Quotient (QTNTQ) 10-Q 6 Nov 20 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2020	Nov. 04, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	QTNT
Title of 12(b) Security	Ordinary Shares, nil par value
Security Exchange Name	NASDAQ
Entity Registrant Name	QUOTIENT LIMITED
Entity Central Index Key	0001596946
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		101,021,719
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly 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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 18,125	$ 3,923
Short-term investments	144,618	116,871
Trade accounts receivable, net	4,518	5,402
Inventories	22,798	20,501
Prepaid expenses and other current assets	5,851	3,775
Total current assets	195,910	150,472
Restricted cash	9,031	9,017
Property and equipment, net	39,912	40,165
Operating lease right-of-use assets	21,557	21,493
Intangible assets, net	614	625
Deferred income taxes	237	237
Other non-current assets	4,634	4,454
Total assets	271,895	226,463
Current liabilities:
Accounts payable	5,138	4,826
Accrued compensation and benefits	5,191	7,210
Accrued expenses and other current liabilities	17,410	15,490
Current portion of long-term debt	12,083
Current portion of operating lease liability	3,138	3,033
Current portion of finance lease obligation	577	598
Total current liabilities	43,537	31,157
Long-term debt, less current portion	145,326	153,024
Operating lease liability, less current portion	20,282	19,914
Finance lease obligation, less current portion	921	1,117
Defined benefit pension plan obligation	7,169	6,353
7% Cumulative redeemable preference shares	20,950	20,425
Total liabilities	238,185	231,990
Commitments and contingencies
Shareholders' equity (deficit):
Ordinary shares (nil par value) 100,965,451 and 80,398,326 issued and outstanding at September 30, 2020 and March 31, 2020 respectively	540,769	459,931
Additional paid in capital	35,416	33,132
Accumulated other comprehensive loss	(18,636)	(15,155)
Accumulated deficit	(523,839)	(483,435)
Total shareholders' equity (deficit)	33,710	(5,527)
Total liabilities and shareholders' equity (deficit)	$ 271,895	$ 226,463

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Statement Of Financial Position [Abstract]
Preference share dividend percentage	7.00%	7.00%
Common stock, par value
Common stock, shares issued	100,965,451	80,398,326
Common stock, shares outstanding	100,965,451	80,398,326

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Total revenue	$ 16,066	$ 7,846	$ 24,990	$ 16,015
Cost of revenue	(4,499)	(3,970)	(9,913)	(8,534)
Gross profit	11,567	3,876	15,077	7,481
Operating expenses:
Sales and marketing	(2,231)	(2,253)	(4,474)	(4,833)
Research and development, net of government grants	(12,878)	(13,083)	(24,328)	(24,736)
General and administrative expense:
Compensation expense in respect of share options and management equity incentives	(1,324)	(1,001)	(2,284)	(2,179)
Other general and administrative expenses	(8,232)	(5,980)	(16,810)	(12,597)
Total general and administrative expense	(9,556)	(6,981)	(19,094)	(14,776)
Total operating expense	(24,665)	(22,317)	(47,896)	(44,345)
Operating loss	(13,098)	(18,441)	(32,819)	(36,864)
Other income (expense):
Interest expense, net	(6,858)	(7,291)	(12,784)	(13,376)
Other, net	4,998	(1,244)	5,231	(294)
Other expense, net	(1,860)	(8,535)	(7,553)	(13,670)
Loss before income taxes	(14,958)	(26,976)	(40,372)	(50,534)
Provision for income taxes	(17)	(14)	(32)	(27)
Net loss	(14,975)	(26,990)	(40,404)	(50,561)
Other comprehensive income (loss):
Change in fair value of foreign currency cash flow hedges	279	(158)	276	(278)
Change in unrealized gain on short-term investments	(79)	47	(483)	194
Foreign currency gain (loss)	(3,447)	(11)	(3,301)	(1,025)
Provision for pension benefit obligation	14	48	27	96
Other comprehensive loss, net	(3,233)	(74)	(3,481)	(1,013)
Comprehensive loss	(18,208)	(27,064)	(43,885)	(51,574)
Net loss available to ordinary shareholders - basic and diluted	$ (14,975)	$ (26,990)	$ (40,404)	$ (50,561)
Loss per share - basic and diluted	$ (0.18)	$ (0.41)	$ (0.49)	$ (0.76)
Weighted-average shares outstanding - basic and diluted	83,949,195	66,291,548	82,227,052	66,185,501
Product Sales [Member]
Revenue:
Total revenue	$ 8,543	$ 7,096	$ 17,467	$ 15,265
Other Revenues [Member]
Revenue:
Total revenue	$ 7,523	$ 750	$ 7,523	$ 750

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Cumulative Effect of Accounting Changes [Member]	Ordinary Shares [Member]	Additional paid in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member]Cumulative Effect of Accounting Changes [Member]
