Bermuda | 2834 | 98-1173944 | ||||
(State or Other Jurisdiction of Incorporation or Organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification Number) |
Derek J. Dostal Stephen Byeff Davis Polk & Wardwell LLP 450 Lexington Avenue New York, New York 10017 (212) 450-4000 |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Title of Each Class of Securities to be Registered | Amount to be Registered(1) | Proposed Maximum Offering Price Per Share(2) | Proposed Maximum Aggregate Offering Price(2) | Amount of Registration Fee | ||||
Common Shares, par value $0.0000000341740141 per share (the “Common Shares”) | 17,407,773 | $8.73 | $151,969,858.29 | $14,087.61 | ||||
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F-1 |
Issuer | Roivant Sciences Ltd. |
Common Shares offered by the | Up to |
Use of Proceeds | We will not receive any proceeds from any sale of Common Shares by the |
Market for Common Shares | The Common Shares are currently traded on The Nasdaq Global Market under the symbol “ROIV.” |
Conflict of Interest | Cantor is an affiliate of Cantor Fitzgerald & Co. (“CF&CO”) a FINRA member. CF&CO is expected to act as an executing broker for the sale of the Common Shares sold by Cantor pursuant to the Committed Equity Financing. |
The receipt by Cantor of all the proceeds from sales of Common Shares to the public made through CF&CO results in a “conflict of interest” under Financial Industry Regulatory Authority, Inc. (“FINRA”) Rule 5121. Accordingly such sales will be conducted in compliance with FINRA Rule 5121. See “Plan of Distribution (Conflict of Interest).” |
Risk Factors | See |
Rule 13d-3 promulgated thereunder), would result in Cantor beneficially owning Common Shares equal to (but not exceeding) the Beneficial Ownership Cap; |
Assumed Trading Price of Common Shares | Number of Shares Sold Under the Facility(1) | Commitment Fee Shares and Common Shares in Respect of Usage Fees(2) | Total Common Shares Issued to Holder | Percentage of Outstanding Common Shares After Giving Effect to Issuances to Holder (3) | Purchase Price for Common Shares Sold Under the Facility(4) | |||||||||||||||
$7.22(5) | 24,299,997 | 700,003 | 25,000,000 | 3.5 | % | $ | 173.7 million | |||||||||||||
$10.00 | 24,354,014 | 645,986 | 25,000,000 | 3.5 | % | $ | 241.1 million | |||||||||||||
$15.00 | 16,835,016 | 479,320 | 17,314,336 | 2.4 | % | $ | 250.0 million | |||||||||||||
$20.00 | 12,626,262 | 395,986 | 13,022,248 | 1.8 | % | $ | 250.0 million |
(1) | The number of Common Shares offered by this prospectus may not cover all the Common Shares we ultimately may sell to Cantor under the Purchase Agreement, depending on the purchase price per share of such sales. We have included in this column only those Common Shares being offered for resale by Cantor under this prospectus, without regard to the Beneficial Ownership Cap or the Exchange Cap. The assumed average purchase prices are solely for illustrative purposes and are not intended to be estimates or predictions of the future performance of our Common Shares. |
(2) | Represents the (a) Commitment Fee Shares, which are the 145,986 Common Shares we agreed to issue to the Holder as consideration for its irrevocable commitment to purchase the Common Shares at our election in our sole discretion, from time to time after the date of this prospectus, upon the terms and subject to the satisfaction of the conditions set forth in the Purchase Agreement, and (b) aggregate number of Common Shares we would be obligated to issue to the Holder as Usage Fees, assuming that (i) the average purchase price per Common Share reflected in the first column is the closing price of the Common Shares on the Nasdaq on the trading day immediately prior to the date on which such Usage Fees become payable and (ii) we decide to pay all of the Usage Fees by delivering Common Shares. |
(3) | The denominator used to calculate the percentages in this column is based on 692,072,184 Common Shares outstanding as of February 9, 2022, adjusted to include the Common Shares (a) issued and sold to the Holder under the Facility and (b) issued to the Holder as Commitment Fee Shares and Usage Fee Shares. |
(4) | Purchase prices represent the illustrative aggregate purchase price to be received from the sale of all of the Common Shares issued and sold to the Holder under the Facility as set forth in the second column, multiplied by the VWAP Purchase Price, assuming for illustrative purposes that the VWAP Purchase Price is equal to 99% of the assumed trading price of Common Shares listed in the first column. |
(5) | Represents the closing price of our Common Shares on Nasdaq on February 15, 2022. |
Product Candidate | Indication | Vant | Modality | Phase | ||||
Tapinarof | Psoriasis | Dermavant | Topical | Registration | ||||
Tapinarof | Atopic Dermatitis | Dermavant | Topical | Phase 3 | ||||
Batoclimab | Myasthenia Gravis | Immunovant | Biologic | Phase | ||||
Batoclimab | Warm Autoimmune Hemolytic Anemia | Immunovant | Biologic | Phase 2 | ||||
Batoclimab | Thyroid Eye Disease | Immunovant | Biologic | Phase 2 | ||||
Batoclimab | Indication #4 | Immunovant | Biologic | Phase 2 | ||||
Batoclimab | Indication #5 | Immunovant | Biologic | Phase 2 | ||||
ARU-1801 | Sickle Cell Disease | Aruvant | Gene Therapy | Phase 2 | ||||
Namilumab | Sarcoidosis | Kinevant | Biologic | Phase 2 | ||||
Cerdulatinib | Vitiligo | Dermavant | Topical | Phase 2 | ||||
RVT-2001 | Transfusion-Dependent Anemia in Patients with Lower-Risk MDS | Hemavant | Small Molecule | Phase 1 | ||||
LSVT-1701 | Staph Aureus Bacteremia | Lysovant | Biologic | Phase 1 | ||||
Cerdulatinib | Atopic Dermatitis | Dermavant | Topical | Phase 1 | ||||
DMVT-504 | Hyperhidrosis | Dermavant | Small Molecule | Phase 1 | ||||
DMVT-503 | Acne | Dermavant | Topical | Preclinical | ||||
ARU-2801 | Hypophosphatasia | Aruvant | Gene Therapy | Preclinical | ||||
Solid Tumors | Affivant | Biologic | Preclinical | |||||
CVT-TCR-01 | Oncologic Malignancies | Cytovant | Cell Therapy | Preclinical |
Roivant Ownership | Roivant Ownership | |||||||
Vant | Basic 1 | Fully Diluted 2 | Basic 1 | Fully Diluted 2 | ||||
Dermavant | 100% | 85% | 100% | 85% | ||||
Immunovant | 64% 3 | 59% 3 | 64% 3 | 58% 3 | ||||
Aruvant | 88% | 79% | 88% | 80% | ||||
Proteovant | 60% | 60% | 60% | 55% | ||||
Kinevant | 88% | 83% | ||||||
Hemavant | 100% | 100% | ||||||
Lysovant | 100% | 99% | 100% | 99% | ||||
Kinevant | 88% | 88% | ||||||
Affivant | 100% | 99% | 100% | 99% | ||||
Cytovant | 72% | 68% | 72% | 69% | ||||
Arbutus | 29% 3 | 27% 3 | 27% 3 | 25% 3 | ||||
Sio Gene Therapies | 25% 3 | 24% 3 | 25% 3 | 24% 3 | ||||
Genevant | 83% | 67% | 83% | 67% | ||||
Lokavant | 90% | 84% | 90% | 84% | ||||
Datavant | * | * | * | * | ||||
Alyvant | 97% | 95% | 97% | 95% |
* | In June 2021, Datavant entered into a definitive merger agreement to combine with Ciox Health. The transaction closed on July 27, 2021. The implied enterprise value of the combined company at the conversion price cap of the new preferred equity investment made concurrently with the closing of the merger was $7.0 billion. This enterprise value implies an equity value of $6.1 billion (after netting out approximately $900 million of debt and other adjustments). No assurance can be given that the implied enterprise or equity value is an accurate reflection of the value of the combined business at closing or in the future. At closing of the merger and assuming a $7.0 billion enterprise value, Roivant’s ongoing, fully diluted equity ownership in the combined entity was approximately 12% (without giving effect to certain liquidation preferences held by the preferred equity shareholders). |
1. | Basic refers to Roivant’s percentage ownership of the issued and outstanding shares of the entity. |
2. | Fully diluted refers to Roivant’s percentage ownership of all outstanding equity interests, whether vested or unvested, of the entity. |
3. | Denotes entities that are publicly traded. |
Vant | Catalyst | Expected Timing | ||
Dermavant | ||||
FDA approval decision on tapinarof for psoriasis | 2Q 2022 | |||
Topline data from tapinarof Phase 3 trials in atopic dermatitis | 1H 2023 |
Vant | Catalyst | Expected Timing | ||||
Immunovant | ||||||
2022 | ||||||
Aruvant | ||||||
ARU-1801 Phase | ||||||
Kinevant | Namilumab Phase 2 initiation in sarcoidosis | 1H 2022 | ||||
Hemavant | Expand ongoing RVT-2001 Phase 1/2 trial in lower-risk MDS | 1H 2022 | ||||
Initial data from RVT-2001 Phase 1/2 trial in lower-risk MDS | 2023 | |||||
Lysovant | LSVT-1701 MAD initiation in Staph aureus | 1H 2022 | ||||
Proteovant | Phase 1 initiation for first degrader candidate | 2022 | ||||
Roivant / Proteovant | Multiple additional degrader candidates entering IND-enabling studies each year | Starting 2022 |
Medical Center, presented data highlighting the clinically meaningful reduction in vaso-occlusive events for participants in the ongoing ARU-1801 Phase 1/2 trial and the unique attributes that contribute to the potency of ARU-1801 at the American Society of Hematology (ASH) Annual Meeting on December 13, 2021. |
Three Months Ended September 30, | Three Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Revenue, net | $ | 13,987 | $ | 1,323 | $ | 12,664 | $ | 24,341 | $ | 5,750 | $ | 18,591 | ||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Cost of revenues | 6,381 | 715 | 5,666 | 1,384 | 684 | 700 | ||||||||||||||||||
Research and development | 254,259 | 97,409 | 156,850 | 153,450 | 202,261 | (48,811 | ) | |||||||||||||||||
General and administrative | 437,776 | 59,740 | 378,036 | 115,530 | 61,875 | 53,655 | ||||||||||||||||||
Total operating expenses | 698,416 | 157,864 | 540,552 | 270,364 | 264,820 | 5,544 | ||||||||||||||||||
Loss from operations | (684,429 | ) | (156,541 | ) | (527,888 | ) | (246,023 | ) | (259,070 | ) | 13,047 | |||||||||||||
Change in fair value of investments | (32,273 | ) | (84,297 | ) | 52,024 | 38,036 | 18,235 | 19,801 | ||||||||||||||||
Gain on sale of investment | (443,754 | ) | — | (443,754 | ) | |||||||||||||||||||
Change in fair value of debt and liability instruments | 13,145 | 10,148 | 2,997 | 23,017 | 4,304 | 18,713 | ||||||||||||||||||
Gain on consolidation of unconsolidated entity | — | (28,848 | ) | 28,848 | ||||||||||||||||||||
Other expense (income), net | 3,692 | (757 | ) | 4,449 | ||||||||||||||||||||
Other income, net | (1,029 | ) | (5,788 | ) | 4,759 | |||||||||||||||||||
Loss before income taxes | (225,239 | ) | (52,787 | ) | (172,452 | ) | (306,047 | ) | (275,821 | ) | (30,226 | ) | ||||||||||||
Income tax expense | 401 | 711 | (310 | ) | ||||||||||||||||||||
Income tax expense (benefit) | 38 | (224 | ) | 262 | ||||||||||||||||||||
Net loss | (225,640 | ) | (53,498 | ) | (172,142 | ) | (306,085 | ) | (275,597 | ) | (30,488 | ) | ||||||||||||
Net loss attributable to noncontrolling interests | (17,159 | ) | (18,100 | ) | 941 | (21,549 | ) | (14,568 | ) | (6,981 | ) | |||||||||||||
Net loss attributable to Roivant Sciences Ltd. | $ | (208,481 | ) | $ | (35,398 | ) | $ | (173,083 | ) | $ | (284,536 | ) | $ | (261,029 | ) | $ | (23,507 | ) | ||||||
Six Months Ended September 30, | Nine Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Revenue, net | $ | 21,722 | $ | 2,899 | $ | 18,823 | $ | 46,063 | $ | 8,649 | $ | 37,414 | ||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Cost of revenues | 7,123 | 895 | 6,228 | 8,507 | 1,579 | �� | 6,928 | |||||||||||||||||
Research and development | 332,885 | 156,143 | 176,742 | 486,335 | 358,404 | 127,931 | ||||||||||||||||||
General and administrative | 520,530 | 116,855 | 403,675 | 636,060 | 178,730 | 457,330 | ||||||||||||||||||
Total operating expenses | 860,538 | 273,893 | 586,645 | 1,130,902 | 538,713 | 592,189 | ||||||||||||||||||
Loss from operations | (838,816 | ) | (270,994 | ) | (567,822 | ) | (1,084,839 | ) | (530,064 | ) | (554,775 | ) | ||||||||||||
Change in fair value of investments | (23,654 | ) | (125,445 | ) | 101,791 | 14,382 | (107,210 | ) | 121,592 | |||||||||||||||
Gain on sale of investment | (443,754 | ) | — | (443,754 | ) | (443,754 | ) | — | (443,754 | ) | ||||||||||||||
Change in fair value of debt and liability instruments | 17,730 | 27,273 | (9,543 | ) | 40,747 | 31,577 | 9,170 | |||||||||||||||||
Gain on termination of Sumitomo Options | (66,472 | ) | — | (66,472 | ) | (66,472 | ) | — | (66,472 | ) | ||||||||||||||
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity | — | (115,364 | ) | 115,364 | — | (115,364 | ) | 115,364 | ||||||||||||||||
Other expense, net | 3,558 | 2,085 | 1,473 | |||||||||||||||||||||
Other expense (income), net | 2,529 | (3,703 | ) | 6,232 | ||||||||||||||||||||
Loss before income taxes | (326,224 | ) | (59,543 | ) | (266,681 | ) | (632,271 | ) | (335,364 | ) | (296,907 | ) | ||||||||||||
Income tax expense | 494 | 1,932 | (1,438 | ) | 532 | 1,708 | (1,176 | ) | ||||||||||||||||
Net loss | (326,718 | ) | (61,475 | ) | (265,243 | ) | ||||||||||||||||||
Net loss attributable to noncontrolling interests | (36,054 | ) | (22,834 | ) | (13,220 | ) | ||||||||||||||||||
Net loss attributable to Roivant Sciences Ltd. | $ | (290,664 | ) | $ | (38,641 | ) | $ | (252,023 | ) | |||||||||||||||
Nine Months Ended December 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
Net loss | (632,803 | ) | (337,072 | ) | (295,731 | ) | ||||||
Net loss attributable to noncontrolling interests | (57,603 | ) | (37,402 | ) | (20,201 | ) | ||||||
Net loss attributable to Roivant Sciences Ltd. | $ | (575,200 | ) | $ | (299,670 | ) | $ | (275,530 | ) | |||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Revenue, net | $ | 13,987 | $ | 1,323 | $ | 12,664 | $ | 21,722 | $ | 2,899 | $ | 18,823 |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Revenue, net | $ | 24,341 | $ | 5,750 | $ | 18,591 | $ | 46,063 | $ | 8,649 | $ | 37,414 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Cost of revenues | $ | 6,381 | $ | 715 | $ | 5,666 | $ | 7,123 | $ | 895 | $ | 6,228 |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Cost of revenues | $ | 1,384 | $ | 684 | $ | 700 | $ | 8,507 | $ | 1,579 | $ | 6,928 |
Three Months Ended September 30, | Three Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Program-specific costs: | ||||||||||||||||||||||||
Tapinarof (Dermavant Sciences Ltd.) | $ | 67,656 | $ | 8,905 | $ | 58,751 | ||||||||||||||||||
Batoclimab (Immunovant, Inc.) | 13,479 | 8,465 | 5,014 | |||||||||||||||||||||
ARU-1801 (Aruvant Sciences Ltd.) | 7,362 | 8,187 | (825 | ) | ||||||||||||||||||||
Gimsilumab (Kinevant Sciences Ltd.) | 1,384 | 7,178 | (5,794 | ) | ||||||||||||||||||||
Tapinarof | $ | 14,242 | $ | 7,697 | $ | 6,545 | ||||||||||||||||||
Batoclimab | 20,191 | 15,325 | 4,866 | |||||||||||||||||||||
ARU-1801 | 7,407 | 4,153 | 3,254 | |||||||||||||||||||||
Gimsilumab | 181 | 4,418 | (4,237 | ) | ||||||||||||||||||||
Other program-specific costs | 22,665 | 5,714 | 16,951 | 45,684 | 7,303 | 38,381 | ||||||||||||||||||
Total program-specific costs | 112,546 | 38,449 | 74,097 | 87,705 | 38,896 | 48,809 | ||||||||||||||||||
Consideration for the purchase of IPR&D through asset acquisitions and license agreements | 82,107 | 45,339 | 36,768 | 14,105 | 146,452 | (132,347 | ) | |||||||||||||||||
Unallocated internal costs: | ||||||||||||||||||||||||
Share-based compensation | 28,157 | 1,887 | 26,270 | 17,669 | 3,754 | 13,915 | ||||||||||||||||||
Personnel-related expenses | 23,760 | 11,386 | 12,374 | 27,050 | 10,955 | 16,095 | ||||||||||||||||||
Other expenses | 7,689 | 348 | 7,341 | 6,921 | 2,204 | 4,717 | ||||||||||||||||||
Total research and development expenses | $ | 254,259 | $ | 97,409 | $ | 156,850 | $ | 153,450 | $ | 202,261 | $ | (48,811 | ) | |||||||||||
Six Months Ended September 30, | Nine Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Program-specific costs: | ||||||||||||||||||||||||
Tapinarof (Dermavant Sciences Ltd.) | $ | 77,413 | $ | 17,319 | $ | 60,094 | ||||||||||||||||||
Batoclimab (Immunovant, Inc.) | 27,167 | 22,858 | 4,309 | |||||||||||||||||||||
ARU-1801 (Aruvant Sciences Ltd.) | 9,751 | 11,540 | (1,789 | ) | ||||||||||||||||||||
Gimsilumab (Kinevant Sciences Ltd.) | �� | 3,453 | 19,503 | (16,050 | ) | |||||||||||||||||||
Tapinarof | $ | 91,655 | �� | $ | 25,016 | $ | 66,639 | |||||||||||||||||
Batoclimab | 47,358 | 38,183 | 9,175 | |||||||||||||||||||||
ARU-1801 | 17,158 | 15,693 | 1,465 | |||||||||||||||||||||
Gimsilumab | 3,634 | 23,921 | (20,287 | ) | ||||||||||||||||||||
Other program-specific costs | 42,777 | 14,811 | 27,966 | 88,461 | 22,114 | 66,347 | ||||||||||||||||||
Total program-specific costs | 160,561 | 86,031 | 74,530 | 248,266 | 124,927 | 123,339 | ||||||||||||||||||
Consideration for the purchase of IPR&D through asset acquisitions and license agreements | 82,107 | 45,339 | 36,768 | 96,212 | 191,791 | (95,579 | ) | |||||||||||||||||
Unallocated internal costs | ||||||||||||||||||||||||
Share-based compensation | 29,772 | 3,006 | 26,766 | 47,441 | 6,760 | 40,681 | ||||||||||||||||||
Personnel-related expenses | 45,852 | 20,153 | 25,699 | 72,902 | 31,108 | 41,794 | ||||||||||||||||||
Other expenses | 14,593 | 1,614 | 12,979 | 21,514 | 3,818 | 17,696 | ||||||||||||||||||
Total research and development expenses | $ | 332,885 | $ | 156,143 | $ | 176,742 | $ | 486,335 | $ | 358,404 | $ | 127,931 | ||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
General and administrative | $ | 115,530 | $ | 61,875 | $ | 53,655 | $ | 636,060 | $ | 178,730 | $ | 457,330 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
General and administrative | $ | 437,776 | $ | 59,740 | $ | 378,036 | $ | 520,530 | $ | 116,855 | $ | 403,675 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Change in fair value of investments | $ | (32,273 | ) | $ | (84,297 | ) | $ | 52,024 | $ | (23,654 | ) | $ | (125,445 | ) | $ | 101,791 |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Change in fair value of investments | $ | 38,036 | $ | 18,235 | $ | 19,801 | $ | 14,382 | $ | (107,210 | ) | $ | 121,592 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Gain on sale of investment | $ | (443,754 | ) | $ | — | $ | (443,754 | ) | $ | (443,754 | ) | $ | — | $ | (443,754 | ) |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Gain on sale of investment | $ | — | $ | — | $ | — | $ | (443,754 | ) | $ | — | $ | (443,754 | ) |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Change in fair value of debt and liability instruments | $ | 13,145 | $ | 10,148 | $ | 2,997 | $ | 17,730 | $ | 27,273 | $ | (9,543 | ) |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Change in fair value of debt and liability instruments | $ | 23,017 | $ | 4,304 | $ | 18,713 | $ | 40,747 | $ | 31,577 | $ | 9,170 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Gain on termination of Sumitomo Options | $ | — | $ | — | $ | — | $ | (66,472 | ) | $ | — | $ | (66,472 | ) |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Gain on termination of Sumitomo Options | $ | — | $ | — | $ | — | $ | (66,472 | ) | $ | — | $ | (66,472 | ) |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity | $ | — | $ | (28,848 | ) | $ | 28,848 | $ | — | $ | (115,364 | ) | $ | 115,364 |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity | $ | — | $ | — | $ | — | $ | — | $ | (115,364 | ) | $ | 115,364 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Other expense (income), net | $ | 3,692 | $ | (757 | ) | $ | 4,449 | $ | 3,558 | $ | 2,085 | $ | 1,473 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Income tax expense | $ | 401 | $ | 711 | $ | (310 | ) | $ | 494 | $ | 1,932 | $ | (1,438 | ) |
