Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | QTNT | |
Entity Registrant Name | Quotient Ltd | |
Entity Central Index Key | 1,596,946 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 54,122,488 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 35,629 | $ 20,165 |
Short-term investments | 5,695 | 5,669 |
Trade accounts receivable, net | 2,879 | 2,862 |
Inventories | 15,597 | 16,278 |
Prepaid expenses and other current assets | 3,296 | 7,065 |
Total current assets | 63,096 | 52,039 |
Cash reserve account | 7,200 | 5,040 |
Property and equipment, net | 54,343 | 60,156 |
Intangible assets, net | 836 | 914 |
Deferred income taxes | 638 | 649 |
Other non-current assets | 4,753 | 5,043 |
Total assets | 130,866 | 123,841 |
Current liabilities: | ||
Accounts payable | 5,374 | 5,441 |
Accrued compensation and benefits | 6,128 | 5,312 |
Accrued expenses and other current liabilities | 7,911 | 15,340 |
Current portion of long-term debt | 9,600 | |
Current portion of deferred lease rental benefit | 439 | 443 |
Current portion of capital lease obligation | 493 | 515 |
Total current liabilities | 29,945 | 27,051 |
Long-term debt, less current portion | 110,541 | 85,063 |
Deferred lease rental benefit, less current portion | 708 | 443 |
Capital lease obligation, less current portion | 1,213 | 1,422 |
Defined benefit pension plan obligation | 6,051 | 6,168 |
Total liabilities | 167,045 | 138,472 |
Commitments and contingencies | ||
Shareholders' equity (deficit) | ||
Additional paid in capital | 25,055 | 23,708 |
Accumulated other comprehensive loss | (16,547) | (16,634) |
Accumulated deficit | (300,816) | (275,639) |
Total shareholders' deficit | (36,179) | (14,631) |
Total liabilities and shareholders' deficit | 130,866 | 123,841 |
7% Cumulative Redeemable Preference Shares [Member] | ||
Current liabilities: | ||
Preferred stock value | 18,587 | 18,325 |
Ordinary Shares [Member] | ||
Shareholders' equity (deficit) | ||
Common stock value | $ 256,129 | $ 253,934 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Common stock, par value | ||
Common stock, shares issued | 46,064,701 | 45,646,424 |
Common stock, shares outstanding | 46,064,701 | 45,646,424 |
7% Cumulative Redeemable Preference Shares [Member] | ||
Dividend percentage | 7.00% | 7.00% |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue: | ||
Total revenue | $ 7,883 | $ 6,826 |
Cost of revenue | (4,065) | (2,832) |
Gross profit | 3,818 | 3,994 |
Operating expenses: | ||
Sales and marketing | (2,281) | (1,682) |
Research and development, net of government grants | (12,570) | (12,673) |
General and administrative expense: | ||
Compensation expense in respect of share options and management equity incentives | (1,347) | (1,285) |
Other general and administrative expenses | (6,158) | (5,260) |
Total general and administrative expense | (7,505) | (6,545) |
Total operating expense | (22,356) | (20,900) |
Operating loss | (18,538) | (16,906) |
Other income (expense): | ||
Interest expense, net | (3,116) | (4,210) |
Other, net | (3,512) | 880 |
Other expense, net | (6,628) | (3,330) |
Loss before income taxes | (25,166) | (20,236) |
Provision for income taxes | (11) | |
Net loss | (25,177) | (20,236) |
Other comprehensive income (loss): | ||
Change in fair value of effective portion of foreign currency cash flow hedges | (332) | 345 |
Change in unrealized gain on short-term investments | 26 | 38 |
Foreign currency gain | 357 | 1,815 |
Provision for pension benefit obligation | 36 | 43 |
Other comprehensive income, net | 87 | 2,241 |
Comprehensive loss | (25,090) | (17,995) |
Net loss available to ordinary shareholders - basic and diluted | $ (25,177) | $ (20,236) |
Loss per share - basic and diluted | $ (0.55) | $ (0.55) |
Weighted-average shares outstanding - basic and diluted | 45,796,533 | 36,767,544 |
Product Sales [Member] | ||
Revenue: | ||
Total revenue | $ 7,864 | $ 6,226 |
Other Revenues [Member] | ||
Revenue: | ||
Total revenue | $ 19 | $ 600 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - 3 months ended Jun. 30, 2018 - USD ($) $ in Thousands | Total | Ordinary Shares [Member] | Additional paid in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning balance at Mar. 31, 2018 | $ (14,631) | $ 253,934 | $ 23,708 | $ (16,634) | $ (275,639) |
Beginning balance, Shares at Mar. 31, 2018 | 45,646,424 | 45,646,424 | |||
Issue of shares upon exercise of warrants, Amount | $ 2,175 | $ 2,175 | |||
Issue of shares upon exercise of warrants, Shares | 375,000 | ||||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Amount | 20 | $ 20 | |||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Shares | 43,277 | ||||
Net loss | (25,177) | (25,177) | |||
Change in fair value of effective portion of foreign currency cash flow hedges | (332) | (332) | |||
Unrealized gain on short-term investments | 26 | 26 | |||
Foreign currency gain (loss) on: | |||||
Long-term investment nature intra- entity balances | 3,629 | 3,629 | |||
Retranslation of foreign entities | (3,272) | (3,272) | |||
Provision for pension benefit obligation | 36 | 36 | |||
Other comprehensive income, net | 87 | 87 | |||
Stock-based compensation | 1,347 | 1,347 | |||
Ending balance at Jun. 30, 2018 | $ (36,179) | $ 256,129 | $ 25,055 | $ (16,547) | $ (300,816) |
Ending balance, Shares at Jun. 30, 2018 | 46,064,701 | 46,064,701 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (25,177) | $ (20,236) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 3,333 | 2,464 |
Share-based compensation | 1,347 | 1,285 |
Amortization of deferred lease rental benefit | (108) | (109) |
Swiss pension obligation | 155 | 172 |
Amortization of deferred debt issue costs | 291 | 1,446 |
Accrued preference share dividends | 263 | 263 |
Deferred income taxes | 11 | |
Net change in assets and liabilities: | ||
Trade accounts receivable, net | (141) | (170) |
Inventories | (28) | (608) |
Accounts payable and accrued liabilities | (5,401) | (2,005) |
Accrued compensation and benefits | 1,057 | (837) |
Other assets | 3,280 | (811) |
Net cash used in operating activities | (21,118) | (19,146) |
INVESTING ACTIVITIES: | ||
Increase in short-term investments | (43,000) | |
Realization of short-term investments | 31,434 | |
Purchase of property and equipment | (1,428) | (5,436) |
Purchase of intangible assets | (6) | |
Net cash used in investing activities | (1,428) | (17,008) |
FINANCING ACTIVITIES: | ||
Repayment of finance leases | (116) | (29) |
Proceeds from drawdown of new debt | 36,000 | |
Issue costs of new debt | (1,213) | |
Proceeds from issuance of ordinary shares and warrants | 2,195 | 45,273 |
Net cash generated from financing activities | 36,866 | 45,244 |
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | 3,304 | (836) |
Change in cash, cash equivalents and restricted cash | 17,624 | 8,254 |
Beginning cash, cash equivalents and restricted cash | 25,205 | 9,794 |
Ending cash, cash equivalents and restricted cash | 42,829 | 18,048 |
Supplemental cash flow disclosures: | ||
Interest paid | 5,069 | 5,068 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 35,629 | 13,008 |
Restricted cash | 7,200 | 5,040 |
Ending cash, cash equivalents and restricted cash | $ 42,829 | $ 18,048 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | Note 1. Description of Business and Basis of Presentation Description of Business The principal activity of Quotient Limited (the “Company”) and its subsidiaries (the “Group”) is the development, manufacture and sale of products for the global transfusion diagnostics market. Products manufactured by the Group are sold to hospitals, blood banking operations and other diagnostics companies worldwide. Basis of Presentation The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and are unaudited. In accordance with those rules and regulations, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. The March 31, 2018 balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. However, the Company believes that the disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the audited consolidated financial statements at and for the year ended March 31, 2018 included in the Company’s Annual Report on Form 10-K for the year then ended. The results of operations for the quarter ended June 30, 2018 are not necessarily indicative of the results of operations that may be expected for the year ending March 31, 2019 and any future period. The Company has incurred net losses and negative cash flows from operations in each year since it commenced operations in 2007 and had an accumulated deficit of $300.8 million as of June 30, 2018. At June 30, 2018 the Company had available cash holdings and short-term investments of $41.0 million. In addition, the exercise of 8,039,683 warrants to purchase 8,039,683 of our ordinary shares in the month of July 2018 generated an additional $46.6 million of available cash. substantial doubt about its ability to continue as a going concern. to obtain adequate financing when necessary and the terms of any financings may not be advantageous to the Company and may result in dilution to its |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash and cash equivalents comprised readily accessible cash balances except for $7.2 million and $5.04 million at June 30, 2018 and March 31, 2018, respectively, held in a cash reserve account pursuant to the indenture governing the Company’s 12% Senior Secured Notes (“the Secured Notes”) and $308 and $320 at June 30, 2018 and March 31, 2018, respectively, held in a restricted account as security for the property rental obligations of the Company’s Swiss subsidiary. Short-term Investments Short-term investments represent investments in a money-market fund which is valued daily and which has no minimum notice period for withdrawals. The fund is invested in a portfolio of holdings and the creditworthiness requirement for individual investment holdings is a minimum of an A rating from a leading credit-rating agency. The Company records the value of its investment in the fund based on the quoted value of the fund at the balance sheet date. Unrealized gains or losses are recorded in accumulated other comprehensive loss and are transferred to the statement of comprehensive loss when they are realized. Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and are not interest bearing. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible trade receivables. Movements in the allowance for doubtful accounts are recorded in general and administrative expenses. The Company reviews its trade receivables to identify specific customers with known disputes or collectability issues. In addition, the Company maintains an allowance for all other receivables not included in the specific reserve by applying specific rates of projected uncollectible receivables to the various aging categories. In determining these percentages, the Company analyzes its historical collection experience, customer credit-worthiness, current economic trends and changes in customer payment terms. Concentration of Credit Risks and Other Uncertainties The carrying amounts for financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short maturities. Derivative instruments, consisting of foreign exchange contracts, and short-term investments are stated at their estimated fair values, based on quoted market prices for the same or similar instruments. The counterparties to the foreign exchange contracts consist of large financial institutions of high credit standing. The short-term investments are invested in a fund which is invested in a portfolio of holdings and the creditworthiness requirement for individual investment holdings is a minimum of an A rating from a leading credit-rating agency. The Company’s main financial institutions for banking operations hold all of the Company’s cash and cash equivalents as of June 30, 2018 and at March 31, 2018. The Company’s accounts receivable are derived from net revenue to customers and distributors located in the United States and other countries. The Company performs credit evaluations of its customers’ financial condition. The Company provides reserves for potential credit losses but has not experienced significant losses to date. There was one customer whose accounts receivable balance represented 10% or more of total accounts receivable, net, as of June 30, 2018 and March 31, 2018. This customer represented 42% and 51% of the accounts receivable balances as of June 30, 2018 and March 31, 2018, respectively. The Company currently sells products through its direct sales force and through third-party distributors. There was one customer that accounted for 10% or more of total product sales for the quarters ended June 30, 2018 and June 30, 2017. This customer represented 59% of total product sales for the quarter ended June 30, 2018 and 65% for the quarter ended June 30, 2017. Fair Value of Financial Instruments The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company’s valuation techniques used to measure fair value maximized the use of observable inputs and minimized the use of unobservable inputs. The fair value hierarchy is based on the following three levels of inputs: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. See Note 6, “Commitment and Contingencies,” for information and related disclosures regarding the Company’s fair value measurements. Inventory Inventory is stated at the lower of standard cost (which approximates actual cost) or market, with cost determined on the first-in-first-out method. Accordingly, allocation of fixed production overheads to conversion costs is based on normal capacity of production. Abnormal amounts of idle facility expense, freight, handling costs and spoilage are expensed as incurred and not included in overhead. No stock-based compensation cost was included in inventory as of June 30, 2018 and March 31, 2018. Property and Equipment Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets as follows: • Plant, machinery and equipment—4 to 25 years; • Leasehold improvements—the shorter of the lease term or the estimated useful life of the asset. Repairs and maintenance expenditures, which are not considered improvements and do not extend the useful life of property and equipment, are expensed as incurred. Intangible Assets and Goodwill Intangible assets related to product licenses are recorded at cost, less accumulated amortization. Intangible assets related to technology and other intangible assets acquired in acquisitions are recorded at fair value at the date of acquisition, less accumulated amortization. Intangible assets are amortized over their estimated useful lives, on a straight-line basis as follows: Customer relationships—5 years Brands associated with acquired cell lines—40 years Product licenses—10 years Other intangibles assets—7 years The Company reviews its intangible assets for impairment and conducts an impairment review when events or circumstances indicate the carrying value of a long-lived asset may be impaired by estimating the future undiscounted cash flows to be derived from an asset to assess whether or not a potential impairment exists. No impairment losses have been recorded in either of the quarters ended June 30, 2018 or June 30, 2017. Revenue Recognition Revenue is recognized in accordance with ASU 2014-09, Revenue from Contracts with Customers. Product revenue is recognized at a point in time upon transfer of control of a product to a customer, which is generally at the time of delivery at an amount based on the transaction price. Customers have no right of return except in the case of damaged goods and the Company has not experienced any significant returns of its products. Shipping and handling costs are expensed as incurred and included in cost of product sales. In those cases where the Company bills shipping and handling costs to customers, the amounts billed are classified as revenue. Revenue is also earned from the provision of development services to a small number of original equipment manufacturer (“OEM”) customers. These development service contracts are reviewed individually to determine the nature of the performance obligations and the associated transaction prices. In recent years, product development revenues have been commensurate with achieving milestones specified in the respective development agreements relating to those products. These milestones may include the approval of new products by the European or U.S. regulatory authorities, which are not within the Company’s control. While there can be no assurance that this will continue to be the case, the milestones have been such that they effectively represent full performance of a particular part of a development program and, as a result, the milestone-related revenues have been recognized as the contractual milestones are achieved. Pursuant to an Umbrella Supply Agreement with Ortho-Clinical Diagnostics, Inc. (“Ortho”), in June 2013, the Company executed a product attachment relating to the development of a range of rare antisera products. This product attachment was amended in August 2016. During the year ended March 31, 2018, the Company recognized a milestone of $600 related to the receipt of FDA approval of certain rare antisera products. The Company is entitled to receive a milestone payment of $1,500 upon the updating of the FDA approvals to cover use of the products on Ortho’s automation platforms. In January 2015, the Company entered into a supply and distribution agreement with Ortho related to the commercialization and distribution of certain MosaiQ The Company has concluded that as each of these milestones require significant levels of development work to be undertaken and there was no certainty at the start of the projects that the development work would be successful, these milestones are substantive and the revenue will be recognized when the milestones are achieved. In the quarter ended June 30, 2018, revenue recognized from performance obligations related to prior periods was not material and, at June 30, 2018, revenue expected to be recognized in future periods related to remaining performance obligations was also not material. Research and Development Research and development expenses consist of costs incurred for company-sponsored and collaborative research and development activities. These costs include direct and research-related overhead expenses. The Company expenses research and development costs, including the expenses for research under collaborative agreements, as such costs are incurred. Where government grants or tax credits are available, the income concerned is included as a credit against the related expense. Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Consolidated Statements of Comprehensive Loss. In determining fair value of the stock-based compensation payments, the Company uses the Black–Scholes model and a single option award approach for share options and a barrier option pricing model for multi-year performance based restricted share units (“MRSUs”), both of which require the input of subjective assumptions. These assumptions include: the fair value of the underlying share, estimating the length of time employees will retain their awards before exercising them (expected term), the estimated volatility of the Company’s ordinary shares price over the expected term (expected volatility), risk-free interest rate (interest rate), expected dividends and the number of shares subject to awards that will ultimately not complete their vesting requirements (forfeitures). Share Warrants As of June 30, 2018, the Company had three classes of warrants to purchase ordinary shares outstanding: (i) warrants that were issued in December 2013 and August 2015 in connection with the establishment or increase of the Company’s then existing secured term loan facility; (ii) warrants issued in October 2017 as part of the private placement of ordinary shares in October 2017, and (iii) pre-funded warrants issued in October 2017 as part of the private placement of ordinary shares in October 2017. The exercise term for the warrants issued in October 2017 as part of the private placement of ordinary shares in October 2017 expired on July 31, 2018. None of these warrants contain or contained any obligation to transfer value and, as such, the issuance of these warrants has been recorded in additional paid in capital as part of shareholders’ equity. Leases At the inception of each lease, the Company reviews the terms of the lease in accordance with ASC 840 Leases Rentals relating to operating leases are expensed over the life of the lease. Rental incentives and the gain on the sale and leaseback of the manufacturing facility near Edinburgh, Scotland completed in March 2018, are included within deferred lease rental benefit in the balance sheet and amortized over the life of the related lease. Derivative Financial Instruments In the normal course of business, the Company’s financial position is routinely subjected to market risk associated with foreign currency exchange rate fluctuations. The Company’s policy is to mitigate the effect of these exchange rate fluctuations on certain foreign currency denominated business exposures. The Company has a policy that allows the use of derivative financial instruments to hedge foreign currency exchange rate fluctuations on forecasted revenue denominated in foreign currencies. The Company carries derivative financial instruments (derivatives) on the balance sheet at their fair values. The Company does not use derivatives for trading or speculative purposes. The Company does not believe that it is exposed to more than a nominal amount of credit risk in its foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. To hedge foreign currency risks, the Company uses foreign currency exchange forward contracts, where possible and prudent. These forward contracts are valued using standard valuation formulas with assumptions about future foreign currency exchange rates derived from existing exchange rates, interest rates, and other market factors. The Company considers its most current forecast in determining the level of foreign currency denominated revenue to hedge as cash flow hedges. The Company combines these forecasts with historical trends to establish the portion of its expected volume to be hedged. The revenue and expenses are hedged and designated as cash flow hedges to protect the Company from exposures to fluctuations in foreign currency exchange rates. If the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related hedge gains and losses on the cash flow hedge are reclassified from accumulated other comprehensive loss to the consolidated statement of comprehensive loss at that time. Income Taxes The Company accounts for income taxes using an asset and liability approach, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements, but have not been reflected in taxable income. A valuation allowance is established to reduce deferred tax assets to their estimated realizable value. Therefore, the Company provides a valuation allowance to the extent that is more likely than not that it will generate sufficient taxable income in future periods to realize the benefit of its deferred tax assets. Deferred tax assets and liabilities are classified as noncurrent on the balance sheet. On December 22, 2017, the Tax Cuts and Jobs Act of 2017, or the TCJA, was enacted. This tax reform legislation made significant changes in U.S. tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate tax rate from the rate of 34% to 21% effective on January 1, 2018. As a result, the Company revalued its U.S. deferred tax assets and liabilities at the 21% rate with effect from January 1, 2018. This revaluation and also the other provisions of the TCJA did not have a material impact on the Company’s consolidated financial statements. Debt Issuance Costs and Royalty Rights The Company follows the requirements of Accounting Standards Update 2015-03, Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The royalty rights agreements entered into with subscribers to the two issuances of the Secured Notes are treated as sales of future revenues that meet the requirements of Accounting Standards Codification Topic 470 “ Debt” Pension Obligation The Company maintains a pension plan covering employees in Switzerland pursuant to the requirements of Swiss pension law. Certain aspects of the plan require that it be accounted for as a defined benefit plan pursuant to Accounting Standards Codification Topic, 715 Compensation – Retirement Benefits The Company uses an actuarial valuation to determine its pension benefit costs and credits. The amounts calculated depend on a variety of key assumptions, including discount rates and expected return on plan assets. Details of the assumptions used to determine the net funded status are set out in the notes to the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018. The Company’s pension plan assets are assigned to their respective levels in the fair value hierarchy in accordance with the valuation principles described in the ‘‘Fair Value of Financial Instruments’’ section above. Adoption of New Accounting Standards In May 2014, the FASB issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash In March 2017, the FASB issued Accounting Standards Update 2017-07 (ASU 2017-07) Compensation-Retirement Benefits |
