Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Jun. 11, 2020 | Sep. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | QTNT | ||
Title of 12(b) Security | Ordinary Shares, nil par value | ||
Security Exchange Name | NASDAQ | ||
Entity Registrant Name | Quotient Ltd | ||
Entity Central Index Key | 0001596946 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 364.3 | ||
Entity Common Stock, Shares Outstanding | 80,585,451 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-36415 | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Incorporation, State or Country Code | Y9 | ||
Entity Address, Address Line One | B1, Business Park Terre Bonne | ||
Entity Address, Address Line Two | Route de Crassier 13 | ||
Entity Address, City or Town | Eysins | ||
Entity Address, Country | CH | ||
Entity Address, Postal Zip Code | 1262 | ||
City Area Code | 011-41 | ||
Local Phone Number | 22-716-9800 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for the 2020 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 3,923 | $ 4,096 |
Short-term investments | 116,871 | 90,729 |
Trade accounts receivable, net | 5,402 | 3,348 |
Inventories | 20,501 | 15,551 |
Prepaid expenses and other current assets | 3,775 | 3,202 |
Total current assets | 150,472 | 116,926 |
Restricted cash | 9,017 | 7,507 |
Property and equipment, net | 40,165 | 47,293 |
Operating lease right-of-use assets | 21,493 | |
Intangible assets, net | 625 | 751 |
Deferred income taxes | 237 | 605 |
Other non-current assets | 4,454 | 4,688 |
Total assets | 226,463 | 177,770 |
Current liabilities: | ||
Accounts payable | 4,826 | 5,936 |
Accrued compensation and benefits | 7,210 | 6,149 |
Accrued expenses and other current liabilities | 15,490 | 12,458 |
Current portion of operating lease liability | 3,033 | |
Current portion of deferred lease rental benefit | 435 | |
Current portion of finance lease obligation | 598 | 471 |
Total current liabilities | 31,157 | 25,449 |
Long-term debt | 153,024 | 121,855 |
Operating lease liability, less current portion | 19,914 | |
Deferred lease rental benefit, less current portion | 1,144 | |
Finance lease obligation, less current portion | 1,117 | 865 |
Defined benefit pension plan obligation | 6,353 | 7,368 |
7% Cumulative redeemable preference shares | 20,425 | 19,375 |
Total liabilities | 231,990 | 176,056 |
Commitments and contingencies | ||
Shareholders' (deficit) equity: | ||
Ordinary shares (nil par value) 80,398,326 and 65,900,447 issued and outstanding at March 31, 2020 and March 31, 2019 respectively | 459,931 | 368,958 |
Additional paid in capital | 33,132 | 28,665 |
Accumulated other comprehensive loss | (15,155) | (14,884) |
Accumulated deficit | (483,435) | (381,025) |
Total shareholders' (deficit) equity | (5,527) | 1,714 |
Total liabilities and shareholders' (deficit) equity | $ 226,463 | $ 177,770 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Financial Position [Abstract] | ||
Preference share dividend percentage | 7.00% | 7.00% |
Common stock, par value | ||
Common stock, shares issued | 80,398,326 | 65,900,447 |
Common stock, shares outstanding | 80,398,326 | 65,900,447 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue: | |||
Total revenue | $ 32,656 | $ 29,134 | $ 24,732 |
Cost of revenue | (17,800) | (17,230) | (10,471) |
Gross profit | 14,856 | 11,904 | 14,261 |
Operating expenses: | |||
Sales and marketing | (9,853) | (8,637) | (7,347) |
Research and development, net of government grants | (53,744) | (50,677) | (51,202) |
General and administrative expense: | |||
Compensation expense in respect of share options and management equity incentives | (4,467) | (4,957) | (4,156) |
Other general and administrative expenses | (27,483) | (26,588) | (21,544) |
Total general and administrative expense | (31,950) | (31,545) | (25,700) |
Total operating expense | (95,547) | (90,859) | (84,249) |
Operating loss | (80,691) | (78,955) | (69,988) |
Other income (expense): | |||
Interest expense, net | (23,859) | (20,018) | (15,365) |
Other, net | 2,438 | (6,369) | 2,366 |
Other income (expense), net | (21,421) | (26,387) | (12,999) |
Loss before income taxes | (102,112) | (105,342) | (82,987) |
Provision for income taxes | (661) | (44) | 649 |
Net loss | (102,773) | (105,386) | (82,338) |
Other comprehensive income (loss): | |||
Change in fair value of effective portion of foreign currency cash flow hedges | (157) | (123) | 305 |
Change in unrealized gain on short-term investments | 554 | 796 | 6 |
Foreign currency gain (loss) | (2,702) | 1,964 | 2,240 |
Provision for pension benefit obligation | 2,034 | (887) | 107 |
Other comprehensive (loss) income, net | (271) | 1,750 | 2,658 |
Comprehensive loss | (103,044) | (103,636) | (79,680) |
Net loss available to ordinary shareholders - basic and diluted | $ (102,773) | $ (105,386) | $ (82,338) |
Loss per share - basic and diluted | $ (1.44) | $ (1.92) | $ (2.02) |
Weighted-average shares outstanding - basic and diluted | 71,610,035 | 54,874,391 | 40,839,309 |
Product Sales [Member] | |||
Revenue: | |||
Total revenue | $ 31,601 | $ 28,665 | $ 23,913 |
Other Revenues [Member] | |||
Revenue: | |||
Total revenue | $ 1,055 | $ 469 | $ 819 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - 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, 2017 | $ (24,091) | $ 172,617 | $ 15,885 | $ (19,292) | $ (193,301) |
Beginning balance, Shares at Mar. 31, 2017 | 29,567,698 | ||||
Issue of shares, net of issue costs, Amount | 81,206 | $ 81,206 | |||
Issue of shares, net of issue costs, Shares | 15,914,683 | ||||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Amount | 111 | $ 111 | |||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Shares | 164,043 | ||||
Issue of warrants | 3,667 | 3,667 | |||
Net loss | (82,338) | (82,338) | |||
Change in the fair value of the effective portion of foreign currency cash flow hedges | 305 | 305 | |||
Change in unrealized gain on short-term investments | 6 | 6 | |||
Foreign currency gain (loss) on: | |||||
Long-term investment nature intra-entity balances | (9,105) | (9,105) | |||
Retranslation of foreign entities | 11,345 | 11,345 | |||
Provision for pension benefit obligation | 107 | 107 | |||
Other comprehensive loss | 2,658 | 2,658 | |||
Stock-based compensation | 4,156 | 4,156 | |||
Ending balance at Mar. 31, 2018 | (14,631) | $ 253,934 | 23,708 | (16,634) | (275,639) |
Ending balance, Shares at Mar. 31, 2018 | 45,646,424 | ||||
Issue of shares, net of issue costs, Amount | 113,724 | $ 113,724 | |||
Issue of shares, net of issue costs, Shares | 19,635,068 | ||||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Amount | 1,300 | $ 1,300 | |||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Shares | 618,955 | ||||
Net loss | (105,386) | (105,386) | |||
Change in the fair value of the effective portion of foreign currency cash flow hedges | (123) | (123) | |||
Change in unrealized gain on short-term investments | 796 | 796 | |||
Foreign currency gain (loss) on: | |||||
Long-term investment nature intra-entity balances | 5,074 | 5,074 | |||
Retranslation of foreign entities | (3,110) | (3,110) | |||
Provision for pension benefit obligation | (887) | (887) | |||
Other comprehensive loss | 1,750 | 1,750 | |||
Stock-based compensation | 4,957 | 4,957 | |||
Ending balance at Mar. 31, 2019 | $ 1,714 | $ 368,958 | 28,665 | (14,884) | (381,025) |
Ending balance, Shares at Mar. 31, 2019 | 65,900,447 | 65,900,447 | |||
Issue of shares, net of issue costs, Amount | $ 90,528 | $ 90,528 | |||
Issue of shares, net of issue costs, Shares | 13,800,000 | ||||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Amount | 445 | $ 445 | |||
Issue of shares upon exercise of incentive share options and vesting of RSU's, Shares | 697,879 | ||||
Net loss | (102,773) | (102,773) | |||
Change in the fair value of the effective portion of foreign currency cash flow hedges | (157) | (157) | |||
Change in unrealized gain on short-term investments | 554 | 554 | |||
Foreign currency gain (loss) on: | |||||
Long-term investment nature intra-entity balances | 18,394 | 18,394 | |||
Retranslation of foreign entities | (21,096) | (21,096) | |||
Provision for pension benefit obligation | 2,034 | 2,034 | |||
Other comprehensive loss | (271) | (271) | |||
Stock-based compensation | 4,467 | 4,467 | |||
Cumulative effect of accounting changes | 363 | 363 | |||
Ending balance at Mar. 31, 2020 | $ (5,527) | $ 459,931 | $ 33,132 | $ (15,155) | $ (483,435) |
Ending balance, Shares at Mar. 31, 2020 | 80,398,326 | 80,398,326 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Issue of shares, issue costs | $ 6,072 | $ 4,502 | $ 680 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES: | |||
Net loss | $ (102,773) | $ (105,386) | $ (82,338) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation, amortization and loss on disposal of fixed assets | 12,276 | 12,767 | 10,405 |
Share-based compensation | 4,467 | 4,957 | 4,156 |
Increase (decrease) in deferred lease rentals | 293 | 372 | (435) |
Swiss pension obligation | 756 | 575 | 659 |
Amortization of deferred debt issue costs | 7,043 | 5,908 | 4,359 |
Accrued preference share dividends | 1,050 | 1,050 | 1,050 |
Deferred income taxes | 368 | 44 | (649) |
Net change in assets and liabilities: | |||
Trade accounts receivable, net | (2,177) | (637) | (87) |
Inventories | (4,967) | (93) | (1,741) |
Accounts payable and accrued liabilities | 2,456 | 370 | (3,310) |
Accrued compensation and benefits | 1,218 | 1,121 | 1,596 |
Other assets | (656) | 3,297 | (2,083) |
Net cash used in operating activities | (80,646) | (75,655) | (68,418) |
INVESTING ACTIVITIES: | |||
Increase in short-term investments | (95,000) | (119,000) | (78,000) |
Realization of short-term investments | 69,412 | 34,735 | 88,395 |
Purchase of property and equipment | (4,598) | (4,791) | (21,604) |
Sale of property and equipment | 19,741 | ||
Payment of rent deposit | (5,043) | ||
Purchase of intangible assets | (2) | (3) | (150) |
Net cash from (used in) investing activities | (30,188) | (89,059) | 3,339 |
FINANCING ACTIVITIES: | |||
Repayment of finance leases | (524) | (486) | (1,692) |
Proceeds from drawdown of new debt | 25,000 | 36,000 | |
Debt issue costs | (874) | (1,216) | |
Fee paid to noteholders | (3,900) | ||
Proceeds from issuance of ordinary shares and warrants | 90,973 | 115,024 | 84,984 |
Net cash generated from financing activities | 114,575 | 145,422 | 83,292 |
Effect of exchange rate fluctuations on cash and cash equivalents | (2,404) | 5,690 | (2,802) |
Change in cash and cash equivalents | 1,337 | (13,602) | 15,411 |
Beginning cash and cash equivalents | 11,603 | 25,205 | 9,794 |
Ending cash and cash equivalents | 12,940 | 11,603 | 25,205 |
Supplemental cash flow disclosures: | |||
Interest paid | 15,776 | 11,838 | 10,144 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 3,923 | 4,096 | 20,165 |
Restricted cash | 9,017 | 7,507 | 5,040 |
Ending cash and cash equivalents | $ 12,940 | $ 11,603 | $ 25,205 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Note 1. Organization and Summary of Significant Accounting Policies Organization and Business The principal activity of Quotient Limited and its subsidiaries (the “Group” and or the “Company”) 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. 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 $483.4 million as of March 31, 2020. At March 31, 2020, the Company had available cash holdings and short-term investments of $120.8 million. The Company is currently involved in an arbitration dispute with Ortho-Clinical Diagnostics, Inc. (“Ortho), and an arbitration hearing is scheduled for September 2020 (see Note 6). An adverse outcome of this dispute in addition to the Company’s expenditure plans over the next 12 months could result in an impact on the liquidity and financial position of the business such that the net cash outflows over the next 12 months could exceed the Company’s existing available cash and short-term investment balances, raising substantial doubt about its ability to continue as a going concern. The Company expects to fund its operations, including the ongoing development of MosaiQ through successful field trial completion, achievement of required regulatory authorizations and commercialization from the use of existing available cash and short-term investment balances, cash generated through sales of the COVID-19 antibody test, and the issuance of new equity or debt, and accordingly has prepared the financial statements on the going concern basis. However, there can be no assurance that the Company will be able 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 Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of intercompany transactions and balances. All gains and losses realized from foreign currency transactions denominated in currencies other than the foreign subsidiary’s functional currency are included in foreign currency exchange gain (loss) as part of other income or expenses in the Consolidated Statements of Comprehensive Loss. Adjustments resulting from translating the financial statements of all foreign subsidiaries into U.S. dollars are reported as a separate component of accumulated other comprehensive loss and changes in shareholders’ equity (deficit). The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at rates approximating the weighted average rates during the period. The translation effects of inter-company loans designated as long term net investments in subsidiaries are included in accumulated other comprehensive loss. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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. 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 4, “Fair Value Measurements,” for information and related disclosures regarding our fair value measurements. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of March 31, 2020 and 2019, all cash and cash equivalents comprised cash balances held with the banks used by the Company and its subsidiaries. At March 31, 2020 and March 31, 2019, restricted cash comprised $8.7 million and $7.2 million, respectively, held in a cash reserve account pursuant to the indenture governing the Company’s 12% Senior Secured Notes (the “Secured Notes”) and $317 and $307, 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. Additions to the allowance for doubtful accounts are recorded as 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. The allowance for doubtful accounts at March 31, 2020 and 2019 was $111 and $52, respectively. 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 operation held all of the Company’s cash and cash equivalents as of March 31, 2020 and March 31, 2019. 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 March 31, 2020 and March 31, 2019. This customer represented 70% and 55% of the accounts receivable balances, as of March 31, 2020 and March 31, 2019, respectively. The Company currently sells products through its direct sales force and through third-party distributors. There was one direct customer that accounted for 10% or more of total product sales for the fiscal years ended March 31, 2020, 2019 and 2018. This customer represented 61%, 60% and 63% of total product sales for the fiscal years March 31, 2020, 2019 and 2018, respectively. Inventory Inventory is stated at the lower of standard cost or market, net of reserves. Cost is determined at standard cost, approximating average cost. 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. Variances between standard cost and actual cost, arising in the production process, are analyzed to determine whether they reflect part of the normal cost of production, and should therefore be reflected as inventory value, or whether they are a period cost and should thus not be included in inventory. Inventory reserves are recorded based upon historic usage, expected future demand and shelf life of the products held in inventory. No stock-based compensation cost was included in inventory as of March 31, 2020 and 2019. 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: • Land—not depreciated. • 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. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the fiscal years ended March 31, 2020, 2019 and 2018, no impairment losses have been recorded. Intangible Assets 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—7 years The Company reviews its intangible assets for impairment and conducts the 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. If the carrying value exceeds the Company’s estimate of future undiscounted cash flows, an impairment value is calculated as the excess of the carrying value of the asset over the Company’s estimate of its fair market value. Events or circumstances which could trigger an impairment review include a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition, significant changes in the Company’s use of acquired assets, the Company’s overall business strategy, or significant negative industry or economic trends. No impairment losses have been recorded in any of the years ended March 31, 2020, 2019 or 2018. 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. 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 completion of the Company’s performance obligations under a particular part of a development program. Should the Company fail to achieve these milestones the Company would not be entitled under the terms of the development agreements to any compensation for the work undertaken to date. 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., the Company executed a product attachment relating to the development of a range of rare antisera products. 