Years Ended March 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
Revenue, net | $ | 23,795 | $ | 67,689 | $ | (43,894 | ) | |||||
Operating expenses: | ||||||||||||
Cost of revenues | 2,057 | 1,131 | 926 | |||||||||
Research and development | 832,758 | 263,217 | 569,541 | |||||||||
General and administrative | 259,878 | 335,766 | (75,888 | ) | ||||||||
Total operating expenses | 1,094,693 | 600,114 | 494,579 | |||||||||
Loss from operations | (1,070,898 | ) | (532,425 | ) | (538,473 | ) | ||||||
Change in fair value of investments | (95,533 | ) | 136,005 | (231,538 | ) | |||||||
Change in fair value of debt and liability instruments | 29,845 | (13,722 | ) | 43,567 | ||||||||
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity | (115,364 | ) | (107,344 | ) | (8,020 | ) | ||||||
Other expense, net | 8,701 | 13,622 | (4,921 | ) | ||||||||
Loss from continuing operations before income taxes | (898,547 | ) | (560,986 | ) | (337,561 | ) | ||||||
Income tax expense | 1,686 | 7,124 | (5,438 | ) | ||||||||
Loss from continuing operations, net of tax | (900,233 | ) | (568,110 | ) | (332,123 | ) | ||||||
Income from discontinued operations, net of tax | — | 1,578,426 | (1,578,426 | ) | ||||||||
Net (loss) income | (900,233 | ) | 1,010,316 | (1,910,549 | ) | |||||||
Net loss attributable to noncontrolling interests | (90,999 | ) | (190,193 | ) | 99,194 | |||||||
Net (loss) income attributable to Roivant Sciences Ltd. | $ | (809,234 | ) | $ | 1,200,509 | $ | (2,009,743 | ) | ||||
Years Ended March 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
Revenue, net | $ | 23,795 | $ | 67,689 | $ | (43,894 | ) |
Years Ended March 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
Cost of revenues | $ | 2,057 | $ | 1,131 | $ | 926 |
Years Ended March 31, | Years Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Program-specific costs: | ||||||||||||||||||||||||
IMVT-1401 (Immunovant, Inc.) | $ | 49,236 | $ | 39,230 | $ | 10,006 | ||||||||||||||||||
Tapinarof (Dermavant Sciences Ltd.) | 34,002 | 69,394 | (35,392 | ) | ||||||||||||||||||||
ARU-1801 (Aruvant Sciences Ltd.) | 24,347 | 11,064 | 13,283 | |||||||||||||||||||||
Gimsilumab (Kinevant Sciences Ltd.) | 21,969 | 7,288 | 14,681 | |||||||||||||||||||||
RVT-1601 (Respivant Sciences Ltd.) | 6,784 | 16,935 | (10,151 | ) | ||||||||||||||||||||
AXO-LENTI-PD | — | 21,219 | (21,219 | ) | ||||||||||||||||||||
IMVT-1401 | $ | 49,236 | $ | 39,230 | $ | 10,006 | ||||||||||||||||||
Tapinarof | 34,002 | 69,394 | (35,392 | ) | ||||||||||||||||||||
ARU-1801 | 24,347 | 11,064 | 13,283 | |||||||||||||||||||||
Gimsilumab | 21,969 | 7,288 | 14,681 | |||||||||||||||||||||
RVT-1601 | 6,784 | 16,935 | (10,151 | ) | ||||||||||||||||||||
AXO-LENTI-PD | — | 21,219 | (21,219 | ) | ||||||||||||||||||||
Other program-specific costs | 29,790 | 32,402 | (2,612 | ) | 29,790 | 32,402 | (2,612 | ) | ||||||||||||||||
Total program-specific costs | 166,128 | 197,532 | (31,404 | ) | 166,128 | 197,532 | (31,404 | ) | ||||||||||||||||
Consideration for the purchase of IPR&D through asset acquisitions and license agreements | 591,916 | 10,250 | 581,666 | 591,916 | 10,250 | 581,666 | ||||||||||||||||||
Unallocated internal costs: | ||||||||||||||||||||||||
Share-based compensation | 22,637 | 7,738 | 14,899 | 22,637 | 7,738 | 14,899 | ||||||||||||||||||
Personnel-related expenses | 45,646 | 33,865 | 11,781 | 45,646 | 33,865 | 11,781 | ||||||||||||||||||
Other expenses | 6,431 | 13,832 | (7,401 | ) | 6,431 | 13,832 | (7,401 | ) | ||||||||||||||||
Total research and development expenses | $ | 832,758 | $ | 263,217 | $ | 569,541 | $ | 832,758 | $ | 263,217 | $ | 569,541 | ||||||||||||
Years Ended March 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
General and administrative | $ | 259,878 | $ | 335,766 | $ | (75,888 | ) |
Years Ended March 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
Change in fair value of investments | $ | (95,533 | ) | $ | 136,005 | $ | (231,538 | ) |
Years Ended March 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
Change in fair value of debt and liability instruments | $ | 29,845 | $ | (13,722 | ) | $ | 43,567 |
Years Ended March 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity | $ | (115,364 | ) | $ | (107,344 | ) | $ | (8,020 | ) |
Years Ended March 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
Other expense, net | $ | 8,701 | $ | 13,622 | $ | (4,921 | ) |
Years Ended March 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
Income tax expense | $ | 1,686 | $ | 7,124 | $ | (5,438 | ) |
Years Ended March 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
Income from discontinued operations, net of tax | $ | — | $ | 1,578,426 | $ | (1,578,426 | ) |
Six Months Ended September 30, | Nine Months Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Net cash used in operating activities | $ | (261,766 | ) | $ | (209,212 | ) | $ | (530,260 | ) | $ | (446,071 | ) | ||||
Net cash provided by (used in) investing activities | $ | 315,070 | $ | (27,505 | ) | $ | 308,997 | $ | (27,612 | ) | ||||||
Net cash provided by financing activities | $ | 314,144 | $ | 357,086 | $ | 305,722 | $ | 357,550 |
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
(in thousands) | ||||||||
Net cash used in operating activities | $ | (552,138 | ) | $ | (758,750 | ) | ||
Net cash (used in) provided by investing activities | $ | (31,702 | ) | $ | 1,694,790 | |||
Net cash provided by financing activities | $ | 456,264 | $ | 214,081 |
Roivant Ownership at September 30, 2021 | Roivant Ownership at December 31, 2021 | |||||||||||||||||||||||||||
Vant | Basic | Fully Diluted | Description | Lead Program / Mechanism | Modality | Indication(s) /Phase | Upcoming Milestones | Basic | Fully Diluted | Description | Lead Program / Mechanism | Modality | Indication(s) /Phase | Upcoming Milestones | ||||||||||||||
Dermavant | 100% | 85% | Developing treatments for unmet needs in immuno-dermatology | Tapinarof / Therapeutic aryl hydrocarbon receptor modulating agent | Topical | • Psoriasis /Registration Atopic dermatitis / Phase 3 | • Q2 ‘22: FDA approval decision on Tapinarof for psoriasis • 1H ‘23: Topline Phase 3 data in atopic dermatitis | 100% | 85% | Developing treatments for unmet needs in immuno-dermatology | Tapinarof / Therapeutic aryl hydrocarbon receptor modulating agent | Topical | • Psoriasis /Registration Atopic dermatitis / Phase 3 | • Q2 ‘22: FDA approval decision on Tapinarof for psoriasis • 1H ‘23: Topline Phase 3 data in atopic dermatitis | ||||||||||||||
Immunovant | 64%* | 59%* | Developing an anti-FcRn monoclonal antibody for IgG-mediated autoimmune diseases | Batoclimab / Anti-FcRn monoclonal antibody | Biologic | • Myasthenia gravis, thyroid eye disease, and warm autoimmune hemolytic anemia / Phase 2 | • Early 2022: Initiate pivotal trial in MG • TBA: Reinitiate program in TED | 64%* | 58%* | Developing an anti-FcRn monoclonal antibody for IgG-mediated autoimmune diseases | Batoclimab / Anti-FcRn monoclonal antibody | Biologic | • Myasthenia gravis / Phase 3 • Thyroid eye disease and warm autoimmune hemolytic anemia / Phase 2 | • Early 2022: Initiate pivotal trial in MG • 2022: Initiate three pivotal programs, including MG | ||||||||||||||
• TBA: Reinitiate program in WAIHA | • 2022: Progress TED, WAIHA, and two new indications to be announced | |||||||||||||||||||||||||||
• 2H ‘22: Announce at least two new indications for batoclimab | ||||||||||||||||||||||||||||
Aruvant | 88% | 79% | Developing transformative gene therapies for severe blood disorders | ARU-1801 / Ex vivo lentiviral gene therapy delivering a novel, highly potent variant of fetal hemoglobin (HbF) | Gene therapy | • Sickle cell disease / Phase 1/2 | • 2022: Additional data from ARU-1801 Phase 1/2 • 1H ‘23: ARU-1801 Phase 3 initiation | 88% | 80% | Developing transformative gene therapies for severe blood disorders | ARU-1801 / Ex vivo lentiviral gene therapy delivering a novel, highly potent variant of fetal hemoglobin (HbF) | Gene therapy | • Sickle cell disease / Phase 1/2 | • 2022: New patient and follow-up data from ARU-1801 Phase 1/2 • 2023: ARU-1801 Phase 3 initiation | ||||||||||||||
Proteovant | 60% | 60% | Developing heterobifunctional protein degraders for oncology, neurology, and immunology, with exclusive access to VantAI | AR Degrader | Small Molecule | • Prostate cancer / Preclinical | • 2022: AR degrader Phase 1 initiation | 60% | 55% | Developing heterobifunctional protein degraders for oncology, neurology, and immunology, with exclusive access to VantAI | AR Degrader | Small Molecule | • Prostate cancer / Preclinical | • 2022: AR degrader Phase 1 initiation | ||||||||||||||
Kinevant | 88% | 83% | Developing an anti-GM-CSF | Namilumab / Anti-GM-CSF | Biologic | • Sarcoidosis / Phase 2 | • 1H ‘22: Namilumab Phase 2 initiation | |||||||||||||||||||||
Hemavant | 100% | 100% | Developing an SF3B1 modulator for the treatment of transfusion-dependent anemia in patients with lower-risk myelodysplastic syndromes | RVT-2001 / SF3B1 modulator | Small molecule | • Tranfusion-dependent anemia in patients with lower-risk MDS / Phase 1/2 | • 1H ‘22: Expand ongoing RVT-2001 Phase 1/2 • 2023: Initial data from RVT-2001 Phase 1/2 | |||||||||||||||||||||
Lysovant | 100% | 99% | Developing a novel endolysin for hard-to-treat | LSVT-1701 / Endolysin | Biologic | • Staph aureus bacteremia and infective endocarditis / Phase 1 | • 1H ‘22: LSVT-1701 MAD initiation | 100% | 99% | Developing a novel endolysin for hard-to-treat Staph aureus | LSVT-1701 / Endolysin | Biologic | • Staph aureus | • 1H ‘22: LSVT-1701 MAD initiation | ||||||||||||||
Kinevant | 88% | 88% | Developing an anti-GM-CSF | Namilumab / Anti-GM-CSF | Biologic | • Sarcoidosis / Phase 1 | • 1H ‘22: Namilumab Phase 2 initiation |
Roivant Ownership at September 30, 2021 | Roivant Ownership at December 31, 2021 | |||||||||||||||||||||||||||
Vant | Basic | Fully Diluted | Description | Lead Program /Mechanism | Modality | Indication(s) /Phase | Upcoming Milestones | Basic | Fully Diluted | Description | Lead Program /Mechanism | Modality | Indication(s) /Phase | Upcoming Milestones | ||||||||||||||
Affivant | 100% | 99% | Developing bispecific antibodies for oncology indications with unmet medical need | AFM32 / Bispecific antibody | Biologic | • Solid Tumors / Preclinical | • 1H ‘23: File IND | 100% | 99% | Developing bispecific antibodies for oncology indications with unmet medical need | AFVT-2101 / Bispecific antibody | Biologic | • Solid Tumors / Preclinical | • 1H ‘23: File IND | ||||||||||||||
Cytovant | 72% | 68% | Developing cellular medicines uniquely suited to Asian patients | CVT-TCR-01 TCR-T targetingNY-ESO-1 | Cell therapy | • Oncologic malignancies / Preclinical | 72% | 69% | Developing cellular medicines uniquely suited to Asian patients | CVT-TCR-01 TCR-T targetingNY-ESO-1 | Cell therapy | • Oncologic malignancies / Preclinical | ||||||||||||||||
Arbutus | 29%* | 27%* | Developing a potential cure for chronic HBV infection | AB-729 / RNAi inhibiting HBV replication | RNA therapy | • Hepatitis B / Phase 2 | • 2022: Initial data from Phase 2 AB-729 combination trial with vebicorvir • Early 2022: Initiate Phase 2a AB-729 combination trial with VTP-300 • 2022: Additional data from Phase 1a/b AB-836 trial | 27%* | 25%* | Developing a potential cure for chronic HBV infection | AB-729 / RNAi inhibiting HBV replication | RNA therapy | • Hepatitis B / Phase 2 | • 1H ‘22: Initiate Phase 2a AB-729 combination trial with VTP-300 • 1H ‘22: Additional data from Phase 1a/b AB-836 trial • 2H ‘22: Initial data from Phase 2 AB-729 combination trial with vebicorvir | ||||||||||||||
Sio Gene Therapies | 25%* | 24%* | Developing gene therapies for neurodegenerative diseases | AXO-AAV-GM1 | Gene therapy | • GM1 gangliosidosis / Phase 1/2 | • 1H ‘22: Data update from ongoing Phase 1/2 trial | 25%* | 24%* | Developing gene therapies for neurodegenerative diseases | AXO-AAV-GM1 | Gene therapy | • GM1 gangliosidosis / Phase 1/2 | • 1H ‘22: Data update from ongoing Phase 1/2 trial | ||||||||||||||
Genevant | 83% | 67% | Advancing delivery of nucleic acid therapeutics | — | — | — | — | 83% | 67% | Advancing delivery of nucleic acid therapeutics | — | — | — | — | ||||||||||||||
Lokavant | 90% | 84% | Optimizing trial operations with an end-to-end | — | — | — | — | 90% | 84% | Optimizing trial operations with an end-to-end | — | — | — | — | ||||||||||||||
Datavant | ** | ** | Connecting patient-level health data through privacy-first, HIPAA-compliant tokens | — | — | — | — | ** | ** | Connecting patient-level health data through privacy-first, HIPAA-compliant tokens | — | — | — | — | ||||||||||||||
Alyvant | 97% | 95% | Leveraging data and artificial intelligence to connect patients to therapies | — | — | — | — | 97% | 95% | Leveraging data and artificial intelligence to connect patients to therapies | — | — | — | — |
* | Denotes entities that are publicly traded. |
** | In June 2021, Datavant entered into a definitive merger agreement to combine with Ciox Health. The transaction closed on July 27, 2021. The implied enterprise value of the combined company at the conversion price cap of the new preferred equity investment made concurrently with |
Product Candidate | Indication | Vant | Modality | Phase | ||||
Tapinarof | Psoriasis | Dermavant | Topical | Registration | ||||
Tapinarof | Atopic Dermatitis | Dermavant | Topical | Phase 3 | ||||
Batoclimab | Myasthenia Gravis | Immunovant | Biologic | Phase | ||||
Batoclimab | Warm Autoimmune Hemolytic Anemia | Immunovant | Biologic | Phase 2 | ||||
Batoclimab | Thyroid Eye Disease | Immunovant | Biologic | Phase 2 | ||||
Batoclimab | Indication #4 | Immunovant | Biologic | Phase 2 | ||||
Batoclimab | Indication #5 | Immunovant | Biologic | Phase 2 | ||||
ARU-1801 | Sickle Cell Disease | Aruvant | Gene Therapy | Phase 2 | ||||
Namilumab | Sarcoidosis | Kinevant | Biologic | Phase 2 | ||||
Cerdulatinib | Vitiligo | Dermavant | Topical | Phase 2 | ||||
RVT-2001 | Transfusion-Dependent Anemia in Patients with Lower-Risk MDS | Hemavant | Small Molecule | Phase 1 | ||||
LSVT-1701 | Staph Aureus Bacteremia | Lysovant | Biologic | Phase 1 | ||||
Cerdulatinib | Atopic Dermatitis | Dermavant | Topical | Phase 1 | ||||
DMVT-504 | Hyperhidrosis | Dermavant | Small Molecule | Phase 1 | ||||
DMVT-503 | Acne | Dermavant | Topical | Preclinical | ||||
ARU-2801 | Hypophosphatasia | Aruvant | Gene Therapy | Preclinical | ||||
AFVT-2101 | Solid Tumors | Affivant | Biologic | Preclinical | ||||
CVT-TCR-01 | Oncologic Malignancies | Cytovant | Cell Therapy | Preclinical |
towards programs we believe have a higher probability of success and away from those that fail to meet our internal hurdles. We centralize capital allocation decisions at the Roivant level, while distributing operational decisions to the Vants, allowing us to strategically deploy capital in high growth areas, regardless of potentially competing operational priorities. |
Vant | Catalyst | Expected Timing | ||
Dermavant | ||||
FDA approval decision on tapinarof for psoriasis | 2Q 2022 | |||
Topline data from tapinarof Phase 3 trials in atopic dermatitis | 1H 2023 | |||
Immunovant | ||||
Aruvant | ||||
ARU-1801 Phase 3 initiation in sickle cell disease | ||||
Kinevant | Namilumab Phase 2 initiation in sarcoidosis | 1H 2022 | ||
Hemavant | Expand ongoing RVT-2001 Phase 1/2 trial in lower-risk MDS | 1H 2022 | ||
Initial data from RVT-2001 Phase 1/2 trial in lower-risk MDS | 2023 | |||
Lysovant | LSVT-1701 MAD initiation in Staph aureus | 1H 2022 | ||
Proteovant | Phase 1 initiation for first degrader candidate | 2022 | ||
Roivant / Proteovant | Multiple additional degrader candidates entering IND-enabling studies each year | Starting 2022 |
presently evaluating which commercial functions to potentially build in-house and centralize across the Vants. Based on our current pipeline, we expect to market our first drug, tapinarof, in 2022. |
Roivant Ownership at September 30, 2021 | ||||||||||||||
Vant | Basic | Fully Diluted | Description | Lead Program / Mechanism | Modality | Indication(s) / Phase | Upcoming Milestones | |||||||
Dermavant | 100% | 85% | Developing treatments for unmet needs in immuno-dermatology | Tapinarof / Therapeutic aryl hydrocarbon receptor modulating agent | Topical | • Psoriasis /Registration • Atopic dermatitis / Phase 3 | • Q2 ‘22: FDA approval decision on Tapinarof for psoriasis • 1H ‘23: Topline Phase 3 data in atopic dermatitis | |||||||
Immunovant | 64%* | 59%* | Developing an anti-FcRn monoclonal antibody for IgG-mediated autoimmune diseases | Batoclimab / Anti-FcRn monoclonal antibody | Biologic | • Myasthenia gravis, thyroid eye disease, and warm autoimmune hemolytic anemia / Phase 2 | • Early 2022: Initiate pivotal trial in MG • TBA: Reinitiate program in TED • TBA: Reinitiate program in WAIHA • 2H ‘22: Announce at least two new indications for batoclimab | |||||||
Aruvant | 88% | 79% | Developing transformative gene therapies for severe blood disorders | ARU-1801 / Ex vivo lentiviral gene therapy delivering a novel, highly potent variant of fetal hemoglobin (HbF) | Gene therapy | • Sickle cell disease / Phase 1/2 | • 2022: Additional data from ARU-1801 Phase 1/2 • 1H ‘23: ARU-1801 Phase 3 initiation | |||||||
Proteovant | 60% | 60% | Developing heterobifunctional protein degraders for oncology, neurology, and immunology, with | AR Degrader | Small Molecule | • Prostate cancer / Preclinical | • 2022: AR degrader Phase 1 initiation |
Roivant Ownership at September 30, 2021 | ||||||||||||||
Vant | Basic | Fully Diluted | Description | Lead Program / Mechanism | Modality | Indication(s) / Phase | Upcoming Milestones | |||||||
exclusive access to VantAI | ||||||||||||||
Lysovant | 100% | 99% | Developing a novel endolysin for hard-to-treat | LSVT-1701 / Endolysin | Biologic | • Staph aureus bacteremia and infective endocarditis / Phase 1 | • 1H ‘22: LSVT-1701 MAD initiation | |||||||
Kinevant | 88% | 88% | Developing an anti-GM-CSF | Namilumab / Anti-GM-CSF | Biologic | • Sarcoidosis / Phase 1 | • 1H ‘22: Namilumab Phase 2 initiation | |||||||
Affivant | 100% | 99% | Developing bispecific antibodies for oncology indications with unmet medical need | AFM32 / Bispecific antibody | Biologic | • Solid Tumors / Preclinical | • 1H ‘23: File IND | |||||||
Cytovant | 72% | 68% | Developing cellular medicines uniquely suited to Asian patients | CVT-TCR-01 TCR-T targetingNY-ESO-1 | Cell therapy | • Oncologic malignancies / Preclinical | ||||||||