Intangible Assets
Intangible Assets | 3 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 3. Intangible Assets June 30, 2018 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,599 $ (2,599 ) $ — — Brands associated with acquired cell lines 536 (145 ) 391 29.2 years Product licenses 900 (455 ) 445 4.9 years Other intangibles 169 (169 ) — — Total $ 4,204 $ (3,368 ) $ 836 16.3 years March 31, 2018 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,758 $ (2,758 ) $ — — Brands associated with acquired cell lines 569 (150 ) 419 29.5 years Product licenses 954 (459 ) 495 5.2 years Other intangibles 179 (179 ) — — Total $ 4,460 $ (3,546 ) $ 914 16.3 years |
Debt
Debt | 3 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Note 4. Debt Long-term debt comprises: June 30, 2018 March 31, 2018 Total debt $ 120,000 $ 84,000 Less current portion (9,600 ) — Long-term debt $ 110,400 $ 84,000 Deferred debt costs and royalty liability, net of amortization 141 1,063 $ 110,541 $ 85,063 The Company’s debt at June 30, 2018 comprises the Secured Notes. On October 14, 2016, the Company completed the private placement of up to $120 million aggregate principal amount of the Secured Notes and entered into an indenture governing the Secured Notes with the guarantors party thereto and U.S. Bank National Association, a national banking association, as trustee and collateral agent. In connection with this private placement, the Company issued $84 million aggregate principal amount of the Secured Notes on October 14, 2016 and an additional $36 million aggregate principal amount of the Secured Notes on June 29, 2018. The obligations of the Company under the indenture and the Secured Notes are unconditionally guaranteed on a secured basis by the guarantors, which include all the Company’s subsidiaries, and the indenture governing the Secured Notes contains customary events of default. The Company and its subsidiaries must also comply with certain customary affirmative and negative covenants, including a requirement to maintain six-months of interest in a cash reserve account maintained with the collateral agent. Upon the occurrence of a Change of Control, subject to certain conditions, or certain Asset Sales (each, as defined in the indenture), holders of the Secured Notes may require the Company to repurchase for cash all or part of their Secured Notes at a repurchase price equal to 101% or 100%, respectively, of the principal amount of the Secured Notes to be repurchased, plus accrued and unpaid interest to the date of repurchase. The Company paid $7.2 million of the total proceeds the two issuances into the cash reserve account maintained with the collateral agent under the terms of the indenture, $2.2 million of which related to the second issuance on June 29, 2018. Interest on the Secured Notes accrues at a rate of 12% per annum and is payable semi-annually on April 15 and October 15 of each year commencing on April 15, 2017. Commencing on April 15, 2019, the Company will also pay an installment of principal of the Secured Notes on each April 15 and October 15 until October 15, 2023 pursuant to a fixed amortization schedule. In connection with the initial issuance on October 14, 2016, and the additional issuance on June 29, 2018, the Company entered into royalty rights agreements, pursuant to which the Company sold to the note purchasers in the issuances, the rights to receive a payment equal to 1.4% and 0.6% respectively, of the aggregate net sales of MosaiQ instruments and consumables made in the donor testing market in the United States and the European Union. The royalties will be payable beginning on the date that the Company or its affiliates enters into a contract for the sale of instruments or consumables in the donor testing market in the European Union or the United States and will end on the last day of the calendar quarter in which the eighth anniversary of the first contract date occurs Debt” At June 30, 2018, the outstanding debt was repayable as follows: Within 1 year $ 9,600 Between 1 and 2 years 19,200 Between 2 and 3 years 22,800 Between 3 and 4 years 25,200 Between 4 and 5 years 27,600 After 5 years 15,600 Total debt $ 120,000 |
Consolidated Balance Sheet Deta
Consolidated Balance Sheet Detail | 3 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidated Balance Sheet Detail | Note 5. Consolidated Balance Sheet Detail Inventory The following table summarizes inventory by category for the dates presented: June 30, 2018 March 31, 2018 Raw materials $ 9,788 $ 10,024 Work in progress 4,321 4,226 Finished goods 1,488 2,028 Total inventories $ 15,597 $ 16,278 Inventory at June 30, 2018 included $8,152 of raw materials, $1,466 of work in progress and $264 of finished goods related to the MosaiQ Property and equipment The following table summarizes property and equipment by categories for the dates presented: June 30, 2018 March 31, 2018 Plant and equipment $ 49,684 $ 51,912 Leasehold improvements 32,386 34,611 Total property and equipment 82,070 86,523 Less: accumulated depreciation (27,727 ) (26,367 ) Total property and equipment, net $ 54,343 $ 60,156 Depreciation expenses were $3,306 and $2,443 in the quarters ended June 30, 2018 and June 30, 2017, respectively. Accrued compensation and benefits Accrued compensation and benefits consist of the following: June 30, 2018 March 31, 2018 Salary and related benefits $ 747 $ 455 Accrued vacation 511 504 Accrued payroll taxes 1,332 1,353 Accrued incentive payments 3,538 3,000 Total accrued compensation and benefits $ 6,128 $ 5,312 Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: June 30, 2018 March 31, 2018 Accrued legal and professional fees $ 559 $ 280 Accrued interest 2,085 4,612 Goods received not invoiced 2,187 1,272 Accrued capital expenditure 905 3,309 Other accrued expenses 2,175 5,867 Total accrued expenses and other current liabilities $ 7,911 $ 15,340 At March 31, 2018, other accrued expenses included a value added tax liability of $2,905 related to the completion of the sale of the Company’s new conventional reagents manufacturing facility (the “Biocampus facility”) in March 2018. There was an offsetting value added tax recoverable balance within prepaid expenses and other current assets at March 31, 2018. There were no equivalent amounts at June 30, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6. Commitments and Contingencies Government grant In 2008, the Company was awarded research and development grant funding from Scottish Enterprise amounting to £1,791, for the development of MosaiQ. The total grant claimed to June 30, 2018 is £1,790. The Company updates Scottish Enterprise periodically with the status of the project and, while the terms of the grant award provide for full repayment of the grant in certain circumstances, the Company does not consider that any repayment is likely. Hedging arrangements The Company’s subsidiary in the United Kingdom (“UK”) has entered into six contracts to sell $500 in each calendar month from July 2018 through December 2018 at £1:$1.4315, three contracts to sell $500 and purchase pounds sterling at £1:$1.4140 in each calendar month from January 2019 through March 2019, and three contracts to sell $500 and purchase pounds sterling at £1:$1.3520 in each calendar month from April 2019 through June 2019 as hedges of its U.S. dollar denominated revenues. Fair value measurements The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy: June 30, 2018 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 9,539 $ — $ 9,539 Short-term investments (2) 5,695 — — 5,695 Total assets measured at fair value $ 5,695 $ 9,539 $ — $ 15,234 June 30, 2018 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 279 $ — $ 279 Total liabilities measured at fair value $ — $ 279 $ — $ 279 March 31, 2018 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 9,616 $ — $ 9,616 Short-term investments (2) 5,669 — — 5,669 Foreign currency forward contracts (3) — 118 — 118 Total assets measured at fair value $ 5,669 $ 9,734 $ — $ 15,403 March 31, 2018 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 64 $ — $ 64 Total liabilities measured at fair value $ — $ 64 $ — $ 64 (1) The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured employees held within the Swiss Life collective investment fund. See Note 10, “Defined Benefit Pension Plans”. (2) The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date. See Note 2, “Summary of Significant Accounting Policies – Short-term Investments”. (3) The fair value of foreign currency forward contracts has been determined by calculating the present value of future cash flows, estimated using market-based observable inputs including forward and spot exchange rates and interest rate curves obtained from third party market price quotations. |
Ordinary and Preference Shares