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 and during the year ended March 31, 2019, the Company recognized a milestone of $450 related to the submission to the FDA of an application to cover use of the products on an Ortho automation platform. The Company recognized further milestones totaling $1,050 during the year ended March 31, 2020, related to the approval by the FDA of the application submitted during the year ended March 31, 2019, and a further FDA submission and approval related to the use of the products on another of Ortho’s automation platforms. There are no further milestone revenues due under this agreement. 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 had concluded that as each of these milestones required 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 were substantive and the revenue would have been recognized when the milestones were achieved. The Company terminated this agreement effective as of December 27, 2019. Ortho initiated arbitration proceedings against the Company for wrongful termination with the Company subsequently pursuing counterclaims. Refer to Note 6 for details. In the years ended March 31, 2020, 2019 and 2018 revenue recognized from performance obligations related to prior periods was not material and, at March 31, 2020, 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. Other than materials assessed as having alternative future uses and which are recognized as prepaid expenses, the Company expenses research and development costs, including products manufactured for research and development purposes and the expenses for research under collaborative agreements, as such costs are incurred. Where government grants are available for the sponsorship of such research, the grant receipt 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 or 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 share 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). Where modifications are made to vesting conditions, the Company considers the nature of the change and accounts for the change in accordance with ASC 715 Compensation – Stock Compensation Share Warrants As of March 31, 2020, the Company had one class of warrants to purchase ordinary shares outstanding which comprised warrants that were issued in December 2013 and August 2015 in connection with the establishment and subsequent increase of the Company’s then existing secured term loan facility. None of these warrants contain 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’ (deficit) equity. Leases In February 2016, the Financial Accounting Standards Board, (“FASB”), issued Accounting Standard Update, (“ASU”), Leases, At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. A lease is a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time, in exchange for consideration. The Company determines if the contract conveys the right to control the use of an identified asset for a period of time. The Company assesses throughout the period of use whether the Company has both of the following: (1) the right to obtain substantially all of the economic benefits for use of the identified asset, and (2) the right to direct the use of the identified asset. This determination is reassessed if the terms of the contract are changed. The Company also reviews the terms of the lease in accordance with ASU 2016-02 in order to determine whether the lease concerned is a finance or an operating lease. Most leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. For finance leases, an asset is included within property and equipment and a lease liability equal to the present value of the minimum lease payments is included in current or long-term liabilities. Interest expense is recorded over the life of the lease at a constant rate. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. The operating lease right-of-use assets also include any lease payments made prior to the commencement date and any initial direct costs incurred, less any lease incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The incremental borrowing rate is determined at lease commencement, or as of April 1, 2019 for operating leases existing upon adoption of ASU 2016-02. The incremental borrowing rate is subsequently reassessed upon modification to the lease arrangement. Operating lease expense is recognized on a straight-line basis over the lease term. In accordance with the guidance in ASU 2016-02, components of a lease should be split into three categories: lease components (e.g., land, building, etc.), non-lease components (e.g., common area maintenance, maintenance, consumables, etc.), and non-components (e.g., property taxes, insurance, etc.). Although separation of lease and non-lease components is required, certain practical expedients are available. In particular, entities may elect a practical expedient to not separate lease and non-lease components and instead account for each lease component and the related non-lease component together as a single component. The Company has elected to account for the lease and non-lease components of each of its operating leases as a single lease component and allocate all of the contract consideration to the lease component only. The lease component results in an operating lease right-of-use asset being recorded on the balance sheet and amortized on a straight-line basis as lease expense. The finance lease assets and operating lease right-of-use assets are assessed for impairment in accordance with the Company’s accounting policy for long-lived assets. 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. The Company accounts for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The Company evaluates uncertain tax positions on a quarterly basis and considers various factors, including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit and changes in facts or circumstances related to the tax position. 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 ASC 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 Note 11. 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. Termination and Transition Charges Termination charges are recognized as a result of actions to restructure operations. Transition charges are recognized as a result of the retirement of senior employees. Such charges are recognized upon meeting certain criteria, including the finalization of committed plans or agreements and discussions with the impacted employees. Loss Contingencies Loss contingencies from legal proceedings and claims may occur from contractual and other related matters. Accruals are recognized when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. Gain contingencies are not recognized until realized. Legal fees are expensed as incurred. 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. On October 14, 2016, June 29, 2018 and May 15, 2019, the Company issued Secured Notes, and, on December 4, 2018, the Company amended the indenture governing the Secured Notes, which amendments became effective on December 18, 2018. In connection with these issuances and this amendment, the Company entered into royalty rights agreements with the subscribers and the consenting note holders, as applicable, which, as of March 31, 2020, provided for an aggregate amount of royalties payable thereunder . Debt” (which includes the one-time consent payment of $3.9 million paid to holders of our Secured Notes in December 2018) Adoption of New Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases The Company adopted ASU 2016-02 on April 1, 2019. In adopting this standard the Company applied the package of practical expedients in ASU 2016-02 which allow an entity to not reassess whether any expired or existing contracts are or contain leases, lease classification of any expired or existing leases and the accounting for any initial direct costs on any expired or existing leases. The Company also elected the additional transitional approach prescribed under ASU 2018-11 to allow the Company to apply the new standard from the date of adoption, rather than adjusting comparative periods, and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The results for the year ended March 31, 2020 reflect the adoption of ASU 2016-02 guidance while the results for the years to March 31, 2019 and March 31, 2018 were prepared under the guidance of the previous leasing standard (Accounting Standard Codification 840). The adoption of ASU 2016-02 has not had a material impact on the Company’s consolidated statements of comprehensive loss or consolidated statements of cash flows. The adoption of ASU 2016-02 resulted in the following impact on its consolidated balance sheet: (i) no change in the carrying values of assets or liabilities related to the Company’s finance leases, (ii) the recording of right-of-use assets and corresponding lease liabilities related to the Company’s operating leases, adjusted for existing balances of accrued rent liabilities and deferred lease rental benefit, and (iii) adjustments to reclassify the deferred gain on a sale and leaseback transaction to accumulated deficit as of the transition date. The cumulative effect of adopting ASU 2016-02 to all leases that had commenced at or prior to April 1, 2019 was as follows: Balance sheet captions impacted by ASU 2016-02 31 March 2019 (prior to adoption of ASU 2016-02) Effect of the adoption of ASU 2016-02 March 31, 2019 (As adjusted) Operating lease right-of use assets (1) $ — $ 18,478 $ 18,478 Current portion of operating lease liability (2) — 3,130 3,130 Operating lease liability less current portion (3) — 16,564 16,564 Current portion of deferred lease rental benefit (4) 435 (435 ) — Deferred lease rental benefit, less current portion (5) 1,144 (1,144 ) — Accumulated deficit (6) (381,025 ) 363 (380,662 ) (1) Recognition of operating lease right-of-use assets and adjusted for the accrued rent and deferred lease rental benefit reclassifications referred to in footnotes (4) and (5) below. (2) Recognition of current portion of operating lease liabilities. (3) Recognition of the long-term portion of operating lease liabilities. (4) Current portion of deferred gain on sale and lease back transaction transferred to accumulated deficit and reclassification of current portion of deferred lease rental benefit to operating lease right-of-use assets. (5) Long-term portion of deferred gain on sale and lease back transaction transferred to accumulated deficit and reclassification of accrued rent to operating lease right-of-use assets. (6) Transfer of deferred gain on sale and leaseback transaction to accumulated deficit. The Company has included additional disclosures in Note 13 to its condensed consolidated financial statements regarding its leasing portfolio. In the consolidated statement of cash flows the non-cash amortization of deferred lease rental benefit and movements in other non-cash operating lease accruals in the years ended March 31, 2109 and March 31, 2018 has been retitled as increase in deferred lease rentals. Recent Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, “Compensation Retirement Benefits - Defined Benefit Plans -General (Subtopic 715-20)” or ASU 2018-14. ASU 2018-14 removes the requirements to disclose the amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year and other disclosure requirements. In addition, the ASU adds the requirement to disclose an explanation for a |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 2. Intangible Assets March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,436 $ (2,436 ) $ — — Brands associated with acquired cell lines 502 (158 ) 344 27.4 years Product licenses 849 (568 ) 281 3.5 years Other intangibles 158 (158 ) — — Total $ 3,945 $ (3,320 ) $ 625 16.3 years March 31, 2019 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,564 $ (2,564 ) $ — — Brands associated with acquired cell lines 529 (153 ) 376 28.4 years Product licenses 890 (515 ) 375 4.2 years Other intangibles 167 (167 ) — — Total $ 4,150 $ (3,399 ) $ 751 16.3 years Amortization expense was $94, $104, and $94 in financial years 2020, 2019, and 2018, respectively. Total future amortization expense for intangible assets that have definite lives, based upon the Company’s existing intangible assets and their current estimated useful lives as of March 31, 2020, is estimated as follows: 2020 $ 97 2021 97 2022 97 2023 39 2024 13 Thereafter 282 Total $ 625 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 3. Debt Long-term debt comprises: March 31, 2020 March 31, 2019 Total debt $ 145,000 $ 120,000 Less current portion — — Long-term debt $ 145,000 $ 120,000 Royalty liability $ 15,473 $ 10,045 Deferred debt costs, net of amortization (7,449 ) (8,190 ) $ 153,024 $ 121,855 The Company’s debt at March 31, 2020 and March 31, 2019 comprises the 12% Senior 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. 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. On December 18, 2018, the Company also completed certain amendments to the indenture governing the Secured Notes. The amendments included an increase to the aggregate principal amount of Secured Notes that can be issued under the indenture from $120 million to up to $145 million following the European CE Marking of the Company’s initial MosaiQ IH Microarray. On April 30, 2019, the Company was notified that it had received the European CE Marking of the initial MosaiQ IH Microarray and, on May 15, 2019, the Company issued the additional $25 million of Secured Notes. 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 $8.7 million of the total proceeds of the three issuances into the cash reserve account maintained with the collateral agent under the terms of the indenture, $1.5 million of which related to the third issuance on May 15, 2019. 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, 2021, the Company will also be required to pay an instalment of principal of the Secured Notes on each April 15 and October 15 until April 15, 2024 pursuant to a fixed amortization schedule. In connection with the three issuances of the Secured Notes as well as the December 2018 amendment of the related indenture, the Company has entered into royalty rights agreements, pursuant to which the Company has agreed to pay 3.4% 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 makes its first sale of 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 sale date occurs Debt” The outstanding debt at March 31, 2020 falls due for repayment as follows: Within 1 year $ — Between 1 and 2 years 24,167 Between 2 and 3 years 42,292 Between 3 and 4 years 48,333 Between 4 and 5 years 30,208 Total debt $ 145,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements Assets and liabilities measured and recorded at fair value on a recurring basis 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: March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 12,436 $ — $ 12,436 Short-term investments (2) 116,871 — — 116,871 Foreign currency forward contracts (3) $ — $ — $ — $ — Total assets measured at fair value $ 116,871 $ 12,436 $ — $ 129,307 March 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 227 $ — $ 227 Total liabilities measured at fair value $ — $ 227 $ — $ 227 March 31, 2019 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 10,416 $ — $ 10,416 Short-term investments (2) 90,729 — — 90,729 Total assets measured at fair value $ 90,729 $ 10,416 $ — $ 101,145 March 31, 2019 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 70 $ — $ 70 Total liabilities measured at fair value $ — $ 70 $ — $ 70 (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 AXA LLP Foundation Suisse Romande collective investment fund. (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 1, “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. The total unrealized gains on the short-term investments were $1,881, $1,127 and $213 in financial years 2020, 2019 and 2018, respectively. The amount of these unrealized gains reclassified to earnings were $1,327, $331 and $207 in the financial years 2020, 2019 and 2018, respectively. |
Consolidated Balance Sheet Deta