Arbutus | 29%* | 27%* | Developing a potential cure for chronic HBV infection | AB-729 / RNAi inhibiting HBV replication | RNA therapy | • Hepatitis B / Phase 2 | • 2022: Initial data from Phase 2 AB-729 combination trial with vebicorvir • Early 2022: Initiate Phase 2a AB-729 combination trial with VTP-300 • 2022: Additional data from Phase 1a/b AB-836 trial | |||||||
Sio Gene Therapies | 25%* | 24%* | Developing gene therapies for | AXO-AAV-GM1 | Gene therapy | • GM1 gangliosidosis / Phase 1/2 | • 1H ‘22: Data update from ongoing Phase 1/2 trial |
Roivant Ownership at December 31, 2021 | ||||||||||||||
Vant | Basic | Fully Diluted | Description | Lead Program / Mechanism | Modality | Indication(s) / Phase | Upcoming Milestones | |||||||
Dermavant | 100% | 85% | Developing treatments for unmet needs in immuno-dermatology | Tapinarof / Therapeutic aryl hydrocarbon receptor modulating agent | Topical | • Psoriasis /Registration • Atopic dermatitis / Phase 3 | • Q2 ‘22: FDA approval decision on Tapinarof for psoriasis • 1H ‘23: Topline Phase 3 data in atopic dermatitis | |||||||
Immunovant | 64%* | 58%* | Developing an anti-FcRn monoclonal antibody for IgG-mediated autoimmune diseases | Batoclimab / Anti-FcRn monoclonal antibody | Biologic | • Myasthenia gravis / Phase 3 • Thyroid eye disease and warm autoimmune hemolytic anemia / Phase 2 | • Early 2022 Initiate pivotal trial in MG • 2022: Initiate three pivotal programs, including MG • 2022: Progress TED, WAIHA, and two new indications to be announced | |||||||
Aruvant | 88% | 80% | Developing transformative gene therapies for severe blood disorders | ARU-1801 / Ex vivo lentiviral gene therapy delivering a novel, highly potent variant of fetal hemoglobin (HbF) | Gene therapy | • Sickle cell disease / Phase 1/2 | • 2022: New patient and follow-up data from ARU-1801 Phase 1/2 • 2023: ARU-1801 Phase 3 initiation | |||||||
Proteovant | 60% | 55% | Developing heterobifunctional protein degraders for oncology, neurology, and immunology, with exclusive access to VantAI | AR Degrader | Small Molecule | • Prostate cancer / Preclinical | • 2022: AR degrader Phase 1 initiation |
Roivant Ownership at September 30, 2021 | ||||||||||||||
Vant | Basic | Fully Diluted | Description | Lead Program / Mechanism | Modality | Indication(s) / Phase | Upcoming Milestones | |||||||
neurodegenerative diseases | ||||||||||||||
Genevant | 83% | 67% | Advancing delivery of nucleic acid therapeutics | — | — | — | — | |||||||
Lokavant | 90% | 84% | Optimizing trial operations with an end-to-end | — | — | — | — | |||||||
Datavant | ** | ** | Connecting patient-level health data through privacy-first, HIPAA-compliant tokens | — | — | — | — | |||||||
Alyvant | 97% | 95% | Leveraging data and artificial intelligence to connect patients to therapies | — | — | — | — |
Roivant Ownership at December 31, 2021 | ||||||||||||||
Vant | Basic | Fully Diluted | Description | Lead Program / Mechanism | Modality | Indication(s) / Phase | Upcoming Milestones | |||||||
Kinevant | 88% | 83% | Developing an anti-GM-CSF | Namilumab / Anti-GM-CSF | Biologic | • Sarcoidosis / Phase 2 | • 1H ‘22: Namilumab Phase 2 initiation | |||||||
Hemavant | 100% | 100% | Developing an SF3B1 modulator for the treatment of transfusion-dependent anemia in patients with lower-risk myelodysplastic syndromes | RVT-2001 / SF3B1 modulator | Small molecule | • Tranfusion-dependent anemia in patients with lower-risk MDS / Phase 1/2 | • 1H ’22: Expand ongoing RVT-2001 Phase 1/2 • 2023: Initial data from RVT-2001 Phase 1/2 | |||||||
Lysovant | 100% | 99% | Developing a novel endolysin for hard-to-treat Staph aureus | LSVT-1701 / Endolysin | Biologic | • Staph aureus | • 1H ‘22: LSVT-1701 MAD initiation | |||||||
Affivant | 100% | 99% | Developing bispecific antibodies for oncology indications with unmet medical need | AFVT-2101 / Bispecific antibody | Biologic | • Solid Tumors / Preclinical | • 1H ‘23: File IND | |||||||
Cytovant | 72% | 69% | Developing cellular medicines uniquely suited to Asian patients | CVT-TCR-01 TCR-T targetingNY-ESO-1 | Cell therapy | • Oncologic malignancies / Preclinical | ||||||||
Arbutus | 27%* | 25%* | Developing a potential cure for chronic HBV infection | AB-729 / RNAi inhibiting HBV replication | RNA therapy | • Hepatitis B / Phase 2 | • 1H ‘22: Initiate Phase 2a AB-729 combination trial with VTP-300 • 1H ‘22: Additional data from Phase 1a/b AB-836 trial |
Roivant Ownership at December 31, 2021 | ||||||||||||||
Vant | Basic | Fully Diluted | Description | Lead Program / Mechanism | Modality | Indication(s) / Phase | Upcoming Milestones | |||||||
• 2H ‘22: Initial data from Phase 2 AB-729 combination trial with vebicorvir | ||||||||||||||
Sio Gene Therapies | 25%* | 24%* | Developing gene therapies for neurodegenerative diseases | AXO-AAV-GM1 | Gene therapy | • GM1 gangliosidosis / Phase 1/2 | • 1H ‘22: Data update from ongoing Phase 1/2 trial | |||||||
Genevant | 83% | 67% | Advancing delivery of nucleic acid therapeutics | — | — | — | — | |||||||
Lokavant | 90% | 84% | Optimizing trial operations with an end-to-end | — | — | — | — | |||||||
Datavant | ** | ** | Connecting patient-level health data through privacy-first, HIPAA-compliant tokens | — | — | — | — | |||||||
Alyvant | 97% | 95% | Leveraging data and artificial intelligence to connect patients to therapies | — | — | — | — |
* | Denotes entities that are publicly traded. |
** | In June 2021, Datavant entered into a definitive merger agreement to combine with Ciox Health. The transaction closed on July 27, 2021. The implied enterprise value of the combined company at the conversion price cap of the new preferred equity investment made concurrently closing of the merger was $7.0 billion. This enterprise value implies an equity value of $6.1 billion (after netting out approximately $900 million of debt and other adjustments). No assurance can be given that the implied enterprise or equity value is an accurate reflection of the value of the combined business at closing or in the future. At closing of the merger and assuming a $7.0 billion enterprise value, Roivant’s ongoing, fully diluted equity ownership in the combined entity was approximately 12% (without giving effect to certain liquidation preferences held by the preferred equity shareholders). |
Product Candidate | Indication | Vant | Modality | Phase | ||||
Tapinarof | Psoriasis | Dermavant | Topical | Registration | ||||
Tapinarof | Atopic Dermatitis | Dermavant | Topical | Phase 3 | ||||
Batoclimab | Myasthenia Gravis | Immunovant | Biologic | Phase | ||||
Batoclimab | Warm Autoimmune Hemolytic Anemia | Immunovant | Biologic | Phase 2 | ||||
Batoclimab | Thyroid Eye Disease | Immunovant | Biologic | Phase 2 | ||||
Batoclimab | Indication #4 | Immunovant | Biologic | Phase 2 | ||||
Batoclimab | Indication #5 | Immunovant | Biologic | Phase 2 | ||||
ARU-1801 | Sickle Cell Disease | Aruvant | Gene Therapy | Phase 2 | ||||
Namilumab | Sarcoidosis | Kinevant | Biologic | Phase 2 | ||||
Cerdulatinib | Vitiligo | Dermavant | Topical | Phase 2 | ||||
RVT-2001 | Transfusion-Dependent Anemia in Patients with Lower-Risk MDS | Hemavant | Small Molecule | Phase 1 | ||||
LSVT-1701 | Staph Aureus Bacteremia | Lysovant | Biologic | Phase 1 | ||||
Cerdulatinib | Atopic Dermatitis | Dermavant | Topical | Phase 1 | ||||
DMVT-504 | Hyperhidrosis | Dermavant | Small Molecule | Phase 1 | ||||
DMVT-503 | Acne | Dermavant | Topical | Preclinical | ||||
ARU-2801 | Hypophosphatasia | Aruvant | Gene Therapy | Preclinical | ||||
Solid Tumors | Affivant | Biologic | Preclinical | |||||
CVT-TCR-01 | Oncologic Malignancies | Cytovant | Cell Therapy | Preclinical |
MoA | ||||
G12D Degrader | G12D | |||
human cancers | and lung cancer | |||
Degrader | target; central regulator of | such as Cryoporin-associated periodic syndromes (CAPS), gout, SLE, IBD, Behcet’s, and asthma | ||
of chronic disorders | ||||
Inhibitor | target and biomarker defined tumor cell dependency | lung, colon, breast, ovarian | ||
resistance | ||||
Inhibitor 617F Inhibitor | with DNA damage repair deficiency | |||
driver | neoplasms: polycythemia vera, essential thrombocythemia, primary myelofibrosis and AML | |||
Inhibitor | and NRAS mutant tumors | colon, many other GIs | ||
lung and other | ||||
Degrader | in tumors with “Achilles’ heel” mutation | |||
TCS | Vitamin D / Combos / Retinoids | Biologics | Otezla | Other Oral | ||||||||||||||||
Annual Scripts for PsO (2020) | ~2.35M | ~508K | ~1.05M | ~258K | ~241K |
TCS | TCI | Eucrisa | Dupixent | |||||||||||||
Annual Scripts for AD (2020) | ~16.4M | ~996K | ~352K | ~344K |
* | Patients with PGA of 2 (mild) and PGA of 4 (severe) limited to ~10% each of the total randomized population;~80% of the total randomized population with PGA of 3 (moderate); †Patients electing not to participate in LTE had follow-up visit 4 weeks after completion of treatment period. BSA, body surface area; LTE, long-term extension; PASI75, |
* | Difference versus vehicle cream is statistically significant at p=0.05 level (the 95% confidence interval excludes 0). |
approximately half the anticipated number of subjects who had reached the week 13 primary efficacy analysis at the time of the termination of the trial, were inconclusive. |
Single Ascending Dose | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intravenous Infusion | Subcutaneous Injection | Multiple Ascending Dose Subcutaneous Injection | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Subjects | 0.1 MG/ KG N=4 | 100 MG N=6 | 340 MG N=6 | 765 MG N=6 | 1530 MG N=6 | Placebo N=8 | 0.5 MG/ KG N=3 | 1.5 MG/ KG N=6 | 5 MG/ KG N=6 | 340 MG N=6 | 500 MG N=6 | 765 MG N=6 | Placebo N=10 | 340 MG N=8 | 680 MG N=8 | Placebo N=4 | ||||||||||||||||||||||||||||||||||||||||||||||||
MedDRA Preferred Term | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abdominal pain | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abdominal pain upper | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abnormal sensation in eye | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Back pain | 2 | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Constipation | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cough | 1 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diarrhea | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dizziness | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dry skin | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Erythema | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fatigue | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Headache | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 4 | 1 | 1 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Injection site erythema | 5 | 1 | 5 | 6 | 7 | 8 | 7 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Injection site pain | 1 | 2 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Injection site swelling | 3 | 2 | 4 | 3 | 7 | 6 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insomnia | 1 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Myalgia | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nasal congestion | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nausea | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ocular hyperaemia | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oropharyngeal pain | 1 | 1 | 2 | 1 | 1 | 1 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pain in extremity | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Procedural complication | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Procedural dizziness | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pyrexia | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rash | 2 | 2 | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rhinorrhoea | 1 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sinusitis | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Somnolence | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upper respiratory tract infection | 1 | 1 | 1 | 3 | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vision blurred | 1 | 1 |
* | Dose adjusted to a targeted AUC for busulfan of 4200 µM*min. 1. bluebird bio ASGCT 2020. Resolution of Sickle Cell Disease (SCD) Manifestations in Patients Treated with LentiGlobin Gene Therapy: Updated Results of Phase 1/2 HGB-206 Group C Study. 2. Based on data from 3ARU-1801 patients. 3. Busulfan label; seizure prophylaxis required but not with phenytoin due to PK interaction with busulfan. 4. ALKERAN label. 5. Estimated based on Kaplan-Meier plot in post-pubescent female children based on time to elevated FSH level with up to 8 years follow up (Panasuik et al. BJH 2015). 6. ZYNTEGLO EPAR. 7. Boston Medical Center. B Freeman et al. (2014) Bone Marrow Transplantation and Guru Murthy GS et al. (2019) Biol. Blood Marrow Transplant; outpatient autologous HSCT are already performed for multiple myeloma and AL amyloidosis 8. Rescue cell collection required per bluebird bio protocol. 9. Based on Aruvant protocol. |
Cell Line | AR Variant | DC 50 (nM) | ||
VCaP | Wild type | 0.05 | ||
LNCaP | T878A | 0.082 | ||
22RV1 | H875Y | 0.9 | ||
MDA-PCa-2b | L702H/T878A | 6 |
Target & MoA | Opportunity Profile | Potential Indications/Patient Populations | ||
CBP/P300 Degrader | • CBP/P300 control expression of oncogenic factors (e.g., AR, c-Myc) in prostate cancer• Synthetic lethality target (LOF mutations) with precision medicine approach | • AR+ prostate cancer (including AR mutants and splice variant subsets), tumors with CBP or P300 LOF (e.g., DLBCL, FL, NSCLC, bladder cancer) | ||
SMARCA2/4 Degrader | • Synthetic lethality target in multiple tumor types (e.g., SMARCA4 LOF) | • SMARCA4-mutated NSCLC (~10% of NSCLC overall) • Tumor agonistic indication: SMARCA4- mutated solid tumors | ||
KRAS G12D Degrader | • Historically undruggable oncogene variant G12D • Most frequently mutated oncogene in human cancers | • KRAS G12D mutant tumors • Highest rates in PDAC, CRC, endometrial and lung cancer |
1. | Multi-component formulations that contain specialized lipids optimized for potency and tolerability, are capable of encapsulating a broad range of nucleic acid payloads, and have limited constraints on nucleic acid composition, structure or size |
2. | A manufacturing process developed and scaled to produce stable uniform dispersion of colloidal nanoparticles with particle size appropriate for parenteral or intramuscular administration |
3. | Efficient intracellular delivery of nucleic acids to cell cytoplasm via engineered active endosomal escape mechanism |
Preferred term | Placebo ( N = 27) | Namilumab | ||||||
20 mg ( N = 28) | 80 mg ( N = 25) | 150 mg ( N = 28) | ||||||
Nasopharyngitis | 5(18.5) | 5(17.9) | 1(4.0) | 4(14.3) | ||||
Dyspnea | 0 | 1(3.6) | 2(8.0) | 3(10.7) | ||||
Bronchitis | 2(7.4) | 1(3.6) | 1(4.0) | 1(3.6) | ||||
Headache | 1(3.7) | 1(3.6) | 3(12.0) | 0 | ||||
Upper respiratory tract infection | 0 | 0 | 2(8.0) | 1(3.6) | ||||
Rheumatoid arthritis | 0 | 2(7.1) | 2(8.0) | 0 | ||||
Hypertension | 0 | 0 | 0 | 2(7.1) | ||||
Laryngitis | 0 | 0 | 2(8.0) | 0 | ||||
Menorrhagia | 0 | 2(7.1) | 0 | 0 | ||||
Urticaria | 0 | 2(7.1) | 0 | 0 |
Preferred term | Placebo ( N = 27) | Namilumab | ||||||
20 mg ( N = 28) | 80 mg ( N = 25) | 150 mg ( N = 28) | ||||||
Nasopharyngitis | 5(18.5) | 5(17.9) | 1(4.0) | 4(14.3) | ||||
Dyspnea | 0 | 1(3.6) | 2(8.0) | 3(10.7) | ||||
Bronchitis | 2(7.4) | 1(3.6) | 1(4.0) | 1(3.6) | ||||
Headache | 1(3.7) | 1(3.6) | 3(12.0) | 0 | ||||
Upper respiratory tract infection | 0 | 0 | 2(8.0) | 1(3.6) | ||||
Rheumatoid arthritis | 0 | 2(7.1) | 2(8.0) | 0 | ||||
Hypertension | 0 | 0 | 0 | 2(7.1) | ||||
Laryngitis | 0 | 0 | 2(8.0) | 0 | ||||
Menorrhagia | 0 | 2(7.1) | 0 | 0 | ||||
Urticaria | 0 | 2(7.1) | 0 | 0 |
Preferred term | Placebo ( N = 27) | Namilumab | ||||||
20 mg ( N = 28) | 80 mg ( N = 25) | 150 mg ( N = 28) | ||||||
Nasopharyngitis | 5(18.5) | 5(17.9) | 1(4.0) | 4(14.3) | ||||
Dyspnea | 0 | 1(3.6) | 2(8.0) | 3(10.7) | ||||
Bronchitis | 2(7.4) | 1(3.6) | 1(4.0) | 1(3.6) | ||||
Headache | 1(3.7) | 1(3.6) | 3(12.0) | 0 | ||||
Upper respiratory tract infection | 0 | 0 | 2(8.0) | 1(3.6) | ||||
Rheumatoid arthritis | 0 | 2(7.1) | 2(8.0) | 0 | ||||
Hypertension | 0 | 0 | 0 | 2(7.1) | ||||
Laryngitis | 0 | 0 | 2(8.0) | 0 | ||||
Menorrhagia | 0 | 2(7.1) | 0 | 0 | ||||
Urticaria | 0 | 2(7.1) | 0 | 0 |
within CMS to test innovative payment and service delivery models to lower Medicare and Medicaid spending, potentially including prescription drug spending. |
active substance not yet authorized in the EEA, or for products that constitute a significant therapeutic, scientific or technical innovation or which are in the interest of public health in the EEA. |
Name | Age | Position | ||
Executive Officers | ||||
Matthew Gline | 37 | Chief Executive Officer and Director | ||
Eric Venker | 35 | President and Chief Operating Officer | ||
Mayukh Sukhatme | 46 | President and Chief Investment Officer | ||
Richard Pulik | Chief Financial Officer | |||
Rakhi Kumar | Chief Accounting Officer | |||
Directors | ||||
Vivek Ramaswamy | 36 | Founder and Chair | ||
Andrew Lo | 61 | Director | ||
Patrick Machado | 57 | Director | ||
Keith Manchester | 53 | Director | ||
Ilan Oren | 37 | Director | ||
Daniel Gold | 53 | Director | ||
Masayo Tada | Director | |||
James C. Momtazee | Director |
Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) (1) | Stock Awards ($) (2) | Option Awards ($) (2) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($) (3) | Total ($) | ||||||||||||||||||||||
Matthew Gline Chief Executive Officer and former Chief Financial Officer (4) | 2020 | $ | 350,000 | $ | 455,000 | — | $ | 7,497,000 | — | $ | 8,550 | $ | 8,310,550 | |||||||||||||||||
Eric Venker President and Chief Operating Officer | 2020 | $ | 275,000 | $ | 455,000 | $ | 5,734,500 | $ | 3,748,500 | — | $ | 83,550 | $ | 10,296,550 | ||||||||||||||||
Benjamin Zimmer Former President, Roivant Health (5) | 2020 | $ | 350,000 | $ | 455,000 | — | $ | 5,247,900 | — | — | $ | 6,052,900 | ||||||||||||||||||
Vivek Ramaswamy Founder, Executive Chairman and Former Chief Executive Officer (4) | 2020 | $ | 350,000 | — | — | — | — | $ | 11,800 | $ | 361,800 |
(1) | The amounts reported in this column reflect the annual cash discretionary performance bonus paid to each of the NEOs in respect of Fiscal 2020, which were earned and paid based on an assessment by our board of directors of overall company and individual performance for Fiscal 2020. |
(2) | The amounts reported in this column represent the aggregate grant date fair value of the awards of restricted stock units (“RSUs”) and nonqualified stock options granted to each of the NEOs during Fiscal 2020 under the Roivant Sciences Ltd. Amended and Restated 2015 Equity Incentive Plan (“2015 EIP”) and as described in further detail below. The grant date fair value was calculated in accordance with FASB ASC Topic 718, excluding the effect of estimated forfeitures. The amounts reported for any awards subject to performance conditions were calculated based on the probable outcome of the performance conditions as of the grant date, consistent with the estimate of aggregate compensation cost to be recognized over the service period determined as of the grant date under FASB ASC Topic 718, excluding the effect of estimated forfeitures. The assumptions used in calculating such grant date fair value are set forth in the notes to Roivant’s audited consolidated financial statements included elsewhere in this prospectus. Amounts reported do not reflect the actual economic value that may be realized by the applicable NEO. |
