating lease right-of-use assets obtained in exchange for operating lease liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,790</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">4,224</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">Weighted average remaining lease term (in years)<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">7.8</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">8.4</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom">Weighted average discount rate<br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">7.4</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">%</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">7.9</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">%</td> </tr> </table>

13010000

13109000

1790000

4224000

P7Y9M18D

P8Y4M24D

0.074

0.079

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">As of March 31, 2024, maturities of operating lease liabilities were as follows (in thousands):</div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td rowspan="1" style="border-bottom: 2px solid; vertical-align: top; width: 86%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Years Ending March 31,</div> </td> <td colspan="1" rowspan="1" style="white-space: nowrap; text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 2px solid;" valign="bottom"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></td> <td colspan="1" rowspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">2025</span><br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">10,699</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">2026</span><br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">9,657</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">2027</span><br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">8,852</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">2028</span><br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">8,867</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">2029</span><br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">8,747</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Thereafter</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">28,565</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Total lease payments</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">75,387</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 86%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Less: present value adjustment</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(17,843</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Less: tenant improvement allowance</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(386</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 86%; padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Total lease liabilities<br/> </span></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.73%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">57,158</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

10699000

9657000

8852000

8867000

8747000

28565000

75387000

17843000 386000

57158000

<div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 14—Commitments and Contingencies</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(A) Commitments</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: #212529; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Long-Term Debt</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company is obligated to make contractual payments related to its long-term debt. Refer to Note 8, “Long-Term Debt” and Note 18, “Subsequent Events” for further information.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: #212529; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Lease Commitments</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company has leases, consisting primarily of real estate leases. Refer to Note 13, “Leases” for further information.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(33, 37, 41); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-variant: normal; text-transform: none;">Other Commitments</div> <div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 27pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company has entered into commitments under various asset acquisition and license agreements. </span>Potential material future milestone payments as of March 31, 2024 pursuant to certain key asset acquisition and license agreements are as follows: </div> <div style="text-align: justify;"> <br/> </div> <div style="display:none;"><br/></div> <div style="text-indent: 0pt;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 9pt;"> <div><br/> </div> </td> <td style="width: 18pt; vertical-align: top; text-align: left;">•</td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">VTAMA/tapinarof (Dermavant):</span> up to CAD$75.0 million in remaining commercial milestones to Welichem Biotech Inc., with CAD$35.0 million payable upon VTAMA first U.S. commercial sale for atopic dermatitis and the remainder payable as first commercial sales are achieved in various countries outside of the U.S. Additional milestones are owed to NovaQuest pursuant to the NovaQuest Agreement. Refer to Note 8, “Long-Term Debt” and Note 18, “Subsequent Events” for further information.</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 9pt;"> <div><br/> </div> </td> <td style="width: 18pt; vertical-align: top; text-align: left;"> • </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Anti-FcRn franchise (Immunovant):</span> up to a maximum of $420.0 million to HanAll Biopharma Co., Ltd. upon the achievement of certain development, regulatory and sales milestone events.</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 9pt;"> <div><br/> </div> </td> <td style="width: 18pt; vertical-align: top; text-align: left;"> • </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Brepocitinib (Priovant Therapeutics, Inc.): </span>mid tens-of-millions sales milestone payment to Pfizer if aggregate net sales in a given year exceed a mid-hundred-of-millions amount.</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 9pt;"> <div><br/> </div> </td> <td style="width: 18pt; vertical-align: top; text-align: left;"> • </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Namilumab (Kinevant Ltd.):</span> up to approximately $40 million to the prior shareholders of Izana Biosciences Limited upon the achievement of certain milestones.</div> </td> </tr> </table> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; color: #212529; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">Royalties are also due on net sales pursuant to these agreements. The Company has further commitments not reflected above relating to other asset acquisition and license agreements entered and expects to enter into additional asset acquisition and license agreements in the future, which may require upfront payments and long-term commitments of capital resources.