Ordinary and Preference Shares | 3 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Ordinary and Preference Shares | Note 7. Ordinary and Preference Shares Ordinary shares The Company’s issued and outstanding ordinary shares were as follows: Shares Issued and Outstanding June 30, 2018 March 31, 2018 Par value Ordinary shares 46,064,701 45,646,424 $ — Total 46,064,701 45,646,424 $ — Preference shares The Company’s issued and outstanding preference shares consist of the following: Shares Issued and Outstanding Liquidation amount per share June 30, 2018 March 31, 2018 June 30, 2018 March 31, 2018 7% Cumulative Redeemable Preference shares 666,665 666,665 $ 27.88 $ 27.50 Total 666,665 666,665 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 8. Share-Based Compensation The Company records share-based compensation expense in respect of options, multi-year performance based restricted share units (“MRSUs”) and restricted share units (“RSUs”) issued under its share incentive plans. Share-based compensation expense amounted to $1,347 and $1,285 in the quarters ended June 30, 2018 and June 30, 2017, respectively. Share option activity The following table summarizes share option activity: Number of Share Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual (Months) Outstanding — March 31, 2018 2,096,283 $ 7.79 84 Granted 30,000 4.71 120 Exercised (10,902 ) 1.87 — Forfeited (9,533 ) 10.19 — Outstanding — June 30, 2018 2,105,848 $ 7.77 82 Exercisable — June 30, 2018 1,601,773 $ 7.92 75 The closing price of the Company’s ordinary shares on The NASDAQ Global Market at June 30, 2018 was $8.03. The following table summarizes the options granted in the current financial year with their exercise prices, the fair value of ordinary shares as of the applicable grant date, and the intrinsic value: Grant Date Number of Options Granted Exercise Price Ordinary Shares Fair Value Per Share at Grant Date Per Share Intrinsic Value of Options April 1, 2018 30,000 $ 4.71 $ 4.71 $ 2.99 Determining the fair value of share incentive awards The fair value of each share incentive grant was determined by the Company using the Black-Scholes options pricing model. Assumptions used in the option pricing models are discussed below. Each of these inputs is subjective and generally requires significant judgment to determine. Expected volatility . The expected volatility was based on the historical share volatilities of a number of the Company’s publicly listed peers over a period equal to the expected terms of the options as the Company did not have a sufficient trading history to use the volatility of its own ordinary shares. Fair value of ordinary shares. The fair value of the ordinary shares is based upon the closing price of the Company’s shares on The NASDAQ Global Market on the last trading day prior to the date of grant. Risk-Free Interest Rate. The risk-free interest rate is based on the US Treasury 10-year bond yield in effect at the time of grant. Expected term. The expected term is determined after giving consideration to the contractual terms of the share-based awards, graded vesting schedules ranging from one to three years and expectations of future employee behavior as influenced by changes to the terms of its share-based awards. Expected dividend. According to the terms of the awards, the exercise price of the options is adjusted to take into account any dividends paid. As a result dividends are not required as an input to the model, as these reductions in the share price are offset by a corresponding reduction in exercise price. A summary of the assumptions applicable to the share options issued in the current financial year is as follows: April 1, 2018 Risk-free interest rate 2.74 % Expected lives (years) 6 Volatility 67.02 % Dividend yield — Grant date fair value (per share) $ 4.71 Number granted 30,000 A summary of the RSUs and MRSUs in issue at June 30, 2018 is as follows: Number of RSUs or MRSUs Outstanding Weighted Average Remaining Vesting Period (Months) Period in which the target must be achieved RSUs subject to time based vesting 512,950 15 N/A RSUs subject to milestone based vesting 354,980 N/A N/A MRSUs with vesting based on $60 share price 72,500 N/A Apr - Dec 2018 MRSUs with vesting based on $40 share price 85,000 N/A Apr - Dec 2018 MRSUs with vesting based on $22 share price 106,000 N/A Apr - Dec 2019 At June 30, 2018, 512,950 RSUs were subject to time-based vesting and the weighted average remaining vesting period was 15 months. In addition, 354,980 RSUs were subject to vesting based on the achievement of various business milestones related mainly to the development, approval and marketing of MosaiQ. The MRSUs in issue at June 30, 2018 comprised 72,500 MRSUs, which will vest between April 1, 2018 and December 31, 2018 if the Company’s ordinary share price exceeds $60 for 20 consecutive days in this period, 85,000 MRSUs, which will vest between April 1, 2018 and December 31, 2018 if the Company’s ordinary share price exceeds $40 for 20 consecutive days in this period, and 106,000 MRSUs which will vest between April 1, 2019 and December 31, 2019 if the Company’s ordinary share price exceeds $22 for 20 consecutive days in this period. |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes A reconciliation of the income tax expense at the statutory rate to the provision for income taxes is as follows: Quarter ended June 30, 2018 June 30, 2017 Income tax expense at statutory rate $ — $ — Foreign tax rate differential (1,062 ) (1,122 ) Increase in valuation allowance against deferred tax assets 1,073 1,122 Provision for income tax $ 11 $ — Significant components of deferred tax are as follows: June 30, 2018 March 31, 2018 Provisions and reserves $ 1,234 $ 1,327 Net operating loss carry forwards 13,498 12,476 Gross deferred tax assets $ 14,732 $ 13,803 Fixed assets basis difference $ (151 ) $ (284 ) Gross deferred tax liabilities $ (151 ) $ (284 ) Net deferred tax asset $ 14,581 $ 13,519 Valuation allowance (13,943 ) (12,870 ) Total $ 638 $ 649 The balance sheet classification of deferred tax is as follows: June 30, 2018 March 31, 2018 Net noncurrent deferred tax assets $ 638 $ 649 Total $ 638 $ 649 In connection with the sale and leaseback transaction of the Biocampus facility that was completed in March 2018, the Company has agreed to transfer tax allowances related to certain other property, plant and equipment to the purchaser. However, at June 30, 2018, the transfer of these allowances had not been completed and thus the effect of the transfer has not been reflected in the financial statements. |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 3 Months Ended |
Jun. 30, 2018 | |
Defined Benefit Plan Net Periodic Benefit Cost [Abstract] | |
Defined Benefit Pension Plans | Note 10. Defined Benefit Pension Plans The Company’s Swiss subsidiary has a fully insured pension plan managed by Swiss Life. The costs of this plan were: Quarter ended June 30, 2018 June 30, 2017 Employer service cost $ 396 $ 393 Interest cost 39 27 Expected return on plan assets (33 ) (28 ) Amortization of prior service credit (4 ) (4 ) Amortization of net loss 39 46 Net pension cost $ 437 $ 434 The employer contributions for the quarters ended June 30, 2018 and 2017 were $282 and $262, respectively. The estimated employer contributions for the fiscal year ending March 31, 2019 are $1,124. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 11. Net Loss Per Share In accordance with Accounting Standards Codification Topic 260 “ Earnings Per Share The following table sets forth the computation of basic and diluted earnings per ordinary share. Quarter ended June 30, 2018 2017 Numerator: Net loss $ (25,177 ) $ (20,236 ) Net loss available to ordinary shareholders - basic and diluted $ (25,177 ) $ (20,236 ) Denominator: Weighted-average shares outstanding - basic and diluted 45,796,533 36,767,544 Loss per share - basic and diluted $ (0.55 ) $ (0.55 ) The following table sets out the numbers of ordinary shares excluded from the above computation of earnings per share at June 30, 2018 and June 30, 2017 as their inclusion would have been anti-dilutive. June 30, 2018 June 30, 2017 Ordinary shares issuable on exercise of options to purchase ordinary shares 2,105,848 2,219,632 Restricted share units awarded, including the multi-year performance related restricted share units 1,131,430 991,341 Ordinary shares issuable on exercise of warrants at $16.14 per share 111,525 111,525 Ordinary shares issuable on exercise of warrants at $9.375 per share 64,000 64,000 Ordinary shares issuable on exercise of warrants at $5.80 per share 8,039,683 — Ordinary shares issuable on exercise of warrants at $0.01 per share 550,000 — 12,002,486 3,386,498 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events In the period between June 30, 2018 and July 31, 2018, 8,039,683 warrants to purchase ordinary shares at $5.80 per share were exercised resulting in the issuance of 8,039,683 ordinary shares with aggregate issue proceeds of $46.6 million. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash and cash equivalents comprised readily accessible cash balances except for $7.2 million and $5.04 million at June 30, 2018 and March 31, 2018, respectively, held in a cash reserve account pursuant to the indenture governing the Company’s 12% Senior Secured Notes (“the Secured Notes”) and $308 and $320 at June 30, 2018 and March 31, 2018, respectively, held in a restricted account as security for the property rental obligations of the Company’s Swiss subsidiary. |
Short-term Investments | Short-term Investments Short-term investments represent investments in a money-market fund which is valued daily and which has no minimum notice period for withdrawals. The fund is invested in a portfolio of holdings and the creditworthiness requirement for individual investment holdings is a minimum of an A rating from a leading credit-rating agency. The Company records the value of its investment in the fund based on the quoted value of the fund at the balance sheet date. Unrealized gains or losses are recorded in accumulated other comprehensive loss and are transferred to the statement of comprehensive loss when they are realized. |
Trade Accounts Receivable | Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and are not interest bearing. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible trade receivables. Movements in the allowance for doubtful accounts are recorded in general and administrative expenses. The Company reviews its trade receivables to identify specific customers with known disputes or collectability issues. In addition, the Company maintains an allowance for all other receivables not included in the specific reserve by applying specific rates of projected uncollectible receivables to the various aging categories. In determining these percentages, the Company analyzes its historical collection experience, customer credit-worthiness, current economic trends and changes in customer payment terms. |
Concentration of Credit Risks and Other Uncertainties | Concentration of Credit Risks and Other Uncertainties The carrying amounts for financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short maturities. Derivative instruments, consisting of foreign exchange contracts, and short-term investments are stated at their estimated fair values, based on quoted market prices for the same or similar instruments. The counterparties to the foreign exchange contracts consist of large financial institutions of high credit standing. The short-term investments are invested in a fund which is invested in a portfolio of holdings and the creditworthiness requirement for individual investment holdings is a minimum of an A rating from a leading credit-rating agency. The Company’s main financial institutions for banking operations hold all of the Company’s cash and cash equivalents as of June 30, 2018 and at March 31, 2018. The Company’s accounts receivable are derived from net revenue to customers and distributors located in the United States and other countries. The Company performs credit evaluations of its customers’ financial condition. The Company provides reserves for potential credit losses but has not experienced significant losses to date. There was one customer whose accounts receivable balance represented 10% or more of total accounts receivable, net, as of June 30, 2018 and March 31, 2018. This customer represented 42% and 51% of the accounts receivable balances as of June 30, 2018 and March 31, 2018, respectively. The Company currently sells products through its direct sales force and through third-party distributors. There was one customer that accounted for 10% or more of total product sales for the quarters ended June 30, 2018 and June 30, 2017. This customer represented 59% of total product sales for the quarter ended June 30, 2018 and 65% for the quarter ended June 30, 2017. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company’s valuation techniques used to measure fair value maximized the use of observable inputs and minimized the use of unobservable inputs. The fair value hierarchy is based on the following three levels of inputs: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. See Note 6, “Commitment and Contingencies,” for information and related disclosures regarding the Company’s fair value measurements. |