Beginning balance at Mar. 31, 2019	$ 1,714		$ 368,958	$ 28,665	$ (14,884)	$ (381,025)
Beginning balance, Shares at Mar. 31, 2019			65,900,447
Issue of shares upon exercise of incentive share options and vesting of RSU's, Amount	377		$ 377
Issue of shares upon exercise of incentive share options and vesting of RSU's, Shares			466,259
Net loss	(50,561)					(50,561)
Change in the fair value of foreign currency cash flow hedges	(278)				(278)
Change in unrealized gain on short-term investments	194				194
Foreign currency gain (loss) on:
Long-term investment nature intra-entity balances	10,406				10,406
Retranslation of foreign entities	(11,431)				(11,431)
Provision for pension benefit obligation	96				96
Other comprehensive loss	(1,013)				(1,013)
Stock-based compensation	2,179			2,179
Ending balance at Sep. 30, 2019	(46,941)	$ 363	$ 369,335	30,844	(15,897)	(431,223)	$ 363
Ending balance, Shares at Sep. 30, 2019			66,366,706
Beginning balance at Jun. 30, 2019	(21,192)		$ 369,021	29,843	(15,823)	(404,233)
Beginning balance, Shares at Jun. 30, 2019			66,212,893
Issue of shares upon exercise of incentive share options and vesting of RSU's, Amount	314		$ 314
Issue of shares upon exercise of incentive share options and vesting of RSU's, Shares			153,813
Net loss	(26,990)					(26,990)
Change in the fair value of foreign currency cash flow hedges	(158)				(158)
Change in unrealized gain on short-term investments	47				47
Foreign currency gain (loss) on:
Long-term investment nature intra-entity balances	2,118				2,118
Retranslation of foreign entities	(2,129)				(2,129)
Provision for pension benefit obligation	48				48
Other comprehensive loss	(74)				(74)
Stock-based compensation	1,001			1,001
Ending balance at Sep. 30, 2019	(46,941)	$ 363	$ 369,335	30,844	(15,897)	(431,223)	$ 363
Ending balance, Shares at Sep. 30, 2019			66,366,706
Beginning balance at Mar. 31, 2020	$ (5,527)		$ 459,931	33,132	(15,155)	(483,435)
Beginning balance, Shares at Mar. 31, 2020	80,398,326		80,398,326
Issue of shares, net of issue costs, Amount	$ 80,685		$ 80,685
Issue of shares, net of issue costs, Shares			20,294,117
Issue of shares upon exercise of incentive share options and vesting of RSU's, Amount	153		$ 153
Issue of shares upon exercise of incentive share options and vesting of RSU's, Shares			273,008
Net loss	(40,404)					(40,404)
Change in the fair value of foreign currency cash flow hedges	276				276
Change in unrealized gain on short-term investments	(483)				(483)
Foreign currency gain (loss) on:
Long-term investment nature intra-entity balances	844				844
Retranslation of foreign entities	(4,145)				(4,145)
Provision for pension benefit obligation	27				27
Other comprehensive loss	(3,481)				(3,481)
Stock-based compensation	2,284			2,284
Ending balance at Sep. 30, 2020	$ 33,710		$ 540,769	35,416	(18,636)	(523,839)
Ending balance, Shares at Sep. 30, 2020	100,965,451		100,965,451
Beginning balance at Jun. 30, 2020	$ (30,185)		$ 459,990	34,092	(15,403)	(508,864)
Beginning balance, Shares at Jun. 30, 2020			80,593,440
Issue of shares, net of issue costs, Amount	80,685		$ 80,685
Issue of shares, net of issue costs, Shares			20,294,117
Issue of shares upon exercise of incentive share options and vesting of RSU's, Amount	94		$ 94
Issue of shares upon exercise of incentive share options and vesting of RSU's, Shares			77,894
Net loss	(14,975)					(14,975)
Change in the fair value of foreign currency cash flow hedges	279				279
Change in unrealized gain on short-term investments	(79)				(79)
Foreign currency gain (loss) on:
Long-term investment nature intra-entity balances	(3,841)				(3,841)
Retranslation of foreign entities	394				394
Provision for pension benefit obligation	14				14
Other comprehensive loss	(3,233)				(3,233)
Stock-based compensation	1,324			1,324
Ending balance at Sep. 30, 2020	$ 33,710		$ 540,769	$ 35,416	$ (18,636)	$ (523,839)
Ending balance, Shares at Sep. 30, 2020	100,965,451		100,965,451

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Statement Of Stockholders Equity [Abstract]
Issue of shares, issue costs	$ 5,565	$ 5,565

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES:
Net loss	$ (40,404)	$ (50,561)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, amortization and loss on disposal of fixed assets	4,126	6,070
Share-based compensation	2,284	2,179
Increase in deferred lease rentals	346	148
Swiss pension obligation	516	363
Amortization of deferred debt issue costs	4,386	5,041