</div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-indent: 27pt; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: justify; text-indent: 27pt; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Additionally, the Company enters into agreements with contract service providers to assist in the performance of its research and development activities. Expenditures to contract research organizations and contract manufacturing organizations represent significant costs in the clinical development of its product candidates. Subject to required notice periods and certain obligations under binding purchase orders, the Company can elect to discontinue the work under these agreements at any time. The Company expects to enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of capital resources.</span><br/> </div> <div style="color: #212529; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-style: normal; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">In conjunction with Dermavant’s entry into the GSK Agreement in 2018, Dermavant entered into a clinical supply agreement pursuant to which GSK would provide a supply of tapinarof and clinical product at an agreed upon price during the Company’s clinical trials. In April 2019, Dermavant entered into a commercial supply agreement with GSK to continue to provide certain quantities of tapinarof and commercial product at agreed upon minimum quantities and prices. The commercial supply agreement commenced in April 2022 upo<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">n completion of c</span>ertain quality and regulatory conditions. In July 2022, Dermavant and GSK amended the terms of the clinical supply and commercial supply agreements which released GSK of certain commitments to supply tapinarof and released Dermavant of certain commitments to purchase tapinarof in exchange for a supplementary fee. Other supply and purchase commitments under the agreements remain in effect. In addition, Dermavant and Thermo Fisher Scientific (“TFS”) entered into a Commercial Manufacturing and Supply Agreement for which TFS agreed to provide a supply of tapinarof to Dermavant at an agreed upon price. The agreements discussed above require Dermavant to purchase certain quantities of inventory over a period of five years. As of March 31, 2024, the remaining minimum purchase commitment related to these agreements was estimated to be approximately $33.3 million.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; text-align: justify;">In November 2021, the Company’s subsidiary, Immunovant, entered into a Product Service Agreement (“PSA”) with Samsung Biologics Co., Ltd. (“Samsung”) by which Samsung will manufacture and supply Immunovant with batoclimab drug substance for commercial sale and perform other manufacturing-related services with respect to batoclimab. Immunovant had the right to terminate the PSA with 30 days’ written notice to Samsung, exercisable no later than January 2024, in the event Immunovant decided to stop all development of, and all attempts to obtain regulatory approval for, batoclimab; subject to payment to Samsung of non-cancelable service fees and costs incurred by Samsung for all batches of batoclimab scheduled to be manufactured during the two-year period following such termination. Because efforts to develop and obtain regulatory approval for batoclimab remain ongoing, Immunovant did not exercise that early termination right and it has lapsed. As a result, Immunovant has an additional minimum obligation to purchase additional batches of batoclimab in the four-year period of 2026 through 2029. As of March 31, 2024, the remaining minimum purchase commitment related to this agreement was estimated to be approximately $46.2 million.</div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none; text-align: justify;"> <br/> </div> <div style="letter-spacing: normal; white-space: normal; word-spacing: 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: 400; text-align: left; text-transform: none;"><span style="font-style: italic; font-weight: bold;"> Cash Bonus Program</span><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">In December 2023, the Company approved a special one-time cash retention bonus award to its employees in the aggregate amount of $76.9 million (the “Cash Bonus Program”). In February 2024, the Company expanded this Cash Bonus Program to include an award to its Chief Financial Officer on similar terms as the other awards previously made to other employees. The Chief Financial Officer did not receive a payment from the Cash Bonus Program approved in December. This award to the Chief Financial Officer was in the aggregate amount of $2.8 million. During the year ended March 31, 2024, the Company recognized selling, general and administrative expense and research and development expense of $35.6 million and $9.9 million, respectively, relating to the Cash Bonus Program. The remaining portion of $31.0 million as of March 31, 2024 will be recognized over the applicable service period of the award.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(B) Loss Contingencies</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Acuitas Declaratory Judgment Action</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">In March 2022, Acuitas Therapeutics Inc. (“Acuitas”) filed a lawsuit in the U.S. District Court for the Southern District of New York (“SDNY”) against two of the Company’s affiliates, Genevant and Arbutus, seeking a declaratory judgment that certain patents held by Arbutus and licensed by Genevant are not infringed by the manufacture, use, offer for sale, sale or importation into the U.S. of COMIRNATY, Pfizer’s and BioNTech’s vaccine for COVID-19 and are otherwise invalid. On September 6, 2022, Acuitas filed a First Amended Complaint. In response, on October 4, 2022, Genevant and Arbutus filed a motion to dismiss the first amended complaint for lack of a controversy and supporting brief. Briefing on this motion was completed in mid-November. On August 4, 2023, Acuitas voluntarily dismissed the action in the SDNY and re-filed a complaint in the U.S. District Court for the District of New Jersey. On October 13, 2023, Genevant and Arbutus filed a motion to dismiss the re-filed compla<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">int. In May 2024, the court dismissed the complaint against Genevant and Arbutus. Acuitas may appeal the dismissal. Each of Genevant and Arbutus intends to continue to vigorously defend the case, to the extent Acuitas pursues an appeal.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(C) Indemnification Agreements</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The Company is a party to a number of agreements entered into in the ordinary course of business that contain typical provisions that obligate the Company to indemnify the other parties to such agreements upon the occurrence of certain events. The aggregate maximum potential future liability of the Company under such indemnification provisions is uncertain. The Company also indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits. The maximum amount of potential future indemnification is unlimited; however, the Company currently maintains director and officer liability insurance, which may cover certain liabilities arising from the Company’s obligation to indemnify its directors and officers. To date, the Company has not incurred any material costs related to these indemnification obligations and has not accrued any liabilities related to such obligations in the consolidated financial statements as of March 31, 2024 and 2023.</div>