(3) | The amounts reported for Fiscal 2020 in this column reflect the following: |
(a) | For Mr. Gline, reflects company matching contributions under RSI’s 401(k) plan ($8,550); |
(b) | For Dr. Venker, reflects (i) company matching contributions under RSI’s 401(k) plan ($8,550) and (ii) fees received by Dr. Venker in Fiscal 2020 for his service on the board of directors of certain private company affiliates of Roivant ($75,000); and |
(c) | For Mr. Ramaswamy, reflects company matching contributions under RSI’s 401(k) plan ($11,800). |
(4) | Effective January 26, 2021, Mr. Ramaswamy ceased serving as Roivant’s Chief Executive Officer and transitioned to his current role as Executive Chairman. In addition, effective as of such date, Mr. Gline, Roivant’s then-current Chief Financial Officer, was appointed to serve as Chief Executive Officer. Effective as of September 28, 2021, Mr. Gline ceased serving as Roivant’s Chief Financial Officer upon the appointment of Richard Pulik as Chief Financial Officer. |
(5) | Mr. Zimmer has transferred from the role of President, Roivant Health to the role of Chief Executive Officer of a newly-formed Vant. |
Option Awards | Stock Awards | |||||||||||||||||||||||||||
Name | Grant Date | Numbers of Securities Underlying Unexercised Options (#) Exercisable | Numbers of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of shares or units of stock that have not vested (#) | Market value of shares or units of stock that have not vested ($) | |||||||||||||||||||||
Matthew Gline | 4/20/2016 | 80,000 | — | $ | 11.87 | 4/19/2026 | — | — | ||||||||||||||||||||
5/21/2018 | 49,856 | 29,152 | (2) | $ | 23.36 | 5/20/2028 | — | — | ||||||||||||||||||||
5/20/2019 | — | — | — | — | 250,000 | (3) | 9,625,000 | (3) | ||||||||||||||||||||
3/26/2020 | 466,035 | (4) | $ | 37.10 | 3/31/2026 | — | — | |||||||||||||||||||||
3/26/2020 | 776,725 | (4) | $ | 37.10 | 3/31/2026 | — | — | |||||||||||||||||||||
3/26/2020 | 466,035 | (5) | $ | 18.70 | (6) | 3/31/2026 | — | — | ||||||||||||||||||||
3/26/2020 | 776,725 | (5) | $ | 33.63 | (6) | 3/31/2026 | — | — | ||||||||||||||||||||
5/20/2020 | — | 300,000 | (2) | $ | 38.23 | 5/19/2030 | — | — | ||||||||||||||||||||
Eric Venker | 11/20/2017 | 74,400 | 14,564 | (2) | $ | 21.80 | 11/19/2027 | — | — | |||||||||||||||||||
5/21/2018 | 12,510 | 11,652 | (2) | $ | 23.36 | 5/20/2028 | — | — | ||||||||||||||||||||
5/20/2019 | 45,840 | 54,160 | (2) | $ | 32.07 | 5/19/2029 | — | — | ||||||||||||||||||||
3/26/2020 | — | 403,897 | (4) | $ | 46.38 | 3/31/2026 | — | — | ||||||||||||||||||||
5/20/2020 | — | 150,000 | (2) | $ | 38.23 | 5/19/2030 | — | — | ||||||||||||||||||||
5/20/2020 | — | — | — | — | 150,000 | (3) | 5,775,000 | (3) |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Numbers of Securities Underlying Unexercised Options (#) Exercisable | Numbers of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of shares or units of stock that have not vested (#) | Market value of shares or units of stock that have not vested ($) | |||||||||||||||||||||||||||||||||||
Benjamin Zimmer | 12/30/2015 | 405 | — | $ | 14.96 | 12/29/2025 | — | — | ||||||||||||||||||||||||||||||||||
5/20/2016 | 1,512 | — | $ | 11.60 | 5/19/2026 | — | — | |||||||||||||||||||||||||||||||||||
5/20/2019 | 229,170 | 270,830 | (2) | $ | 32.07 | 5/19/2029 | — | — | ||||||||||||||||||||||||||||||||||
5/20/2019 | — | — | — | — | 250,000 | (3) | 9,625,000 | (3) | ||||||||||||||||||||||||||||||||||
3/26/2020 | — | 62,138 | (4) | $ | 37.10 | 3/31/2026 | — | — | ||||||||||||||||||||||||||||||||||
3/26/2020 | — | 144,545 | (4) | $ | 40.31 | 3/31/2026 | — | — | ||||||||||||||||||||||||||||||||||
3/26/2020 | — | 62,138 | (5) | $ | 33.63 | (6) | 3/31/2026 | — | — | |||||||||||||||||||||||||||||||||
5/20/2020 | — | 210,000 | (2) | $ | 38.23 | 5/19/2030 | — | — | ||||||||||||||||||||||||||||||||||
3/26/2020 | — | 4,126,118 | (4) | $ | 37.10 | 3/31/2026 | — | — | ||||||||||||||||||||||||||||||||||
3/26/2020 | — | 3,343,002 | (4) | $ | 37.10 | 3/31/2026 | — | — | ||||||||||||||||||||||||||||||||||
3/26/2020 | — | 599,380 | (4) | $ | 40.31 | 3/31/2026 | — | — | ||||||||||||||||||||||||||||||||||
3/26/2020 | — | 2,021,411 | (4) | $ | 46.38 | 3/31/2026 | — | — | ||||||||||||||||||||||||||||||||||
3/26/2020 | — | 3,343,002 | (5) | $ | 18.70 | (6) | 3/31/2026 | — | — | |||||||||||||||||||||||||||||||||
3/26/2020 | — | 4,126,118 | (5) | $ | 33.63 | (6) | 3/31/2026 | — | — |
(1) | Pursuant to the terms of the Business Combination Agreement, effective as of the closing of the Business Combination on September 30, 2021, outstanding equity awards were adjusted as follows: (i) each share subject to an outstanding Roivant option was multipled by the exhchange ratio of 2.9262:1 (the “Exchange Ratio”), rounded down to the nearest whole share, and the per share exercise price was divided by the Exchange Ratio, rounded up to the nearest whole cent, (ii) each share subject to an outstanding and unvested RSU was multiplied by the Exchange Ratio, rounded down to the nearest whole share, and (iii) each share subject to a capped value appreciation right (“CVAR”) was multipled by the Exchange Ratio, rounded down to the nearest whole share, and the per share hurdle price, “knock-in” price and value cap price, as applicable, was divided by the Exchange Ratio, rounded up to the nearest whole cent, as described further below under “Treatment of Equity Awards in Connection with the Business Combination.” The numbers in the table reflect the share numbers outstanding as of March 31, 2021 and do not reflect these adjustments that occurred in connection with the |
(2) | Reflects the grant of nonqualified stock options to purchase Common Shares outstanding under the 2015 EIP that vest and become exercisable as follows: (i) 25% of the stock options vest and become exercisable on the first anniversary of the vesting commencement date and (ii) the remaining 75% vest in 36 successive equal monthly installments thereafter, in each case, subject to the holder’s continuous service through the applicable vesting date. For stock options held by Messrs. Gline and Venker that were granted in 2017 or 2018, immediately prior to (and contingent upon) the occurrence of a “change in control” (as defined in the 2015 EIP), the stock options will become fully vested. For stock options held by the NEOs that were granted after 2018, in the event the NEO’s employment is involuntarily terminated without “cause” (as defined in the 2015 EIP and the applicable award agreement) within 12 months following the consummation of a “change in control,” the stock options will become fully vested. |
(3) | Reflects the grant of RSUs outstanding under the 2015 EIP that vest upon the satisfaction of both a “service requirement” and a “liquidity event requirement.” The service requirement applicable to the RSUs is satisfied as follows: (i) 25% of the RSUs satisfy the service requirement on the first anniversary of the vesting commencement date and (ii) the remaining 75% of the RSUs satisfy the service requirement in 36 successive equal monthly installments thereafter, in each case, subject to the holder’s continuous service through the applicable vesting date. The liquidity event requirement will be satisfied upon the first to occur of a |
applicable award agreement) prior to |
(4) | Reflects the grant of nonqualified performance-based stock options to purchase Common Shares outstanding under the 2015 EIP (“Performance Options”) that vest and become exercisable upon the satisfaction of both a “service requirement” and a “liquidity event requirement.” The service requirement applicable to the Performance Options is satisfied as follows: (i) 25% of the Performance Options satisfy the service requirement on December 27, 2020 and (ii) the remaining 75% of the Performance Options satisfy the service requirement in 36 successive equal monthly installments thereafter, in each case, subject to |
(5) | Reflects the grant of multiplied by over “knock-in condition”); instead, such CVARs will remain outstanding unless and until theknock-in condition is satisfied as of any applicable measurement date thereafter before the |
(6) |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) (1) | Total ($) | |||||||||
Vivek Ramaswamy | $ | 150,000 | — | $ | 150,000 | |||||||
Andrew Lo | $ | 200,000 | — | $ | 200,000 | |||||||
Patrick Machado | $ | 75,000 | — | $ | 75,000 |
(1) | Mr. Ramaswamy’s equity incentive awards as of March 31, 2021 are set forth above in “Executive Compensation—Outstanding Equity Awards at Fiscal Year End.” As of March 31, 2021, each of Messrs. Lo and Machado held the following Roivant equity incentive awards granted under the 2015 EIP: |
(a) | Dr. Lo holds 236,000 stock options granted on October 20, 2016 with an exercise price of $15.17 per share, all of which were vested and exercisable. Following this grant of stock options, Dr. Lo has not been eligible to receive any other equity compensation for his services on our board of directors. |
(b) | Mr. Machado holds (i) 58,153 stock options granted on October 20, 2016 with an exercise price of $15.17 per share, all of which were vested and exercisable, (ii) 37,500 stock options granted on December 20, 2017 with an exercise price of $21.72 per share, all of which were vested and exercisable, (iii) 37,500 stock options granted on January 22, 2019 with an exercise price of $32.72 per share, of which 29,172 were vested and exercisable and the remaining will vest and become exercisable in equal monthly installments through the period ending on November 30, 2021, and (iv) 37,500 stock options granted on January 20, 2020 with an exercise price of $37.10 per share, of which 16,668 were vested and exercisable and the remaining will vest and become exercisable in equal monthly installments through the period ending on November 30, 2022. |
Role | Retainer | |||
Board Member | $ | 40,000 | ||
Lead Independent Director | $ | 25,000 | ||
Board Chair | $ | 35,000 | ||
Audit Committee Chair | $ | 20,000 | ||
Audit Committee Member | $ | 10,000 | ||
Compensation Committee Chair | $ | 15,000 | ||
Compensation Committee Member | $ | 7,500 | ||
Nominating and Governance Committee Chair | $ | 10,000 | ||
Nominating and Governance Committee Member | $ | 5,000 |
Name and Address of Beneficial Owners | Number of Common Shares | % of Ownership | Number of Common Shares | % of Ownership | ||||||||||||
Directors and current named executive officers: | ||||||||||||||||
Matthew Gline Chief Executive Officer and Director | 2,700,786 | * | 3,419,260 | * | ||||||||||||
Eric Venker President and Chief Operating Officer | 1,314,907 | * | 1,600,695 | * | ||||||||||||
Benjamin Zimmer Former President, Roivant Health | 1,721,991 | * | 2,351,939 | * | ||||||||||||
James C. Momtazee Director | — | — | — | — | ||||||||||||
Vivek Ramaswamy Director | 73,786,861 | 10.4 | % | 75,017,076 | 10.6 | % | ||||||||||
Andrew Lo Director | 690,583 | * | 690,583 | * | ||||||||||||
Patrick Machado Director | 468,895 | * | 474,993 | * | ||||||||||||
Keith Manchester Director | — | — | — | — | ||||||||||||
Ilan Oren Director | — | — | — | — | ||||||||||||
Daniel Gold Director | — | — | — | — | ||||||||||||
Masayo Tada Director | — | — | — | — |
Name and Address of Beneficial Owners | Number of Common Shares | % of Ownership | Number of Common Shares | % of Ownership | ||||||||||||
All directors and executive officers as a group (14 persons) | 88,438,492 | 12.3 | % | 91,521,580 | 12.7 | % | ||||||||||
Five Percent Holders (excluding directors) | ||||||||||||||||
SVF Investments(1) | 99,375,586 | 14.4 | % | 99,375,586 | 14.4 | % | ||||||||||
QVT Entities(2) | 129,393,817 | 18.7 | % | 129,393,817 | 18.7 | % | ||||||||||
Dexxon Holdings(3) | 98,809,158 | 14.3 | % | 98,809,158 | 14.3 | % | ||||||||||
Viking Global Entities(4) | 88,238,700 | 12.8 | % | 88,238,700 | 12.8 | % | ||||||||||
Sumitomo Dainippon Pharma Co., Ltd.(5). | 86,367,360 | 12.5 | % | 86,367,360 | 12.5 | % |
* | Less than 1% |
(1) | Securities held of record by SVF Investments (UK) Limited (“SVF Investments”). SVF GP (Jersey) Limited is the general partner of Softbank Vision Fund LP, which is the managing member of SVF Holdings (UK) LLP (“SVF Holdings”), which is the sole owner of SVF Investments. SB Investment Advisers (UK) Limited (“SBIA UK”) has been appointed by SVF GP (Jersey) Limited as the alternative investment fund manager (“AIFM”) of SoftBank Vision Fund LP. SBIA UK is authorized and regulated by the UK Financial Conduct Authority and is exclusively responsible for making all decisions related to the acquisition, structuring, financing and disposal of SoftBank Vision Fund LP’s investments. Voting and investment determinations with respect to the securities held of record by SVF Investments are made by the board of directors of SBIA UK, which consists of Rajeev Misra, Saleh Romeih, Kalika Jayasekera and Neil Hadley. Accordingly, each of the foregoing entities and individuals may be deemed to share beneficial ownership of the securities held of record by SVF Investments. Each of them disclaims any such beneficial ownership. The registered address for Softbank Vision Fund LP and SVF GP (Jersey) Limited is Aztec Group House 11-15 Seaton Place, St. Helier, Y9 JE40QH. The principal address of SVF Investments, SVF Holdings, and SBIA UK is 69 Grosvenor Street, London, United Kingdom W1K 3JP. |
(2) | Consists of Common Shares held by QVT Financial Investment Cayman Ltd., QVT Roiv Hldgs Offshore Ltd., QVT Roiv Hldgs Onshore Ltd., QVT Deferred Compensation Holdings Ltd., QVT P&E Roiv Hldgs Ltd. and Fourth Avenue Capital Partners LP (together, the “QVT Entities”). Fourth Avenue Capital Partners GP LLC may be deemed to share beneficial ownership of the Common Shares held by Fourth Avenue Capital Partners LP. Each of QVT Financial LP and QVT Financial GP LLC may be deemed to share beneficial ownership of the Common Shares held by the QVT Entities. The Managing Members of QVT Financial GP LLC and Fourth Avenue Capital Partners GP LLC are Daniel Gold, Nicholas Brumm, Arthur Chu and Tracy Fu, each of whom disclaims beneficial ownership of the securities held by the QVT Entities except to the extent of any pecuniary interest. The principal business address for the QVT Entities, QVT Financial LP, QVT Financial GP LLC, Fourth Avenue Capital Partners GP LLC and the Managing Members is 888 Seventh Avenue, 27th Floor, New York, NY 10106. |
(3) | Consists of Common Shares held by Dexxon Holdings Ltd. (“Dexxon Holdings”) and Dexcel Pharma Technologies Ltd. (“Dexcel Pharma”). Dan Oren is the sole shareholder and sole director of Dexxon Holdings and the ultimate (indirect) sole shareholder and the Executive Chairman of Dexcel Pharma. As such, each of Dexxon Holdings, Dexcel Pharma and Dan Oren may be deemed to share beneficial ownership of the Common Shares. The principal business address of Dexxon Holdings and Dan Oren is 1 Dexcel Street, Or Akiva, 3060000, Israel. The principal business address of Dexcel Pharma is 21 Nahum Haftzadi Street, Jerusalem, 9548402, Israel. |
(4) | Consists of Common Shares held by Viking Global Equities Master Ltd. (“VGEM”), Viking Global Equities II LP (“VGEII”), Viking Long Fund Master Ltd. (“VLFM”) and Viking Global Opportunities Illiquid Investments Sub-Master LP (“Opportunities Fund,” and together with all of the preceding entities, the “Viking Global Entities”) and includes 1,000,000 Common Shares issued to the Viking Global Entities in connection with the PIPE Financing. VGEM has the power to dispose of and vote the shares directly owned by it, which power may be exercised by its investment manager, Viking Global Performance LLC (“VGP”), and by Viking Global Investors LP (“VGI”), which provides managerial services to VGEM. VGEII has the authority to dispose of and vote the shares directly owned by it, which power may be |
exercised by its general partner, VGP, and by VGI, which provides managerial services to VGEII. VLFM has the authority to dispose of and vote the shares directly owned by it, which power may be exercised by its investment manager, Viking Long Fund GP LLC (“VLFGP”), and by VGI, which provides managerial services to VLFM. Opportunities Fund has the authority to dispose of and vote the shares directly owned by it, which power may be exercised by its general partner, Viking Global Opportunities Portfolio GP LLC (“Opportunities GP”), and by VGI, which provides managerial services to Opportunities Fund. O. Andreas Halvorsen, David C. Ott and Rose Shabet, as Executive Committee members of Viking Global Partners LLC (the general partner of VGI), VGP, VLFGP and Viking Global Opportunities GP LLC (the sole member of Opportunities GP) have shared authority to direct the voting and disposition of investments beneficially owned by VGI, VGP, VLFGP and Opportunities GP. The business address of each of the Viking Global Entities is 55 Railroad Avenue, Greenwich, Connecticut 06830. |
(5) | Consists of Common Shares held by Sumitomo Dainippon Pharma Co., Ltd. (“Sumitomo”), including 7,500,000 Common Shares issued to Sumitomo in connection with the PIPE Financing. The principal business address of Sumitomo is 6-8 Doshomachi2-chome, Chuo-ku, Osaka541-0045 Japan. |
Beneficial Ownership Before the Offering | Shares to be Registered Hereby | Beneficial Ownership After Offering | ||||||||||||||||||
Name and Address of Holders | Number of Shares | % | Number of Shares | Number of Shares | % | |||||||||||||||
Parkway Limited(1) | 595,400 | * | 197,036 | — | — | |||||||||||||||
Chengwei Capital(2) | 11,575,980 | 1.7 | % | 11,575,980 | — | — | ||||||||||||||
Sequoia Capital China(3) | 4,953,984 | * | 4,953,984 | — | — | |||||||||||||||
Paradise Glory International Limited(4) | 2,057,155 | * | 680,773 | 1,376,382 | * |
Beneficial Ownership Before the Offering | Maximum Number of Shares which may be offered pursuant to this Offering | Beneficial Ownership After Offering | ||||||||||||||||||
Name and Address of Holder | Number of Shares(1) | % | Number of Shares | Number of Shares | % | |||||||||||||||
CF Principal Investments LLC(2) | 145,986 | * | 25,000,000 | — | — |
* | Less than 1%. |
(1) | Represents the |
CF Group Management, Inc. (“CFGM”) is the managing general partner of Cantor Fitzgerald, L.P. (“CFLP”) and directly or indirectly controls the managing general partner of Cantor Fitzgerald Securities (“CFS”), the sole member of Cantor. Howard Lutnick is Chairman and Chief Executive of CFGM and trustee of CFGM’s sole stockholder. CFLP, indirectly, holds a |