Accrued preference share dividends	525	525
Income taxes	32	27
Net change in assets and liabilities:
Trade accounts receivable, net	1,093	(1,161)
Inventories	(1,411)	(2,874)
Accounts payable and accrued liabilities	1,896	(63)
Accrued compensation and benefits	(2,215)	(1,764)
Other assets	(1,807)	(648)
Net cash used in operating activities	(30,633)	(42,718)
INVESTING ACTIVITIES:
Increase in short-term investments	(72,247)	(15,000)
Realization of short-term investments	44,016	38,926
Purchase of property and equipment	(2,069)	(2,558)
Net cash (used in) /generated from investing activities	(30,300)	21,368
FINANCING ACTIVITIES:
Repayment of finance leases	(356)	(210)
Proceeds from drawdown of new debt		25,000
Debt issuance costs and fees paid to noteholders		(874)
Proceeds from issuance of ordinary shares and warrants	80,838	377
Net cash generated from financing activities	80,482	24,293
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash	(5,333)	277
Change in cash, cash equivalents and restricted cash	14,216	3,220
Beginning cash, cash equivalents and restricted cash	12,940	11,603
Ending cash, cash equivalents and restricted cash	27,156	14,823
Supplemental cash flow disclosures:
Interest paid	8,765	7,239
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	18,125	5,816
Restricted cash	9,031	9,007
Ending cash, cash equivalents and restricted cash	$ 27,156	$ 14,823

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Note 1. Description of Business and Basis of Presentation Description of Business The principal activity of Quotient Limited (the “Company”) and its subsidiaries (the “Group”) is the development, manufacture and sale of products for the global transfusion diagnostics market. Products manufactured by the Group are sold to hospitals, blood banking operations and other diagnostics companies worldwide. Basis of Presentation The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and are unaudited. In accordance with those rules and regulations, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly the financial position, results of operations, changes in shareholders’ equity and cash flows for the interim periods presented. The March 31, 2020 balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. However, the Company believes that the disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the audited consolidated financial statements at and for the year ended March 31, 2020 included in the Company’s Annual Report on Form 10-K for the year then ended. The results of operations for the six month period ended September 30, 2020 are not necessarily indicative of the results of operations that may be expected for the year ending March 31, 2021 and any future period. The Company has incurred net losses and negative cash flows from operations in each year since it commenced operations in 2007 and had an accumulated deficit of $523.8 million as of September 30, 2020. At September 30, 2020, the Company had available cash holdings and short-term investments of $162.7 million. Following the completion of a public offering which raised $80.7 million of net proceeds (see Note 7), and the resolution of the Ortho arbitration (see Notes 2 and 6), t In the longer term, 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 existing available cash and short-term investment balances, cash generated through on-going sales of the Company’s COVID-19 antibody test, and the issuance of new equity or debt.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. On March 11, 2020, the World Health Organization declared the outbreak of a strain of novel coronavirus disease, COVID-19, a global pandemic. The extent to which the COVID-19 pandemic will impact the Company’s business, operations and financial results will depend on future developments and numerous evolving factors, which are highly uncertain and difficult to predict. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At September 30, 2020 and March 31, 2020, all cash and cash equivalents comprised readily accessible cash balances. Restricted cash comprised $8,700 at both September 30, 2020 and March 31, 2020, held in a cash reserve account pursuant to the indenture governing the Company’s 12% Senior Secured Notes (“the Secured Notes”) and $331 and $317 at September 30, 2020 and March 31, 2020, 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 money-market funds which are valued daily and which have no minimum notice period for withdrawals. The funds are 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 funds based on the quoted value of the funds at the balance sheet date. Unrealized gains or losses are recorded in accumulated other comprehensive loss and are transferred to the statement of comprehensive loss when they are realized. Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and are not interest bearing. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible trade receivables. Movements in the allowance for doubtful accounts are recorded in general and administrative expenses. The Company reviews its trade receivables to identify specific customers with known disputes or collectability issues. In addition, the Company maintains an allowance for all other receivables not included in the specific reserve by applying specific rates of projected uncollectible receivables to the various aging categories. In determining these percentages, the Company analyzes its historical collection experience, customer credit-worthiness, current and forecast economic trends and changes in customer payment terms. Concentration of Credit Risks and Other Uncertainties The carrying amounts for financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short maturities. Derivative instruments, consisting of foreign exchange contracts, and short-term investments are stated at their estimated fair values, based on quoted market prices for the same or similar instruments. The counterparties to the foreign exchange contracts consist of large financial institutions of high credit standing. The short-term investments are invested in a fund which is invested in a portfolio of holdings and the creditworthiness requirement for individual investment holdings is a minimum of an A rating from a leading credit-rating agency. The Company’s main financial institutions for banking operations held all of the Company’s cash and cash equivalents as of September 30, 2020 and March 31, 2020. 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 September 30, 2020 and March 31, 2020. This customer represented 61% and 70% of the accounts receivable balances as of September 30, 2020 and March 31, 2020, respectively. The Company currently sells products through its direct sales force and through third-party distributors. There was one customer that accounted for 10% or more of total product sales for the six month periods ended September 30, 2020 and September 30, 2019. This customer represented 58% and 60% of total product sales for the the six month period ended September 30, 2020 and the six month period ended September 30, 2019, respectively. Fair Value of Financial Instruments The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company’s valuation techniques used to measure fair value maximized the use of observable inputs and minimized the use of unobservable inputs. The fair value hierarchy is based on the following three levels of inputs: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. See Note 6, “Commitment and Contingencies,” for information and related disclosures regarding the Company’s fair value measurements. Inventory Inventory is stated at the lower of standard cost 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 September 30, 2020 and March 31, 2020. Property and Equipment Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets as follows: • Plant, machinery and equipment—3 to 20 years; • Leasehold improvements—the shorter of the lease term or the estimated useful life of the asset. Repairs and maintenance expenditures, which are not considered improvements and do not extend the useful life of property and equipment, are expensed as incurred. Intangible Assets Intangible assets related to product licenses are recorded at cost, less accumulated amortization. Intangible assets related to technology and other intangible assets acquired in acquisitions are recorded at fair value at the date of acquisition, less accumulated amortization. Intangible assets are amortized over their estimated useful lives, on a straight-line basis as follows: Customer relationships—5 years Brands associated with acquired cell lines—40 years Product licenses—10 years Other intangibles assets—7 years The Company reviews its intangible assets for impairment and conducts an impairment review when events or circumstances indicate the carrying value of a long-lived asset may be impaired by estimating the future undiscounted cash flows to be derived from an asset to assess whether or not a potential impairment exists. No impairment losses have been recorded in either of the six month periods ended September 30, 2020 or September 30, 2019. 