75000000 35000000 420000000 40000000

P5Y

33300000 P30D P4Y 46200000

76900000

2800000

35600000

9900000

31000000 <div style="font-weight: bold; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Note 15—Earn-Out Shares, Public Warrants and Private Placement Warrants</div> <div style="font-weight: bold;"> <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-variant: normal; text-transform: none; text-align: justify;">Earn-Out Shares</div> <div style="font-style: italic; font-weight: bold;"> <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-indent: 27pt;">In connection with the Business Combination, the Company issued the following:</div> <div><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">a.<br/> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">2,033,591 common shares to Patient Square Capital LLC (the “MAAC Sponsor”) and 10,000 common shares issued to each of MAAC’s independent directors (collectively, the “20% Earn-Out Shares”), which will vest if the closing price of the Company’s common shares is greater than or equal to $15.00 over any <span style="-sec-ix-hidden:Fact_1226830f11ad4e8da1c9fb767baf68b5">twenty</span> out of <span style="-sec-ix-hidden:Fact_57142ccc6fa440fbb201175aad0e7e0e">thirty</span> trading day period during the Vesting Period (defined below).</span></div> </td> </tr> </table> <div> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">b.<br/> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: justify;">1,016,796 common shares issued to the MAAC Sponsor and 5,000 common shares issued to each of MAAC’s independent directors (collectively, the “10% Earn-Out Shares” and, together with the 20% Earn-Out Shares, the “Earn-Out Shares”), each in respect of its MAAC Class B Shares, will vest if the closing price of the Company’s common shares is greater than or equal to $20.00 over any <span style="-sec-ix-hidden:Fact_3976fa8237ad451192d4f22d91bec7d5">twenty</span> out of <span style="-sec-ix-hidden:Fact_2849dd1c6f024c9ca01a9d62693dea08">thirty</span> trading day period during the Vesting Period (as defined below).</div> </td> </tr> </table> <div> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">c.<br/> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: justify;">The remaining number of common shares issued to the MAAC Sponsor and each of MAAC’s independent directors are not subject to the vesting conditions described above.</div> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt;"> <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-indent: 27pt;">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.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt;"> <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-indent: 27pt;">The Earn-Out Shares require liability classification and are classified as “Liability instruments measured at fair value” on the consolidated balance sheets. The Earn-Out Shares liability is subject to remeasurement at each balance sheet date with changes in fair value recognized in the Company’s consolidated statements of operations. As of March 31, 2024, no Earn-Out Shares have vested.</div> <div><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-variant: normal; text-transform: none; text-align: justify;">Public Warrants and Private Placement Warrants</div> <div style="font-style: italic; font-weight: bold;"> <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; text-indent: 27pt;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Immediately following the Business Combination, the Company had 10,214,365 outstanding warrants for the purchase of one of the Company’s common shares, which were held by the MAAC Sponsor at an exercise price of $11.50 (the “Private Placement Warrants”), and 20,535,896 outstanding warrants for the purchase of one of the Company’s common shares, which were held by MAAC’s shareholders at an exercise price of $11.50 (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”). Pursuant to the Warrant Agreement, dated October 6, 2020, by and between MAAC and Continental Stock Transfer & Trust Company, as predecessor warrant agent, as modified by the Warrant Assumption Agreement, dated September 30, 2021, by and among MAAC, the Company and American Stock Transfer & Trust Company, LLC as successor warrant agent (as modified, the “Warrant Agreement”), the Warrants became exercisable 30 days following the completion of the Business Combination and would expire five years after the completion of the Business Combination, or earlier upon redemption or liquidation.</span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt;"> <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-indent: 27pt;">Prior to their settlement, the Warrants required liability classification and were classified as “Liability instruments measured at fair value” on the consolidated balance sheets. The Private Placement Warrants liability and Public Warrants liability were subject to remeasurement with changes in fair value recognized in the Company’s statements of operations. The Warrants were remeasured immediately prior to settlement. These remeasurements were recognized in “Change in fair value of debt and liability instruments” in the accompanying consolidated statements of operations.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt;"> <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-indent: 27pt;">On August 2, 2023, the Company announced that it would redeem all Warrants that remained outstanding on September 1, 2023 (the “Redemption Date”).</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt;"> <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-indent: 27pt;">Under the terms of the Warrant Agreement, the Company was entitled to redeem the Public Warrants at a redemption price of $0.10 per Public Warrant because the last reported sales price (the “Reference Value”) of the Company’s common shares was at least $10.00 per share for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which RSL gave a Notice of Redemption. In addition, because the Reference Value was less than $18.00 per share, the outstanding Private Placement Warrants were also required to be concurrently called for redemption on the same terms as the outstanding Public Warrants. This share price performance requirement was satisfied as of July 28, 2023.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt;"> <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 27pt;"><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Prior to the Redemption Date, Warrant holders were permitted to exercise the Warrants (i) for cash, at an exercise price of $11.50 per common share, or (ii) on a “cashless basis” whereby, in lieu of paying the Company the $11.50 exercise price per common share, the surrendering holder would receive approximately 0.2495 common shares per Warrant as determined in accordance with the terms of the Warrant Agreement.<br/> </span> <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; text-indent: 27pt;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Of the 20,475,875 Public Warrants that were outstanding as of June 30, 2023, 397 Public Warrants were exercised for cash at an exercise price of $11.50 per common share in exchange for an aggregate of 397 common shares and 20,061,507 were exercised on a cashless basis in exchange for an aggregate of 5,005,531 common shares. The remaining 413,971 unexercised Public Warrants were redeemed at the $0.10 redemption price. In addition, all of the Private Placement Warrants were exercised on a cashless basis in exchange for an aggregate of 2,548,621 common shares.</span></div>