Consolidated Balance Sheet Detail | 12 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidated Balance Sheet Detail | Note 5. Inventory The following table summarizes inventory by category for the periods presented: March 31, 2020 March 31, 2019 Raw materials $ 9,737 $ 8,216 Work in progress 8,522 4,959 Finished goods 2,242 2,376 Total inventories $ 20,501 $ 15,551 Inventory at March 31, 2020 included $8,093 of raw materials, $4,395 of work in progress and $368 of finished goods related to the MosaiQ project. Inventory at March 31, 2019 included $6,187 of raw materials, $2,311 of work in progress, and $235 of finished goods related to the MosaiQ project. Property and equipment The following table summarizes property and equipment by categories for the periods presented: March 31, 2020 March 31, 2019 Plant and equipment $ 57,726 $ 51,327 Leasehold improvements 31,395 32,047 Total property and equipment 89,121 83,374 Less: accumulated depreciation (48,956 ) (36,081 ) Total property and equipment, net $ 40,165 $ 47,293 Depreciation expenses were $12,182, $12,663,and $10,311 in financial years 2020, 2019 and 2018, respectively. Accrued compensation and benefits Accrued compensation and benefits consist of the following: March 31, 2020 March 31, 2019 Salary and related benefits $ 635 $ 638 Accrued vacation 521 495 Accrued payroll taxes 1,200 1,316 Accrued incentive payments 3,700 3,700 Accrued termination and transition payments 1,154 — Total accrued compensation and benefits $ 7,210 $ 6,149 In the year ended March 31, 2020, the Company incurred termination benefit costs of $1,323 in respect of a restructuring of its operations. The restructuring was completed during the year ended March 31, 2020. In the year ended March 31, 2020 the Company also incurred transition benefit costs of $807 in respect of the transitional arrangements with its former chief financial officer and its former group financial controller. No termination benefit or transition benefit costs were incurred in the years ended March 31, 2019 or March 31, 2018. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: March 31, 2020 March 31, 2019 Accrued legal and professional fees $ 829 $ 405 Accrued interest 8,056 6,628 Goods received not invoiced 1,724 1,337 Accrued capital expenditure 1,287 801 Other accrued expenses 3,594 3,287 Total accrued expenses and other current liabilities $ 15,490 $ 12,458 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6. Hedging arrangements The Company’s subsidiary in the United Kingdom (“UK”) has entered into three foreign currency forward contracts to sell $500 and purchase pounds sterling at a rate of £1:$1.30 in each calendar month through June 2020, three contracts to sell $500 in each calendar month from July 2020 through September 2020 at £1:$1.28, three contracts to sell $500 in each calendar month from October 2020 through December 2020 at £1:$1.2520, and three contracts to sell $500 in each calendar month from January 2021 through March 2021 at £1:$1.3350, as hedges of its U.S. dollar denominated revenues. The fair values of these contracts in place at March 31, 2020, and similar contracts in place at March 31, 2019, amounted to liabilities of $227 respectively. The foreign currency forward contracts were entered into to mitigate the foreign exchange risk arising from the fluctuations in the value of U.S. dollar denominated transactions entered into by our UK subsidiary. These foreign currency forward contracts are designated as cash flow hedges and are carried on the Company’s balance sheet at fair value with the effective portion of the contracts’ gains or losses included in accumulated other comprehensive loss and subsequently recognized in revenue/expense in the same period the hedged items are recognized . Ortho Arbitration The Company’s subsidiaries, Quotient Suisse and QBD (QS-IP) Limited were party to a distribution and supply agreement with Ortho related to the commercialization and distribution of certain MosaiQ products (the “Ortho Agreement”). See Note 1, “Summary of Significant Accounting Policies—Revenue Recognition,” for information regarding this agreement. The Company and an affiliate of Ortho also entered into a subscription agreement pursuant to which the affiliate subscribed for newly issued ordinary shares of the Company and newly issued 7% cumulative redeemable preference shares, of no par value, of the Company for an aggregate subscription price of approximately $25 million. On November 27, 2019, the Company delivered a notice to Ortho that it had terminated the Ortho Agreement, effective as of December 27, 2019. The Company did not realize any revenue under the Ortho Agreement prior to its termination. On or about November 17, 2019 Ortho initiated an arbitration proceeding in which it seeks a declaration that the Company does not have the right to terminate the Ortho Agreement, specific performance of certain provisions of the Ortho Agreement, and damages including in respect of the difference in amounts Ortho invested in the Company’s shares and their market value. The Company is pursuing counterclaims against Ortho, including that it has the right to terminate the Ortho Agreement and damages that include the milestone payments due under the Ortho agreement (see Note 1 for details). In addition, on December 20, 2019, the Company entered into an agreement, or the Ortho Dispute Agreement, with Ortho pursuant to which it agreed, while the arbitration is pending, not to grant commercialization rights in respect of products that overlap with Ortho’s rights under the Ortho Agreement without prior written notice to Ortho. An arbitration hearing is scheduled for September 2020 and is to be held in the United States. The Ortho Agreement provides that any arbitration award shall be final and binding on the parties and shall not be appealable to any court in any jurisdiction. The Company believes that Ortho’s allegations are without merit and that a loss is not probable. However, because of the complexities and uncertainties inherent in arbitration proceedings and the nature of the claims, it cannot predict with certainty whether it will prevail in its defenses and counterclaims or the impact of this arbitration on its business, results of operations or financial condition. As a result, the Company does not believe that it is possible to provide a meaningful estimate of reasonably possible loss at this time. Accordingly, under ASC 450 “Contingencies”, no provision for an unfavorable outcome resulting from the arbitration hearing has been recorded. Sale-leaseback transaction During the year ended March 31, 2018, the Company completed a sale-leaseback transaction and sold its conventional reagents manufacturing facility, near Edinburgh, Scotland (the “Allan Robb Campus (“ARC”) facility”), but retained a leasehold interest as tenant of the property. The transaction resulted in net cash proceeds of $19,741 and a gain of $373 which was initially deferred and amortized on a straight-line basis over the lease term. On the implementation of ASU 2016-02, as described in Note 1, the unamortized portion of the deferred gain was transferred to accumulated deficit. Additionally, the lease required the Company to provide a rental deposit of £3,600 which amounted to $4,454 at March 31, 2020 and $4,688 at March 31, 2019 which is included within other non-current assets in the Consolidated Balance Sheet. Details of the Company’s commitments under leasing arrangements are shown in Note 13. Purchase obligations The Company has purchase obligations that are associated with agreements for purchases of goods or services. Management believes that cancellation of these contracts is unlikely and thus the Company expects to make future cash payments according to the contract terms. The following is a schedule by years of purchase obligations as of March 31, 2020: 2021 $ 19,887 2022 6,772 2023 13,923 2024 14,210 2025 10,173 Thereafter 19,135 Total minimum future purchase obligations $ 84,100 |
Geographic Information
Geographic Information | 12 Months Ended |
Mar. 31, 2020 | |
Geographic Areas Revenues And Long Lived Assets [Abstract] | |
Geographic Information | Note 7. Geographic Information The Company operates in one business segment. Revenues are attributed to countries based on the location of the Company’s channel partners as well as direct customers. The following table represents revenue attributed to countries based on the location of the customer: 2020 2019 2018 Revenue: United States $ 17,831 $ 14,754 $ 12,917 France 7,105 6,501 5,608 Japan 4,333 3,846 3,335 Other foreign countries (1) 3,387 4,033 2,872 $ 32,656 $ 29,134 $ 24,732 (1) No individual country represented more than 10% of the respective totals. The table below lists the Company’s property and equipment, net of accumulated depreciation, by country. With the exception of property and equipment, the Company does not identify or allocate its assets by geographic area: March 31, 2020 March 31, 2019 Long-lived assets: United Kingdom $ 17,388 $ 19,924 Switzerland 22,777 27,366 United States — 3 $ 40,165 $ 47,293 Other income (expense), net includes foreign exchange gains and losses arising on the settlement of transactions in currencies other than the functional currencies of the entity concerned and from retranslation of assets and liabilities denominated in foreign currencies at period end rates. In the year ended March 31, 2020, there was a gain of $2,438. In the year ended March 31, 2019 there was a loss of $5,410 and in the year ended March 31, 2018 a gain of $2,366. |
Ordinary and Preference Shares
Ordinary and Preference Shares | 12 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Ordinary and Preference Shares | Note 8. Ordinary shares The Company’s issued and outstanding ordinary shares consist of the following: Shares Issued and Outstanding March 31, 2020 March 31, 2019 Par value Ordinary shares 80,398,326 65,900,447 $ — Total 80,398,326 65,900,447 $ — On November 12, 2019 the Company completed a public offering of 13,800,000 newly issued ordinary shares at $7.00 per share which raised $96.6 million of gross proceeds before underwriting discounts and other offering expenses of $6.1 million. Preference shares The Company’s issued and outstanding preference shares consist of the following: Shares Issued and Outstanding Liquidation amount per share March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 7% Cumulative Redeemable Preference shares 666,665 666,665 $ 30.64 $ 29.06 Total 666,665 666,665 The 7% Cumulative Redeemable Preference shares were issued to Ortho-Clinical Diagnostics Finco S.Á.R.L., an affiliate of Ortho on January 29, 2015 at a subscription price of $22.50 per share. These preference shares are redeemable at the request of the shareholder on the “Redemption Trigger Date” which is currently the date of the seventh anniversary of the date of issue of the preference shares, but the Company may further extend the redemption date in one year increments up to the tenth anniversary of the date of issue. Because the 7% Cumulative Redeemable Preference shares are redeemable at the option of the shareholders, they are shown as a liability in the Consolidated Balance Sheet. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 9. Share-Based Compensation The Company records share-based compensation expense in respect of options and restricted share units (“RSUs”), including multi-year performance based restricted share units (“MRSUs”), issued under its share incentive plans and in respect of deferred shares issued to employees. Share-based compensation expense amounted to $4,467 in the year ended March 31, 2020, $4,957 in the year ended March 31, 2019 and $4,156 in the year ended March 31, 2018. Option Plans The 2012 Option Plan (the “Option Plan”) was designed in order to grant options on ordinary shares in the capital of the Company to certain of its directors and employees. The purpose of the Option Plan is to provide employees with an opportunity to participate directly in the growth of the value of the Company by receiving options for shares. Each option may be exercised for one ordinary share of the Company. The 2012 Option Plan was approved by the shareholders on February 16, 2012. The total number of shares in respect of which options may be granted under the 2012 Option Plan is limited at 839,509. Options that lapse or are forfeited are available to be granted again. Options generally vest over a period of three years but certain employees have shorter vesting periods. The contractual life of all options is 10 years. Options were not exercisable before the Company became a public company and all outstanding options become exercisable in the event of an acquisition of 75% or more of the share capital of the Company by a third party. No further awards will be granted under the 2012 Option Plan. The 2014 Stock Incentive Plan was approved by the directors and shareholders immediately prior to the Company’s initial public offering in April 2014. The 2014 Plan was designed to provide flexibility to attract and retain the services of qualified employees, officers, directors, consultants and other service providers upon whose judgment, initiative and efforts the successful conduct and development of the business depends, and to provide additional incentives to such persons to devote their effort and skill to the advancement and betterment of the Company, by providing them an opportunity to participate in the ownership of the Company and thereby have an interest in its success and increased value. Under the 2014 Plan, 1,500,000 ordinary shares were initially reserved for issuance. This number is subject to adjustment in the event of a recapitalization, share split, share consolidation, reclassification, share dividend or other change in the Company’s capital structure and automatically increases annually on April 1 of each year. The number of shares reserved for issuance under the plan was also increased by 750,000 as a result of a resolution passed at the Annual Shareholder meeting held on October 28, 2016 and by a further 550,000 as a result of a resolution passed at the Annual Shareholder meeting held on October 31, 2018. The plan provides for the issuance of share options, restricted shares, RSUs (including MRSUs) or share appreciation rights (“SARs”). The Company has only issued options, RSUs and MRSUs under the plan prior to March 31, 2020. To the extent that an award terminates, or expires for any reason, then any shares subject to the award may be used again for new grants. However, shares which are (i) not issued or delivered as a result of the net settlement of outstanding SARs or options; (ii) used to pay the exercise price related to outstanding options; (iii) used to pay withholding taxes related to outstanding options or SARs; or (iv) repurchased on the open market with the proceeds from an option exercise, will not be available for grant under the 2014 Plan. 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, 2017 1,948,917 $ 8.04 90 Granted 406,480 6.93 120 Exercised (36,240 ) 3.07 — Forfeited (222,874 ) 9.16 — Outstanding — March 31, 2018 2,096,283 $ 7.79 84 Granted 189,552 6.59 120 Exercised (253,066 ) 5.14 — Forfeited (96,372 ) 12.69 — Outstanding — March 31, 2019 1,936,397 $ 7.77 78 Granted 110,623 8.44 120 Exercised (103,264 ) 4.77 — Forfeited (95,704 ) 12.53 — Outstanding —March 31, 2020 1,848,052 $ 7.73 70 Exercisable — March 31, 2020 1,527,662 $ 7.84 63 The following table summarizes the options granted in the year ended March 31, 2020 with their exercise prices, the fair value of ordinary shares as of the applicable grant date, and the intrinsic value, if any: Grant Date Number of Options Granted Exercise Price Ordinary Shares Fair Value Per Share at Grant Date Per Share Intrinsic Value of Options July 16, 2019 28,517 $ 10.52 $ 10.52 $ 6.48 October 31, 2019 57,106 $ 7.78 $ 7.78 $ 4.90 February 5, 2020 (1) 25,000 $ 7.57 $ 7.57 $ 6.48 (1) On February 5, 2020 the Company granted Mr Peter Buhler 50,000 RSUs and 25,000 options to purchase ordinary shares in connection with the appointment of Mr. Buhler as the Company’s Chief Financial Officer. The grants, which were issued outside of the Company’s 2014 Stock Incentive Plan, were approved by the Board and the Remuneration Committee of the Board pursuant to the inducement grant exception under Nasdaq Rule 5635(c)(4), as an inducement that is material to Mr. Buhler’s entering into employment with the Company. The RSUs and the share options vest in three equal installments on each first, second and third anniversary of the grant date. The share options have a term of ten years. Determining the fair value of share options The fair value of each grant of share options was determined by the Company using the Black-Scholes options pricing model. The total fair value of option awards in the years ended March 31, 2020, March 31, 2019 and March 31, 2018 amounted to $588, $676 and $1,718, respectively. 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 selection 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. Since the Company’s initial public offering in April 2014, the fair value of ordinary shares has been based on the share price of the Company’s shares on the Nasdaq Global Market immediately prior to the grant of the options concerned. Risk-Free Interest Rate. The risk-free interest rate is based on the UK Government 10 year bond yield curve in effect at the time of grant prior to the initial public offering and 10 year U.S. Treasury Stock for awards from April 2014 onwards. 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 weighted-average assumptions applicable to the share options is as follows: Year ended March 31, 2020 2019 2018 Risk-free interest rate 1.84 % 3.08 % 2.34 % Expected lives (years) 6 6 6 Volatility 69.43 % 67.19 % 66.03 % Dividend yield — — — Grant date fair value (per share) $ 8.44 $ 6.14 $ 6.93 Number granted 110,623 189,552 406,480 RSU Activity A summary of the RSUs in issue at March 31, 2020 is as follows: Number of RSUs Outstanding Weighted Average Remaining Vesting Period (Months) Period in which the target must be achieved RSUs subject to time based vesting 649,347 11 N/A RSUs subject to milestone based vesting 45,000 N/A N/A At March 31, 2020, 649,347 RSUs were subject to time based vesting and the weighted average remaining vesting period was 11 months. In addition, 45,000 RSUs were subject to vesting based on the achievement of various milestones relating to the development, approval and marketing of MosaiQ. The fair value of the Company’s ordinary shares was $3.95 per share on March 31, 2020. As of March 31, 2020, total compensation cost related to share options and RSUs granted but not yet recognized was $4,107 net of estimated forfeitures. This cost will be amortized to expense over a weighted average remaining period of 22 months and will be adjusted for subsequent changes in estimated forfeitures. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes The components of the provision for income taxes are as follows: Year ended March 31, Income tax (provision) benefit: 2020 2019 2018 Current - Federal $ (293 ) $ — $ — Deferred - Federal $ (368 ) $ (44 ) $ 649 $ (661 ) $ (44 ) $ 649 The statutory standard corporate income tax rate of the Company in Jersey is 0%. The principal operating subsidiaries operate in the United States, the United Kingdom and Switzerland and are subject to corporate income taxes in those countries. In the year ended March 31, 2018, as a result of improvements in the profitability of a subsidiary, the valuation allowances held against the deferred tax assets in that subsidiary, which principally comprised of net operating losses carried forward, have been reduced resulting in the recognition of deferred tax assets of $649. Utilization of the net operating losses carried forward against the profits of the subsidiary in the year ended March 31, 2019 resulted in a reduction in the deferred tax asset of $44, with a corresponding provision for income taxes of the same amount. During the year ended March 31, 2020, the Company has reassessed its transfer pricing policies in certain jurisdictions from 2015 to 2017. The reassessment resulted in the reversal of a deferred tax asset of $310 related to net operating losses carried forward and the recording of a current tax accrual of $293. A reconciliation of the income tax expense at the statutory rate to the provision for income taxes is as follows: 2020 2019 2018 Income tax expense at statutory rate $ — $ — $ — Impact of tax uncertainties (603 ) — — Foreign tax rate differential 2,255 5,287 4,841 (Increase) decrease in valuation allowance against deferred tax assets (2,313 ) (5,331 ) (4,192 ) Provision for income tax $ (661 ) $ (44 ) $ 649 Significant components of deferred tax assets are as follows: March 31, 2020 March 31, 2019 Provisions and reserves $ 1,315 $ 1,442 Fixed asset basis difference — 34 Operating lease liability 3,409 — Net operating loss carry forwards 19,526 17,330 Gross deferred tax assets $ 24,250 $ 18,806 Fixed asset basis difference $ (90 ) $ — Operating lease right-of-use assets $ (3,409 ) $ — Gross deferred tax liabilities $ (3,499 ) $ — Net deferred tax asset $ 20,751 $ 18,806 Valuation allowance (20,514 ) (18,201 ) Total $ 237 $ 605 The balance sheet classification of net deferred tax assets is as follows: 2020 March 31, 2019 Net noncurrent deferred tax assets $ 237 $ 605 Total $ 237 $ 605 The Company maintains a valuation allowance on net operating losses and other deferred tax assets in jurisdictions for which it does not believe it is more-likely-than-not to realize those deferred tax assets based upon all available positive and negative evidence, including historical operating performance, carryback periods, reversal of taxable temporary differences, tax planning strategies, and earnings expectations. As of March 31, 2020, the Company has net operating loss carry forwards of approximately $245,114 and $93 of U.S. state net operating losses, which will be available to offset future taxable income. If not used, losses with a tax effect of approximately $18,711 will expire between 2022 and 2028 and losses with a tax effect of $330 will expire in 2037. The remaining portion of the carry forward losses arose in jurisdictions where losses do not expire. The following table summarizes the activity related to the Company’s uncertain tax positions (excluding interest and penalties and related tax attributes): Year ended March 31, 2020 2019 2018 Balance at beginning of year $ — $ — $ — Increases related to current year tax positions 1,216 — — Increases related to prior years tax positions — — — Balance at end of year $ 1,216 $ — $ — As of March 31, 2020, 2019, and 2018 the Company has an unrecognized benefit of $1,216, $0, and $0 respectively, that if recognized would be recorded as a component of tax expense. The Company’s unrecognized tax benefits include exposures related to positions taken on all jurisdictions income tax returns. The Company has interest expense carryforward from March 31, 2017 that potentially would be disqualified as interest expense in the amount of $613. Additionally, the Company has reassessed its transfer pricing policies in certain jurisdictions from 2015 to 2017, the impact of which is $603. In the normal course of business, the Company’s tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities and the Company has accrued a liability when it believes it is more likely than not that the tax position claimed on tax returns will not be sustained by the taxing authorities on the technical merits of the position. Changes in the recognition of the liability are reflected in the period in which the change in judgment occurs. The Company files separate company income tax returns in its domestic and foreign jurisdictions. All necessary income tax filings in all jurisdictions have been completed for all years up to and including March 31, 2019 and there are no ongoing tax examinations in any jurisdiction. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense. During the fiscal years ended March 31, 2020, March 31, 2019 and March 31, 2018, the Company had no amounts accrued for interest and penalties. The Company does not currently anticipate that the total amount of unrecognized tax benefits will result in material changes to its financial position within the next 12 months. In connection with the sale and leaseback transaction of the ARC 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 of the facility. An election to effect the transfer of these allowances to the purchaser has been made, but due to uncertainty regarding whether the election will be effective, the tax effect of the transfer of the allowances has not been recorded in the financial statements as at March 31, 2020. If the transfer of the allowances was regarded as being effective at March 31, 2020, the financial statements would reflect an additional deferred tax expense of $870 and an equivalent deferred tax liability. The Company will continue to monitor the position regarding the effectiveness of the election to transfer the allowances in order to determine whether the deferred tax liability should be recorded. No tax charge arose on any element of other comprehensive loss. |
Pension Plans
Pension Plans | 12 Months Ended |
Mar. 31, 2020 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |
Pension Plans | Note 11. The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents the contribution payable by the Company to the fund during the year. Defined contribution pension costs during the years ended March 31, 2020, 2019 and 2018 amounted to $788, $750 and $1,197, respectively. In addition, These circumstances require that the Swiss employee pension arrangements be treated as a defined benefit plan under ASC 715 Compensation – Retirement Benefits The following provides a reconciliation of the benefit obligations, the plan assets and the funded status. Year ended March 31, 2020 March 31, 2019 Pension benefit obligation, beginning of year $ 17,784 $ 15,784 Service cost 1,828 1,574 Contributions paid by plan participants 2,180 1,438 Interest cost 131 153 Benefits paid (2,841 ) (1,462 ) Prior service cost / (credit) 836 (100 ) Actuarial (gain) / loss (1,740 ) 1,097 Foreign currency translation 611 (700 ) Pension benefit obligation, end of year $ 18,789 $ 17,784 Year ended March 31, 2020 March 31, 2019 Fair value of plan assets, beginning of year $ 10,416 $ 9,616 Actual return on plan assets 1,008 89 Contributions paid by employer 1,280 1,156 Contributions paid by plan participants 2,180 1,438 Benefits paid (2,841 ) (1,462 ) Foreign currency translation 393 (421 ) Fair value of plan assets, end of year $ 12,436 $ 10,416 Contributions paid by plan participants include $1,375 and $749 of payments into the scheme on new employees joining in the years ended March 31, 2020 and March 31, 2019, respectively. Year ended March 31, 2020 March 31, 2019 Pension benefit obligation, end of year $ 18,789 $ 17,784 Fair value of plan assets, end of year 12,436 10,416 Net funding obligation, end of year $ 6,353 $ 7,368 The assumptions used to determine the pension benefit obligation at the end of each financial year are: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Price inflation 1.00 % 1.00 % 1.00 % Discount rate 0.60 % 0.70 % 1.00 % Expected return on plan assets 1.75 % 1.20 % 1.40 % Average rate of salary increase 1.00 % 1.00 % 1.00 % Each employee participating in the plan has an individual portfolio that is managed by AXA under a collective arrangement. Plan assets comprise the surrender value of the portfolio of active insured scheme participants. The expected return on plan assets was determined after consideration of current and historical levels of return and discussions with AXA. The discount rate is based on bond yields at March 31, 2020 and March 31, 2019 on the Swiss bond market over a fifteen to twenty-five year period. The net pension costs for the year are based on the assumptions adopted at the start of each financial year and comprise: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Employer service cost $ 1,828 $ 1,574 $ 1,601 Interest cost 131 153 110 Expected return on plan assets (130 ) (131 ) (115 ) Amortization of prior service credit (23 ) (14 ) (14 ) Amortization of net loss 216 154 188 Net pension cost $ 2,022 $ 1,736 $ 1,770 The provision for pension benefit obligation recognized in other comprehensive income comprises: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Net actuarial (gain) / loss $ (1,841 ) $ 1,027 $ 67 Amortization of prior service credit 23 14 14 Amortization of net loss (216 ) (154 ) (188 ) $ (2,034 ) $ 887 $ (107 ) The cumulative amounts recognized in other comprehensive income were $3,658 and $5,692 at March 31, 2020 and March 31, 2019 respectively. This represented a net loss of $2,995 and $5,902 at March 31, 2020 and March 31, 2019 respectively and a prior service cost of $663 at March 31, 2020 and a prior service credit of $210 at March 31, 2019. The following benefit payments are expected to be paid in the following periods: 2021 $ 827 2022 $ 873 2023 $ 904 2024 $ 923 2025 $ 1,048 2026 to 2029 $ 5,134 Expected annual employer contributions to the plan in the year ending March 31, 2021 amount to $1,255. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 12. In accordance with ASC 260 Earnings Per Share The following table sets forth the computation of basic loss per ordinary share. Diluted earnings per share figures are not applicable due to losses. 2020 2019 2018 Numerator: Net loss $ (102,773 ) $ (105,386 ) $ (82,338 ) Net loss available to ordinary shareholders - basic and diluted $ (102,773 ) $ (105,386 ) $ (82,338 ) Denominator: Weighted-average shares outstanding - basic and diluted 71,610,035 54,874,391 40,839,309 Loss per share - basic and diluted $ (1.44 ) $ (1.92 ) $ (2.02 ) The following sets out the numbers of the options, RSUs and warrants to purchase ordinary shares excluded from the above computation of earnings per share for the years ended March 31, 2020, March 31, 2019 and March 31, 2018, as their inclusion would have been anti-dilutive. March 31, 2020 March 31, 2019 March 31, 2018 Ordinary shares issuable on exercise of options to purchase ordinary shares 1,848,052 1,936,397 2,096,283 Restricted share units awarded, including the multi-year performance related restricted share units 694,347 966,689 773,379 Ordinary shares issuable on exercise of warrants at $16.14 per share 111,525 111,525 111,525 Ordinary shares issuable on exercise of warrants at $9.375 per share 64,000 64,000 64,000 Ordinary shares issuable on exercise of warrants at $5.80 per share — — 8,414,683 Ordinary shares issuable on exercise of warrants at $0.01 per share — — 550,000 2,717,924 3,078,611 12,009,870 |
Lease Commitments
Lease Commitments | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease Commitments | 13. Lease Commitments The Company has operating lease commitments for real estate and certain equipment in the United States, the United Kingdom, the Republic of Ireland and Switzerland. There are no sublease agreements in place. The Company has finance lease commitments for equipment in the United Kingdom and Switzerland. The Company leases an 87,200 square foot conventional reagents manufacturing facility, the ARC facility, with integrated offices and laboratories, in Edinburgh, Scotland. This lease commenced in March 2018, following completion of a sale and leaseback transaction, and expires in September 2052. Rent is recognized in the consolidated statement of comprehensive loss on a straight-line basis over the lease term. Additionally, the lease required the Company to provide a rent deposit of £3.6 million, which amounted to $4.5 million at March 31, 2020 and $4.7 million at March 31, 2019, and is included within other non-current assets in the consolidated balance sheets. In March 2015, the Company signed a five-year lease agreement for its corporate headquarters and MosaiQ manufacturing facility in Eysins, Switzerland. This lease was extended for a further five-year period to March 14, 2025. The Company also leases office space for commercial and development activities under one to three-year lease agreements in Newtown PA, Chapel Hill NC and Dublin, Republic of Ireland. The operating lease commitments relating to equipment are not material. The finance lease commitments relate to specialized equipment required for manufacturing operations in both Edinburgh, Scotland and Eysins, Switzerland. Many of the Company’s leases contain options to renew and extend lease terms and options to terminate leases early. Reflected in the right-of-use asset and lease liability on the Company’s balance sheet are the periods provided by renewal and extension options that the Company is reasonably certain to exercise, as well as the periods provided by termination options that the Company is reasonably certain not to exercise. The Company does not have any existing lease agreements with variable lease components. In calculating the present value of future lease payments, the Company has elected to utilize its incremental borrowing rate based on the remaining lease term at the date of adoption. Incremental borrowing rates are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected to account for each lease component and its associated non-lease component as a single lease component and has allocated all the contract consideration across the lease component only. There are no material non-lease components. As of March 31, 2020, an operating lease right-of-use asset of $21,493 and an operating lease liability of $22,947 (including a current portion of $3,033) were reflected on the condensed consolidated balance sheet. As of March 31, 2020, the Company had entered into finance leases for the purchase of plant and equipment that had net book values of $2,126. An associated finance lease liability of $1,715 (including a current portion of $598) was reflected on the condensed consolidated balance sheet. The elements of lease expense were as follows: Year ended March 31, 2020 Operating lease cost $ 3,694 Finance lease cost Amortization of right-of-use asset 832 Interest on lease liabilities 119 Short-term lease cost 69 Total lease cost $ 4,714 Other information related to leases was as follows: Year ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows $ 3,043 Finance leases - finance cash flows $ 524 Finance leases - operating cash flows $ 119 Non-cash leases activity Right-of-use assets obtained in exchange for new operating lease liabilities $ 5,160 Right-of-use assets obtained in exchange for new finance lease liabilities $ 969 As at March Weighted average remaining lease terms (in years) Operating leases 30 Finance leases 2.3 Weighted average discount rate Operating leases 10.8 % Finance leases 4.5 % Future lease payments required under non-cancellable operating leases in effect as of March 31, 2020 were as follows: March 31, 2020 2021 $ 3,335 2022 3,319 2023 3,050 2024 3,055 2025 3,105 Thereafter 66,138 Total lease payments $ 82,002 Less : imputed interest (59,055 ) Total operating lease liabilities $ 22,947 Future lease payments required under finance leases in effect as of March 31, 2020 were as follows: March 31, 2020 2021 $ 720 2022 838 2023 349 2024 7 2025 — Thereafter — Total lease payments $ 1,914 Less : imputed interest (199 ) Total finance lease liabilities $ 1,715 The Company adopted ASU 2016-02 on April 1, 2019 and, as required, the following disclosure is provided for periods prior to adoption. Future minimum lease payments required under non-cancellable operating leases in effect as of March 31, 2019 were as follows: March 31, 2019 2020 $ 3,387 2021 1,861 2022 1,858 2023 1,830 2024 1,841 Thereafter 71,507 Total minimum future lease payments $ 82,284 Future annual lease payments required under finance leases in effect as of March 31, 2019 were as follows: March 31, 2019 2020 471 2021 369 2022 306 2023 190 Thereafter — Total minimum future lease payments $ 1,336 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events In April 2020 the Company completed the development phase of a microarray-based SARS-CoV-2 antibody test for use on the MosaiQ platform (the “MosaiQ COVID-19 Microarray”), in response to the COVID-19 pandemic. Following the necessary regulatory approvals, the first commercial contract for the sale of the MosaiQ COVID-19 Microarray was signed in May 2020 and the Company has subsequently entered into several additional contracts with customers in Europe and the United States. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of intercompany transactions and balances. All gains and losses realized from foreign currency transactions denominated in currencies other than the foreign subsidiary’s functional currency are included in foreign currency exchange gain (loss) as part of other income or expenses in the Consolidated Statements of Comprehensive Loss. Adjustments resulting from translating the financial statements of all foreign subsidiaries into U.S. dollars are reported as a separate component of accumulated other comprehensive loss and changes in shareholders’ equity (deficit). The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at rates approximating the weighted average rates during the period. The translation effects of inter-company loans designated as long term net investments in subsidiaries are included in accumulated other comprehensive loss. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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. |