Inventory | Inventory Inventory is stated at the lower of standard cost (which approximates actual cost) or market, with cost determined on the first-in-first-out method. Accordingly, allocation of fixed production overheads to conversion costs is based on normal capacity of production. Abnormal amounts of idle facility expense, freight, handling costs and spoilage are expensed as incurred and not included in overhead. No stock-based compensation cost was included in inventory as of June 30, 2018 and March 31, 2018. |
Property and Equipment | Property and Equipment Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets as follows: • Plant, machinery and equipment—4 to 25 years; • Leasehold improvements—the shorter of the lease term or the estimated useful life of the asset. Repairs and maintenance expenditures, which are not considered improvements and do not extend the useful life of property and equipment, are expensed as incurred. |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets related to product licenses are recorded at cost, less accumulated amortization. Intangible assets related to technology and other intangible assets acquired in acquisitions are recorded at fair value at the date of acquisition, less accumulated amortization. Intangible assets are amortized over their estimated useful lives, on a straight-line basis as follows: Customer relationships—5 years Brands associated with acquired cell lines—40 years Product licenses—10 years Other intangibles assets—7 years The Company reviews its intangible assets for impairment and conducts an impairment review when events or circumstances indicate the carrying value of a long-lived asset may be impaired by estimating the future undiscounted cash flows to be derived from an asset to assess whether or not a potential impairment exists. No impairment losses have been recorded in either of the quarters ended June 30, 2018 or June 30, 2017. |
Revenue Recognition | Revenue Recognition Revenue is recognized in accordance with ASU 2014-09, Revenue from Contracts with Customers. Product revenue is recognized at a point in time upon transfer of control of a product to a customer, which is generally at the time of delivery at an amount based on the transaction price. Customers have no right of return except in the case of damaged goods and the Company has not experienced any significant returns of its products. Shipping and handling costs are expensed as incurred and included in cost of product sales. In those cases where the Company bills shipping and handling costs to customers, the amounts billed are classified as revenue. Revenue is also earned from the provision of development services to a small number of original equipment manufacturer (“OEM”) customers. These development service contracts are reviewed individually to determine the nature of the performance obligations and the associated transaction prices. In recent years, product development revenues have been commensurate with achieving milestones specified in the respective development agreements relating to those products. These milestones may include the approval of new products by the European or U.S. regulatory authorities, which are not within the Company’s control. While there can be no assurance that this will continue to be the case, the milestones have been such that they effectively represent full performance of a particular part of a development program and, as a result, the milestone-related revenues have been recognized as the contractual milestones are achieved. Pursuant to an Umbrella Supply Agreement with Ortho-Clinical Diagnostics, Inc. (“Ortho”), in June 2013, the Company executed a product attachment relating to the development of a range of rare antisera products. This product attachment was amended in August 2016. During the year ended March 31, 2018, the Company recognized a milestone of $600 related to the receipt of FDA approval of certain rare antisera products. The Company is entitled to receive a milestone payment of $1,500 upon the updating of the FDA approvals to cover use of the products on Ortho’s automation platforms. In January 2015, the Company entered into a supply and distribution agreement with Ortho related to the commercialization and distribution of certain MosaiQ The Company has concluded that as each of these milestones require significant levels of development work to be undertaken and there was no certainty at the start of the projects that the development work would be successful, these milestones are substantive and the revenue will be recognized when the milestones are achieved. In the quarter ended June 30, 2018, revenue recognized from performance obligations related to prior periods was not material and, at June 30, 2018, revenue expected to be recognized in future periods related to remaining performance obligations was also not material. |
Research and Development | Research and Development Research and development expenses consist of costs incurred for company-sponsored and collaborative research and development activities. These costs include direct and research-related overhead expenses. The Company expenses research and development costs, including the expenses for research under collaborative agreements, as such costs are incurred. Where government grants or tax credits are available, the income concerned is included as a credit against the related expense. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Consolidated Statements of Comprehensive Loss. In determining fair value of the stock-based compensation payments, the Company uses the Black–Scholes model and a single option award approach for share options and a barrier option pricing model for multi-year performance based restricted share units (“MRSUs”), both of which require the input of subjective assumptions. These assumptions include: the fair value of the underlying share, estimating the length of time employees will retain their awards before exercising them (expected term), the estimated volatility of the Company’s ordinary shares price over the expected term (expected volatility), risk-free interest rate (interest rate), expected dividends and the number of shares subject to awards that will ultimately not complete their vesting requirements (forfeitures). |
Share Warrants | As of June 30, 2018, the Company had three classes of warrants to purchase ordinary shares outstanding: (i) warrants that were issued in December 2013 and August 2015 in connection with the establishment or increase of the Company’s then existing secured term loan facility; (ii) warrants issued in October 2017 as part of the private placement of ordinary shares in October 2017, and (iii) pre-funded warrants issued in October 2017 as part of the private placement of ordinary shares in October 2017. The exercise term for the warrants issued in October 2017 as part of the private placement of ordinary shares in October 2017 expired on July 31, 2018. None of these warrants contain or contained any obligation to transfer value and, as such, the issuance of these warrants has been recorded in additional paid in capital as part of shareholders’ equity. |
Leases | Leases At the inception of each lease, the Company reviews the terms of the lease in accordance with ASC 840 Leases Rentals relating to operating leases are expensed over the life of the lease. Rental incentives and the gain on the sale and leaseback of the manufacturing facility near Edinburgh, Scotland completed in March 2018, are included within deferred lease rental benefit in the balance sheet and amortized over the life of the related lease. |
Derivative Financial Instruments | Derivative Financial Instruments In the normal course of business, the Company’s financial position is routinely subjected to market risk associated with foreign currency exchange rate fluctuations. The Company’s policy is to mitigate the effect of these exchange rate fluctuations on certain foreign currency denominated business exposures. The Company has a policy that allows the use of derivative financial instruments to hedge foreign currency exchange rate fluctuations on forecasted revenue denominated in foreign currencies. The Company carries derivative financial instruments (derivatives) on the balance sheet at their fair values. The Company does not use derivatives for trading or speculative purposes. The Company does not believe that it is exposed to more than a nominal amount of credit risk in its foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. To hedge foreign currency risks, the Company uses foreign currency exchange forward contracts, where possible and prudent. These forward contracts are valued using standard valuation formulas with assumptions about future foreign currency exchange rates derived from existing exchange rates, interest rates, and other market factors. The Company considers its most current forecast in determining the level of foreign currency denominated revenue to hedge as cash flow hedges. The Company combines these forecasts with historical trends to establish the portion of its expected volume to be hedged. The revenue and expenses are hedged and designated as cash flow hedges to protect the Company from exposures to fluctuations in foreign currency exchange rates. If the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related hedge gains and losses on the cash flow hedge are reclassified from accumulated other comprehensive loss to the consolidated statement of comprehensive loss at that time. |
Income Taxes | Income Taxes The Company accounts for income taxes using an asset and liability approach, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements, but have not been reflected in taxable income. A valuation allowance is established to reduce deferred tax assets to their estimated realizable value. Therefore, the Company provides a valuation allowance to the extent that is more likely than not that it will generate sufficient taxable income in future periods to realize the benefit of its deferred tax assets. Deferred tax assets and liabilities are classified as noncurrent on the balance sheet. On December 22, 2017, the Tax Cuts and Jobs Act of 2017, or the TCJA, was enacted. This tax reform legislation made significant changes in U.S. tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate tax rate from the rate of 34% to 21% effective on January 1, 2018. As a result, the Company revalued its U.S. deferred tax assets and liabilities at the 21% rate with effect from January 1, 2018. This revaluation and also the other provisions of the TCJA did not have a material impact on the Company’s consolidated financial statements. |
Debt Issuance Costs and Royalty Rights | Debt Issuance Costs and Royalty Rights The Company follows the requirements of Accounting Standards Update 2015-03, Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The royalty rights agreements entered into with subscribers to the two issuances of the Secured Notes are treated as sales of future revenues that meet the requirements of Accounting Standards Codification Topic 470 “ Debt” |