2033591

10000

0.20 15

1016796

5000

0.10 0.20 20 0

10214365

11.5

20535896

11.5

P30D

P5Y

0.1

P20D P30D

11.5 11.5 0.2495

20475875

397 11.5 397 20061507 5005531 413971 0.1 2548621

<div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 16—Fair Value Measurements</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Recurring Fair Value Measurements</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and 2023, by level, within the fair value hierarchy (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">As of March 31, 2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">As of March 31, 2023</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 1</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 2</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 3</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Balance as<br/> </div> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> of March 31,</div> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 1</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 2</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 3</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Balance as<br/> </div> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> of March 31, <div>2023</div> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Assets:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Money market funds</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6,312,288</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6,312,288</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,496,726</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,496,726</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Investment in Datavant Class A units</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">147,526</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">147,526</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">178,579</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">178,579</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Investment in Arbutus common shares</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">100,227</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">100,227</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">117,708</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">117,708</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Other investments</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">8,030</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">8,030</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total assets at fair value</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6,412,515</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">147,526</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6,560,041</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,622,464</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">178,579</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,801,043</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Liabilities:</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Debt issued by Dermavant to NovaQuest</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">210,371</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">210,371</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">207,640</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">207,640</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Liability instruments measured at fair value<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">25,737</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">25,737</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">29,895</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">33,651</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">63,546</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total liabilities at fair value</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">236,108</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">236,108</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">29,895</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">241,291</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">271,186</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 15.5pt; vertical-align: top;"><sup style="color: rgb(33, 37, 41); vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(33, 37, 41); text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">At March 31, 2024, Level 3 includes the fair value of the Earn-Out Shares of $22.0 million and other liability instruments issued of $3.7 million. <span style="color: rgb(0, 0, 0); font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">At March 31, 2023, Level 1 includes the fair value of the Public Warrants of $<span style="text-indent: 0pt;">29.9</span> million, and Level 3 includes the fair value of the Earn-Out Shares of $<span style="text-indent: 0pt;">15.2</span> million, Private Placement Warrants of $<span style="text-indent: 0pt;">15.2</span> million, and other liability instruments issued of $<span style="text-indent: 0pt;">3.3</span> million</span>.</span></div> </td> </tr> </table> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy that occurred during the years ended March 31, 2024 and 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: #212529; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Level 3 Disclosures</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The changes in fair value of the Level 3 assets during the years ended March 31, 2024 and 2023 were as follows (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Balance at March 31, 2022</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">193,963</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_08d457a2320248e3badadab01bf3f77a">Changes in fair value of investment in Datavant, included in net loss</span></span> <br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(15,384</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Balance at March 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);"><br/> </div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">178,579</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_38c997f787d24f39b475767d1c71ed47">Changes in fair value of investment in Datavant, included in net loss</span></span><br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">(31,053</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Balance at March 31, 2024<br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">147,526</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The changes in fair value of the Level 3 liabilities during the years ended March 31, 2024 and 2023 were as follows (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Balance at March 31, 2022</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">204,293</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Fair value of liability instrument issued</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">248</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Payments related to long-term debt</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(29,375</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_0e6a354f85804d77bcf11fdb5fe89e18">Changes in fair value of debt and liability instruments, included in net loss</span></span><br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">66,125</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Balance at March 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">241,291</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Payments related to long-term debt</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(29,374</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Exercise