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 4, “Fair Value Measurements,” for information and related disclosures regarding our fair value measurements. |
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. As of March 31, 2020 and 2019, all cash and cash equivalents comprised cash balances held with the banks used by the Company and its subsidiaries. At March 31, 2020 and March 31, 2019, restricted cash comprised $8.7 million and $7.2 million, respectively, held in a cash reserve account pursuant to the indenture governing the Company’s 12% Senior Secured Notes (the “Secured Notes”) and $317 and $307, 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. Additions to the allowance for doubtful accounts are recorded as 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. The allowance for doubtful accounts at March 31, 2020 and 2019 was $111 and $52, respectively. |
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 operation held all of the Company’s cash and cash equivalents as of March 31, 2020 and March 31, 2019. 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 March 31, 2020 and March 31, 2019. This customer represented 70% and 55% of the accounts receivable balances, as of March 31, 2020 and March 31, 2019, respectively. The Company currently sells products through its direct sales force and through third-party distributors. There was one direct customer that accounted for 10% or more of total product sales for the fiscal years ended March 31, 2020, 2019 and 2018. This customer represented 61%, 60% and 63% of total product sales for the fiscal years March 31, 2020, 2019 and 2018, respectively. |
Inventory | Inventory Inventory is stated at the lower of standard cost or market, net of reserves. Cost is determined at standard cost, approximating average cost. 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. Variances between standard cost and actual cost, arising in the production process, are analyzed to determine whether they reflect part of the normal cost of production, and should therefore be reflected as inventory value, or whether they are a period cost and should thus not be included in inventory. Inventory reserves are recorded based upon historic usage, expected future demand and shelf life of the products held in inventory. No stock-based compensation cost was included in inventory as of March 31, 2020 and 2019. |
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: • Land—not depreciated. • 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. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the fiscal years ended March 31, 2020, 2019 and 2018, no impairment losses have been recorded. |
Intangible Assets | Intangible Assets 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—7 years The Company reviews its intangible assets for impairment and conducts the 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. If the carrying value exceeds the Company’s estimate of future undiscounted cash flows, an impairment value is calculated as the excess of the carrying value of the asset over the Company’s estimate of its fair market value. Events or circumstances which could trigger an impairment review include a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition, significant changes in the Company’s use of acquired assets, the Company’s overall business strategy, or significant negative industry or economic trends. No impairment losses have been recorded in any of the years ended March 31, 2020, 2019 or 2018. |
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. 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 completion of the Company’s performance obligations under a particular part of a development program. Should the Company fail to achieve these milestones the Company would not be entitled under the terms of the development agreements to any compensation for the work undertaken to date. 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., the Company executed a product attachment relating to the development of a range of rare antisera products. 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 and during the year ended March 31, 2019, the Company recognized a milestone of $450 related to the submission to the FDA of an application to cover use of the products on an Ortho automation platform. The Company recognized further milestones totaling $1,050 during the year ended March 31, 2020, related to the approval by the FDA of the application submitted during the year ended March 31, 2019, and a further FDA submission and approval related to the use of the products on another of Ortho’s automation platforms. There are no further milestone revenues due under this agreement. 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 had concluded that as each of these milestones required 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 were substantive and the revenue would have been recognized when the milestones were achieved. The Company terminated this agreement effective as of December 27, 2019. Ortho initiated arbitration proceedings against the Company for wrongful termination with the Company subsequently pursuing counterclaims. Refer to Note 6 for details. In the years ended March 31, 2020, 2019 and 2018 revenue recognized from performance obligations related to prior periods was not material and, at March 31, 2020, 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. Other than materials assessed as having alternative future uses and which are recognized as prepaid expenses, the Company expenses research and development costs, including products manufactured for research and development purposes and the expenses for research under collaborative agreements, as such costs are incurred. Where government grants are available for the sponsorship of such research, the grant receipt 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 or 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 share 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). Where modifications are made to vesting conditions, the Company considers the nature of the change and accounts for the change in accordance with ASC 715 Compensation – Stock Compensation |
Share Warrants | Share Warrants As of March 31, 2020, the Company had one class of warrants to purchase ordinary shares outstanding which comprised warrants that were issued in December 2013 and August 2015 in connection with the establishment and subsequent increase of the Company’s then existing secured term loan facility. None of these warrants contain 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’ (deficit) equity. |
Leases | Leases In February 2016, the Financial Accounting Standards Board, (“FASB”), issued Accounting Standard Update, (“ASU”), Leases, At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. A lease is a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time, in exchange for consideration. The Company determines if the contract conveys the right to control the use of an identified asset for a period of time. The Company assesses throughout the period of use whether the Company has both of the following: (1) the right to obtain substantially all of the economic benefits for use of the identified asset, and (2) the right to direct the use of the identified asset. This determination is reassessed if the terms of the contract are changed. The Company also reviews the terms of the lease in accordance with ASU 2016-02 in order to determine whether the lease concerned is a finance or an operating lease. Most leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. For finance leases, an asset is included within property and equipment and a lease liability equal to the present value of the minimum lease payments is included in current or long-term liabilities. Interest expense is recorded over the life of the lease at a constant rate. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. The operating lease right-of-use assets also include any lease payments made prior to the commencement date and any initial direct costs incurred, less any lease incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The incremental borrowing rate is determined at lease commencement, or as of April 1, 2019 for operating leases existing upon adoption of ASU 2016-02. The incremental borrowing rate is subsequently reassessed upon modification to the lease arrangement. Operating lease expense is recognized on a straight-line basis over the lease term. In accordance with the guidance in ASU 2016-02, components of a lease should be split into three categories: lease components (e.g., land, building, etc.), non-lease components (e.g., common area maintenance, maintenance, consumables, etc.), and non-components (e.g., property taxes, insurance, etc.). Although separation of lease and non-lease components is required, certain practical expedients are available. In particular, entities may elect a practical expedient to not separate lease and non-lease components and instead account for each lease component and the related non-lease component together as a single component. The Company has elected to account for the lease and non-lease components of each of its operating leases as a single lease component and allocate all of the contract consideration to the lease component only. The lease component results in an operating lease right-of-use asset being recorded on the balance sheet and amortized on a straight-line basis as lease expense. The finance lease assets and operating lease right-of-use assets are assessed for impairment in accordance with the Company’s accounting policy for long-lived assets. |
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. The Company accounts for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The Company evaluates uncertain tax positions on a quarterly basis and considers various factors, including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit and changes in facts or circumstances related to the tax position. |
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 ASC 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 Note 11. 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. |
Termination and Transition Charges | Termination and Transition Charges Termination charges are recognized as a result of actions to restructure operations. Transition charges are recognized as a result of the retirement of senior employees. Such charges are recognized upon meeting certain criteria, including the finalization of committed plans or agreements and discussions with the impacted employees. |
Loss Contingencies | Loss Contingencies Loss contingencies from legal proceedings and claims may occur from contractual and other related matters. Accruals are recognized when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. Gain contingencies are not recognized until realized. Legal fees are expensed as incurred. |
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. On October 14, 2016, June 29, 2018 and May 15, 2019, the Company issued Secured Notes, and, on December 4, 2018, the Company amended the indenture governing the Secured Notes, which amendments became effective on December 18, 2018. In connection with these issuances and this amendment, the Company entered into royalty rights agreements with the subscribers and the consenting note holders, as applicable, which, as of March 31, 2020, provided for an aggregate amount of royalties payable thereunder . Debt” (which includes the one-time consent payment of $3.9 million paid to holders of our Secured Notes in December 2018) |
Adoption of New Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted | Adoption of New Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases The Company adopted ASU 2016-02 on April 1, 2019. In adopting this standard the Company applied the package of practical expedients in ASU 2016-02 which allow an entity to not reassess whether any expired or existing contracts are or contain leases, lease classification of any expired or existing leases and the accounting for any initial direct costs on any expired or existing leases. The Company also elected the additional transitional approach prescribed under ASU 2018-11 to allow the Company to apply the new standard from the date of adoption, rather than adjusting comparative periods, and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The results for the year ended March 31, 2020 reflect the adoption of ASU 2016-02 guidance while the results for the years to March 31, 2019 and March 31, 2018 were prepared under the guidance of the previous leasing standard (Accounting Standard Codification 840). The adoption of ASU 2016-02 has not had a material impact on the Company’s consolidated statements of comprehensive loss or consolidated statements of cash flows. The adoption of ASU 2016-02 resulted in the following impact on its consolidated balance sheet: (i) no change in the carrying values of assets or liabilities related to the Company’s finance leases, (ii) the recording of right-of-use assets and corresponding lease liabilities related to the Company’s operating leases, adjusted for existing balances of accrued rent liabilities and deferred lease rental benefit, and (iii) adjustments to reclassify the deferred gain on a sale and leaseback transaction to accumulated deficit as of the transition date. The cumulative effect of adopting ASU 2016-02 to all leases that had commenced at or prior to April 1, 2019 was as follows: Balance sheet captions impacted by ASU 2016-02 31 March 2019 (prior to adoption of ASU 2016-02) Effect of the adoption of ASU 2016-02 March 31, 2019 (As adjusted) Operating lease right-of use assets (1) $ — $ 18,478 $ 18,478 Current portion of operating lease liability (2) — 3,130 3,130 Operating lease liability less current portion (3) — 16,564 16,564 Current portion of deferred lease rental benefit (4) 435 (435 ) — Deferred lease rental benefit, less current portion (5) 1,144 (1,144 ) — Accumulated deficit (6) (381,025 ) 363 (380,662 ) (1) Recognition of operating lease right-of-use assets and adjusted for the accrued rent and deferred lease rental benefit reclassifications referred to in footnotes (4) and (5) below. (2) Recognition of current portion of operating lease liabilities. (3) Recognition of the long-term portion of operating lease liabilities. (4) Current portion of deferred gain on sale and lease back transaction transferred to accumulated deficit and reclassification of current portion of deferred lease rental benefit to operating lease right-of-use assets. (5) Long-term portion of deferred gain on sale and lease back transaction transferred to accumulated deficit and reclassification of accrued rent to operating lease right-of-use assets. (6) Transfer of deferred gain on sale and leaseback transaction to accumulated deficit. The Company has included additional disclosures in Note 13 to its condensed consolidated financial statements regarding its leasing portfolio. In the consolidated statement of cash flows the non-cash amortization of deferred lease rental benefit and movements in other non-cash operating lease accruals in the years ended March 31, 2109 and March 31, 2018 has been retitled as increase in deferred lease rentals. Recent Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, “Compensation Retirement Benefits - Defined Benefit Plans -General (Subtopic 715-20)” or ASU 2018-14. ASU 2018-14 removes the requirements to disclose the amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year and other disclosure requirements. In addition, the ASU adds the requirement to disclose an explanation for any significant gains and losses related to changes in the benefit obligation for the period. The ASU is effective for fiscal years ending after December 15, 2020 and will be applied on a retrospective basis to all periods presented. Early adoption is permitted. The Company continues to evaluate the impact that adoption of this guidance will have on its consolidated financial statements and related disclosures, but does not expect it to have a material impact. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses”. The standard requires a financial asset measured on an amortized cost basis, such as accounts receivable, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, and requires the modified retrospective approach. Early adoption is permitted. The Company continues to evaluate the impact that adoption of this guidance will have on its consolidated financial statements and related disclosures, but does not expect it to have a material impact. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
ASU 2016-02 [Member] | |