Pension Obligation | Pension Obligation The Company maintains a pension plan covering employees in Switzerland pursuant to the requirements of Swiss pension law. Certain aspects of the plan require that it be accounted for as a defined benefit plan pursuant to Accounting Standards Codification Topic, 715 Compensation – Retirement Benefits The Company uses an actuarial valuation to determine its pension benefit costs and credits. The amounts calculated depend on a variety of key assumptions, including discount rates and expected return on plan assets. Details of the assumptions used to determine the net funded status are set out in the notes to the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018. The Company’s pension plan assets are assigned to their respective levels in the fair value hierarchy in accordance with the valuation principles described in the ‘‘Fair Value of Financial Instruments’’ section above. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In May 2014, the FASB issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash In March 2017, the FASB issued Accounting Standards Update 2017-07 (ASU 2017-07) Compensation-Retirement Benefits |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | June 30, 2018 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,599 $ (2,599 ) $ — — Brands associated with acquired cell lines 536 (145 ) 391 29.2 years Product licenses 900 (455 ) 445 4.9 years Other intangibles 169 (169 ) — — Total $ 4,204 $ (3,368 ) $ 836 16.3 years March 31, 2018 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,758 $ (2,758 ) $ — — Brands associated with acquired cell lines 569 (150 ) 419 29.5 years Product licenses 954 (459 ) 495 5.2 years Other intangibles 179 (179 ) — — Total $ 4,460 $ (3,546 ) $ 914 16.3 years |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt comprises: June 30, 2018 March 31, 2018 Total debt $ 120,000 $ 84,000 Less current portion (9,600 ) — Long-term debt $ 110,400 $ 84,000 Deferred debt costs and royalty liability, net of amortization 141 1,063 $ 110,541 $ 85,063 |
Schedule of Outstanding Debt | At June 30, 2018, the outstanding debt was repayable as follows: Within 1 year $ 9,600 Between 1 and 2 years 19,200 Between 2 and 3 years 22,800 Between 3 and 4 years 25,200 Between 4 and 5 years 27,600 After 5 years 15,600 Total debt $ 120,000 |
Consolidated Balance Sheet De22
Consolidated Balance Sheet Detail (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Inventory | The following table summarizes inventory by category for the dates presented: June 30, 2018 March 31, 2018 Raw materials $ 9,788 $ 10,024 Work in progress 4,321 4,226 Finished goods 1,488 2,028 Total inventories $ 15,597 $ 16,278 |
Summary of Property and Equipment | The following table summarizes property and equipment by categories for the dates presented: June 30, 2018 March 31, 2018 Plant and equipment $ 49,684 $ 51,912 Leasehold improvements 32,386 34,611 Total property and equipment 82,070 86,523 Less: accumulated depreciation (27,727 ) (26,367 ) Total property and equipment, net $ 54,343 $ 60,156 |
Summary of Accrued Compensation and Benefits | Accrued compensation and benefits consist of the following: June 30, 2018 March 31, 2018 Salary and related benefits $ 747 $ 455 Accrued vacation 511 504 Accrued payroll taxes 1,332 1,353 Accrued incentive payments 3,538 3,000 Total accrued compensation and benefits $ 6,128 $ 5,312 |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: June 30, 2018 March 31, 2018 Accrued legal and professional fees $ 559 $ 280 Accrued interest 2,085 4,612 Goods received not invoiced 2,187 1,272 Accrued capital expenditure 905 3,309 Other accrued expenses 2,175 5,867 Total accrued expenses and other current liabilities $ 7,911 $ 15,340 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | Fair value measurements The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy: June 30, 2018 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 9,539 $ — $ 9,539 Short-term investments (2) 5,695 — — 5,695 Total assets measured at fair value $ 5,695 $ 9,539 $ — $ 15,234 June 30, 2018 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 279 $ — $ 279 Total liabilities measured at fair value $ — $ 279 $ — $ 279 March 31, 2018 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 9,616 $ — $ 9,616 Short-term investments (2) 5,669 — — 5,669 Foreign currency forward contracts (3) — 118 — 118 Total assets measured at fair value $ 5,669 $ 9,734 $ — $ 15,403 March 31, 2018 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 64 $ — $ 64 Total liabilities measured at fair value $ — $ 64 $ — $ 64 (1) The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured employees held within the Swiss Life collective investment fund. See Note 10, “Defined Benefit Pension Plans”. (2) The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date. See Note 2, “Summary of Significant Accounting Policies – Short-term Investments”. (3) The fair value of foreign currency forward contracts has been determined by calculating the present value of future cash flows, estimated using market-based observable inputs including forward and spot exchange rates and interest rate curves obtained from third party market price quotations. |
Ordinary and Preference Shares
Ordinary and Preference Shares (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
7% Cumulative Redeemable Preference Shares [Member] | |
Class Of Stock [Line Items] | |
Summary of Shares Issued and Outstanding | The Company’s issued and outstanding preference shares consist of the following: Shares Issued and Outstanding Liquidation amount per share June 30, 2018 March 31, 2018 June 30, 2018 March 31, 2018 7% Cumulative Redeemable Preference shares 666,665 666,665 $ 27.88 $ 27.50 Total 666,665 666,665 |
Ordinary Shares [Member] | |
Class Of Stock [Line Items] | |
Summary of Shares Issued and Outstanding | The Company’s issued and outstanding ordinary shares were as follows: Shares Issued and Outstanding June 30, 2018 March 31, 2018 Par value Ordinary shares 46,064,701 45,646,424 $ — Total 46,064,701 45,646,424 $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Share Option Activity | The following table summarizes share option activity: Number of Share Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual (Months) Outstanding — March 31, 2018 2,096,283 $ 7.79 84 Granted 30,000 4.71 120 Exercised (10,902 ) 1.87 — Forfeited (9,533 ) 10.19 — Outstanding — June 30, 2018 2,105,848 $ 7.77 82 Exercisable — June 30, 2018 1,601,773 $ 7.92 75 |
Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value | The following table summarizes the options granted in the current financial year with their exercise prices, the fair value of ordinary shares as of the applicable grant date, and the intrinsic value: Grant Date Number of Options Granted Exercise Price Ordinary Shares Fair Value Per Share at Grant Date Per Share Intrinsic Value of Options April 1, 2018 30,000 $ 4.71 $ 4.71 $ 2.99 |
Summary of Assumptions to Share Options Issued | A summary of the assumptions applicable to the share options issued in the current financial year is as follows: April 1, 2018 Risk-free interest rate 2.74 % Expected lives (years) 6 Volatility 67.02 % Dividend yield — Grant date fair value (per share) $ 4.71 Number granted 30,000 |
Summary of RSUs and MRSUs | A summary of the RSUs and MRSUs in issue at June 30, 2018 is as follows: Number of RSUs or MRSUs Outstanding Weighted Average Remaining Vesting Period (Months) Period in which the target must be achieved RSUs subject to time based vesting 512,950 15 N/A RSUs subject to milestone based vesting 354,980 N/A N/A MRSUs with vesting based on $60 share price 72,500 N/A Apr - Dec 2018 MRSUs with vesting based on $40 share price 85,000 N/A Apr - Dec 2018 MRSUs with vesting based on $22 share price 106,000 N/A Apr - Dec 2019 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of the Income Tax Expenses at the Statutory Rate | A reconciliation of the income tax expense at the statutory rate to the provision for income taxes is as follows: Quarter ended June 30, 2018 June 30, 2017 Income tax expense at statutory rate $ — $ — Foreign tax rate differential (1,062 ) (1,122 ) Increase in valuation allowance against deferred tax assets 1,073 1,122 Provision for income tax $ 11 $ — |
Components of Deferred Tax | Significant components of deferred tax are as follows: June 30, 2018 March 31, 2018 Provisions and reserves $ 1,234 $ 1,327 Net operating loss carry forwards 13,498 12,476 Gross deferred tax assets $ 14,732 $ 13,803 Fixed assets basis difference $ (151 ) $ (284 ) Gross deferred tax liabilities $ (151 ) $ (284 ) Net deferred tax asset $ 14,581 $ 13,519 Valuation allowance (13,943 ) (12,870 ) Total $ 638 $ 649 |
Classification of Deferred Tax | The balance sheet classification of deferred tax is as follows: June 30, 2018 March 31, 2018 Net noncurrent deferred tax assets $ 638 $ 649 Total $ 638 $ 649 |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Defined Benefit Plan Net Periodic Benefit Cost [Abstract] | |
Schedule of Net Pension Costs | The Company’s Swiss subsidiary has a fully insured pension plan managed by Swiss Life. The costs of this plan were: Quarter ended June 30, 2018 June 30, 2017 Employer service cost $ 396 $ 393 Interest cost 39 27 Expected return on plan assets (33 ) (28 ) Amortization of prior service credit (4 ) (4 ) Amortization of net loss 39 46 Net pension cost $ 437 $ 434 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per ordinary share. Quarter ended June 30, 2018 2017 Numerator: Net loss $ (25,177 ) $ (20,236 ) Net loss available to ordinary shareholders - basic and diluted $ (25,177 ) $ (20,236 ) Denominator: Weighted-average shares outstanding - basic and diluted 45,796,533 36,767,544 Loss per share - basic and diluted $ (0.55 ) $ (0.55 ) |
Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share | The following table sets out the numbers of ordinary shares excluded from the above computation of earnings per share at June 30, 2018 and June 30, 2017 as their inclusion would have been anti-dilutive. June 30, 2018 June 30, 2017 Ordinary shares issuable on exercise of options to purchase ordinary shares 2,105,848 2,219,632 Restricted share units awarded, including the multi-year performance related restricted share units 1,131,430 991,341 Ordinary shares issuable on exercise of warrants at $16.14 per share 111,525 111,525 Ordinary shares issuable on exercise of warrants at $9.375 per share 64,000 64,000 Ordinary shares issuable on exercise of warrants at $5.80 per share 8,039,683 — Ordinary shares issuable on exercise of warrants at $0.01 per share 550,000 — 12,002,486 3,386,498 |
Description of Business and B29
Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Significant Accounting Policies [Line Items] | |||
Accumulated deficit | $ (300,816) | $ (275,639) | |
Cash holdings and short-term investments | $ 41,000 | ||
Ordinary Shares [Member] | |||
Significant Accounting Policies [Line Items] | |||
Issue of shares upon exercise of warrants, Shares | 375,000 | ||
Subsequent Event [Member] | Ordinary Shares [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of warrants exercised | 8,039,683 | ||
Issue of shares upon exercise of warrants, Shares | 8,039,683 | ||
Proceeds from warrants exercise | $ 46,600 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2018USD ($)Customer | Jun. 30, 2017USD ($)Customer | Dec. 31, 2017 | Mar. 31, 2018USD ($)Customer | |
Significant Accounting Policies [Line Items] | ||||
Restricted cash | $ 308,000 | $ 320,000 | ||
Number of customer represent 10% or more of accounts receivable | Customer | 1 | 1 | ||
Number of customer represent 10% or more of product sales | Customer | 1 | 1 | ||
Stock-based compensation cost included in inventory | $ 0 | $ 0 | ||
Impairment losses | $ 0 | $ 0 | ||
Class of warrants description | As of June 30, 2018, the Company had three classes of warrants to purchase ordinary shares outstanding: (i) warrants that were issued in December 2013 and August 2015 in connection with the establishment or increase of the Company’s then existing secured term loan facility; (ii) warrants issued in October 2017 as part of the private placement of ordinary shares in October 2017, and (iii) pre-funded warrants issued in October 2017 as part of the private placement of ordinary shares in October 2017. | |||
Class of warrants expiration date | Jul. 31, 2018 | |||
U.S. Corporate tax rate | 21.00% | 34.00% | ||