of Private Placement Warrants<br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(28,090</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_453560e4e9a64a8f9f774cf3cf47c332">Changes in fair value of debt and liability instruments, included in net loss</span></span><br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">52,281</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">Balance at March 31, 2024</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">236,108</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br/> </div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Investment in Datavant</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">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. <span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">The fair value was calculated using significant unobservable inputs including the following:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Point Estimate Used</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Input</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">As of March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"><span style="font-weight: bold;">As of March 31, 2023</span> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Volatility</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">90.0%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);"><br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">100.0%</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><br/> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Risk-free rate</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">4.86%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);"><br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; white-space: nowrap;" valign="bottom">4.02%</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"><br/> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Debt issued by Dermavant to NovaQuest<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The fair value of the debt instrument as of March 31, 2024 and 2023 represents the fair value of amounts payable to NovaQuest and was estimated based upon present value discounted quarterly payments and a Monte Carlo simulation model under the income approach for expected future payments through 2032. The future payments are based on significant inputs that are not observable in the market which are subject to remeasurement at each reporting date. The estimates of fair value may not be indicative of the amounts that could ultimately be paid by Dermavant to NovaQuest. The NovaQuest Agreement, along with the Credit Facility and RIPSA, was amended in May 2024. Refer to Note 18, “Subsequent Events” for details regarding the amendments.</div> <div><br/></div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Earn-Out Shares</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The fair value of the Earn-Out Shares issued as part of the Business Combination was calculated using the Monte Carlo simulation method under the income approach. The model was structured to include the lock-up periods to which the Earn-Out Shares are subject. Refer to Note 15, “Earn-Out Shares, Public Warrants and Private Placement Warrants” for additional details. <span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">Significant unobservable inputs used to calculate the fair value of the Earn-Out Shares included the following: <br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Point Estimate Used</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Input</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">As of March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"><span style="font-weight: bold;">As of March 31, 2023</span> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Volatility</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">63.2%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);"><br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">79.9%</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><br/> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Risk-free rate</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">4.50%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);"><br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; white-space: nowrap;" valign="bottom">3.76%</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"><br/> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">As of March 31, 2024 and 2023, the fair value of the Earn-Out Shares was $22.0 million and $15.2 million, respectively. Earn-Out Shares were included in “<span style="-sec-ix-hidden:Fact_e79411579eb24227b6f5f664b64e74a1"><span style="-sec-ix-hidden:Fact_9472056e6bb24a0ba63b61c52d62405a">Liability instruments measured at fair value</span></span>” in the accompanying consolidated balance sheets.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Private Placement Warrants</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Prior to their settlement, the fair value of the Private Placement Warrants issued as part of the Business Combination was calculated using the Monte Carlo simulation method under the income approach. The model was structured to incorporate the redemption features as discussed in Note 15, “Earn-Out Shares, Public Warrants and Private Placement Warrants” and the added restriction by which the Company could not redeem the Private Placement Warrants if the Reference Value was greater than $18.00. <span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">Significant unobservable inputs used to calculate the fair value of the Private Placement Warrants included the following:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Point Estimate Used</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Input</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">As of March 31, <span style="font-weight: bold;">2023</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 85.64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Volatility</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1.05%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.31%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">50.5%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.05%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"><br/> </td> </tr> <tr> <td style="vertical-align: bottom; width: 85.64%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Risk-free rate</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1.05%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.31%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.86%;" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">3.76%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.05%; white-space: nowrap;" valign="bottom"><br/> </td> </tr> <tr> <td style="vertical-align: bottom; width: 85.64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Term (in years)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1.05%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.31%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">3.50</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.05%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">In August 2023, the Company announced that it would redeem all Warrants that remained outstanding on September 1, 2023. All of the Private Placement Warrants were exercised at that time. As of March 31, 2023, the fair value of the Private Placement Warrants was $15.2 million, which was included in “<span style="-sec-ix-hidden:Fact_28ff1d4b3d3145c592ad3757d1597b5e">Liability instruments measured at fair value</span>” in the accompanying consolidated balance sheets.</div>