Schedule of Cumulative Effect of Adopting ASU 2016-02 | The cumulative effect of adopting ASU 2016-02 to all leases that had commenced at or prior to April 1, 2019 was as follows: Balance sheet captions impacted by ASU 2016-02 31 March 2019 (prior to adoption of ASU 2016-02) Effect of the adoption of ASU 2016-02 March 31, 2019 (As adjusted) Operating lease right-of use assets (1) $ — $ 18,478 $ 18,478 Current portion of operating lease liability (2) — 3,130 3,130 Operating lease liability less current portion (3) — 16,564 16,564 Current portion of deferred lease rental benefit (4) 435 (435 ) — Deferred lease rental benefit, less current portion (5) 1,144 (1,144 ) — Accumulated deficit (6) (381,025 ) 363 (380,662 ) (1) Recognition of operating lease right-of-use assets and adjusted for the accrued rent and deferred lease rental benefit reclassifications referred to in footnotes (4) and (5) below. (2) Recognition of current portion of operating lease liabilities. (3) Recognition of the long-term portion of operating lease liabilities. (4) Current portion of deferred gain on sale and lease back transaction transferred to accumulated deficit and reclassification of current portion of deferred lease rental benefit to operating lease right-of-use assets. (5) Long-term portion of deferred gain on sale and lease back transaction transferred to accumulated deficit and reclassification of accrued rent to operating lease right-of-use assets. (6) Transfer of deferred gain on sale and leaseback transaction to accumulated deficit. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,436 $ (2,436 ) $ — — Brands associated with acquired cell lines 502 (158 ) 344 27.4 years Product licenses 849 (568 ) 281 3.5 years Other intangibles 158 (158 ) — — Total $ 3,945 $ (3,320 ) $ 625 16.3 years March 31, 2019 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,564 $ (2,564 ) $ — — Brands associated with acquired cell lines 529 (153 ) 376 28.4 years Product licenses 890 (515 ) 375 4.2 years Other intangibles 167 (167 ) — — Total $ 4,150 $ (3,399 ) $ 751 16.3 years |
Schedule of Future Amortization Expense | Total future amortization expense for intangible assets that have definite lives, based upon the Company’s existing intangible assets and their current estimated useful lives as of March 31, 2020, is estimated as follows: 2020 $ 97 2021 97 2022 97 2023 39 2024 13 Thereafter 282 Total $ 625 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt comprises: March 31, 2020 March 31, 2019 Total debt $ 145,000 $ 120,000 Less current portion — — Long-term debt $ 145,000 $ 120,000 Royalty liability $ 15,473 $ 10,045 Deferred debt costs, net of amortization (7,449 ) (8,190 ) $ 153,024 $ 121,855 |
Schedule of Outstanding Debt | The outstanding debt at March 31, 2020 falls due for repayment as follows: Within 1 year $ — Between 1 and 2 years 24,167 Between 2 and 3 years 42,292 Between 3 and 4 years 48,333 Between 4 and 5 years 30,208 Total debt $ 145,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | 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: March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 12,436 $ — $ 12,436 Short-term investments (2) 116,871 — — 116,871 Foreign currency forward contracts (3) $ — $ — $ — $ — Total assets measured at fair value $ 116,871 $ 12,436 $ — $ 129,307 March 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 227 $ — $ 227 Total liabilities measured at fair value $ — $ 227 $ — $ 227 March 31, 2019 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 10,416 $ — $ 10,416 Short-term investments (2) 90,729 — — 90,729 Total assets measured at fair value $ 90,729 $ 10,416 $ — $ 101,145 March 31, 2019 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 70 $ — $ 70 Total liabilities measured at fair value $ — $ 70 $ — $ 70 (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 AXA LLP Foundation Suisse Romande collective investment fund. (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 1, “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. |
Consolidated Balance Sheet De_2
Consolidated Balance Sheet Detail (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Inventory | The following table summarizes inventory by category for the periods presented: March 31, 2020 March 31, 2019 Raw materials $ 9,737 $ 8,216 Work in progress 8,522 4,959 Finished goods 2,242 2,376 Total inventories $ 20,501 $ 15,551 |
Summary of Property and Equipment | The following table summarizes property and equipment by categories for the periods presented: March 31, 2020 March 31, 2019 Plant and equipment $ 57,726 $ 51,327 Leasehold improvements 31,395 32,047 Total property and equipment 89,121 83,374 Less: accumulated depreciation (48,956 ) (36,081 ) Total property and equipment, net $ 40,165 $ 47,293 |
Summary of Accrued Compensation and Benefits | Accrued compensation and benefits consist of the following: March 31, 2020 March 31, 2019 Salary and related benefits $ 635 $ 638 Accrued vacation 521 495 Accrued payroll taxes 1,200 1,316 Accrued incentive payments 3,700 3,700 Accrued termination and transition payments 1,154 — Total accrued compensation and benefits $ 7,210 $ 6,149 |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: March 31, 2020 March 31, 2019 Accrued legal and professional fees $ 829 $ 405 Accrued interest 8,056 6,628 Goods received not invoiced 1,724 1,337 Accrued capital expenditure 1,287 801 Other accrued expenses 3,594 3,287 Total accrued expenses and other current liabilities $ 15,490 $ 12,458 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Purchase Obligations | The following is a schedule by years of purchase obligations as of March 31, 2020: 2021 $ 19,887 2022 6,772 2023 13,923 2024 14,210 2025 10,173 Thereafter 19,135 Total minimum future purchase obligations $ 84,100 |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Geographic Areas Revenues And Long Lived Assets [Abstract] | |
Schedule of Revenue From Customer By Geographic Area | The following table represents revenue attributed to countries based on the location of the customer: 2020 2019 2018 Revenue: United States $ 17,831 $ 14,754 $ 12,917 France 7,105 6,501 5,608 Japan 4,333 3,846 3,335 Other foreign countries (1) 3,387 4,033 2,872 $ 32,656 $ 29,134 $ 24,732 (1) No individual country represented more than 10% of the respective totals. |
Consolidated Property and Equipment, Net by Country | The table below lists the Company’s property and equipment, net of accumulated depreciation, by country. With the exception of property and equipment, the Company does not identify or allocate its assets by geographic area: March 31, 2020 March 31, 2019 Long-lived assets: United Kingdom $ 17,388 $ 19,924 Switzerland 22,777 27,366 United States — 3 $ 40,165 $ 47,293 |
Ordinary and Preference Shares
Ordinary and Preference Shares (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 7% Cumulative Redeemable Preference shares 666,665 666,665 $ 30.64 $ 29.06 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 consist of the following: Shares Issued and Outstanding March 31, 2020 March 31, 2019 Par value Ordinary shares 80,398,326 65,900,447 $ — Total 80,398,326 65,900,447 $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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, 2017 1,948,917 $ 8.04 90 Granted 406,480 6.93 120 Exercised (36,240 ) 3.07 — Forfeited (222,874 ) 9.16 — Outstanding — March 31, 2018 2,096,283 $ 7.79 84 Granted 189,552 6.59 120 Exercised (253,066 ) 5.14 — Forfeited (96,372 ) 12.69 — Outstanding — March 31, 2019 1,936,397 $ 7.77 78 Granted 110,623 8.44 120 Exercised (103,264 ) 4.77 — Forfeited (95,704 ) 12.53 — Outstanding —March 31, 2020 1,848,052 $ 7.73 70 Exercisable — March 31, 2020 1,527,662 $ 7.84 63 |
Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value | The following table summarizes the options granted in the year ended March 31, 2020 with their exercise prices, the fair value of ordinary shares as of the applicable grant date, and the intrinsic value, if any: Grant Date Number of Options Granted Exercise Price Ordinary Shares Fair Value Per Share at Grant Date Per Share Intrinsic Value of Options July 16, 2019 28,517 $ 10.52 $ 10.52 $ 6.48 October 31, 2019 57,106 $ 7.78 $ 7.78 $ 4.90 February 5, 2020 (1) 25,000 $ 7.57 $ 7.57 $ 6.48 |
Summary of Weighted-Average Assumptions to Share Options Issued | A summary of the weighted-average assumptions applicable to the share options is as follows: Year ended March 31, 2020 2019 2018 Risk-free interest rate 1.84 % 3.08 % 2.34 % Expected lives (years) 6 6 6 Volatility 69.43 % 67.19 % 66.03 % Dividend yield — — — Grant date fair value (per share) $ 8.44 $ 6.14 $ 6.93 Number granted 110,623 189,552 406,480 |
Summary of RSUs | A summary of the RSUs in issue at March 31, 2020 is as follows: Number of RSUs Outstanding Weighted Average Remaining Vesting Period (Months) Period in which the target must be achieved RSUs subject to time based vesting 649,347 11 N/A RSUs subject to milestone based vesting 45,000 N/A N/A |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes are as follows: Year ended March 31, Income tax (provision) benefit: 2020 2019 2018 Current - Federal $ (293 ) $ — $ — Deferred - Federal $ (368 ) $ (44 ) $ 649 $ (661 ) $ (44 ) $ 649 |
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: 2020 2019 2018 Income tax expense at statutory rate $ — $ — $ — Impact of tax uncertainties (603 ) — — Foreign tax rate differential 2,255 5,287 4,841 (Increase) decrease in valuation allowance against deferred tax assets (2,313 ) (5,331 ) (4,192 ) Provision for income tax $ (661 ) $ (44 ) $ 649 |
Components of Deferred Tax Assets | Significant components of deferred tax assets are as follows: March 31, 2020 March 31, 2019 Provisions and reserves $ 1,315 $ 1,442 Fixed asset basis difference — 34 Operating lease liability 3,409 — Net operating loss carry forwards 19,526 17,330 Gross deferred tax assets $ 24,250 $ 18,806 Fixed asset basis difference $ (90 ) $ — Operating lease right-of-use assets $ (3,409 ) $ — Gross deferred tax liabilities $ (3,499 ) $ — Net deferred tax asset $ 20,751 $ 18,806 Valuation allowance (20,514 ) (18,201 ) Total $ 237 $ 605 |
Classification of Net Deferred Tax Assets | The balance sheet classification of net deferred tax assets is as follows: 2020 March 31, 2019 Net noncurrent deferred tax assets $ 237 $ 605 Total $ 237 $ 605 |
Summary of Activity Related to Uncertain Tax Positions | The following table summarizes the activity related to the Company’s uncertain tax positions (excluding interest and penalties and related tax attributes): Year ended March 31, 2020 2019 2018 Balance at beginning of year $ — $ — $ — Increases related to current year tax positions 1,216 — — Increases related to prior years tax positions — — — Balance at end of year $ 1,216 $ — $ — |
Pension Plans (Tables)
Pension Plans (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |
Reconciliation of Benefit Obligations | The following provides a reconciliation of the benefit obligations, the plan assets and the funded status. Year ended March 31, 2020 March 31, 2019 Pension benefit obligation, beginning of year $ 17,784 $ 15,784 Service cost 1,828 1,574 Contributions paid by plan participants 2,180 1,438 Interest cost 131 153 Benefits paid (2,841 ) (1,462 ) Prior service cost / (credit) 836 (100 ) Actuarial (gain) / loss (1,740 ) 1,097 Foreign currency translation 611 (700 ) Pension benefit obligation, end of year $ 18,789 $ 17,784 |
Reconciliation of Plan Assets | Year ended March 31, 2020 March 31, 2019 Fair value of plan assets, beginning of year $ 10,416 $ 9,616 Actual return on plan assets 1,008 89 Contributions paid by employer 1,280 1,156 Contributions paid by plan participants 2,180 1,438 Benefits paid (2,841 ) (1,462 ) Foreign currency translation 393 (421 ) Fair value of plan assets, end of year $ 12,436 $ 10,416 |
Reconciliation of Funded Status | Contributions paid by plan participants include $1,375 and $749 of payments into the scheme on new employees joining in the years ended March 31, 2020 and March 31, 2019, respectively. Year ended March 31, 2020 March 31, 2019 Pension benefit obligation, end of year $ 18,789 $ 17,784 Fair value of plan assets, end of year 12,436 10,416 Net funding obligation, end of year $ 6,353 $ 7,368 |
Assumptions Used to Determine Pension Benefit Obligation | The assumptions used to determine the pension benefit obligation at the end of each financial year are: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Price inflation 1.00 % 1.00 % 1.00 % Discount rate 0.60 % 0.70 % 1.00 % Expected return on plan assets 1.75 % 1.20 % 1.40 % Average rate of salary increase 1.00 % 1.00 % 1.00 % |
Schedule of Net Pension Costs | The net pension costs for the year are based on the assumptions adopted at the start of each financial year and comprise: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Employer service cost $ 1,828 $ 1,574 $ 1,601 Interest cost 131 153 110 Expected return on plan assets (130 ) (131 ) (115 ) Amortization of prior service credit (23 ) (14 ) (14 ) Amortization of net loss 216 154 188 Net pension cost $ 2,022 $ 1,736 $ 1,770 |
Schedule of Provision for Pension Benefit Obligation Recognized in Other Comprehensive Income | The provision for pension benefit obligation recognized in other comprehensive income comprises: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Net actuarial (gain) / loss $ (1,841 ) $ 1,027 $ 67 Amortization of prior service credit 23 14 14 Amortization of net loss (216 ) (154 ) (188 ) $ (2,034 ) $ 887 $ (107 ) |
Schedule of Benefit Payments Expected to be Paid | The following benefit payments are expected to be paid in the following periods: 2021 $ 827 2022 $ 873 2023 $ 904 2024 $ 923 2025 $ 1,048 2026 to 2029 $ 5,134 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share Basic and Diluted | The following table sets forth the computation of basic loss per ordinary share. Diluted earnings per share figures are not applicable due to losses. 2020 2019 2018 Numerator: Net loss $ (102,773 ) $ (105,386 ) $ (82,338 ) Net loss available to ordinary shareholders - basic and diluted $ (102,773 ) $ (105,386 ) $ (82,338 ) Denominator: Weighted-average shares outstanding - basic and diluted 71,610,035 54,874,391 40,839,309 Loss per share - basic and diluted $ (1.44 ) $ (1.92 ) $ (2.02 ) |
Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share | The following sets out the numbers of the options, RSUs and warrants to purchase ordinary shares excluded from the above computation of earnings per share for the years ended March 31, 2020, March 31, 2019 and March 31, 2018, as their inclusion would have been anti-dilutive. March 31, 2020 March 31, 2019 March 31, 2018 Ordinary shares issuable on exercise of options to purchase ordinary shares 1,848,052 1,936,397 2,096,283 Restricted share units awarded, including the multi-year performance related restricted share units 694,347 966,689 773,379 Ordinary shares issuable on exercise of warrants at $16.14 per share 111,525 111,525 111,525 Ordinary shares issuable on exercise of warrants at $9.375 per share 64,000 64,000 64,000 Ordinary shares issuable on exercise of warrants at $5.80 per share — — 8,414,683 Ordinary shares issuable on exercise of warrants at $0.01 per share — — 550,000 2,717,924 3,078,611 12,009,870 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Elements of Lease Expense | The elements of lease expense were as follows: Year ended March 31, 2020 Operating lease cost $ 3,694 Finance lease cost Amortization of right-of-use asset 832 Interest on lease liabilities 119 Short-term lease cost 69 Total lease cost $ 4,714 |
Summary of Other Information Related to Leases | Other information related to leases was as follows: Year ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows $ 3,043 Finance leases - finance cash flows $ 524 Finance leases - operating cash flows $ 119 Non-cash leases activity Right-of-use assets obtained in exchange for new operating lease liabilities $ 5,160 Right-of-use assets obtained in exchange for new finance lease liabilities $ 969 As at March Weighted average remaining lease terms (in years) Operating leases 30 Finance leases 2.3 Weighted average discount rate Operating leases 10.8 % Finance leases 4.5 % |
Schedule of Future Lease Payments Required Under Non-Cancellable Operating Leases | Future lease payments required under non-cancellable operating leases in effect as of March 31, 2020 were as follows: March 31, 2020 2021 $ 3,335 2022 3,319 2023 3,050 2024 3,055 2025 3,105 Thereafter 66,138 Total lease payments $ 82,002 Less : imputed interest (59,055 ) Total operating lease liabilities $ 22,947 |
Schedule of Future Lease Payments Required Under Finance Leases | Future lease payments required under finance leases in effect as of March 31, 2020 were as follows: March 31, 2020 2021 $ 720 2022 838 2023 349 2024 7 2025 — Thereafter — Total lease payments $ 1,914 Less : imputed interest (199 ) Total finance lease liabilities $ 1,715 |
Schedule of Future Minimum Lease Payments Required Under Non-Cancellable Operating Leases | Future minimum lease payments required under non-cancellable operating leases in effect as of March 31, 2019 were as follows: March 31, 2019 2020 $ 3,387 2021 1,861 2022 1,858 2023 1,830 2024 1,841 Thereafter 71,507 Total minimum future lease payments $ 82,284 |
Schedule of Future Minimum Lease Payments Required Under Finance Leases | Future annual lease payments required under finance leases in effect as of March 31, 2019 were as follows: March 31, 2019 2020 471 2021 369 2022 306 2023 190 Thereafter — Total minimum future lease payments $ 1,336 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||
Mar. 31, 2020USD ($)Customer | Mar. 31, 2019USD ($)Customer | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($)Customer | Jan. 31, 2015USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Accumulated deficit | $ (483,435,000) | $ (381,025,000) | |||
Cash holdings and short-term investments | 120,800,000 | ||||
Restricted cash | 9,017,000 | 7,507,000 | $ 5,040,000 | ||