Amendment Products [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Milestone amount receivable upon fulfillment of achievement | $ 1,500,000 | |||
Ortho's [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Milestone revenue recognized | $ 600,000 | |||
Customer Relationships [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization over estimated useful life | 5 years | |||
Brands Associated with Acquired Cell Lines [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization over estimated useful life | 40 years | |||
Product Licenses [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization over estimated useful life | 10 years | |||
Other Intangibles Assets [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization over estimated useful life | 7 years | |||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Plant, machinery and equipment useful life | 4 years | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Plant, machinery and equipment useful life | 25 years | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration risk percentage | 42.00% | 51.00% | ||
Customer Concentration Risk [Member] | Sales [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration risk percentage | 59.00% | 65.00% | ||
Senior Secured Notes Due 2023 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Balance in cash reserve account held by collateral agent | $ 7,200,000 | $ 5,040,000 | ||
Senior secured notes, Interest rate | 12.00% |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,204 | $ 4,460 |
Accumulated Amortization | (3,368) | (3,546) |
Net Carrying Amount | $ 836 | $ 914 |
Weighted Average Remaining Useful Life | 16 years 3 months 18 days | 16 years 3 months 18 days |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,599 | $ 2,758 |
Accumulated Amortization | (2,599) | (2,758) |
Brands Associated with Acquired Cell Lines [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 536 | 569 |
Accumulated Amortization | (145) | (150) |
Net Carrying Amount | $ 391 | $ 419 |
Weighted Average Remaining Useful Life | 29 years 2 months 12 days | 29 years 6 months |
Product Licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 900 | $ 954 |
Accumulated Amortization | (455) | (459) |
Net Carrying Amount | $ 445 | $ 495 |
Weighted Average Remaining Useful Life | 4 years 10 months 24 days | 5 years 2 months 12 days |
Other Intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 169 | $ 179 |
Accumulated Amortization | $ (169) | $ (179) |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Debt Disclosure [Abstract] | ||
Total debt | $ 120,000 | $ 84,000 |
Less current portion | (9,600) | |
Long-term debt | 110,400 | 84,000 |
Deferred debt costs and royalty liability, net of amortization | 141 | 1,063 |
Long-term debt, less current portion | $ 110,541 | $ 85,063 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Secured Notes [Member] - USD ($) | Jun. 29, 2018 | Oct. 14, 2016 | Jun. 30, 2018 |
Debt Instrument [Line Items] | |||
Debt instrument, issuance date | Oct. 14, 2016 | ||
Aggregate principal amount of notes issued | $ 84,000,000 | ||
Aggregate principal additional amount of notes issued | $ 36,000,000 | ||
Debt instrument, unused/additional borrowing capacity | The Company issued $84 million aggregate principal amount of the Secured Notes on October 14, 2016 and an additional $36 million aggregate principal amount of the Secured Notes on June 29, 2018. | ||
Debt instrument, restrictive covenants | The Company and its subsidiaries must also comply with certain customary affirmative and negative covenants, including a requirement to maintain six-months of interest in a cash reserve account maintained with the collateral agent. Upon the occurrence of a Change of Control, subject to certain conditions, or certain Asset Sales (each, as defined in the indenture), holders of the Secured Notes may require the Company to repurchase for cash all or part of their Secured Notes at a repurchase price equal to 101% or 100%, respectively, of the principal amount of the Secured Notes to be repurchased, plus accrued and unpaid interest to the date of repurchase. | ||
Debt instrument, percentage of repurchase price on change of control | 101.00% | ||
Debt instrument, percentage of repurchase price | 100.00% | ||
Payment to cash reserve account held by collateral agent | $ 2,200,000 | $ 7,200,000 | |
Debt instrument date of first required payment, interest | Apr. 15, 2017 | ||
Debt instrument date of first required payment, principal | Apr. 15, 2019 | ||
Debt instrument, interest rate | 12.00% | ||
MosaiQ [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument subscribers rights to receive payment as percentage of net MosaiQ sales | 0.60% | 1.40% | |
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount of notes issued | $ 120,000,000 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Long-term Debt, Rolling Maturity [Abstract] | ||
Within 1 year | $ 9,600 | |
Between 1 and 2 years | 19,200 | |
Between 2 and 3 years | 22,800 | |
Between 3 and 4 years | 25,200 | |
Between 4 and 5 years | 27,600 | |
After 5 years | 15,600 | |
Total debt | $ 120,000 | $ 84,000 |
Consolidated Balance Sheet De35
Consolidated Balance Sheet Detail - Summary of Inventory (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 9,788 | $ 10,024 |
Work in progress | 4,321 | 4,226 |
Finished goods | 1,488 | 2,028 |
Total inventories | $ 15,597 | $ 16,278 |
Consolidated Balance Sheet De36
Consolidated Balance Sheet Detail - Additional Information (Detail) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
Raw materials | $ 9,788,000 | $ 10,024,000 |
Work in progress | 4,321,000 | 4,226,000 |
Finished goods | 1,488,000 | 2,028,000 |
Biocampus Facility [Member] | ||
Value added tax liability | 0 | 2,905,000 |
MosaiQ Project [Member] | ||
Raw materials | 8,152,000 | 8,441,000 |
Work in progress | 1,466,000 | 1,528,000 |
Finished goods | $ 264,000 | $ 389,000 |
Consolidated Balance Sheet De37
Consolidated Balance Sheet Detail - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 82,070 | $ 86,523 |
Less: accumulated depreciation | (27,727) | (26,367) |
Total property and equipment, net | 54,343 | 60,156 |
Plant and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 49,684 | 51,912 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 32,386 | $ 34,611 |
Consolidated Balance Sheet De38
Consolidated Balance Sheet Detail - Summary of Property and Equipment (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expenses | $ 3,306 | $ 2,443 |
Consolidated Balance Sheet De39
Consolidated Balance Sheet Detail - Summary of Accrued Compensation and Benefits (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Compensation Related Costs [Abstract] | ||
Salary and related benefits | $ 747 | $ 455 |
Accrued vacation | 511 | 504 |
Accrued payroll taxes | 1,332 | 1,353 |
Accrued incentive payments | 3,538 | 3,000 |
Total accrued compensation and benefits | $ 6,128 | $ 5,312 |
Consolidated Balance Sheet De40
Consolidated Balance Sheet Detail - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued legal and professional fees | $ 559 | $ 280 |
Accrued interest | 2,085 | 4,612 |
Goods received not invoiced | 2,187 | 1,272 |
Accrued capital expenditure | 905 | 3,309 |
Other accrued expenses | 2,175 | 5,867 |
Total accrued expenses and other current liabilities | $ 7,911 | $ 15,340 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) £ in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018GBP (£) | Dec. 31, 2008GBP (£) | Jun. 30, 2018USD ($)Contracts$ / £ | |
Commitments And Contingencies [Line Items] | |||
Research and development grant funding from Scottish Enterprise | £ | £ 1,791 | ||
Claims from grant | £ | £ 1,790 | ||
January 2019 through March 2019 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Number of forward exchange contracts | Contracts | 3 | ||
Forward exchange contracts sold | $ | $ 500 | ||
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £ | 1.4140 | ||
July 2018 through December [Member] | |||
Commitments And Contingencies [Line Items] | |||
Number of forward exchange contracts | Contracts | 6 | ||
Forward exchange contracts sold | $ | $ 500 | ||
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £ | 1.4315 | ||
April 2019 through June 2019 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Number of forward exchange contracts | Contracts | 3 | ||
Forward exchange contracts sold | $ | $ 500 | ||
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £ | 1.3520 |
Commitments and Contingencies42
Commitments and Contingencies - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | |
Assets: | |||
Total assets measured at fair value | $ 15,234 | $ 15,403 | |
Liabilities: | |||
Total liabilities measured at fair value | 279 | 64 | |
Foreign currency forward contracts [Member] | |||
Assets: | |||
Total assets measured at fair value | [1] | 118 | |
Liabilities: | |||
Total liabilities measured at fair value | [1] | 279 | 64 |
Pension plan assets [Member] | |||
Assets: | |||
Total assets measured at fair value | [2] | 9,539 | 9,616 |
Short-term Investments [Member] | |||
Assets: | |||
Total assets measured at fair value | [3] | 5,695 | 5,669 |
Level 1 [Member] | |||
Assets: | |||
Total assets measured at fair value | 5,695 | 5,669 | |
Level 1 [Member] | Short-term Investments [Member] | |||
Assets: | |||
Total assets measured at fair value | [3] | 5,695 | 5,669 |
Level 2 [Member] | |||
Assets: | |||
Total assets measured at fair value | 9,539 | 9,734 | |
Liabilities: | |||
Total liabilities measured at fair value | 279 | 64 | |
Level 2 [Member] | Foreign currency forward contracts [Member] | |||
Assets: | |||
Total assets measured at fair value | [1] | 118 | |
Liabilities: | |||
Total liabilities measured at fair value | [1] | 279 | 64 |
Level 2 [Member] | Pension plan assets [Member] | |||
Assets: | |||
Total assets measured at fair value | [2] | $ 9,539 | $ 9,616 |
[1] | The fair value of foreign currency forward contracts has been determined by calculating the present value of future cash flows, estimated using market-based observable inputs including forward and spot exchange rates and interest rate curves obtained from third party market price quotations. | ||
[2] | The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured employees held within the Swiss Life collective investment fund. See Note 10, “Defined Benefit Pension Plans”. | ||
[3] | The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date. See Note 2, “Summary of Significant Accounting Policies – Short-term Investments”. |
Ordinary and Preference Share43
Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Detail) - $ / shares | Jun. 30, 2018 | Mar. 31, 2018 |
Class Of Stock [Line Items] | ||
Ordinary shares, shares issued | 46,064,701 | 45,646,424 |
Ordinary shares, shares outstanding | 46,064,701 | 45,646,424 |
Ordinary shares, par value | ||
Preference shares, shares issued | 666,665 | 666,665 |
Preference shares, shares outstanding | 666,665 | 666,665 |
Ordinary Shares [Member] | ||
Class Of Stock [Line Items] | ||
Ordinary shares, shares issued | 46,064,701 | 45,646,424 |
Ordinary shares, shares outstanding | 46,064,701 | 45,646,424 |
Ordinary shares, par value | ||
7% Cumulative Redeemable Preference Shares [Member] | ||
Class Of Stock [Line Items] | ||
Preference shares, shares issued | 666,665 | 666,665 |
Preference shares, shares outstanding | 666,665 | 666,665 |
Liquidation amount per share | $ 27.88 | $ 27.50 |
Ordinary and Preference Share44
Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
7% Cumulative Redeemable Preference Shares [Member] | ||
Class Of Stock [Line Items] | ||
Dividend percentage | 7.00% | 7.00% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2018USD ($)d$ / sharesshares | Jun. 30, 2017USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ | $ 1,347 | $ 1,285 |