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and 2023, by level, within the fair value hierarchy (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">As of March 31, 2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">As of March 31, 2023</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 1</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 2</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 3</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Balance as<br/> </div> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> of March 31,</div> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 1</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 2</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Level 3</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Balance as<br/> </div> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;"> of March 31, <div>2023</div> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Assets:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Money market funds</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6,312,288</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6,312,288</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,496,726</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,496,726</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Investment in Datavant Class A units</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">147,526</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">147,526</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">178,579</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">178,579</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Investment in Arbutus common shares</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">100,227</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">100,227</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">117,708</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">117,708</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Other investments</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">8,030</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">8,030</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total assets at fair value</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6,412,515</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">147,526</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6,560,041</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,622,464</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">178,579</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">1,801,043</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Liabilities:</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Debt issued by Dermavant to NovaQuest</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">210,371</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">210,371</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">207,640</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">207,640</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Liability instruments measured at fair value<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">25,737</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">25,737</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">29,895</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">33,651</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">63,546</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Total liabilities at fair value</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">236,108</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">236,108</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">29,895</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">241,291</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">271,186</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 15.5pt; vertical-align: top;"><sup style="color: rgb(33, 37, 41); vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(33, 37, 41); text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">At March 31, 2024, Level 3 includes the fair value of the Earn-Out Shares of $22.0 million and other liability instruments issued of $3.7 million. <span style="color: rgb(0, 0, 0); font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">At March 31, 2023, Level 1 includes the fair value of the Public Warrants of $<span style="text-indent: 0pt;">29.9</span> million, and Level 3 includes the fair value of the Earn-Out Shares of $<span style="text-indent: 0pt;">15.2</span> million, Private Placement Warrants of $<span style="text-indent: 0pt;">15.2</span> million, and other liability instruments issued of $<span style="text-indent: 0pt;">3.3</span> million</span>.</span></div> </td> </tr> </table>

6312288000

1496726000

147526000

178579000

100227000

117708000

8030000

6412515000

147526000

6560041000

1622464000

178579000

1801043000

210371000

207640000

25737000

29895000

33651000

63546000

236108000

29895000

241291000

271186000

22000000

3700000

29900000

15200000

3300000

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The changes in fair value of the Level 3 assets during the years ended March 31, 2024 and 2023 were as follows (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Balance at March 31, 2022</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">193,963</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_08d457a2320248e3badadab01bf3f77a">Changes in fair value of investment in Datavant, included in net loss</span></span> <br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">(15,384</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Balance at March 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);"><br/> </div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">178,579</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_38c997f787d24f39b475767d1c71ed47">Changes in fair value of investment in Datavant, included in net loss</span></span><br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">(31,053</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;">Balance at March 31, 2024<br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">147,526</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table>

193963000

-15384000

178579000

-31053000

147526000

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">The changes in fair value of the Level 3 liabilities during the years ended March 31, 2024 and 2023 were as follows (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Balance at March 31, 2022</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">204,293</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Fair value of liability instrument issued</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">248</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Payments related to long-term debt</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(29,375</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_0e6a354f85804d77bcf11fdb5fe89e18">Changes in fair value of debt and liability instruments, included in net loss</span></span><br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">66,125</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Balance at March 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">241,291</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Payments related to long-term debt</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(29,374</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Exercise of Private Placement Warrants<br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(28,090</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_453560e4e9a64a8f9f774cf3cf47c332">Changes in fair value of debt and liability instruments, included in net loss</span></span><br/> </div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">52,281</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">Balance at March 31, 2024</td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">236,108</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

204293000

248000

29375000

66125000

241291000

29374000

28090000

52281000

236108000

<span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">The fair value was calculated using significant unobservable inputs including the following:</span> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Point Estimate Used</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Input</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">As of March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"><span style="font-weight: bold;">As of March 31, 2023</span> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Volatility</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">90.0%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);"><br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">100.0%</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><br/> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Risk-free rate</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">4.86%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);"><br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; white-space: nowrap;" valign="bottom">4.02%</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"><br/> </td> </tr> </table>

0.90 1 0.0486 0.0402

<span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">Significant unobservable inputs used to calculate the fair value of the Earn-Out Shares included the following: <br/> </span> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Point Estimate Used</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Input</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">As of March 31, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"><span style="font-weight: bold;">As of March 31, 2023</span> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Volatility</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">63.2%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);"><br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">79.9%</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><br/> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Risk-free rate</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">4.50%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);"><br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 9%; white-space: nowrap;" valign="bottom">3.76%</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"><br/> </td> </tr> </table>