Fair Market Value of Common Shares | Fair Market Value of Common Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Date (period to expiration of Warrants) | £ $10.00 | $11.00 | $12.00 | $13.00 | $14.00 | $15.00 | $16.00 | $17.00 | ³ $18.00 | ≤ $10.00 | $11.00 | $12.00 | $13.00 | $14.00 | $15.00 | $16.00 | $17.00 | ≥ $18.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
60 months | 0.261 | 0.281 | 0.297 | 0.311 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 | 0.261 | 0.281 | 0.297 | 0.311 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
57 months | 0.257 | 0.277 | 0.294 | 0.310 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 | 0.257 | 0.277 | 0.294 | 0.310 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
54 months | 0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.361 | 0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
51 months | 0.246 | 0.268 | 0.287 | 0.304 | 0.320 | 0.333 | 0.346 | 0.357 | 0.361 | 0.246 | 0.268 | 0.287 | 0.304 | 0.320 | 0.333 | 0.346 | 0.357 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
48 months | 0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.332 | 0.344 | 0.356 | 0.361 | 0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.332 | 0.344 | 0.356 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
45 months | 0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.330 | 0.343 | 0.356 | 0.361 | 0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.330 | 0.343 | 0.356 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
42 months | 0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.361 | 0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
39 months | 0.221 | 0.246 | 0.269 | 0.290 | 0.309 | 0.325 | 0.340 | 0.354 | 0.361 | 0.221 | 0.246 | 0.269 | 0.290 | 0.309 | 0.325 | 0.340 | 0.354 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
36 months | 0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.361 | 0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
33 months | 0.205 | 0.232 | 0.257 | 0.280 | 0.301 | 0.320 | 0.337 | 0.352 | 0.361 | 0.205 | 0.232 | 0.257 | 0.280 | 0.301 | 0.320 | 0.337 | 0.352 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
30 months | 0.196 | 0.224 | 0.250 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.361 | 0.196 | 0.224 | 0.250 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
27 months | 0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.350 | 0.361 | 0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.350 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
24 months | 0.173 | 0.204 | 0.233 | 0.260 | 0.285 | 0.308 | 0.329 | 0.348 | 0.361 | 0.173 | 0.204 | 0.233 | 0.260 | 0.285 | 0.308 | 0.329 | 0.348 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
21 months | 0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.361 | 0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
18 months | 0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.361 | 0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
15 months | 0.130 | 0.164 | 0.197 | 0.230 | 0.262 | 0.291 | 0.317 | 0.342 | 0.361 | 0.130 | 0.164 | 0.197 | 0.230 | 0.262 | 0.291 | 0.317 | 0.342 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 months | 0.111 | 0.146 | 0.181 | 0.216 | 0.250 | 0.282 | 0.312 | 0.339 | 0.361 | 0.111 | 0.146 | 0.181 | 0.216 | 0.250 | 0.282 | 0.312 | 0.339 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 months | 0.090 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.361 | 0.090 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 months | 0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.361 | 0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 months | 0.034 | 0.065 | 0.104 | 0.150 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 | 0.034 | 0.065 | 0.104 | 0.150 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 months | — | — | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 | — | — | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 |
Page No. | ||||
Audited Consolidated Financial Statements for Roivant Sciences Ltd. | ||||
F-2 | ||||
F-3 | ||||
F-4 | ||||
F-5 | ||||
F-6 | ||||
F-7 | ||||
F-9 | ||||
Unaudited Interim Financial Statements for Roivant Sciences Ltd. | ||||
F-43 | ||||
F-44 | ||||
F-45 | ||||
F-46 | ||||
F-48 | ||||
F-49 |
March 31, 2021 | March 31, 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,055,044 | $ | 2,183,207 | ||||
Restricted cash | 77,701 | 2,275 | ||||||
Other current assets | 54,250 | 33,763 | ||||||
Total current assets | 2,186,995 | 2,219,245 | ||||||
Property and equipment, net | 14,749 | 8,962 | ||||||
Operating lease right-of-use | 62,279 | 64,970 | ||||||
Restricted cash, net of current portion | 8,931 | 83,770 | ||||||
Investments measured at fair value | 188,978 | 93,445 | ||||||
Long-term investment | 100,563 | 0 | ||||||
Other assets | 27,197 | 6,659 | ||||||
Total assets | $ | 2,589,692 | $ | 2,477,051 | ||||
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 20,550 | $ | 10,306 | ||||
Accrued expenses | 76,936 | 68,621 | ||||||
Operating lease liabilities | 12,313 | 7,839 | ||||||
Deferred consideration liability | 100,000 | 0 | ||||||
Other current liabilities | 9,162 | 5,352 | ||||||
Total current liabilities | 218,961 | 92,118 | ||||||
Liability instruments measured at fair value | 67,893 | 102,373 | ||||||
Operating lease liabilities, noncurrent | 62,384 | 64,452 | ||||||
Long-term debt (includes $150,100 and $89,100 accounted for under the fair value option at March 31, 2021 and 2020, respectively) | 170,280 | 108,592 | ||||||
Other liabilities | 8,169 | 821 | ||||||
Total liabilities | 527,687 | 368,356 | ||||||
Commitments and contingencies (Note 14) | 0 | 0 | ||||||
Redeemable noncontrolling interest | 22,491 | 22,491 | ||||||
Shareholders’ equity (1) | ||||||||
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 shares authorized and 651,576,293 and 628,779,048 shares issued and outstanding at March 31, 2021 and 2020, respectively | 0 | 0 | ||||||
Additional paid-in capital | 3,814,805 | 3,143,739 | ||||||
Subscription receivable | (100,000 | ) | 0 | |||||
Accumulated deficit | (1,918,462 | ) | (1,109,228 | ) | ||||
Accumulated other comprehensive income (loss) | 1,445 | (2,349 | ) | |||||
Shareholders’ equity attributable to Roivant Sciences Ltd. | 1,797,788 | 2,032,162 | ||||||
Noncontrolling interests | 241,726 | 54,042 | ||||||
Total shareholders’ equity | 2,039,514 | 2,086,204 | ||||||
Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 2,589,692 | $ | 2,477,051 | ||||
March 31, 2021 | March 31, 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,055,044 | $ | 2,183,207 | ||||
Restricted cash | 77,701 | 2,275 | ||||||
Other current assets | 54,250 | 33,763 | ||||||
Total current assets | 2,186,995 | 2,219,245 | ||||||
Property and equipment, net | 14,749 | 8,962 | ||||||
Operating lease right-of-use | 62,279 | 64,970 | ||||||
Restricted cash, net of current portion | 8,931 | 83,770 | ||||||
Investments measured at fair value | 188,978 | 93,445 | ||||||
Long-term investment | 100,563 | 0 | ||||||
Other assets | 27,197 | 6,659 | ||||||
Total assets | $ | 2,589,692 | $ | 2,477,051 | ||||
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 20,550 | $ | 10,306 | ||||
Accrued expenses | 76,936 | 68,621 | ||||||
Operating lease liabilities | 12,313 | 7,839 | ||||||
Deferred consideration liability | 100,000 | 0 | ||||||
Other current liabilities | 9,162 | 5,352 | ||||||
Total current liabilities | 218,961 | 92,118 | ||||||
Liability instruments measured at fair value | 67,893 | 102,373 | ||||||
Operating lease liabilities, noncurrent | 62,384 | 64,452 | ||||||
Long-term debt (includes $150,100 and $89,100 accounted for under the fair value option at March 31, 2021 and 2020, respectively) | 170,280 | 108,592 | ||||||
Other liabilities | 8,169 | 821 | ||||||
Total liabilities | 527,687 | 368,356 | ||||||
Commitments and contingencies (Note 14) | 0 | 0 | ||||||
Redeemable noncontrolling interest | 22,491 | 22,491 | ||||||
Shareholders’ equity (1) | ||||||||
Common shares, par value $ 0.0000000341740141 per share, 7,000,000,000 shares authorized and 651,576,293 and 628,779,048 shares issued and outstanding at March 31, 2021 and 2020, respectively | 0 | 0 | ||||||
Additional paid-in capital | 3,814,805 | 3,143,739 | ||||||
Subscription receivable | (100,000 | ) | 0 | |||||
Accumulated deficit | (1,918,462 | ) | (1,109,228 | ) | ||||
Accumulated other comprehensive income (loss) | 1,445 | (2,349 | ) | |||||
Shareholders’ equity attributable to Roivant Sciences Ltd. | 1,797,788 | 2,032,162 | ||||||
Noncontrolling interests | 241,726 | 54,042 | ||||||
Total shareholders’ equity | 2,039,514 | 2,086,204 | ||||||
Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 2,589,692 | $ | 2,477,051 | ||||
(1) | Retroactively restated for the stock subdivision as described in Note 1. |
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
Revenue, net | $ | 23,795 | $ | 67,689 | ||||
Operating expenses: | ||||||||
Cost of revenues | 2,057 | 1,131 | ||||||
Research and development | 832,758 | 263,217 | ||||||
General and administrative | 259,878 | 335,766 | ||||||
Total operating expenses | 1,094,693 | 600,114 | ||||||
Loss from operations | (1,070,898 | ) | (532,425 | ) | ||||
Change in fair value of investments | (95,533 | ) | 136,005 | |||||
Change in fair value of debt and liability instruments | 29,845 | (13,722 | ) | |||||
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity | (115,364 | ) | (107,344 | ) | ||||
Other expense, net | 8,701 | 13,622 | ||||||
Loss from continuing operations before income taxes | (898,547 | ) | (560,986 | ) | ||||
Income tax expense | 1,686 | 7,124 | ||||||
Loss from continuing operations, net of tax | (900,233 | ) | (568,110 | ) | ||||
Income from discontinued operations, net of tax | 0 | 1,578,426 | ||||||
Net (loss) income | (900,233 | ) | 1,010,316 | |||||
Net loss attributable to noncontrolling interests | (90,999 | ) | (190,193 | ) | ||||
Net (loss) income attributable to Roivant Sciences Ltd. | $ | (809,234 | ) | $ | 1,200,509 | |||
Amounts attributable to Roivant Sciences Ltd.: | ||||||||
Loss from continuing operations, net of tax | $ | (809,234 | ) | $ | (519,394 | ) | ||
Income from discontinued operations, net of tax | 0 | 1,719,903 | ||||||
Net (loss) income attributable to Roivant Sciences Ltd. | $ | (809,234 | ) | $ | 1,200,509 | |||
Basic and diluted net (loss) income per common share: (1) | ||||||||
Basic and diluted loss from continuing operations | $ | (1.28 | ) | $ | (0.93 | ) | ||
Basic and diluted income from discontinued operations | $ | 0 | $ | 2.68 | ||||
Basic and diluted net (loss) income per common share | $ | (1.28 | ) | $ | 1.75 | |||
Basic and diluted weighted average shares outstanding: (1) | ||||||||
Basic | 630,046,720 | 640,944,987 | ||||||
Diluted | 630,046,720 | 640,944,987 |
(1) | Retroactively restated for the stock subdivision as described in Note 1 . |
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net (loss) income | $ | (900,233 | ) | $ | 1,010,316 | |||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustment | 3,826 | (5,536 | ) | |||||
Total other comprehensive income (loss) | 3,826 | (5,536 | ) | |||||
Comprehensive (loss) income | (896,407 | ) | 1,004,780 | |||||
Comprehensive loss attributable to noncontrolling interests | (90,967 | ) | (190,862 | ) | ||||
Comprehensive (loss) income attributable to Roivant Sciences Ltd. | $ | (805,440 | ) | $ | 1,195,642 | |||
Shareholders’ Equity (1) | ||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Common Stock | Additional Paid-in Capital | Subscription Receivable | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Noncontrolling Interests | Total Shareholders’ Equity | |||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | 50,130 | 624,904,938 | $ | 0 | $ | 3,024,172 | $ | 0 | $ | 2,518 | $ | (2,309,737 | ) | $ | 170,216 | $ | 887,169 | ||||||||||||||||||
Issuance of subsidiary common shares, net | — | — | — | 59,052 | — | — | — | 58,606 | 117,658 | |||||||||||||||||||||||||||
Issuance of subsidiary common shares to the Company | — | — | — | (9,962 | ) | — | — | — | 9,962 | — | ||||||||||||||||||||||||||
Purchase of subsidiary common shares | — | — | — | (62,913 | ) | — | — | — | (2,631 | ) | (65,544 | ) | ||||||||||||||||||||||||
Issuance of subsidiary convertible and redeemable preferred stock, net | 27,491 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Purchase of subsidiary convertible and redeemable preferred stock | (55,130 | ) | — | — | (77,777 | ) | — | — | — | — | (77,777 | ) | ||||||||||||||||||||||||
Issuance of subsidiary warrants | — | — | — | — | — | — | — | 907 | 907 | |||||||||||||||||||||||||||
Exercise of subsidiary stock options | — | — | — | 875 | — | — | — | 532 | 1,407 | |||||||||||||||||||||||||||
Issuance of the Company’s common shares, net | — | 78,867,360 | — | 999,193 | — | — | — | — | 999,193 | |||||||||||||||||||||||||||
Repurchase of common shares and other equity instruments | — | (74,986,605 | ) | — | (990,014 | ) | — | — | — | — | (990,014 | ) | ||||||||||||||||||||||||
Sale of interests in subsidiaries | — | — | — | — | — | — | — | (43,398 | ) | (43,398 | ) | |||||||||||||||||||||||||
Issuance of equity by subsidiary upon Business Combination and recapitalization | — | — | — | 69,379 | — | — | — | 35,307 | 104,686 | |||||||||||||||||||||||||||
Issuance of equity by subsidiary to the Company upon Business Combination and recapitalization | — | — | — | (2,559 | ) | — | — | — | 2,559 | — | ||||||||||||||||||||||||||
Conversion of subsidiary convertible promissory notes | — | — | — | 21,928 | — | — | — | 11,159 | 33,087 | |||||||||||||||||||||||||||
Issuance of equity instruments | — | — | — | 24,842 | — | — | — | — | 24,842 | |||||||||||||||||||||||||||
Settlement in equity of liability-classified instruments | — | — | — | 13,119 | — | — | — | — | 13,119 | |||||||||||||||||||||||||||
Deconsolidation of subsidiary | — | — | — | — | — | — | — | (46,483 | ) | (46,483 | ) | |||||||||||||||||||||||||
Capital contributions to majority-owned subsidiaries | — | — | — | (4,699 | ) | — | — | — | 4,699 | — | ||||||||||||||||||||||||||
Share-based compensation | — | (6,645 | ) | — | 79,103 | — | — | — | 43,469 | 122,572 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (4,867 | ) | — | (669 | ) | (5,536 | ) | ||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | 1,200,509 | (190,193 | ) | 1,010,316 | ||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 22,491 | 628,779,048 | $ | 0 | $ | 3,143,739 | $ | 0 | $ | (2,349 | ) | $ | (1,109,228 | ) | $ | 54,042 | $ | 2,086,204 | |||||||||||||||||
Issuance of the Company’s common shares | 0 | 21,077,155 | 0 | 301,744 | 0 | 0 | 0 | 0 | 301,744 | |||||||||||||||||||||||||||
Issuance of subsidiary common shares, net | — | — | — | 324,995 | (100,000 | ) | — | — | 231,102 | 456,097 | ||||||||||||||||||||||||||
Issuance of subsidiary common shares to the Company | — | — | — | (11,692 | ) | — | — | — | 11,692 | — | ||||||||||||||||||||||||||
Exercise of subsidiary stock options and vesting of subsidiary restricted stock units | — | — | — | 522 | — | — | — | 385 | 907 | |||||||||||||||||||||||||||
Deconsolidation of subsidiary | — | — | — | — | — | — | — | (3,054 | ) | (3,054 | ) | |||||||||||||||||||||||||
Consolidation of unconsolidated entity | — | — | — | — | — | — | — | 9,178 | 9,178 | |||||||||||||||||||||||||||
Repurchase of equity awards | — | — | — | (113 | ) | — | — | — | — | (113 | ) | |||||||||||||||||||||||||
Cash contribution to majority-owned subsidiaries | — | — | — | (1,642 | ) | — | — | — | 1,642 | — | ||||||||||||||||||||||||||
Share-based compensation | — | 1,720,090 | — | 57,252 | — | — | — | 27,706 | 84,958 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 3,794 | — | 32 | 3,826 | |||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (809,234 | ) | (90,999 | ) | (900,233 | ) | ||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 22,491 | 651,576,293 | $ | 0 | $ | 3,814,805 | $ | (100,000 | ) | $ | 1,445 | $ | (1,918,462 | ) | $ | 241,726 | $ | 2,039,514 | |||||||||||||||||
(1) | Retroactively restated for the stock subdivision as described in Note 1. |
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net (loss) income | $ | (900,233 | ) | $ | 1,010,316 | |||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||
Acquired in-process research and development | 351,523 | 16,405 | ||||||
Unrealized foreign currency translation adjustment | 3,826 | (5,536 | ) | |||||
Share-based compensation | 84,958 | 122,572 | ||||||
Gain on sale of business | 0 | (1,985,949 | ) | |||||
Change in fair value of investments | (95,533 | ) | 136,005 | |||||
Change in fair value of debt and liability instruments | 29,845 | (13,722 | ) | |||||
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity | (115,364 | ) | (107,344 | ) | ||||
Loss from equity method investment | 3,750 | 21,386 | ||||||
Other | 13,152 | 31,821 | ||||||
Changes in assets and liabilities, net of effects from acquisition and divestiture: | ||||||||
Accounts payable | 3,752 | 6,598 | ||||||
Accrued expenses | 9,225 | 14,845 | ||||||
Deferred consideration liability | 100,000 | 0 | ||||||
Operating lease liabilities | (5,497 | ) | (8,419 | ) | ||||
Other | (35,542 | ) | 2,272 | |||||
Net cash used in operating activities | (552,138 | ) | (758,750 | ) | ||||
Cash flows from investing activities: | ||||||||
Proceeds from sale of business, net of cash disposed | 0 | 1,772,191 | ||||||
Cash disposed upon deconsolidation of subsidiary | (19,085 | ) | (20,049 | ) | ||||
Cash acquired upon consolidation of unconsolidated entity | 21,439 | 0 | ||||||
Investments in unconsolidated entities | (28,250 | ) | (36,300 | ) | ||||
Purchase of marketable securities | 0 | (32,076 | ) | |||||
Maturity of marketable securities | 0 | 16,440 | ||||||
Acquisitions, net of cash acquired | 0 | (500 | ) | |||||
Purchase of property and equipment | (5,806 | ) | (4,916 | ) | ||||
Net cash (used in) provided by investing activities | (31,702 | ) | 1,694,790 | |||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of the Company’s common shares, net | 0 | 999,193 | ||||||
Repurchase of common stock and equity awards | (113 | ) | (990,014 | ) | ||||
Proceeds from issuance of liability instruments | 0 | 101,567 | ||||||
Proceeds from issuance of subsidiary common shares, net | 455,756 | 117,658 | ||||||
Proceeds from issuance of equity by subsidiary upon Business Combination and recapitalization | 0 | 105,930 | ||||||
Purchase of subsidiary common shares | 0 | (65,544 | ) | |||||
Proceeds from issuance of subsidiary convertible and redeemable preferred stock, net | 0 | 28,455 | ||||||
Purchase of subsidiary convertible and redeemable preferred stock | 0 | (132,907 | ) | |||||
Proceeds from subsidiary debt financings, net | 0 | 83,781 | ||||||
Repayment of long-term debt and convertible debt by subsidiary | 0 | (32,063 | ) | |||||
Payment of deferred offering costs | (286 | ) | (3,082 | ) | ||||
Payment for debt maintenance fee by subsidiary | 0 | (300 | ) | |||||
Proceeds from exercise of subsidiary stock options | 907 | 1,407 | ||||||
Net cash provided by financing activities | 456,264 | 214,081 | ||||||