Risk-free interest rate, Description | Risk-Free Interest Rate. The risk-free interest rate is based on the US Treasury 10-year bond yield in effect at the time of grant. | |
Restricted Stock Units (RSUs) [Member] | Time Based Vesting [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of restricted stock units outstanding | 512,950 | |
Weighted average remaining vesting period | 15 months | |
Restricted Stock Units (RSUs) [Member] | Milestone Vesting [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of restricted stock units outstanding | 354,980 | |
Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $60 Share Price [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of restricted stock units outstanding | 72,500 | |
Period in which the target must be achieved, start date | Apr. 1, 2018 | |
Period in which the target must be achieved, end date | Dec. 31, 2018 | |
Consecutive trading days in which price must exceed threshold | d | 20 | |
Award vesting description | 72,500 MRSUs, which will vest between April 1, 2018 and December 31, 2018 if the Company’s ordinary share price exceeds $60 for 20 consecutive days in this period. | |
Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $40 Share Price [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of restricted stock units outstanding | 85,000 | |
Period in which the target must be achieved, start date | Apr. 1, 2018 | |
Period in which the target must be achieved, end date | Dec. 31, 2018 | |
Consecutive trading days in which price must exceed threshold | d | 20 | |
Award vesting description | 85,000 MRSUs, which will vest between April 1, 2018 and December 31, 2018 if the Company’s ordinary share price exceeds $40 for 20 consecutive days in this period, | |
Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $22 Share Price [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of restricted stock units outstanding | 106,000 | |
Period in which the target must be achieved, start date | Apr. 1, 2019 | |
Period in which the target must be achieved, end date | Dec. 31, 2019 | |
Consecutive trading days in which price must exceed threshold | d | 20 | |
Award vesting description | 106,000 MRSUs which will vest between April 1, 2019 and December 31, 2019 if the Company’s ordinary share price exceeds $22 for 20 consecutive days in this period. | |
Employee Stock Option [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Employee Stock Option [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Ordinary Shares [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Company's closing share price | $ / shares | $ 8.03 | |
Ordinary Shares [Member] | Minimum [Member] | Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $60 Share Price [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average price of shares | $ / shares | 60 | |
Ordinary Shares [Member] | Minimum [Member] | Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $40 Share Price [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average price of shares | $ / shares | 40 | |
Ordinary Shares [Member] | Minimum [Member] | Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $22 Share Price [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average price of shares | $ / shares | $ 22 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share Option Activity (Detail) - $ / shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Share Options Outstanding, Beginning Balance | 2,096,283 | |
Number of Share Options Outstanding, Granted | 30,000 | |
Number of Share Options Outstanding, Exercised | (10,902) | |
Number of Share Options Outstanding, Forfeited | (9,533) | |
Number of Share Options Outstanding, Ending Balance | 2,105,848 | 2,096,283 |
Number of Share Options Outstanding, Exercisable | 1,601,773 | |
Weighted-Average Exercise Price, Beginning Balance | $ 7.79 | |
Weighted-Average Exercise Price, Granted | 4.71 | |
Weighted-Average Exercise Price, Exercised | 1.87 | |
Weighted-Average Exercise Price, Forfeited | 10.19 | |
Weighted-Average Exercise Price, Ending Balance | 7.77 | $ 7.79 |
Weighted-Average Exercise Price, Exercisable | $ 7.92 | |
Weighted-Average Remaining Contractual Life, Outstanding | 82 months | 84 months |
Weighted-Average Remaining Contractual Life, Granted | 120 months | |
Weighted-Average Remaining Contractual Life, Exercisable | 75 months |
Share-Based Compensation - Su47
Share-Based Compensation - Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value (Detail) | 3 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options Granted | shares | 30,000 |
Exercise Price | $ 4.71 |
Ordinary Shares Fair Value Per Share at Grant Date | $ 4.71 |
April 1, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant Date | Apr. 1, 2018 |
Number of Options Granted | shares | 30,000 |
Exercise Price | $ 4.71 |
Ordinary Shares Fair Value Per Share at Grant Date | 4.71 |
Per Share Intrinsic Value of Options | $ 2.99 |
Share-Based Compensation - Su48
Share-Based Compensation - Summary of Assumptions to Share Options Issued (Detail) | 3 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Risk-free interest rate | 2.74% |
Expected lives (years) | 6 years |
Volatility | 67.02% |
Grant date fair value (per share) | $ / shares | $ 4.71 |
Number of Share Options Outstanding, Granted | shares | 30,000 |
Share-Based Compensation - Su49
Share-Based Compensation - Summary of RSUs and MRSUs (Detail) | 3 Months Ended |
Jun. 30, 2018shares | |
Restricted Stock Units (RSUs) [Member] | Time Based Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs or MRSUs Outstanding | 512,950 |
Weighted Average Remaining Vesting Period (Months) | 15 months |
Restricted Stock Units (RSUs) [Member] | Milestone Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs or MRSUs Outstanding | 354,980 |
Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $60 Share Price [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs or MRSUs Outstanding | 72,500 |
Period in which the target must be achieved, start date | Apr. 1, 2018 |
Period in which the target must be achieved, end date | Dec. 31, 2018 |
Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $40 Share Price [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs or MRSUs Outstanding | 85,000 |
Period in which the target must be achieved, start date | Apr. 1, 2018 |
Period in which the target must be achieved, end date | Dec. 31, 2018 |
Multi Year Performance Based Restricted Stock Units [Member] | Vesting Based on $22 Share Price [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs or MRSUs Outstanding | 106,000 |
Period in which the target must be achieved, start date | Apr. 1, 2019 |
Period in which the target must be achieved, end date | Dec. 31, 2019 |
Share-Based Compensation - Su50
Share-Based Compensation - Summary of RSUs and MRSUs (Detail) (Parenthetical) - Multi Year Performance Based Restricted Stock Units [Member] - Minimum [Member] - Ordinary Shares [Member] | Jun. 30, 2018$ / shares |
Vesting Based on $60 Share Price [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted average price of shares | $ 60 |
Vesting Based on $40 Share Price [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted average price of shares | 40 |
Vesting Based on $22 Share Price [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted average price of shares | $ 22 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Income Tax Expenses at the Statutory Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Foreign tax rate differential | $ (1,062) | $ (1,122) |
Increase in valuation allowance against deferred tax assets | 1,073 | $ 1,122 |
Provision for income tax | $ 11 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Provisions and reserves | $ 1,234 | $ 1,327 |
Net operating loss carry forwards | 13,498 | 12,476 |
Gross deferred tax assets | 14,732 | 13,803 |
Fixed assets basis difference | (151) | (284) |
Gross deferred tax liabilities | (151) | (284) |
Net deferred tax asset | 14,581 | 13,519 |
Valuation allowance | (13,943) | (12,870) |
Total | $ 638 | $ 649 |
Income Taxes - Classification o
Income Taxes - Classification of Deferred Tax (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Net noncurrent deferred tax assets | $ 638 | $ 649 |
Total | $ 638 | $ 649 |
Defined Benefit Pension Plans -
Defined Benefit Pension Plans - Schedule of Net Pension Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | ||
Employer service cost | $ 396 | $ 393 |
Interest cost | 39 | 27 |
Expected return on plan assets | (33) | (28) |
Amortization of prior service credit | (4) | (4) |
Amortization of net loss | 39 | 46 |
Net pension cost | $ 437 | $ 434 |
Defined Benefit Pension Plans55
Defined Benefit Pension Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions paid or to be paid by employer | $ 282 | $ 262 | |
Scenario, Forecast [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions paid or to be paid by employer | $ 1,124 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Earnings Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator: | ||
Net loss | $ (25,177) | $ (20,236) |
Net loss available to ordinary shareholders - basic and diluted | $ (25,177) | $ (20,236) |
Denominator: | ||
Weighted-average shares outstanding - basic and diluted | 45,796,533 | 36,767,544 |
Loss per share - basic and diluted | $ (0.55) | $ (0.55) |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share (Detail) - shares | Jun. 30, 2018 | Jun. 30, 2017 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Ordinary shares issuable excluded from computation of earnings per share | 12,002,486 | 3,386,498 |
Exercise Of Options To Purchase Ordinary Shares | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Ordinary shares issuable excluded from computation of earnings per share | 2,105,848 | 2,219,632 |
Restricted Share Units Awarded, Including Multi-Year Performance | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Ordinary shares issuable excluded from computation of earnings per share | 1,131,430 | 991,341 |
Exercise Of Warrants At $16.14 Per Share | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Ordinary shares issuable excluded from computation of earnings per share | 111,525 | 111,525 |
Exercise Of Warrants At $9.37 Per Share | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Ordinary shares issuable excluded from computation of earnings per share | 64,000 | 64,000 |
Exercise Of Warrants At $5.80 Per Share | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Ordinary shares issuable excluded from computation of earnings per share | 8,039,683 | |
Exercise Of Warrants At $0.01 Per Share | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Ordinary shares issuable excluded from computation of earnings per share | 550,000 |
Net Loss Per Share - Summary 58
Net Loss Per Share - Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share (Detail) (Parenthetical) - $ / shares | Jun. 30, 2018 | Jun. 30, 2017 |
Exercise Of Warrants At $16.14 Per Share | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Exercise price of warrants per share | $ 16.14 | $ 16.14 |
Exercise Of Warrants At $9.37 Per Share | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Exercise price of warrants per share | 9.375 | $ 9.375 |
Exercise Of Warrants At $5.80 Per Share | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Exercise price of warrants per share | 5.80 | |
Exercise Of Warrants At $0.01 Per Share | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Exercise price of warrants per share | $ 0.01 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Ordinary Shares [Member] - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended |
Jul. 31, 2018 | Jun. 30, 2018 | |
Subsequent Event [Line Items] | ||
Issuance of shares | 375,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of warrants exercised | 8,039,683 | |
Exercised price of warrants | $ 5.80 | |
Issuance of shares | 8,039,683 | |
Proceeds from warrants exercise | $ 46.6 |