Allowance for doubtful accounts | $ 111,000 | $ 52,000 | |||
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 | 1 | ||
Stock-based compensation cost included in inventory | $ 0 | $ 0 | |||
Property and equipment impairment losses | 0 | 0 | $ 0 | ||
Impairment losses | $ 0 | 0 | 0 | ||
Class of warrants description | As of March 31, 2020, the Company had one class of warrants to purchase ordinary shares outstanding which comprised warrants that were issued in December 2013 and August 2015 in connection with the establishment and subsequent increase of the Company’s then existing secured term loan facility. | ||||
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 [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Intangible assets amortization over estimated useful life | 7 years | ||||
Distribution and Supply Agreement [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Milestone amount receivable upon fulfillment of achievement | $ 59,000,000 | ||||
Plant, Machinery and Equipment [Member] | Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Plant, machinery and equipment useful life | 4 years | ||||
Plant, Machinery and Equipment [Member] | Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Plant, machinery and equipment useful life | 25 years | ||||
Antisera Products [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Milestone revenue recognized | $ 600,000 | ||||
Ortho's [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Milestone revenue recognized | $ 1,050,000 | $ 450,000 | |||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 70.00% | 55.00% | |||
Customer Concentration Risk [Member] | Sales [Member] | Product [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 61.00% | 60.00% | 63.00% | ||
Secured Notes [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Debt instrument, interest rate | 12.00% | 12.00% | |||
Debt instrument one-time consent payment | $ 3,900,000 | ||||
Secured Notes [Member] | MosaiQ [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Debt instrument subscribers rights to receive payment as percentage of net MosaiQ sales | 3.40% | ||||
Security For Property Rental Obligations of Subsidiary [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Restricted cash | $ 317,000 | $ 307,000 | |||
Senior Secured Notes Due 2023 [Member] | Cash Reserve Account Held by Collateral Agent [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Restricted cash | $ 8,700,000 | $ 7,200,000 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Schedule of Cumulative Effect of Adopting ASU 2016-02 (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Significant Accounting Policies [Line Items] | ||
Operating lease right-of use assets | $ 21,493 | |
Current portion of operating lease liability | 3,033 | |
Operating lease liability less current portion | 19,914 | |
Current portion of deferred lease rental benefit | $ 435 | |
Deferred lease rental benefit, less current portion | 1,144 | |
Accumulated deficit | $ (483,435) | (381,025) |
ASU 2016-02 [Member] | Prior to Adoption of ASU 2016-02 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Current portion of deferred lease rental benefit | 435 | |
Deferred lease rental benefit, less current portion | 1,144 | |
Accumulated deficit | (381,025) | |
ASU 2016-02 [Member] | Effect of Adoption of ASU 2016-02 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Operating lease right-of use assets | 18,478 | |
Current portion of operating lease liability | 3,130 | |
Operating lease liability less current portion | 16,564 | |
Current portion of deferred lease rental benefit | (435) | |
Deferred lease rental benefit, less current portion | (1,144) | |
Accumulated deficit | 363 | |
ASU 2016-02 [Member] | After the Adoption of ASU 2016-02 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Operating lease right-of use assets | 18,478 | |
Current portion of operating lease liability | 3,130 | |
Operating lease liability less current portion | 16,564 | |
Accumulated deficit | $ (380,662) |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,945 | $ 4,150 |
Accumulated Amortization | (3,320) | (3,399) |
Net Carrying Amount | $ 625 | $ 751 |
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 | $ 2,436 | $ 2,564 |
Accumulated Amortization | (2,436) | (2,564) |
Brands Associated with Acquired Cell Lines [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 502 | 529 |
Accumulated Amortization | (158) | (153) |
Net Carrying Amount | $ 344 | $ 376 |
Weighted Average Remaining Useful Life | 27 years 4 months 24 days | 28 years 4 months 24 days |
Product Licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 849 | $ 890 |
Accumulated Amortization | (568) | (515) |
Net Carrying Amount | $ 281 | $ 375 |
Weighted Average Remaining Useful Life | 3 years 6 months | 4 years 2 months 12 days |
Other Intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 158 | $ 167 |
Accumulated Amortization | $ (158) | $ (167) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 94 | $ 104 | $ 94 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Future Amortization Expense (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 | $ 97 | |
2021 | 97 | |
2022 | 97 | |
2023 | 39 | |
2024 | 13 | |
Thereafter | 282 | |
Net Carrying Amount | $ 625 | $ 751 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Debt Disclosure [Abstract] | ||
Total debt | $ 145,000 | $ 120,000 |
Long-term debt | 145,000 | 120,000 |
Royalty liability | 15,473 | 10,045 |
Deferred debt costs, net of amortization | (7,449) | (8,190) |
Long-term debt, less current portion | $ 153,024 | $ 121,855 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Jun. 29, 2018 | Oct. 14, 2016 | Mar. 31, 2020 | Mar. 31, 2019 | May 15, 2019 | Dec. 18, 2018 |
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of notes issued | $ 25,000,000 | $ 36,000,000 | ||||
Secured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 12.00% | 12.00% | ||||
Debt instrument, issuance date | Oct. 14, 2016 | |||||
Aggregate principal amount of notes issued | $ 36,000,000 | $ 84,000,000 | ||||
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 on certain asset sales | 100.00% | |||||
Payment to cash reserve account held by collateral agent | $ 8,700,000 | $ 1,500,000 | ||||
Debt instrument date of first required payment, interest | Apr. 15, 2017 | |||||
Debt instrument date of first required payment, principal | Apr. 15, 2021 | |||||
Secured Notes [Member] | MosaiQ [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal additional amount of notes agreed to be issued | $ 25,000,000 | |||||
Debt instrument subscribers rights to receive payment as percentage of net MosaiQ sales | 3.40% | |||||
Estimated amount under royalty agreement | $ 87,000,000 | $ 74,400,000 | ||||
Secured Notes [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of notes available for issue | $ 120,000,000 | $ 145,000,000 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Long-term Debt, Rolling Maturity [Abstract] | ||
Between 1 and 2 years | $ 24,167 | |
Between 2 and 3 years | 42,292 | |
Between 3 and 4 years | 48,333 | |
Between 4 and 5 years | 30,208 | |
Total debt | $ 145,000 | $ 120,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | |
Liabilities: | |||
Total liabilities measured at fair value | $ 227 | ||
Recurring [Member] | |||
Assets: | |||
Total assets measured at fair value | 129,307 | $ 101,145 | |
Liabilities: | |||
Total liabilities measured at fair value | 227 | 70 | |
Recurring [Member] | Pension plan assets [Member] | |||
Assets: | |||
Total assets measured at fair value | [1] | 12,436 | 10,416 |
Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Total assets measured at fair value | [2] | 116,871 | 90,729 |
Recurring [Member] | Foreign currency forward contracts [Member] | |||
Liabilities: | |||
Total liabilities measured at fair value | [3] | 227 | 70 |
Recurring [Member] | Level 1 [Member] | |||
Assets: | |||
Total assets measured at fair value | 116,871 | 90,729 | |
Recurring [Member] | Level 1 [Member] | Short-term Investments [Member] | |||
Assets: | |||
Total assets measured at fair value | [2] | 116,871 | 90,729 |
Recurring [Member] | Level 2 [Member] | |||
Assets: | |||
Total assets measured at fair value | 12,436 | 10,416 | |
Liabilities: | |||
Total liabilities measured at fair value | 227 | 70 | |
Recurring [Member] | Level 2 [Member] | Pension plan assets [Member] | |||
Assets: | |||
Total assets measured at fair value | [1] | 12,436 | 10,416 |
Recurring [Member] | Level 2 [Member] | Foreign currency forward contracts [Member] | |||
Liabilities: | |||
Total liabilities measured at fair value | [3] | $ 227 | $ 70 |
[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 AXA LLP Foundation Suisse Romande collective investment fund. | ||
[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 1, “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. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Unrealized gains on short-term investments | $ 1,881 | $ 1,127 | $ 213 |
Unrealized gains reclassified to earnings | $ 1,327 | $ 331 | $ 207 |
Consolidated Balance Sheet De_3
Consolidated Balance Sheet Detail - Summary of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 9,737 | $ 8,216 |
Work in progress | 8,522 | 4,959 |
Finished goods | 2,242 | 2,376 |
Total inventories | $ 20,501 | $ 15,551 |
Consolidated Balance Sheet De_4
Consolidated Balance Sheet Detail - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Raw materials | $ 9,737,000 | $ 8,216,000 | |
Work in progress | 8,522,000 | 4,959,000 | |
Finished goods | 2,242,000 | 2,376,000 | |
Termination benefit costs | 1,323,000 | 0 | $ 0 |
Transition benefit costs | 807,000 | 0 | $ 0 |
MosaiQ Project [Member] | |||
Raw materials | 8,093,000 | 6,187,000 | |
Work in progress | 4,395,000 | 2,311,000 | |
Finished goods | $ 368,000 | $ 235,000 |
Consolidated Balance Sheet De_5
Consolidated Balance Sheet Detail - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 89,121 | $ 83,374 |
Less: accumulated depreciation | (48,956) | (36,081) |
Total property and equipment, net | 40,165 | 47,293 |
Plant and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 57,726 | 51,327 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 31,395 | $ 32,047 |
Consolidated Balance Sheet De_6
Consolidated Balance Sheet Detail - Summary of Property and Equipment (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expenses | $ 12,182 | $ 12,663 | $ 10,311 |
Consolidated Balance Sheet De_7
Consolidated Balance Sheet Detail - Summary of Accrued Compensation and Benefits (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Compensation Related Costs [Abstract] | ||
Salary and related benefits | $ 635 | $ 638 |
Accrued vacation | 521 | 495 |
Accrued payroll taxes | 1,200 | 1,316 |
Accrued incentive payments | 3,700 | 3,700 |
Accrued termination and transition payments | 1,154 | |
Total accrued compensation and benefits | $ 7,210 | $ 6,149 |
Consolidated Balance Sheet De_8
Consolidated Balance Sheet Detail - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued legal and professional fees | $ 829 | $ 405 |
Accrued interest | 8,056 | 6,628 |
Goods received not invoiced | 1,724 | 1,337 |
Accrued capital expenditure | 1,287 | 801 |
Other accrued expenses | 3,594 | 3,287 |
Total accrued expenses and other current liabilities | $ 15,490 | $ 12,458 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | |||
Mar. 31, 2020USD ($)Contracts$ / shares$ / £ | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2020GBP (£)Contracts$ / £ | |
Commitments And Contingencies [Line Items] | ||||
Total liabilities measured at fair value | $ 227,000 | |||
Preference share dividend percentage | 7.00% | 7.00% | ||
Subscriptions price of stock | $ 25,000,000 | |||
Provision for unfavourable outcome resulting from arbitration hearing | 0 | |||
ARC Facility [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Sale leaseback transaction net cash proceeds | $ 19,741,000 | |||
Sale leaseback transaction deferred gain | $ 373,000 | |||
Rental deposit | $ 4,454,000 | $ 4,688,000 | £ 3,600,000 | |
7% Cumulative Redeemable Preference Shares [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Preference share dividend percentage | 7.00% | 7.00% | ||
Preferred stock, no par value | $ / shares | ||||
Through June 2020 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of forward exchange contracts | Contracts | 3 | 3 | ||
Forward exchange contracts sold | $ 500,000 | |||
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £ | 1.30 | 1.30 | ||
July 2020 through September 2020 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of forward exchange contracts | Contracts | 3 | 3 | ||
Forward exchange contracts sold | $ 500,000 | |||
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £ | 1.28 | 1.28 | ||
October 2020 through December 2020 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of forward exchange contracts | Contracts | 3 | 3 | ||
Forward exchange contracts sold | $ 500,000 | |||
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £ | 1.2520 | 1.2520 | ||
January 2021 through March 2021 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of forward exchange contracts | Contracts | 3 | 3 | ||
Forward exchange contracts sold | $ 500,000 | |||
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £ | 1.3350 | 1.3350 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Purchase Obligations (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2021 | $ 19,887 |
2022 | 6,772 |
2023 | 13,923 |
2024 | 14,210 |
2025 | 10,173 |
Thereafter | 19,135 |
Total minimum future purchase obligations | $ 84,100 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020USD ($)Segment | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Geographic Areas Long Lived Assets [Abstract] | |||
Number of business segments | Segment | 1 | ||
Foreign exchange gains (losses) | $ | $ 2,438 | $ (5,410) | $ 2,366 |
Geographic Information - Schedu
Geographic Information - Schedule of Revenue From Customer By Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | $ 32,656 | $ 29,134 | $ 24,732 | |
United States [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 17,831 | 14,754 | 12,917 | |
France [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 7,105 | 6,501 | 5,608 | |
Japan [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 4,333 | 3,846 | 3,335 | |
Other foreign countries [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | [1] | $ 3,387 | $ 4,033 | $ 2,872 |
[1] | No individual country represented more than 10% of the respective totals. |
Geographic Information - Consol
Geographic Information - Consolidated Property and Equipment, Net by Country (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 40,165 | $ 47,293 |
United Kingdom [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | 17,388 | 19,924 |
Switzerland [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 22,777 | 27,366 |
United States [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 3 |
Ordinary and Preference Share_2
Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Detail) - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Class Of Stock [Line Items] | ||||
Ordinary shares, shares issued | 80,398,326 | 65,900,447 | ||
Ordinary shares, shares outstanding | 80,398,326 | 65,900,447 | ||
Ordinary shares, par value | ||||
Preference shares, shares issued | 666,665 | 666,665 | ||
Preference shares, shares outstanding | 666,665 | 666,665 | ||
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 | $ 30.64 | $ 29.06 | ||
Ordinary Shares [Member] | ||||
Class Of Stock [Line Items] | ||||
Ordinary shares, shares issued | 80,398,326 | 65,900,447 | ||
Ordinary shares, shares outstanding | 80,398,326 | 65,900,447 | 45,646,424 | 29,567,698 |
Ordinary shares, par value |
Ordinary and Preference Share_3
Ordinary and Preference Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Nov. 12, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Jan. 29, 2015 |
7% Cumulative Redeemable Preference Shares [Member] | |||||
Class Of Stock [Line Items] | |||||
Subscriptions price, per share | $ 22.50 | ||||
Ordinary Shares [Member] | |||||
Class Of Stock [Line Items] | |||||
Newly issued ordinary shares Issues | 13,800,000 | 13,800,000 | 19,635,068 | 15,914,683 | |
Newly issued ordinary price per share | $ 7 | ||||
Proceeds from issuance of ordinary shares | $ 96.6 | ||||
Underwriting discounts and other offering expenses | $ 6.1 |
Ordinary and Preference Share_4
Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Parenthetical) (Detail) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Class Of Stock [Line Items] | ||
Preference share dividend percentage | 7.00% | 7.00% |
7% Cumulative Redeemable Preference Shares [Member] | ||
Class Of Stock [Line Items] | ||
Preference share dividend percentage | 7.00% | 7.00% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Oct. 31, 2018 | Oct. 28, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 4,467 | $ 4,957 | $ 4,156 | ||
Number of Options Granted | 110,623 | 189,552 | 406,480 | ||
Total fair value of stock options granted | $ 588 | $ 676 | $ 1,718 | ||
Risk-free interest rate, Description | Risk-Free Interest Rate. The risk-free interest rate is based on the UK Government 10 year bond yield curve in effect at the time of grant prior to the initial public offering and 10 year U.S. Treasury Stock for awards from April 2014 onwards. | ||||
Total compensation cost not yet recognized related to share options and RSUs | $ 4,107 | ||||
Total compensation cost not yet recognized related to share options, RSUs, weighted average remaining amortization period | 22 months | ||||
Ordinary Shares [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Fair value of ordinary shares per share | $ 3.95 | ||||