Net change in cash, cash equivalents and restricted cash | (127,576 | ) | 1,150,121 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 2,269,252 | 1,119,131 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 2,141,676 | $ | 2,269,252 | ||||
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
Non-cash investing and financing activities: | ||||||||
Operating lease right-of-use | $ | 5,491 | $ | 56,025 | ||||
Operating lease right-of-use | $ | 0 | $ | 43,026 | ||||
Subscription receivable related to issuance of subsidiary common shares | $ | 100,000 | $ | 0 | ||||
Conversion of subsidiary convertible promissory notes to common shares | $ | 0 | $ | 32,500 | ||||
Other | $ | (960 | ) | $ | 3,601 | |||
Supplemental disclosure of cash paid: | ||||||||
Income taxes paid | $ | 4,076 | $ | 4,936 | ||||
Interest paid | $ | 2,017 | $ | 12,158 |
March 31, 2021 | March 31, 2020 | |||||||
Cash and cash equivalents | $ | 2,055,044 | $ | 2,183,207 | ||||
Restricted cash | 86,632 | 86,045 | ||||||
Cash, cash equivalents and restricted cash | $ | 2,141,676 | $ | 2,269,252 | ||||
Property and Equipment | Estimated Useful Life | |
Computers | 3 years | |
Equipment | 5 years | |
Furniture and fixtures | 7 years | |
Software | 3 years | |
Leasehold s | Lesser of estimated useful life or remaining lease term |
Year Ended March 31, 2020 | ||||
Operating expenses: | ||||
Research and development | $ | 265,452 | ||
General and administrative | 119,885 | |||
Total operating expenses | 385,337 | |||
Loss from operations | (385,337 | ) | ||
Gain on sale of business | (1,985,949 | ) | ||
Interest income | (2,305 | ) | ||
Interest expense (1) | 13,733 | |||
Other expense | 8,866 | |||
Income from discontinued operations before income taxes | 1,580,318 | |||
Income tax expense | 1,892 | |||
Income from discontinued operations, net of tax | $ | 1,578,426 | ||
Loss from discontinued operations before income taxes attributable to noncontrolling interests | $ | (141,783 | ) | |
Income from discontinued operations before income taxes attributable to Roivant Sciences Ltd. | 1,722,101 | |||
Income from discontinued operations before income taxes | $ | 1,580,318 | ||
Year Ended March 31, 2020 | ||||
Operating expenses: | ||||
Research and development | $ | 265,452 | ||
General and administrative | 119,885 | |||
Total operating expenses | 385,337 | |||
Loss from operations | (385,337 | ) | ||
Gain on sale of business | (1,985,949 | ) | ||
Interest income | (2,305 | ) | ||
Interest expense (1) | 13,733 | |||
Other expense | 8,866 | |||
Income from discontinued operations before income taxes | 1,580,318 | |||
Income tax expense | 1,892 | |||
Income from discontinued operations, net of tax | $ | 1,578,426 | ||
Loss from discontinued operations before income taxes attributable to noncontrolling interests | $ | (141,783 | ) | |
Income from discontinued operations before income taxes attributable to Roivant Sciences Ltd. | 1,722,101 | |||
Income from discontinued operations before income taxes | $ | 1,580,318 | ||
(1) | Interest expense consists of interest payments related to outstanding debt held by Myovant and Urovant as well as the associated non-cash amortization of debt discounts and issuance costs. |
Year Ended March 31, 2020 | ||||
Gain on sale of business | $ | (1,985,949 | ) | |
Share-based compensation | $ | 54,821 | ||
Acquired in-process research and development | $ | 16,405 |
March 31, 2021 | March 31, 2020 | |||||||
Prepaid expenses | $ | 39,544 | $ | 16,344 | ||||
Receivables for value added tax (VAT) paid | 807 | 5,978 | ||||||
Note receivable | 0 | 5,000 | ||||||
Trade receivables, net | 11,222 | 3,669 | ||||||
Income tax receivable | 1,803 | 632 | ||||||
Other | 874 | 2,140 | ||||||
Total other current assets | $ | 54,250 | $ | 33,763 | ||||
March 31, 2021 | March 31, 2020 | |||||||
Research and development expenses | $ | 20,755 | $ | 21,607 | ||||
Compensation-related expenses | 38,552 | 29,113 | ||||||
Professional services expenses | 10,267 | 5,135 | ||||||
Other general and administrative expenses | 7,362 | 12,766 | ||||||
Total accrued expenses | $ | 76,936 | $ | 68,621 | ||||
March 31, 2021 | March 31, 2020 | |||||||
Deferred revenue | $ | 5,918 | $ | 3,621 | ||||
Income tax payable | 207 | 1,497 | ||||||
Other | 3,037 | 234 | ||||||
Total other current liabilities | $ | 9,162 | $ | 5,352 | ||||
March 31, 2021 | March 31, 2020 | |||||||
Principal amount | $ | 171,490 | $ | 110,490 | ||||
Less: unamortized debt discount and issuance costs | (1,210 | ) | (1,898 | ) | ||||
Total debt, net | 170,280 | 108,592 | ||||||
Less: current portion | 0 | 0 | ||||||
Total long-term debt, net | $ | 170,280 | $ | 108,592 | ||||
Years Ending March 31, | ||||
2022 | $ | 3,129 | ||
2023 | 13,306 | |||
2024 | 4,955 | |||
2025 | 0 | |||
2026 | 0 | |||
Thereafter | 0 | |||
Total | $ | 21,390 | ||
Cash Payment | ||||
Common stock | $ | 950,722 | ||
Other equity instruments | 39,292 | |||
Total cash paid | $ | 990,014 | ||
Years Ended March 31, | ||||||||
Assumptions | 2021 | 2020 | ||||||
Expected stock price volatility | 74.84 | % | 66.47 | % | ||||
Expected risk free interest rate | 0.43 | % | 2.27 | % | ||||
Expected term, in years | 6.25 | 6.72 | ||||||
Expected dividend yield | 0 | % | 0 | % |
Number of Stock Options | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life | |||||||||||||
Stock options outstanding at March 31, 2020 | 23,926,758 | $ | 8.38 | $ | 5.65 | 7.93 | ||||||||||
Granted | 4,338,396 | $ | 13.23 | $ | 8.67 | |||||||||||
Forfeited/Canceled | (790,212 | ) | $ | 10.21 | $ | 6.78 | ||||||||||
Stock options outstanding at March 31, 2021 | 27,474,942 | $ | 9.10 | $ | 6.12 | 7.26 | ||||||||||
Stock options exercisable at March 31, 2021 | 16,193,146 | $ | 7.35 | $ | 5.11 | 6.49 | ||||||||||
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
Grant date fair value of stock options vested | $ | 25,711 | $ | 33,789 | ||||
Weighted-average grant date fair value per share of stock options granted | $ | 8.67 | $ | 7.05 |
Number of Restricted Stock Units | Weighted Average Grant Date Fair Value | |||||||
Non-vested balance at March 31, 2020 | 2,949,911 | $ | 11.11 | |||||
Granted | 4,255,277 | $ | 13.39 | |||||
Forfeited | (496,389 | ) | $ | 12.43 | ||||
Non-vested balance at March 31, 2021 | 6,708,799 | $ | 12.48 | |||||
Year Ended March 31, | ||||
Assumptions | 2020 | |||
Expected stock price volatility | 73.60 | % | ||
Expected risk free interest rate | 0.62 | % | ||
Expected term | 6 years | |||
Expected dividend yield | 0 | % |
Number of Options | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life | |||||||||||||
Performance Options outstanding at March 31, 2020 | 42,485,108 | $ | 13.32 | $ | 8.13 | 6.00 | ||||||||||
Granted | 0 | $ | 0 | $ | 0 | |||||||||||
Forfeited | (272,742 | ) | $ | 15.85 | $ | 7.58 | ||||||||||
Performance Options outstanding at March 31, 2021 | 42,212,366 | $ | 13.30 | $ | 8.01 | 5.00 | ||||||||||
Number of CVARs | Weighted Average Grant Date Fair Value | |||||||
Non-vested balance at March 31, 2020 | 32,447,626 | $ | 0.72 | |||||
Granted | 0 | $ | 0 | |||||
Forfeited | 0 | $ | 0 | |||||
Non-vested balance at March 31, 2021 | 32,447,626 | $ | 0.72 | |||||
Number of pRSUs | Weighted Average Grant Date Fair Value | |||||||
Non-vested balance at March 31, 2020 | 780,831 | $ | 4.76 | |||||
Granted | 0 | $ | 0 | |||||
Forfeited | (195,602 | ) | $ | 4.76 | ||||
Non-vested balance at March 31, 2021 | 585,229 | $ | 4.76 | |||||
Number of Restricted Common Stock | Weighted Average Grant Date Fair Value | |||||||
Non-vested balance at March 31, 2020 | 0 | $ | — | |||||
Granted | �� | 1,720,090 | $ | 13.16 | ||||
Vested | 0 | $ | 0 | |||||
Forfeited | 0 | $ | 0 | |||||
Non-vested balance at March 31, 2021 | 1,720,090 | $ | 13.16 | |||||
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
Share-based compensation expense recognized as: | ||||||||
R&D expenses | $ | 22,637 | $ | 7,738 | ||||
G&A expenses | 62,321 | 60,013 | ||||||
Total | $ | 84,958 | $ | 67,751 | ||||
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
Loss before income taxes: | ||||||||
United States | $ | (212,921 | ) | $ | (69,264 | ) | ||
Switzerland | (424,494 | ) | (355,422 | ) | ||||
Bermuda | (227,471 | ) | (105,604 | ) | ||||
Other (1) | (33,661 | ) | (30,696 | ) | ||||
Total loss before income taxes | $ | (898,547 | ) | $ | (560,986 | ) | ||
(1) | Primarily Greater China and United Kingdom activity |
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
Current taxes: | ||||||||
United States | $ | 1,365 | $ | 6,327 | ||||
Switzerland | 0 | 0 | ||||||
Bermuda | 0 | 0 | ||||||
Other (1) | 321 | 797 | ||||||
Total current tax expense | $ | 1,686 | $ | 7,124 | ||||
Deferred taxes: | ||||||||
United States | $ | 0 | $ | 0 | ||||
Switzerland | 0 | 0 | ||||||
Bermuda | 0 | 0 | ||||||
Other (1) | 0 | 0 | ||||||
Total deferred tax benefit | $ | 0 | $ | 0 | ||||
Total income tax expense | $ | 1,686 | $ | 7,124 | ||||
(1) | Primarily Greater China, United States state and local and United Kingdom activity |
Year Ended March 31, 2021 | Year Ended March 31, 2020 | |||||||||||||||
Income tax benefit at Bermuda statutory rate | $ | 0 | — | % | $ | 0 | — | % | ||||||||
Foreign rate differential (1) | (150,778 | ) | 16.78 | % | (74,922 | ) | 13.36 | % | ||||||||
Permanent disallowed IPR&D | 111,432 | (12.40 | )% | — | — | % | ||||||||||
Nondeductible changes in the fair value of investments and loss from equity method investment | (22,472 | ) | 2.50 | % | 20,840 | (3.72 | )% | |||||||||
Nontaxable (loss) gain on deconsolidation of business | (16,438 | ) | 1.83 | % | 29,041 | (5.18 | )% | |||||||||
Permanent adjustments | 2,923 | (0.33 | )% | (20,395 | ) | 3.64 | % | |||||||||
R&D tax credits | (10,555 | ) | 1.17 | % | (5,990 | ) | 1.07 | % | ||||||||
Rate changes | 2,443 | (0.27 | )% | (29,238 | ) | 5.21 | % | |||||||||
Valuation allowance | 85,046 | (9.46 | )% | 87,677 | (15.63 | )% | ||||||||||
Other | 85 | (0.01 | )% | 111 | (0.02 | )% | ||||||||||
Total income tax expense | $ | 1,686 | (0.19 | )% | $ | 7,124 | (1.27 | )% | ||||||||
(1) | Primarily related to operations in Switzerland, the United Kingdom, and other jurisdictions with statutory tax rates different than the Bermuda rate. |
March 31, 2021 | March 31, 2020 | |||||||
Deferred tax assets | ||||||||
Research tax credits | $ | 19,063 | $ | 6,303 | ||||
Intangible assets | 50,564 | 43,626 | ||||||
Net operating loss | 202,906 | 116,619 | ||||||
Share-based compensation | 26,623 | 18,413 | ||||||
Lease liabilities | 16,638 | 17,194 | ||||||
Other | 7,303 | 7,060 | ||||||
Subtotal | 323,097 | 209,215 | ||||||
Valuation allowance | (303,287 | ) | (187,831 | ) | ||||
Deferred tax liabilities | ||||||||
Depreciation | (1,214 | ) | (1,833 | ) | ||||
Right-of-use | (13,908 | ) | (15,409 | ) | ||||
Other | (4,688 | ) | (4,142 | ) | ||||
Total deferred tax assets (liabilities) | $ | 0 | $ | 0 | ||||
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
Operating lease cost | $ | 11,931 | $ | 11,515 | ||||
Short-term lease cost | 237 | 872 | ||||||
Variable lease cost | 704 | 379 | ||||||
Total operating lease cost | $ | 12,872 | $ | 12,766 | ||||
During the Year Ended March 31, | ||||||||
2021 | 2020 | |||||||
Cash paid for operating lease liabilities | $ | 8,830 | $ | 8,108 | ||||
Operating lease ROU assets obtained in exchange for operating lease liabilities | $ | 5,491 | $ | 56,025 |
March 31, 2021 | March 31, 2020 | |||||||
Weighted average remaining lease term (in years) | 9.6 | 10.2 | ||||||
Weighted average discount rate | 7.1 | % | 7.1 | % |
Years Ending March 31, | ||||
2022 | $ | 13,386 | ||
2023 | 11,814 | |||
2024 | 11,718 | |||
2025 | 9,734 | |||
2026 | 8,617 | |||
Thereafter | 51,674 | |||
Total lease payments | 106,943 | |||
Less: present value adjustment | (29,348 | ) | ||
Less: tenant improvement allowance | (2,898 | ) | ||
Total | $ | 74,697 | ||
As of March 31, 2021 | As of March 31, 2020 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance as of March 31, 2021 | Level 1 | Level 2 | Level 3 | Balance as of March 31, 2020 | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Money market funds | $ | 1,420,597 | $ | — | $ | — | $ | 1,420,597 | $ | 1,874,662 | $ | — | $ | — | $ | 1,874,662 | ||||||||||||||||
Investment in Sio common shares | 48,487 | — | — | 48,487 | 45,329 | — | — | 45,329 | ||||||||||||||||||||||||
Investment in Arbutus common shares | 53,325 | — | — | 53,325 | 16,174 | — | — | 16,174 | ||||||||||||||||||||||||
Investment in Arbutus convertible preferred shares | — | 76,037 | — | 76,037 | — | 23,062 | — | 23,062 | ||||||||||||||||||||||||
Other investments | 11,129 | — | — | 11,129 | 8,880 | — | — | 8,880 | ||||||||||||||||||||||||
Total assets at fair value | $ | 1,533,538 | $ | 76,037 | $ | — | $ | 1,609,575 | $ | 1,945,045 | $ | 23,062 | $ | — | $ | 1,968,107 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Debt held by Dermavant with NovaQuest | $ | — | $ | — | $ | 150,100 | $ | 150,100 | $ | — | $ | — | $ | 89,100 | $ | 89,100 | ||||||||||||||||
Liability instruments measured at fair value | — | — | 67,893 | 67,893 | — | — | 102,373 | 102,373 | ||||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | — | $ | 217,993 | $ | 217,993 | $ | — | $ | — | $ | 191,473 | $ | 191,473 | ||||||||||||||||
Balance at March 31, 2019 | $ | 103,628 | ||
Issuance of liability instruments measured at fair value | 101,567 | |||
Changes in fair value of debt and liability instruments, included in net loss | (13,722 | ) | ||
Balance at March 31, 2020 | 191,473 | |||
Changes in fair value of debt and liability instruments, included in net loss | 29,845 | |||
Liability instruments disposed due to deconsolidation of subsidiary | (3,325 | ) | ||
Balance at March 31, 2021 | $ | 217,993 | ||
Range | ||||
Input | As of March 31, 2021 | As of March 31, 2020 | ||
Time to expiration (in years) | 3.59 | 0.49 - 4.59 | ||
Risk-free rate | 0.52% | 0.15% - 0.35% | ||
Volatility | 89.0% - 95.0% | 91.0% - 110.0% |
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
Loss from equity method investment | $ | 3,750 | $ | 21,386 | ||||
Interest income | (1,418 | ) | (17,990 | ) | ||||
Interest expense | 2,809 | 7,683 | ||||||
Other expense | 3,560 | 2,543 | ||||||
Total | $ | 8,701 | $ | 13,622 | ||||
Years Ended March 31, | ||||||||
2021 | 2020 | |||||||
Loss from continuing operations, net of tax | $ | (900,233 | ) | $ | (568,110 | ) | ||
Net loss from continuing operations, net of tax, attributable to noncontrolling interest | (90,999 | ) | (48,716 | ) | ||||
Loss from continuing operations, net of tax, attributable to Roivant Sciences Ltd. | (809,234 | ) | (519,394 | ) | ||||
Deemed dividend on repurchase of redeemable noncontrolling interest relating to subsidiary convertible and redeemable preferred stock (1) | — | (77,777 | ) | |||||
Basic and diluted loss from continuing operations, net of tax, attributable to Roivant Sciences Ltd. | $ | (809,234 | ) | $ | (597,171 | ) | ||
Income from discontinued operations, net of tax | $ | 0 | $ | 1,578,426 | ||||
Net loss from discontinued operations, net of tax, attributable to noncontrolling interest | — | (141,477 | ) | |||||
Net income from discontinued operations, net of tax, attributable to Roivant Sciences Ltd. | $ | 0 | $ | 1,719,903 | ||||
Basic and diluted income from discontinued operations, net of tax | $ | — | $ | 1,719,903 | ||||
Basic and diluted net (loss) income attributable to Roivant Sciences | $ | (809,234 | ) | $ | 1,122,732 | |||
(1) | Consideration paid in excess of carrying value for the repurchase of redeemable noncontrolling interest relating to subsidiary convertible and redeemable preferred stock of $77.8 million is considered a deemed dividend and, for purposes of calculating net loss per share, increases the loss from continuing operations, net of tax, attributable to Roivant Sciences Ltd. for the year ended March 31, 2020. See Note 10, “Shareholders’ Equity and Redeemable Noncontrolling Interest.” |
September 30, 2021 | March 31, 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,497,330 | $ | 2,055,044 | ||||
Restricted cash | 2,861 | 77,701 | ||||||
Other current assets | 55,563 | 54,250 | ||||||
Total current assets | 2,555,754 | 2,186,995 | ||||||
Property and equipment, net | 16,904 | 14,749 | ||||||
Operating lease right-of-use | 63,198 | 62,279 | ||||||
Restricted cash, net of current portion | 8,933 | 8,931 | ||||||
Investments measured at fair value | 436,780 | 188,978 | ||||||
Long-term investment | 0 | 100,563 | ||||||
Other assets | 21,337 | 27,197 | ||||||
Total assets | $ | 3,102,906 | $ | 2,589,692 | ||||
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 77,158 | $ | 20,550 | ||||
Accrued expenses | 104,111 | 76,936 | ||||||
Operating lease liabilities | 11,518 | 12,313 | ||||||
Deferred consideration liability | 100,000 | 100,000 | ||||||
Other current liabilities | 10,657 | 9,162 | ||||||
Total current liabilities | 303,444 | 218,961 | ||||||
Liability instruments measured at fair value | 75,284 | 67,893 | ||||||
Operating lease liabilities, noncurrent | 65,221 | 62,384 | ||||||
Long-term debt (includes $168,200 and $150,100 accounted for under the fair value option at September 30, 2021 and March 31, 2021, respectively) | 199,869 | 170,280 | ||||||
Other liabilities | 8,189 | 8,169 | ||||||
Total liabilities | 652,007 | 527,687 | ||||||
Commitments and contingencies (Note 12) | 0 | 0 | ||||||
Redeemable noncontrolling interest | 22,491 | 22,491 | ||||||
Shareholders’ equity: (1) | ||||||||
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 s a shares issued and outstanding at September 30, 2021 and March 31, 2021, respectively | 0 | 0 | ||||||
Additional paid-in capital | 4,245,860 | 3,814,805 | ||||||
Subscription receivable | 0 | (100,000 | ) | |||||
Accumulated deficit | (2,209,126 | ) | (1,918,462 | ) | ||||
Accumulated other comprehensive income | 1,281 | 1,445 | ||||||
Shareholders’ equity attributable to Roivant Sciences Ltd. | 2,038,015 | 1,797,788 | ||||||
Noncontrolling interests | 390,393 | 241,726 | ||||||
Total shareholders’ equity | 2,428,408 | 2,039,514 | ||||||
Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 3,102,906 | $ | 2,589,692 | ||||
December 31, 2021 | March 31, 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,214,283 | $ | 2,055,044 | ||||
Restricted cash | 2,916 | 77,701 | ||||||
Other current assets | 70,334 | 54,250 | ||||||
Total current assets | 2,287,533 | 2,186,995 | ||||||
Property and equipment, net | 21,606 | 14,749 | ||||||
Operating lease right-of-use | 61,682 | 62,279 | ||||||
Restricted cash, net of current portion | 8,936 | 8,931 | ||||||
Investments measured at fair value | 398,743 | 188,978 | ||||||
Long-term investment | 0 | 100,563 | ||||||
Other assets | 20,875 | 27,197 | ||||||
Total assets | $ | 2,799,375 | $ | 2,589,692 | ||||
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 24,358 | $ | 20,550 | ||||
Accrued expenses | 112,679 | 76,936 | ||||||
Operating lease liabilities | 11,241 | 12,313 | ||||||
Deferred consideration liability | 0 | 100,000 | ||||||
Other current liabilities | 12,435 | 9,162 | ||||||