0.632 0.799 0.045 0.0376

22000000

15200000

<span style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">Significant unobservable inputs used to calculate the fair value of the Private Placement Warrants included the following:</span> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">Point Estimate Used</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41); font-weight: bold;">Input</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">As of March 31, <span style="font-weight: bold;">2023</span></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 85.64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Volatility</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1.05%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.31%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">50.5%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.05%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"><br/> </td> </tr> <tr> <td style="vertical-align: bottom; width: 85.64%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Risk-free rate</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1.05%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.31%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.86%;" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">3.76%</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.05%; white-space: nowrap;" valign="bottom"><br/> </td> </tr> <tr> <td style="vertical-align: bottom; width: 85.64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Term (in years)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1.05%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.31%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 10.86%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(33, 37, 41); text-align: center;">3.50</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.05%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table>

0.505

0.0376

P3Y6M

15200000

<div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 17—Net Income (Loss) per Common Share</div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">Basic net income (loss) per common share is computed by dividing net income (loss) attributable to Roivant Sciences Ltd. by the weighted-average number of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing the net income (loss) attributable to Roivant Sciences Ltd. by the diluted weighted-average number of common stock outstanding during the period.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">For periods of loss from continuing operations, diluted loss per share is calculated similar to basic loss per share as the effect of including all potentially dilutive common stock equivalents is anti-dilutive. For the year ended March 31, 2023, all outstanding common stock equivalents have been excluded from the computation of diluted loss per share because their effect was anti-dilutive due to the loss from continuing operations.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">As of March 31, 2024 and 2023, the following potentially dilutive common stock equivalents were excluded from the computation of diluted net income (loss) per common share because including them would have been anti-dilutive:<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Stock options and performance stock options</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">54,648,258</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">154,271,791</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Restricted stock units and performance stock units (non-vested)</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,422,465</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">20,700,788</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">March 2020 CVARs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">17,548,368</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">32,011,996</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">November 2021 CVARs (non-vested)<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">249,120</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,222,645</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Restricted common stock (non-vested)</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">255,911</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">689,026</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Earn-Out Shares (non-vested)</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,080,387</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,080,387</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Private Placement Warrants</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">10,214,365</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Public Warrants</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">20,475,875</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Other stock based awards and instruments issued</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,924,305</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6,122,842</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="vertical-align: top; width: 15.5pt;"> <div style="text-align: left;"><sup style="color: #212529; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="text-align: left;"><span style="color: #212529;">Refer to Note 11, “Share-Based Compensation” for details regarding settlement of CVARs.</span></div> </td> </tr> </table> </div>

<div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt; text-align: justify;">As of March 31, 2024 and 2023, the following potentially dilutive common stock equivalents were excluded from the computation of diluted net income (loss) per common share because including them would have been anti-dilutive:<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">March 31, 2023</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Stock options and performance stock options</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">54,648,258</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">154,271,791</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Restricted stock units and performance stock units (non-vested)</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">5,422,465</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">20,700,788</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">March 2020 CVARs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">17,548,368</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">32,011,996</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">November 2021 CVARs (non-vested)<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">249,120</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,222,645</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Restricted common stock (non-vested)</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">255,911</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">689,026</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #212529;">Earn-Out Shares (non-vested)</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,080,387</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,080,387</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Private Placement Warrants</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">10,214,365</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Public Warrants</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">20,475,875</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(33, 37, 41);">Other stock based awards and instruments issued</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">3,924,305</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(33, 37, 41);">6,122,842</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(33, 37, 41);"> </span><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="vertical-align: top; width: 15.5pt;"> <div style="text-align: left;"><sup style="color: #212529; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="text-align: left;"><span style="color: #212529;">Refer to Note 11, “Share-Based Compensation” for details regarding settlement of CVARs.</span></div> </td> </tr> </table> </div>