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 | 649,347 | ||||
Weighted average remaining vesting period | 11 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 | 45,000 | ||||
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 | ||||
2012 Option Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares upon each option exercised | 1 | ||||
Maximum number of shares authorized for grant | 839,509 | ||||
Vesting period | 3 years | ||||
Contractual life | 10 years | ||||
Options exercisable percentage description | Options were not exercisable before the Company became a public company and all outstanding options become exercisable in the event of an acquisition of 75% or more of the share capital of the Company by a third party. No further awards will be granted under the 2012 Option Plan. | ||||
Number of Options Granted | 0 | ||||
2014 Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Ordinary shares reserved for issuance | 1,500,000 | ||||
Increase in number of shares reserved for future issuance | 550,000 | 750,000 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share Option Activity (Detail) - $ / shares | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Number of Share Options Outstanding, Beginning Balance | 1,936,397 | 2,096,283 | 1,948,917 | |
Number of Share Options Outstanding, Granted | 110,623 | 189,552 | 406,480 | |
Number of Share Options Outstanding, Exercised | (103,264) | (253,066) | (36,240) | |
Number of Share Options Outstanding, Forfeited | (95,704) | (96,372) | (222,874) | |
Number of Share Options Outstanding, Ending Balance | 1,848,052 | 1,936,397 | 2,096,283 | 1,948,917 |
Number of Share Options Outstanding, Exercisable | 1,527,662 | |||
Weighted-Average Exercise Price, Beginning Balance | $ 7.77 | $ 7.79 | $ 8.04 | |
Weighted-Average Exercise Price, Granted | 8.44 | 6.59 | 6.93 | |
Weighted-Average Exercise Price, Exercised | 4.77 | 5.14 | 3.07 | |
Weighted-Average Exercise Price, Forfeited | 12.53 | 12.69 | 9.16 | |
Weighted-Average Exercise Price, Ending Balance | 7.73 | $ 7.77 | $ 7.79 | $ 8.04 |
Weighted-Average Exercise Price, Exercisable | $ 7.84 | |||
Weighted-Average Remaining Contractual Life, Outstanding | 70 months | 78 months | 84 months | 90 months |
Weighted-Average Remaining Contractual Life, Granted | 120 months | 120 months | 120 months | |
Weighted-Average Remaining Contractual Life, Exercisable | 63 months |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Options Granted | 110,623 | 189,552 | 406,480 |
Exercise Price | $ 8.44 | $ 6.59 | $ 6.93 |
Ordinary Shares Fair Value Per Share at Grant Date | $ 8.44 | $ 6.14 | $ 6.93 |
July 16, 2019 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | Jul. 16, 2019 | ||
Number of Options Granted | 28,517 | ||
Exercise Price | $ 10.52 | ||
Ordinary Shares Fair Value Per Share at Grant Date | 10.52 | ||
Per Share Intrinsic Value of Options | $ 6.48 | ||
October 31, 2019 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | Oct. 31, 2019 | ||
Number of Options Granted | 57,106 | ||
Exercise Price | $ 7.78 | ||
Ordinary Shares Fair Value Per Share at Grant Date | 7.78 | ||
Per Share Intrinsic Value of Options | $ 4.90 | ||
February 5, 2020 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant Date | Feb. 5, 2020 | ||
Number of Options Granted | 25,000 | ||
Exercise Price | $ 7.57 | ||
Ordinary Shares Fair Value Per Share at Grant Date | 7.57 | ||
Per Share Intrinsic Value of Options | $ 6.48 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value (Parenthetical) (Detail) - shares | Feb. 05, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of Options Granted | 110,623 | 189,552 | 406,480 | |
Mr Peter Buhler [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of Options Granted | 25,000 | |||
Share options, term of years | 10 years | |||
Restricted Stock Units (RSUs) [Member] | Mr Peter Buhler [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of RSUs Granted | 50,000 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Weighted-Average Assumptions to Share Options Issued (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk-free interest rate | 1.84% | 3.08% | 2.34% |
Expected lives (years) | 6 years | 6 years | 6 years |
Volatility | 69.43% | 67.19% | 66.03% |
Grant date fair value (per share) | $ 8.44 | $ 6.14 | $ 6.93 |
Number granted | 110,623 | 189,552 | 406,480 |
Share-Based Compensation - Su_5
Share-Based Compensation - Summary of RSUs (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Mar. 31, 2020shares | |
Time Based Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs Outstanding | 649,347 |
Weighted Average Remaining Vesting Period (Months) | 11 months |
Milestone Vesting [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of RSUs Outstanding | 45,000 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current - Federal | $ (293) | ||
Deferred - Federal | (368) | $ (44) | $ 649 |
Income tax (provision) benefit | $ (661) | $ (44) | $ 649 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Line items] | |||
Deferred tax assets | $ 237,000 | $ 605,000 | $ 649,000 |
Reduction or reversal of deferred tax assets | 310,000 | (44,000) | |
Provision for income taxes | 661,000 | 44,000 | (649,000) |
Current tax accrual | 293,000 | ||
Net operating loss carry forwards | 245,114,000 | ||
Net operating loss carry forwards, subject to expiration | $ 18,711,000 | ||
Net operating loss carry forwards expiration year, beginning | 2022 | ||
Net operating loss carry forwards expiration year, ending | 2028 | ||
Net operating loss carry forwards expiration year | 2037 | ||
Unrecognized benefit | $ 1,216,000 | 0 | 0 |
Interest expense carryforward, disqualified as interest expense | 613,000 | ||
Impact of reassessment of transfer pricing policies | 603,000 | ||
Unrecognized tax benefits, Income tax penalties and interest accrued | 0 | $ 0 | $ 0 |
Additional deferred tax expense | 870,000 | ||
Tax charge on other comprehensive loss | 0 | ||
Tax Year 2037 [Member] | |||
Income Taxes [Line items] | |||
Net operating loss carry forwards, subject to expiration | 330,000 | ||
U.S. state [Member] | |||
Income Taxes [Line items] | |||
Net operating loss carry forwards | $ 93,000 | ||
Jersey Taxing Authority [Member] | |||
Income Taxes [Line items] | |||
Statutory standard corporate income tax rate | 0.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Income Tax Expenses at the Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Impact of tax uncertainties | $ (603) | ||
Foreign tax rate differential | 2,255 | $ 5,287 | $ 4,841 |
(Increase) decrease in valuation allowance against deferred tax assets | (2,313) | (5,331) | (4,192) |
Income tax (provision) benefit | $ (661) | $ (44) | $ 649 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Income Tax Disclosure [Abstract] | |||
Provisions and reserves | $ 1,315 | $ 1,442 | |
Fixed asset basis difference | 34 | ||
Operating lease liability | 3,409 | ||
Net operating loss carry forwards | 19,526 | 17,330 | |
Gross deferred tax assets | 24,250 | 18,806 | |
Fixed asset basis difference | (90) | ||
Operating lease right-of-use assets | (3,409) | ||
Gross deferred tax liabilities | (3,499) | ||
Net deferred tax asset | 20,751 | 18,806 | |
Valuation allowance | (20,514) | (18,201) | |
Total | $ 237 | $ 605 | $ 649 |
Income Taxes - Classification o
Income Taxes - Classification of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Income Tax Disclosure [Abstract] | |||
Net noncurrent deferred tax assets | $ 237 | $ 605 | |
Total | $ 237 | $ 605 | $ 649 |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Uncertain Tax Positions (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Income Tax Uncertainties [Abstract] | |
Balance at beginning of year | $ 0 |
Increases related to current year tax positions | 1,216 |
Balance at end of year | $ 1,216 |
Pension Plans - Additional Info
Pension Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution pension cost | $ 788 | $ 750 | $ 1,197 | |
Accumulated pension obligation | 18,789 | 17,784 | 15,784 | |
Plan assets | 12,436 | 10,416 | $ 9,616 | |
Net funded status | 6,353 | 7,368 | ||
Contributions paid by plan participants | 2,180 | 1,438 | ||
Cumulative amounts recognized in other comprehensive income | 3,658 | 5,692 | ||
Cumulative amounts recognized in other comprehensive income, net loss | 2,995 | 5,902 | ||
Cumulative amounts recognized in other comprehensive income, prior service cost (credit) | 663 | (210) | ||
Contributions paid or to be paid by employer | $ 1,280 | $ 1,156 | ||
Scenario, Forecast [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Contributions paid or to be paid by employer | $ 1,255 | |||
Minimum [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Bond yield maturity period | 15 years | 15 years | ||
Maximum [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Bond yield maturity period | 25 years | 25 years | ||
New Employees [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Contributions paid by plan participants | $ 1,375 | $ 749 |
Pension Plans - Reconciliation
Pension Plans - Reconciliation of Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Pension benefit obligation, beginning of year | $ 17,784 | $ 15,784 | |
Service cost | 1,828 | 1,574 | $ 1,601 |
Contributions paid by plan participants | 2,180 | 1,438 | |
Interest cost | 131 | 153 | 110 |
Benefits paid | (2,841) | (1,462) | |
Prior service cost / (credit) | 836 | (100) | |
Actuarial (gain) / loss | (1,740) | 1,097 | |
Foreign currency translation | 611 | (700) | |
Pension benefit obligation, end of year | $ 18,789 | $ 17,784 | $ 15,784 |
Pension Plans - Reconciliatio_2
Pension Plans - Reconciliation of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | ||
Fair value of plan assets, beginning of year | $ 10,416 | $ 9,616 |
Actual return on plan assets | 1,008 | 89 |
Contributions paid by employer | 1,280 | 1,156 |
Contributions paid by plan participants | 2,180 | 1,438 |
Benefits paid | (2,841) | (1,462) |
Foreign currency translation | 393 | (421) |
Fair value of plan assets, end of year | $ 12,436 | $ 10,416 |
Pension Plans - Reconciliatio_3
Pension Plans - Reconciliation of Funded Status (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Pension benefit obligation, end of year | $ 18,789 | $ 17,784 | $ 15,784 |
Fair value of plan assets, end of year | 12,436 | 10,416 | $ 9,616 |
Net funding obligation, end of year | $ 6,353 | $ 7,368 |
Pension Plans - Assumptions Use
Pension Plans - Assumptions Used to Determine Pension Benefit Obligation (Detail) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Price inflation | 1.00% | 1.00% | 1.00% |
Discount rate | 0.60% | 0.70% | 1.00% |
Expected return on plan assets | 1.75% | 1.20% | 1.40% |
Average rate of salary increase | 1.00% | 1.00% | 1.00% |
Pension Plans - Schedule of Net
Pension Plans - Schedule of Net Pension Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Employer service cost | $ 1,828 | $ 1,574 | $ 1,601 |
Interest cost | 131 | 153 | 110 |
Expected return on plan assets | (130) | (131) | (115) |
Amortization of prior service credit | (23) | (14) | (14) |
Amortization of net loss | 216 | 154 | 188 |
Net pension cost | $ 2,022 | $ 1,736 | $ 1,770 |
Pension Plans - Schedule of Pro
Pension Plans - Schedule of Provision for Pension Benefit Obligation Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |||
Net actuarial (gain) / loss | $ (1,841) | $ 1,027 | $ 67 |
Amortization of prior service credit | 23 | 14 | 14 |
Amortization of net loss | (216) | (154) | (188) |
Provision for pension benefit obligation | $ (2,034) | $ 887 | $ (107) |
Pension Plans - Schedule of Ben
Pension Plans - Schedule of Benefit Payments Expected to be Paid (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | |
2021 | $ 827 |
2022 | 873 |
2023 | 904 |
2024 | 923 |
2025 | 1,048 |
2026 to 2029 | $ 5,134 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Earnings Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | |||
Net loss | $ (102,773) | $ (105,386) | $ (82,338) |
Net loss available to ordinary shareholders - basic and diluted | $ (102,773) | $ (105,386) | $ (82,338) |
Denominator: | |||
Weighted-average shares outstanding - basic and diluted | 71,610,035 | 54,874,391 | 40,839,309 |
Loss per share - basic and diluted | $ (1.44) | $ (1.92) | $ (2.02) |
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 | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 2,717,924 | 3,078,611 | 12,009,870 |
Exercise Of Options To Purchase Ordinary Shares [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 1,848,052 | 1,936,397 | 2,096,283 |
Restricted Share Units Awarded, Including Multi-Year Performance [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 694,347 | 966,689 | 773,379 |
Exercise Of Warrants At $16.14 Per Share [Member] | |||
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 | 111,525 |
Exercise Of Warrants At $9.375 Per Share [Member] | |||
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 | 64,000 |
Exercise Of Warrants At $5.80 Per Share [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Ordinary shares issuable excluded from computation of earnings per share | 8,414,683 | ||
Exercise Of Warrants At $0.01 Per Share [Member] | |||
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 _2
Net Loss Per Share - Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share (Detail) (Parenthetical) - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Exercise Of Warrants At $16.14 Per Share [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Exercise price of warrants per share | $ 16.14 | $ 16.14 | $ 16.14 |
Exercise Of Warrants At $9.375 Per Share [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Exercise price of warrants per share | $ 9.375 | $ 9.375 | 9.375 |
Exercise Of Warrants At $5.80 Per Share [Member] | |||
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 [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Exercise price of warrants per share | $ 0.01 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Detail) £ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020USD ($)ft²Sublease | Mar. 31, 2020GBP (£)ft² | Mar. 31, 2019USD ($) | |
Lessee Lease Description [Line Items] | |||
Number of sublease agreements | Sublease | 0 | ||
Area of conventional reagents manufacturing facility | ft² | 87,200 | 87,200 | |
Lease commencement period | 2018-03 | ||
Lease expiration period | 2052-09 | ||
Lease term | 5 years | 5 years | |
Lessee, operating lease, extended term | 5 years | 5 years | |
Lessee, operating lease, option to extend, description | This lease was extended for a further five-year period to March 14, 2025. | ||
Lessee, operating lease, existence of option to extend | true | ||
Lessee, operating lease, expiration date | Mar. 14, 2025 | ||
Operating lease right-of-use assets | $ 21,493 | ||
Operating lease liability | 22,947 | ||
Operating lease liability, current | 3,033 | ||
Finance lease right of use asset | 2,126 | ||
Finance lease liability | 1,715 | ||
Finance lease liability, current | 598 | $ 471 | |
Other Non-current Assets [Member] | |||
Lessee Lease Description [Line Items] | |||
Rent deposit | $ 4,500 | £ 3,600 | $ 4,700 |
Minimum [Member] | |||
Lessee Lease Description [Line Items] | |||
Lease term | 1 year | 1 year | |
Maximum [Member] | |||
Lessee Lease Description [Line Items] | |||
Lease term | 3 years | 3 years |
Lease Commitments - Schedule of
Lease Commitments - Schedule of Elements of Lease Expense (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 3,694 |
Finance lease cost | |
Amortization of right-of-use asset | 832 |
Interest on lease liabilities | 119 |
Short-term lease cost | 69 |
Total lease cost | $ 4,714 |
Lease Commitments - Summary of
Lease Commitments - Summary of Other Information Related to Leases (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2020USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Operating leases - operating cash flows | $ 3,043 |
Finance leases - finance cash flows | 524 |
Finance leases - operating cash flows | 119 |
Non-cash leases activity | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 5,160 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 969 |
Weighted average remaining lease terms (in years) | |
Operating leases | 30 years |
Finance leases | 2 years 3 months 18 days |
Weighted average discount rate | |
Operating leases | 10.80% |
Finance leases | 4.50% |
Lease Commitments - Schedule _2
Lease Commitments - Schedule of Future Lease Payments Required Under Non-Cancellable Operating Leases (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 3,335 |
2022 | 3,319 |
2023 | 3,050 |
2024 | 3,055 |
2025 | 3,105 |
Thereafter | 66,138 |
Total lease payments | 82,002 |
Less : imputed interest | (59,055) |
Total operating lease liabilities | $ 22,947 |
Lease Commitments - Schedule _3
Lease Commitments - Schedule of Future Lease Payments Required Under Finance Leases (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 720 |
2022 | 838 |
2023 | 349 |
2024 | 7 |
Total lease payments | 1,914 |
Less : imputed interest | (199) |
Total finance lease liabilities | $ 1,715 |
Lease Commitments - Schedule _4
Lease Commitments - Schedule of Future Minimum Lease Payments Required Under Non-Cancellable Operating Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 3,387 |
2021 | 1,861 |
2022 | 1,858 |
2023 | 1,830 |
2024 | 1,841 |
Thereafter | 71,507 |
Total minimum future lease payments | $ 82,284 |
Lease Commitments - Schedule _5
Lease Commitments - Schedule of Future Minimum Lease Payments Required Under Finance Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 471 |
2021 | 369 |
2022 | 306 |
2023 | 190 |
Total minimum future lease payments | $ 1,336 |