Total current liabilities | 160,713 | 218,961 | ||||||
Liability instruments measured at fair value | 94,600 | 67,893 | ||||||
Operating lease liabilities, noncurrent | 62,091 | 62,384 | ||||||
Long-term debt (includes $171,900 and $150,100 accounted for under the fair value option at December 31, 2021 and March 31, 2021, respectively) | 204,042 | 170,280 | ||||||
Other liabilities | 8,176 | 8,169 | ||||||
Total liabilities | 529,622 | 527,687 | ||||||
Commitments and contingencies (Note 12) | ||||||||
Redeemable noncontrolling interest | 22,491 | 22,491 | ||||||
Shareholders’ equity: (1) | ||||||||
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 shares authorized and 692,012,183 and 651,576,293 shares issued and outstanding at December 31, 2021 and March 31, 2021, respectively | 0 | 0 | ||||||
Additional paid-in capital | 4,360,452 | 3,814,805 | ||||||
Subscription receivable | 0 | (100,000 | ) | |||||
Accumulated deficit | (2,493,662 | ) | (1,918,462 | ) | ||||
Accumulated other comprehensive (loss) income | (1,070 | ) | 1,445 | |||||
Shareholders’ equity attributable to Roivant Sciences Ltd. | 1,865,720 | 1,797,788 | ||||||
Noncontrolling interests | 381,542 | 241,726 | ||||||
Total shareholders’ equity | 2,247,262 | 2,039,514 | ||||||
Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 2,799,375 | $ | 2,589,692 | ||||
(1) | Retroactively restated for the stock subdivision as described in Note 3. |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue, net | $ | 13,987 | $ | 1,323 | $ | 21,722 | $ | 2,899 | ||||||||
Operating expenses: | ||||||||||||||||
Cost of revenues | 6,381 | 715 | 7,123 | 895 | ||||||||||||
Research and development | 254,259 | 97,409 | 332,885 | 156,143 | ||||||||||||
General and administrative | 437,776 | 59,740 | 520,530 | 116,855 | ||||||||||||
Total operating expenses | 698,416 | 157,864 | 860,538 | 273,893 | ||||||||||||
Loss from operations | (684,429 | ) | (156,541 | ) | (838,816 | ) | (270,994 | ) | ||||||||
Change in fair value of investments | (32,273 | ) | (84,297 | ) | (23,654 | ) | (125,445 | ) | ||||||||
Gain on sale of investment | (443,754 | ) | 0 | (443,754 | ) | 0 | ||||||||||
Change in fair value of debt and liability instruments | 13,145 | 10,148 | 17,730 | 27,273 | ||||||||||||
Gain on termination of Sumitomo Options | 0 | 0 | (66,472 | ) | 0 | |||||||||||
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity | 0 | (28,848 | ) | 0 | (115,364 | ) | ||||||||||
Other expense (income), net | 3,692 | (757 | ) | 3,558 | 2,085 | |||||||||||
Loss before income taxes | (225,239 | ) | (52,787 | ) | (326,224 | ) | (59,543 | ) | ||||||||
Income tax expense | 401 | 711 | 494 | 1,932 | ||||||||||||
Net loss | (225,640 | ) | (53,498 | ) | (326,718 | ) | (61,475 | ) | ||||||||
Net loss attributable to noncontrolling interests | (17,159 | ) | (18,100 | ) | (36,054 | ) | (22,834 | ) | ||||||||
Net loss attributable to Roivant Sciences Ltd. | $ | (208,481 | ) | $ | (35,398 | ) | $ | (290,664 | ) | $ | (38,641 | ) | ||||
Net loss per common share—basic and diluted (1) | $ | (0.32 | ) | $ | (0.06 | ) | $ | (0.45 | ) | $ | (0.06 | ) | ||||
Weighted average shares outstanding—basic and diluted (1) | 650,225,764 | 628,779,048 | 650,041,993 | 628,779,048 | ||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue, net | $ | 24,341 | $ | 5,750 | $ | 46,063 | $ | 8,649 | ||||||||
Operating expenses: | ||||||||||||||||
Cost of revenues | 1,384 | 684 | 8,507 | 1,579 | ||||||||||||
Research and development | 153,450 | 202,261 | 486,335 | 358,404 | ||||||||||||
General and administrative | 115,530 | 61,875 | 636,060 | 178,730 | ||||||||||||
Total operating expenses | 270,364 | 264,820 | 1,130,902 | 538,713 | ||||||||||||
Loss from operations | (246,023 | ) | (259,070 | ) | (1,084,839 | ) | (530,064 | ) | ||||||||
Change in fair value of investments | 38,036 | 18,235 | 14,382 | (107,210 | ) | |||||||||||
Gain on sale of investment | 0 | 0 | (443,754 | ) | 0 | |||||||||||
Change in fair value of debt and liability instruments | 23,017 | 4,304 | 40,747 | 31,577 | ||||||||||||
Gain on termination of Sumitomo Options | 0 | 0 | (66,472 | ) | 0 | |||||||||||
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity | 0 | 0 | 0 | (115,364 | ) | |||||||||||
Other (income) expense, net | (1,029 | ) | (5,788 | ) | 2,529 | (3,703 | ) | |||||||||
Loss before income taxes | (306,047 | ) | (275,821 | ) | (632,271 | ) | (335,364 | ) | ||||||||
Income tax expense (benefit) | 38 | (224 | ) | 532 | 1,708 | |||||||||||
Net loss | (306,085 | ) | (275,597 | ) | (632,803 | ) | (337,072 | ) | ||||||||
Net loss attributable to noncontrolling interests | (21,549 | ) | (14,568 | ) | (57,603 | ) | (37,402 | ) | ||||||||
Net loss attributable to Roivant Sciences Ltd. | $ | (284,536 | ) | $ | (261,029 | ) | $ | (575,200 | ) | $ | (299,670 | ) | ||||
Net loss per common share—basic and diluted (1) | $ | (0.41 | ) | $ | (0.41 | ) | $ | (0.87 | ) | $ | (0.48 | ) | ||||
Weighted average shares outstanding—basic and diluted (1) | 686,589,478 | 629,668,846 | 662,268,788 | 629,076,726 | ||||||||||||
(1) Retroactively restated for the stock subdivision as described in Note 3. |
Three Months Ended September 30, | Six Months Ended September 30, | Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Net loss | $ | (225,640 | ) | $ | (53,498 | ) | $ | (326,718 | ) | $ | (61,475 | ) | $ | (306,085 | ) | $ | (275,597 | ) | $ | (632,803 | ) | $ | (337,072 | ) | ||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 2,545 | (1,034 | ) | 106 | (1,854 | ) | (2,393 | ) | (5,541 | ) | (2,287 | ) | (7,395 | ) | ||||||||||||||||||
Total other comprehensive income (loss) | 2,545 | (1,034 | ) | 106 | (1,854 | ) | ||||||||||||||||||||||||||
Total other comprehensive loss | (2,393 | ) | (5,541 | ) | (2,287 | ) | (7,395 | ) | ||||||||||||||||||||||||
Comprehensive loss | (223,095 | ) | (54,532 | ) | (326,612 | ) | (63,329 | ) | (308,478 | ) | (281,138 | ) | (635,090 | ) | (344,467 | ) | ||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | (17,102 | ) | (18,066 | ) | (35,784 | ) | (22,766 | ) | (21,591 | ) | (14,303 | ) | (57,375 | ) | �� | (37,069 | ) | |||||||||||||||
Comprehensive loss attributable to Roivant Sciences Ltd. | $ | (205,993 | ) | $ | (36,466 | ) | $ | (290,828 | ) | $ | (40,563 | ) | $ | (286,887 | ) | $ | (266,835 | ) | $ | (577,715 | ) | $ | (307,398 | ) | ||||||||
Shareholders’ Equity (1) | Shareholders’ Equity (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Common Stock | Additional Paid-in Capital | Subscription Receivable | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Noncontrolling Interests | Total Shareholders’ Equity | Redeemable Noncontrolling Interest | Common Stock | Additional Paid-in Capital | Subscription Receivable | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Noncontrolling Interests | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 22,491 | 651,576,293 | $ | 0 | $ | 3,814,805 | $ | (100,000 | ) | $ | 1,445 | $ | (1,918,462 | ) | $ | 241,726 | $ | 2,039,514 | $ | 22,491 | 651,576,293 | $ | — | $ | 3,814,805 | $ | (100,000 | ) | $ | 1,445 | $ | (1,918,462 | ) | $ | 241,726 | $ | 2,039,514 | ||||||||||||||||||||||||||||||||||
Issuance of subsidiary warrants | — | — | — | 2,051 | — | — | — | 24 | 2,075 | — | — | — | 2,051 | — | — | — | 24 | 2,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash contributions to majority-owned subsidiaries | — | — | — | (2,973 | ) | — | — | — | 2,973 | 0 | — | — | — | (2,973 | ) | — | — | — | 2,973 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | 11,091 | — | — | — | 8,178 | 19,269 | — | — | — | 11,091 | — | — | — | 8,178 | 19,269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (2,652 | ) | — | 213 | (2,439 | ) | — | — | — | — | — | (2,652 | ) | — | 213 | (2,439 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (82,183 | ) | (18,895 | ) | (101,078 | ) | — | — | — | — | — | — | (82,183 | ) | (18,895 | ) | (101,078 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 22,491 | 651,576,293 | $ | 0 | $ | 3,824,974 | $ | (100,000 | ) | $ | (1,207 | ) | $ | (2,000,645 | ) | $ | 234,219 | $ | 1,957,341 | $ | 22,491 | 651,576,293 | $ | — | $ | 3,824,974 | $ | (100,000 | ) | $ | (1,207 | ) | $ | (2,000,645 | ) | $ | 234,219 | $ | 1,957,341 | ||||||||||||||||||||||||||||||||
Issuance of the Company’s common shares upon closing of Business Combination and PIPE Financing, net of issuance costs | — | 32,372,478 | — | 129,097 | — | — | — | — | 129,097 | — | 32,372,478 | — | 129,097 | — | — | — | — | 129,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of the Company’s common shares related to settlement of transaction consideration | — | 840,398 | — | — | — | — | — | — | — | — | 840,398 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of subsidiary preferred shares | — | — | — | — | — | — | — | 70,000 | 70,000 | — | — | — | — | — | — | — | 70,000 | 70,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of subsidiary common and preferred shares to the Company | — | — | — | (52,189 | ) | — | — | — | 52,189 | — | — | — | — | (52,189 | ) | — | — | — | 52,189 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment of subscription receivable | — | — | — | (40,000 | ) | 100,000 | — | — | 40,000 | 100,000 | — | — | — | (40,000 | ) | 100,000 | — | — | 40,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash contributions to majority-owned subsidiaries | — | — | — | (2,590 | ) | — | — | — | 2,590 | — | — | — | — | (2,590 | ) | — | — | — | 2,590 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | 386,568 | — | — | — | 10,744 | 397,312 | — | — | — | 386,568 | — | — | — | 10,744 | 397,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of equity awards | — | — | — | — | — | — | — | (2,247 | ) | (2,247 | ) | — | — | — | — | — | — | — | (2,247 | ) | (2,247 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 2,488 | — | 57 | 2,545 | — | — | — | — | — | 2,488 | — | 57 | 2,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (208,481 | ) | (17,159 | ) | (225,640 | ) | — | — | — | — | — | — | (208,481 | ) | (17,159 | ) | (225,640 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 22,491 | 684,789,169 | $ | 0 | $ | 4,245,860 | $ | 0 | $ | 1,281 | $ | (2,209,126 | ) | $ | 390,393 | $ | 2,428,408 | $ | 22,491 | 684,789,169 | $ | — | $ | 4,245,860 | $ | — | $ | 1,281 | $ | (2,209,126 | ) | $ | 390,393 | $ | 2,428,408 | ||||||||||||||||||||||||||||||||||||
Issuance of the Company’s common shares | — | 7,223,014 | — | 56,116 | — | — | — | — | 56,116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash contributions to majority-owned subsidiaries | — | — | — | (1,175 | ) | — | — | — | 1,175 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | 59,651 | — | — | — | 11,565 | 71,216 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (2,351 | ) | 0 | (42 | ) | (2,393 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (284,536 | ) | (21,549 | ) | (306,085 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 22,491 | 692,012,183 | $ | — | $ | 4,360,452 | $ | — | $ | (1,070 | ) | $ | (2,493,662 | ) | $ | 381,542 | $ | 2,247,262 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Retroactively restated for the stock subdivision as described in Note 3. |
Shareholders’ Equity (1) | ||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Common Stock | Additional Paid-in Capital | Subscription Receivable | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interests | Total Shareholders’ Equity | |||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 22,491 | 628,779,048 | $ | 0 | $ | 3,143,739 | $ | 0 | $ | (2,349 | ) | $ | (1,109,228 | ) | $ | 54,042 | $ | 2,086,204 | |||||||||||||||||
Issuance of subsidiary common shares, net of issuance costs | — | — | — | 104,581 | — | — | — | 76,599 | 181,180 | |||||||||||||||||||||||||||
Issuance of subsidiary common shares to the Company | — | — | — | (6,342 | ) | — | — | — | 6,342 | 0 | ||||||||||||||||||||||||||
Exercise of subsidiary stock options | — | — | — | 36 | — | — | — | 27 | 63 | |||||||||||||||||||||||||||
Deconsolidation of subsidiary | — | — | — | — | — | — | — | (3,054 | ) | (3,054 | ) | |||||||||||||||||||||||||
Repurchase of equity awards | — | — | — | (113 | ) | — | — | — | — | (113 | ) | |||||||||||||||||||||||||
Cash contribution to majority-owned subsidiaries | — | — | — | (149 | ) | — | — | — | 149 | 0 | ||||||||||||||||||||||||||
Share-based compensation | — | — | — | 9,285 | — | — | — | 4,993 | 14,278 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (854 | ) | — | 34 | (820 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (3,243 | ) | (4,734 | ) | (7,977 | ) | ||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 22,491 | 628,779,048 | $ | 0 | $ | 3,251,037 | $ | 0 | $ | (3,203 | ) | $ | (1,112,471 | ) | $ | 134,398 | $ | 2,269,761 | |||||||||||||||||
Issuance of subsidiary common shares, net of issuance costs | — | — | — | 101,418 | — | — | — | 74,499 | 175,917 | |||||||||||||||||||||||||||
Issuance of subsidiary common shares to the Company | — | — | — | (5,318 | ) | — | — | — | 5,318 | — | ||||||||||||||||||||||||||
Exercise of subsidiary stock options | — | — | — | 69 | — | — | — | 50 | 119 | |||||||||||||||||||||||||||
Consolidation of unconsolidated entity | — | — | — | — | — | — | — | 9,178 | 9,178 | |||||||||||||||||||||||||||
Cash contribution to majority-owned subsidiaries | — | — | — | (124 | ) | — | — | — | 124 | — | ||||||||||||||||||||||||||
Transfer (from) to noncontrolling interest | — | — | — | (255 | ) | — | — | — | 255 | — | ||||||||||||||||||||||||||
Share-based compensation | — | — | — | 8,208 | — | — | — | 5,706 | 13,914 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (1,068 | ) | — | 34 | (1,034 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (35,398 | ) | (18,100 | ) | (53,498 | ) | ||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 22,491 | 628,779,048 | $ | 0 | $ | 3,355,035 | $ | 0 | $ | (4,271 | ) | $ | (1,147,869 | ) | $ | 211,462 | $ | 2,414,357 | |||||||||||||||||
Shareholders’ Equity (1) | ||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Common Stock | Additional Paid-in Capital | Subscription Receivable | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interests | Total Shareholders’ Equity | |||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 22,491 | 628,779,048 | $ | — | $ | 3,143,739 | $ | — | $ | (2,349 | ) | $ | (1,109,228 | ) | $ | 54,042 | $ | 2,086,204 | |||||||||||||||||
Issuance of subsidiary common shares, net of issuance costs | — | — | — | 104,581 | — | — | — | 76,599 | 181,180 | |||||||||||||||||||||||||||
Issuance of subsidiary common shares to the Company | — | — | — | (6,342 | ) | — | — | — | 6,342 | 0 | ||||||||||||||||||||||||||
Exercise of subsidiary stock options | — | — | — | 36 | — | — | — | 27 | 63 | |||||||||||||||||||||||||||
Deconsolidation of subsidiary | — | — | — | — | — | — | — | (3,054 | ) | (3,054 | ) | |||||||||||||||||||||||||
Repurchase of equity awards | — | — | — | (113 | ) | — | — | — | 0 | (113 | ) | |||||||||||||||||||||||||
Cash contribution to majority-owned subsidiaries | — | — | — | (149 | ) | — | — | — | 149 | 0 | ||||||||||||||||||||||||||
Share-based compensation | — | — | — | 9,285 | — | — | — | 4,993 | 14,278 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (854 | ) | — | 34 | (820 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (3,243 | ) | (4,734 | ) | (7,977 | ) | ||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 22,491 | 628,779,048 | $ | — | $ | 3,251,037 | $ | — | $ | (3,203 | ) | $ | (1,112,471 | ) | $ | 134,398 | $ | 2,269,761 | |||||||||||||||||
Issuance of subsidiary common shares, net of issuance costs | — | — | — | 101,418 | — | — | — | 74,499 | 175,917 | |||||||||||||||||||||||||||
Issuance of subsidiary common shares to the Company | — | — | — | (5,318 | ) | — | — | — | 5,318 | 0 | ||||||||||||||||||||||||||
Exercise of subsidiary stock options | — | — | — | 69 | — | — | — | 50 | 119 | |||||||||||||||||||||||||||
Consolidation of unconsolidated entity | — | — | — | — | — | — | — | 9,178 | 9,178 | |||||||||||||||||||||||||||
Cash contribution to majority-owned subsidiaries | — | — | — | (124 | ) | — | — | — | 124 | 0 | ||||||||||||||||||||||||||
Transfer (from) to noncontrolling interest | — | — | — | (255 | ) | — | — | — | 255 | — | ||||||||||||||||||||||||||
Share-based compensation | — | — | — | 8,208 | — | — | — | 5,706 | 13,914 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (1,068 | ) | — | 34 | (1,034 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (35,398 | ) | (18,100 | ) | (53,498 | ) | ||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 22,491 | 628,779,048 | $ | — | $ | 3,355,035 | $ | — | $ | (4,271 | ) | $ | (1,147,869 | ) | $ | 211,462 | $ | 2,414,357 | |||||||||||||||||
Issuance of the Company’s common shares | — | 1,387,481 | — | 20,000 | — | — | — | — | 20,000 | |||||||||||||||||||||||||||
Exercise of subsidiary stock options | — | — | — | 417 | — | — | — | 308 | 725 | |||||||||||||||||||||||||||
Transfer (from) to noncontrolling interest | — | — | — | (73 | ) | — | — | — | 73 | 0 | ||||||||||||||||||||||||||
Share-based compensation | — | — | — | 8,239 | — | — | — | 9,085 | 17,324 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (5,806 | ) | 0 | 265 | (5,541 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (261,029 | ) | (14,568 | ) | (275,597 | ) | ||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 22,491 | 630,166,529 | $ | — | $ | 3,383,618 | $ | — | $ | (10,077 | ) | $ | (1,408,898 | ) | $ | 206,625 | $ | 2,171,268 | |||||||||||||||||
(1) | Retroactively restated for the stock subdivision as described in Note 3. |
Six Months Ended September 30, | Nine Months Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ | (326,718 | ) | $ | (61,475 | ) | $ | (632,803 | ) | $ | (337,072 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Acquired in-process research and development | 72,107 | 41,779 | 78,223 | 65,175 | ||||||||||||
Share-based compensation | 416,581 | 28,192 | 487,797 | 45,516 | ||||||||||||
Change in fair value of investments | (23,654 | ) | (125,445 | ) | 14,382 | (107,210 | ) | |||||||||
Gain on sale of investment | (443,754 | ) | 0 | (443,754 | ) | 0 | ||||||||||
Change in fair value of debt and liability instruments | 17,730 | 27,273 | 40,747 | 31,577 | ||||||||||||
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity | 0 | (115,364 | ) | 0 | (115,364 | ) | ||||||||||
Gain on termination of Sumitomo Options | (61,472 | ) | 0 | (61,472 | ) | 0 | ||||||||||
Loss from equity method investment | 0 | 3,750 | 0 | 3,750 | ||||||||||||
Other | 7,274 | 5,754 | 8,469 | 2,398 | ||||||||||||
Changes in assets and liabilities, net of effects from acquisition and divestiture: | ||||||||||||||||
Accounts payable | 56,510 | (29 | ) | 3,693 | (2,702 | ) | ||||||||||
Accrued expenses | 18,569 | (12,912 | ) | 35,576 | (1,004 | ) | ||||||||||
Deferred consideration liability | (50,000 | ) | 0 | |||||||||||||
Operating lease liabilities | (2,537 | ) | (2,621 | ) | (6,171 | ) | (3,806 | ) | ||||||||
Other | 7,598 | 1,886 | (4,947 | ) | (27,329 | ) | ||||||||||