54648258

154271791

5422465

20700788

17548368

32011996

249120

3222645

255911

689026

3080387

10214365

20475875

3924305

6122842

<div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Note 18—Subsequent Events</div> <div style="color: #212529; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><br/> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(A) Share Repurchase Program</span></div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;"><span style="font-weight: normal;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 27pt;"><span style="font-weight: normal;">The Company’s board of directors has authorized a common share repurchase program, allowing for repurchases of common shares in an aggregate amount of up to $1.5 billion (excluding fees and expenses). The repurchase program is funded by available cash and cash equivalents on hand and does not have an expiration date. Pursuant to the share repurchase program, on April 2, 2024, the Company entered into a share repurchase agreement with Sumitomo to repurchase all 71,251,083 common shares held by Sumitomo at a purchase price per share of $9.10, for an aggregate purchase price of approximately $648.4 million. The repurchase transaction with Sumitomo was completed on April 2, 2024.</span></div> <div style="display:none;"><br/></div> <div style="color: rgb(33, 37, 41); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 36pt;"><span style="font-weight: normal;"> <br/> </span></div> <div><span style="font-weight: normal;"><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(B) Debt Renegotiation<br/> </span> </span></div> <div><br/> </div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; color: #212529; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">On May 24, 2024, Dermavant entered into amendments to (i) the NovaQuest Agreement (the “NovaQuest Agreement Amendment”), (ii) the Credit Facility (the “Credit Facility Amendment”), and (iii) the RIPSA (the “RIPSA Amendment” and collectively with the NovaQuest Agreement Amendment and the Credit Facility Amendment, the “Amendments”).</div> <div> </div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; color: #212529; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">The NovaQuest Agreement Amendment provides for the elimination of fixed quarterly cash payments totaling $176.3 million that would have been due and payable following regulatory approval of tapinarof in the U.S. for atopic dermatitis, if approved. In addition, the NovaQuest Agreement Amendment (i) eliminates cash payments of up to $141.0 million to NovaQuest that would have been due and payable upon achievement of certain commercial milestones by Dermavant and (ii) amends the timing of remaining cash payments, which now total $122.5 million in aggregate, to be paid between the fiscal years ending March 31, 2025 and March 31, 2029.</div> <div> </div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; color: #212529; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">The Credit Agreement Amendment provides for an extension of the maturity date of the Credit Facility from May 2026 to May 2028 and an increase in the interest rate payable on borrowings under the Credit Facility from 10% to 12.25% per annum.</div> <div> </div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; color: #212529; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">The RIPSA Amendment provides for, among other things, a near-term cap on the royalties currently payable equal to $6 million per fiscal year for each of the fiscal years ended March 31 2025, 2026 and 2027. The RIPSA Amendment did not otherwise amend the amount of the royalty payable, which is based on a capped single-digit revenue interest in net sales of VTAMA for all dermatological indications in the U.S., up to a cap of $344 million.</div> <div> </div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; color: #212529; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">The Amendments also includes certain other modifications to non-economic terms of the NovaQuest Agreement, including certain representations and covenants relating to the continued validity of, and performance by RSL, under an equity commitment letter (the “Equity Commitment Letter”) entered into in conjunction with the Amendments on May 24, 2024. Under the Equity Commitment Letter, RSL has agreed to contribute $195 million (the “Commitment”) to Dermavant in exchange for convertible preferred shares with a 1.5 times liquidation preference on invested capital.</div> <div> </div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; color: #212529; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">As consideration for entering into the Amendments, Dermavant issued common shares to NovaQuest and the holders of the RIPSA in an aggregate amount equal to approximately 13.2% of Dermavant’s issued and outstanding common and preferred shares (on an as converted basis) pursuant to subscription agreements (the “Subscription Agreements”). The common shares include certain antidilution top-up rights tied to RSL’s Commitment. The Amendments, together with the Equity Commitment Letter and the Subscription Agreements, constitute the “Debt Renegotiation.”</div> <div> </div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; color: #212529; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">As of closing of the Debt Renegotiation, RSL owned approximately 87% of Dermavant’s issued and outstanding common and preferred shares.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(33, 37, 41); font-style: normal; font-variant: normal; text-transform: none;"> <br/> </div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; color: #212529; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-indent: 27pt; text-transform: none;">The Company is in the process of evaluating the accounting impact as a result of the Debt Renegotiation.</div>

1500000000

71251083

9.1

648400000 176300000 141000000 122500000

0.10

0.1225

6000000 6000000 6000000 344000000 195000000 1.5 0.132 0.87 false false false false At March 31, 2024, Level 3 includes the fair value of the Earn-Out Shares of $22.0 million and other liability instruments issued of $3.7 million. At March 31, 2023, Level 1 includes the fair value of the Public Warrants of $29.9 million, and Level 3 includes the fair value of the Earn-Out Shares of $15.2 million, Private Placement Warrants of $15.2 million, and other liability instruments issued of $3.3 million. Primarily related to operations in the U.S., Switzerland, the U.K. and other jurisdictions with statutory tax rates different than the Bermuda rate. The ownership percentage represents the Company’s equity interest in the outstanding Class A units in Datavant. Datavant’s capital structure includes several classes of preferred units that, among other features, have liquidation preferences and conversion features. Upon conversion of such preferred units into Class A units, the Company’s ownership interest would be diluted. Refer above for additional information regarding investment. Refer to Note 11, “Share-Based Compensation” for details regarding settlement of CVARs. Primarily entities which are centrally managed and controlled in the U.K. and are subject to U.K. taxes. Primarily relates to deferred tax assets associated with entities no longer included in the consolidated financial statements (i.e., sold, deconsolidated or liquidated).