Net cash used in operating activities | (261,766 | ) | (209,212 | ) | (530,260 | ) | (446,071 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Cash disposed upon deconsolidation of subsidiary | 0 | (19,085 | ) | 0 | (19,085 | ) | ||||||||||
Cash acquired upon consolidation of unconsolidated entity | 0 | 21,439 | 0 | 21,439 | ||||||||||||
Investments in unconsolidated entities | 0 | (28,250 | ) | 0 | (28,250 | ) | ||||||||||
Proceeds from sale of investment | 320,170 | 0 | 320,170 | 0 | ||||||||||||
Purchase of property and equipment | (5,100 | ) | (1,609 | ) | (11,173 | ) | (1,716 | ) | ||||||||
Net cash provided by (used in) investing activities | 315,070 | (27,505 | ) | 308,997 | (27,612 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from Business Combination and PIPE Financing | 213,424 | 0 | 213,424 | 0 | ||||||||||||
Proceeds from issuance of subsidiary common shares, net of issuance costs paid | 0 | 357,017 | 0 | 356,756 | ||||||||||||
Proceeds from payment of subscription receivable | 100,000 | 0 | 100,000 | 0 | ||||||||||||
Proceeds from subsidiary debt financings, net of financing costs paid | 36,400 | 0 | 36,400 | 0 | ||||||||||||
Repayment of long-term debt by subsidiary | (21,590 | ) | 0 | (21,590 | ) | 0 | ||||||||||
Payment of offering and loan origination costs | (11,843 | ) | 0 | (20,265 | ) | 0 | ||||||||||
Repurchase of equity awards | (2,247 | ) | (113 | ) | (2,247 | ) | (113 | ) | ||||||||
Proceeds from exercise of subsidiary stock options | 0 | 182 | 0 | 907 | ||||||||||||
Net cash provided by financing activities | 314,144 | 357,086 | 305,722 | 357,550 | ||||||||||||
Net change in cash, cash equivalents and restricted cash | 367,448 | 120,369 | 84,459 | (116,133 | ) | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 2,141,676 | 2,269,252 | 2,141,676 | 2,269,252 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 2,509,124 | $ | 2,389,621 | $ | 2,226,135 | $ | 2,153,119 | ||||||||
Non-cash investing and financing activities: | ||||||||||||||||
Operating lease right-of-use | $ | 4,579 | $ | 1,716 | $ | 4,806 | $ | 1,549 | ||||||||
Offering costs included in accounts payable and accrued expenses | $ | 8,453 | $ | 261 | $ | 31 | $ | 0 | ||||||||
Other | $ | 0 | $ | (4,351 | ) | $ | 0 | $ | (4,351 | ) |
September 30, 2021 | March 31, 2021 | |||||||
Cash and cash equivalents | $ | 2,497,330 | $ | 2,055,044 | ||||
Restricted cash | 11,794 | 86,632 | ||||||
Cash, cash equivalents and restricted cash | $ | 2,509,124 | $ | 2,141,676 | ||||
December 31, 2021 | March 31, 2021 | |||||||
Cash and cash equivalents | $ | 2,214,283 | $ | 2,055,044 | ||||
Restricted cash | 11,852 | 86,632 | ||||||
Cash, cash equivalents and restricted cash | $ | 2,226,135 | $ | 2,141,676 | ||||
a. | each share of MAAC Class A common stock (the “MAAC Class A Shares”) and each share of MAAC Class B common stock (the “MAAC Class B Shares”) that were outstanding immediately before the Effective Time (other than treasury shares and any shares held by Patient Square Capital LLC (the “MAAC Sponsor”), any affiliate of the MAAC Sponsor or any of MAAC’s independent directors (the “MAAC Independent Directors”) or its transferee) were automatically canceled and extinguished and converted into one common share of RSL (the “Roivant Common Share”), |
b. | each MAAC Class B Share that was outstanding immediately before the Effective Time and held by the MAAC Sponsor, any affiliate of the MAAC Sponsor or any of the MAAC Independent Directors or its transferee were automatically canceled and extinguished and converted into a number of Roivant |
Common Shares based on an exchange ratio of 0.75, with a portion of such Roivant Common Shares issued to the MAAC Sponsor, any affiliate of the MAAC Sponsor, any MAAC Independent Director or its transferee by virtue of the Merger being subject to the vesting and other terms and conditions set forth in the Sponsor Support Agreement (as more fully described below), |
c. | each warrant to purchase MAAC Class A Shares that was outstanding immediately before the Effective Time was converted automatically into a right to acquire a Roivant Common Share (a “Roivant Warrant”) |
a. | 2,033,591 Roivant Common Shares issued to the MAAC Sponsor and 10,000 Roivant Common Shares issued to each MAAC Independent Director (collectively, the “20% Earn-Out Shares”), each in respect of its MAAC Class B Shares, will vest if the closing price of Roivant Common Shares is greater than or equal to $15.00 over any twenty out of thirty trading day period during the Vesting Period (defined below). |
b. | 1,016,796 Roivant Common Shares issued to the MAAC Sponsor and 5,000 Roivant Common Shares issued to each MAAC Independent Director (collectively, the Earn-Out Earn-Out Shares, the“Earn-Out Shares”), each in respect of its MAAC Class B Shares, will vest if the closing price of Roivant Common Shares is greater than or equal to $20.00 over any twenty out of thirty trading day period during the Vesting Period (defined below). |
c. | The remaining number of Roivant Common Shares issued to the MAAC Sponsor and each MAAC Independent Director are not subject to the vesting conditions described above (the “Retained Shares”). |
December 31, 2021 | March 31, 2021 | |||||||
Prepaid expenses | $ | 50,952 | $ | 39,544 | ||||
Trade and other receivables, net | 8,921 | 11,222 | ||||||
Income tax receivable | 2,627 | 1,803 | ||||||
Other | 7,834 | 1,681 | ||||||
Total other current assets | $ | 70,334 | $ | 54,250 | ||||
September 30, 2021 | March 31, 2021 | |||||||
Prepaid expenses | $ | 40,946 | $ | 39,544 | ||||
Trade receivables, net | 9,814 | 11,222 | ||||||
Income tax receivable | 2,502 | 1,803 | ||||||
Other | 2,301 | 1,681 | ||||||
Total other current assets | $ | 55,563 | $ | 54,250 | ||||
September 30, 2021 | March 31, 2021 | |||||||
Research and development expenses | $ | 42,780 | $ | 20,755 | ||||
Compensation-related expenses | 20,965 | 38,552 | ||||||
Professional services expenses | 17,325 | 10,267 | ||||||
Other general and administrative expenses | 23,041 | 7,362 | ||||||
Total accrued expenses | $ | 104,111 | $ | 76,936 | ||||
December 31, 2021 | March 31, 2021 | |||||||
Research and development expenses | $ | 67,796 | $ | 20,755 | ||||
Compensation-related expenses | 31,115 | 38,552 | ||||||
Professional services expenses | 5,411 | 10,267 | ||||||
Other general and administrative expenses | 8,357 | 7,362 | ||||||
Total accrued expenses | $ | 112,679 | $ | 76,936 | ||||
September 30, 2021 | March 31, 2021 | |||||||
Deferred revenue | $ | 4,389 | $ | 5,918 | ||||
Income tax payable | 638 | 207 | ||||||
Other | 5,630 | 3,037 | ||||||
Total other current liabilities | $ | 10,657 | $ | 9,162 | ||||
December 31, 2021 | March 31, 2021 | |||||||
Deferred revenue | $ | 4,972 | $ | 5,918 | ||||
Income tax payable | 813 | 207 | ||||||
Other | 6,650 | 3,037 | ||||||
Total other current liabilities | $ | 12,435 | $ | 9,162 | ||||
September 30, 2021 | March 31, 2021 | December 31, 2021 | March 31, 2021 | |||||||||||||
Principal amount | $ | 208,200 | $ | 170,100 | $ | 211,900 | $ | 170,100 | ||||||||
Exit fee / end of term charge | 5,000 | 1,390 | 5,000 | 1,390 | ||||||||||||
Less: unamortized debt discount and issuance costs | (13,331 | ) | (1,210 | ) | (12,858 | ) | (1,210 | ) | ||||||||
Total debt, net | 199,869 | 170,280 | 204,042 | 170,280 | ||||||||||||
Less: current portion | 0 | 0 | 0 | 0 | ||||||||||||
Total long-term debt, net | $ | 199,869 | $ | 170,280 | $ | 204,042 | $ | 170,280 | ||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Share-based compensation expense recognized as: | ||||||||||||||||
Research and development expenses | $ | 17,669 | $ | 3,754 | $ | 47,441 | $ | 6,760 | ||||||||
General and administrative expenses | 53,547 | 13,570 | 440,356 | 38,756 | ||||||||||||
Total | $ | 71,216 | $ | 17,324 | $ | 487,797 | $ | 45,516 | ||||||||
Number of Stock Options | Weighted Average Exercise Price | |||||||
Stock options outstanding at March 31, 2021 | 27,474,942 | $ | 9.10 | |||||
Granted | 11,115,465 | $ | 10.00 | |||||
Forfeited | (901,325 | ) | $ | 11.59 | ||||
Stock options outstanding at September 30, 2021 | 37,689,082 | $ | 9.30 | |||||
Stock options exercisable at September 30, 2021 | 18,999,834 | $ | 7.96 | |||||
Number of Options | ||||
Options outstanding at March 31, 2021 | 69,687,308 | |||
Granted | 11,999,734 | |||
Forfeited | (932,868 | ) | ||
Options outstanding at December 31, 2021 | 80,754,174 | |||
Number of Shares | ||||
Non-vested balance at March 31, 2021 | ||||
Granted | ||||
Vested | ( | ) | ||
Forfeited | ( | ) | ||
Non-vested balance at | ||||
Number of Performance Options | Weighted Average Exercise Price | |||||||
Performance Options outstanding at March 31, 2021 | 42,212,366 | $ | 13.30 | |||||
Granted | 0 | $ | 0 | |||||
Forfeited | 0 | $ | 0 | |||||
Performance Options outstanding at September 30, 2021 | 42,212,366 | $ | 13.30 | |||||
Performance Options exercisable at September 30, 2021 | 18,467,931 | $ | 13.30 | |||||
Performance RSUs | ||||
Restricted Common Stock | ||||
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Share-based compensation expense recognized as: | ||||||||||||||||
R&D expenses | $ | 28,157 | $ | 1,887 | $ | 29,772 | $ | 3,006 | ||||||||
G&A expenses | 369,155 | 12,027 | 386,809 | 25,186 | ||||||||||||
Total | $ | 397,312 | $ | 13,914 | $ | 416,581 | $ | 28,192 | ||||||||
As of September 30, 2021 | As of March 31, 2021 | As of December 31, 2021 | As of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance as of September 30, 2021 | Level 1 | Level 2 | Level 3 | Balance as of March 31, 2021 | Level 1 | Level 2 | Level 3 | Balance as of December 31, 2021 | Level 1 | Level 2 | Level 3 | Balance as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 1,375,720 | $ | — | $ | — | $ | 1,375,720 | $ | 1,420,597 | $ | — | $ | — | $ | 1,420,597 | $ | 1,448,771 | $ | — | $ | — | $ | 1,448,771 | $ | 1,420,597 | $ | — | $ | — | $ | 1,420,597 | ||||||||||||||||||||||||||||||||
Investment in Datavant Class A units | — | — | 219,975 | 219,975 | — | — | — | — | — | — | 215,681 | 215,681 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Sio common shares | 40,313 | — | — | 40,313 | 48,487 | — | — | 48,487 | 23,965 | — | — | 23,965 | 48,487 | — | — | 48,487 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Arbutus common shares | 68,698 | — | — | 68,698 | 53,325 | — | — | 53,325 | 151,116 | — | — | 151,116 | 53,325 | — | — | 53,325 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Arbutus convertible preferred shares | — | 97,957 | — | 97,957 | — | 76,037 | — | 76,037 | — | — | — | — | — | 76,037 | — | 76,037 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other investment | 9,837 | — | — | 9,837 | 11,129 | — | — | 11,129 | 7,981 | — | — | 7,981 | 11,129 | — | — | 11,129 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 1,494,568 | $ | 97,957 | $ | 219,975 | $ | 1,812,500 | $ | 1,533,538 | $ | 76,037 | $ | — | $ | 1,609,575 | $ | 1,631,833 | $ | — | $ | 215,681 | $ | 1,847,514 | $ | 1,533,538 | $ | 76,037 | $ | — | $ | 1,609,575 | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issued by Dermavant to NovaQuest | $ | — | $ | — | $ | 168,200 | $ | 168,200 | $ | — | $ | — | $ | 150,100 | $ | 150,100 | $ | — | $ | — | $ | 171,900 | $ | 171,900 | $ | — | $ | — | $ | 150,100 | $ | 150,100 | ||||||||||||||||||||||||||||||||
Liability instruments measured at fair value | 30,599 | — | 44,685 | 75,284 | — | — | 67,893 | 67,893 | 42,098 | — | 52,502 | 94,600 | — | — | 67,893 | 67,893 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 30,599 | $ | — | $ | 212,885 | $ | 243,484 | $ | — | $ | — | $ | 217,993 | $ | 217,993 | $ | 42,098 | $ | — | $ | 224,402 | $ | 266,500 | $ | — | $ | — | $ | 217,993 | $ | 217,993 | ||||||||||||||||||||||||||||||||
(1) At December 31, 2021, Level 1 includes the fair value of the Public Warrants of $42.1 million, and Level 3 includes the fair value of theEarn-Out Shares of $23.1 million, Private Placement Warrants of $21.0, and other liability instruments issued of $8.4 million. At March 31, 2021, Level 3 includes the fair value of the Sumitomo Options of $62.4 million and other liability instrument issued of $5.5 million. | (1) At December 31, 2021, Level 1 includes the fair value of the Public Warrants of $42.1 million, and Level 3 includes the fair value of theEarn-Out Shares of $23.1 million, Private Placement Warrants of $21.0, and other liability instruments issued of $8.4 million. At March 31, 2021, Level 3 includes the fair value of the Sumitomo Options of $62.4 million and other liability instrument issued of $5.5 million. |
Balance at March 31, 2021 | $ | 0 | $ | 0 | ||||
Fair value of investment in Datavant at recognition date | 224,147 | 224,147 | ||||||
Changes in fair value of investment in Datavant, included in net loss | (4,172 | ) | (8,466 | ) | ||||
Balance at September 30, 2021 | $ | 219,975 | ||||||
Balance at December 31, 2021 | $ | 215,681 | ||||||
Balance at March 31, 2020 | $ | 191,473 | $ | 191,473 | ||||
Changes in fair value of debt and liability instruments, included in net loss | 27,273 | 31,577 | ||||||
Liability instruments disposed due to deconsolidation of subsidiary | (3,325 | ) | (3,325 | ) | ||||
Balance at September 30, 2020 | $ | 215,421 | ||||||
Balance at December 31, 2020 | $ | 219,725 | ||||||
Balance at March 31, 2021 | $ | 217,993 | $ | 217,993 | ||||
Fair value of liability instrument issued | 38,634 | 38,634 | ||||||
Changes in fair value of debt and liability instruments, included in net loss | 17,730 | 29,247 | ||||||
Termination of DSP Options | (61,472 | ) | (61,472 | ) | ||||
Balance at September 30, 2021 | $ | 212,885 | ||||||
Balance at December 31, 2021 | $ | 224,402 | ||||||
Point Estimate Used | ||||
Input | As of | |||
Volatility | 100.0 | % | ||
Risk-free rate | 0.41 | % |
Point Estimate Used | ||||
Input | As of | |||
Volatility | 80.6 | % | ||
Risk-free rate | 1.22 | % |
Point Estimate Used | ||||
Input | As of | |||
Volatility | 32.5 | % | ||
Risk-free rate | 1.22 | % | ||
Term (in years) | 4.75 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Loss from equity method investment | $ | 0 | $ | 0 | $ | 0 | $ | 3,750 | ||||||||
Interest income | (62 | ) | (579 | ) | (133 | ) | (1,200 | ) | ||||||||
Interest expense | 1,552 | 608 | 4,065 | 1,399 | ||||||||||||
Other expense (income) | 2,202 | (786 | ) | (374 | ) | (1,864 | ) | |||||||||
Total | $ | 3,692 | $ | (757 | ) | $ | 3,558 | $ | 2,085 | |||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Loss from equity method investment | $ | — | $ | — | $ | — | $ | 3,750 | ||||||||
Interest income | (66 | ) | (159 | ) | (199 | ) | (1,359 | ) | ||||||||
Interest expense | 1,501 | 737 | 5,566 | 2,136 | ||||||||||||
Other income | (2,464 | ) | (6,366 | ) | (2,838 | ) | (8,230 | ) | ||||||||
Total | $ | (1,029 | ) | $ | (5,788 | ) | $ | 2,529 | $ | (3,703 | ) | |||||
September 30, 2021 | September 30, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
Stock options | 37,689,082 | 27,788,039 | ||||||||||||||
Restricted stock units (non-vested) (1) | 21,539,768 | 5,763,925 | ||||||||||||||
Performance stock options | 42,212,366 | 42,212,366 | ||||||||||||||
Capped value appreciation rights (2) | 32,447,626 | 32,447,626 | ||||||||||||||
Performance restricted stock units (non-vested) | 585,229 | 585,229 | ||||||||||||||
Stock options and performance stock options | 80,754,174 | 69,852,354 | ||||||||||||||
Restricted stock units and performance stock units (non-vested) (1) | 22,587,681 | 6,458,269 | ||||||||||||||
March 2020 CVARs (2) | 32,447,626 | 32,447,626 | ||||||||||||||
November 2021 CVARs | 6,317,350 | — | ||||||||||||||
Restricted common stock (non-vested) | 1,720,090 | 0 | 988,540 | — | ||||||||||||
Earn-Out Shares(non-vested) | 3,080,387 | 0 | 3,080,387 | — | ||||||||||||
Private Placement Warrants | 10,214,365 | 0 | 10,214,365 | — | ||||||||||||
Public Warrants | 20,535,896 | 0 | 20,535,896 | — | ||||||||||||
Other instruments issued | 5,164,558 | 5,470,387 | 5,134,088 | 5,470,387 |
(1) | Vested restricted stock units were treated as outstanding common shares for purposes of calculating net loss per common share for the three and |
(2) | Refer to Note 10, “Share-Based Compensation” for details regarding settlement of lock-up period. |
Item 13. | Other Expenses of Issuance and Distribution. |
Amount | ||||
SEC registration fee | $ | 14,088 | ||
Legal fees and expenses | * | |||
Accounting fees and expenses | * | |||
Miscellaneous | * | |||
Total | * | |||
Amount | ||||
SEC registration fee | $ | 16,095 | ||
FINRA fee | $ | 26,544 | ||
Legal fees and expenses | $ | 1,000,000 | ||
Accounting fees and expenses | $ | 150,000 | ||
Miscellaneous | $ | 2,607,361 | ||
Total | $ | 3,800,000 | ||
Item 14. | Indemnification of Directors and Officers. |
Item 15. | Recent Sales of Unregistered Securities. |
Item 16. | Exhibits. |
# | Portions of this exhibit have been omitted because they are both (i) not material and (ii) would likely cause competitive harm to Roivant Sciences Ltd. if publicly disclosed. |
† | Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplementally a copy of any omitted exhibit or schedule upon request by the Securities and Exchange Commission. |
* | Portions of this exhibit have been omitted pursuant to Item 601(b)(10) because they are both (i) not material and (ii) contain personal information. |
Item 17. | Undertakings. |
A. | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | To include any prospectus required by section 10(a)(3) of the Securities Act; |
(ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement. |
(iii) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; |
B. | That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
C. | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
D. | That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. |
E. | That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
(i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
(ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
(iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
(iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
F. | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. |
ROIVANT SCIENCES LTD. | ||
By: | /s/ Matt Maisak | |
Name: Matt Maisak | ||
Title: Authorized Signatory |
Name | Title | Date | ||
/s/ Matthew Gline | Chief Executive Officer and Director (principal executive officer) | |||
Matthew Gline | ||||
/s/ Richard Pulik | Chief Financial Officer (principal financial officer) | |||
Richard Pulik | ||||
/s/ Rakhi Kumar | Chief Accounting Officer (principal accounting officer) | |||
Rakhi Kumar | ||||
/s/ Vivek Ramaswamy | Director | |||
Vivek Ramaswamy | ||||
/s/ Andrew Lo | Director | |||
Andrew Lo | ||||
/s/ Patrick Machado | Director | |||
Patrick Machado | ||||
/s/ Keith Manchester | Director | |||
Keith Manchester | ||||
/s/ Ilan Oren | Director | |||
Ilan Oren | ||||
/s/ Daniel Gold | Director | |||
Daniel Gold | ||||
/s/ Masayo Tada | Director | |||
Masayo Tada | ||||
/s/ James C. Momtazee | Director | |||
James C. Momtazee |