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 shipment 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. A s a result, the milestone-related revenues have been recognized as the contractual milestones are achieved. Pursuant to an Umbrella Supply Agreement with Ortho-Clinical Diagnostics, Inc. (“Ortho”), the Company executed a product attachment relating to the development of a range of rare antisera products. During the year ended March 31, 2020, the Company recognized milestones totaling $1,050 related to the approval by the FDA of an 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, t he Company’s subsidiaries, Quotient Suisse and QBD (QS-IP) Limited, Ortho initiated an arbitration proceeding as result of the Company's termination of the Prior Ortho Agreement. See Note 6, "Commitments and Contingencies—Ortho Arbitration and Settlement," for details. On September 4, 2020, the Company and Ortho entered into a binding letter agreement (the “Letter Agreement”) pursuant to which the Company and Ortho agreed: • to confirm the termination of the Prior Ortho Agreement and various related contracts; • to end the parties’ disputes regarding the Prior Ortho Agreement by executing mutual releases and terminating their pending arbitration proceeding related to the Prior Ortho Agreement (see Note 6); and • to negotiate in good faith, and use their respective reasonable best efforts to execute, a new distribution agreement (the “New Distribution Agreement”) based on the terms set forth in the Letter Agreement, but if for any reason no such definitive agreement is reached, the Letter Agreement will govern the parties’ respective rights and obligations as a binding contract. Pursuant to the Letter Agreement, Ortho made an initial, non-refundable milestone payment of $7.5 million to the Company on the date of the Letter Agreement. In the Letter Agreement, the Company and Ortho have agreed that Ortho has the right to distribute, market and sell a dedicated MosaiQ microarray optimized for the patient transfusion diagnostics market (the “MosaiQ IH3 Microarray”) in the European Territory (defined as the European Economic Area plus the United Kingdom and Switzerland) and in the United States, solely for use in testing the immuno-hematological profile of the blood of medical patients in the course of their care or treatment. Ortho’s rights in the two territories each are for one ten-year In addition to the initial $7.5 million milestone payment, Ortho is required to make up to another $60 million of additional milestone payments upon achievement of certain regulatory milestones and commercial sales benchmarks, including up to $25 million upon the achievement by Ortho of certain cumulative gross revenue hurdles. The Company has concluded that the initial $7.5 million milestone represents a payment in respect of development work undertaken to date in respect of the MosaiQ IH3 Microarray and accordingly has recognized the revenue in the quarter ended September 30, 2020. The Company has also concluded that each of the remaining milestones under the Letter Agreement require significant levels of development work to be undertaken and there is no certainty at the start of the projects that the development work will be successful, these milestones are substantive and, accordingly, the revenue will be recognized when the milestones are achieved. In the six month period ended September 3 0 , 20 20 , revenue recognized from performance obligations related to prior periods was not material and , at September 30 , 20 20 , 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, which requires 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 September 30, 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 or 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 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 Accounting Standard Update, or 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 A SU 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. 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 September 30, 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) Pension Obligation The Company maintains a pension plan covering employees in Switzerland pursuant to the requirements of Swiss pension law. Certain aspects of the plan require that it be accounted for as a defined benefit plan pursuant to Accounting Standards Codification Topic, 715 Compensation – Retirement Benefits The Company uses an actuarial valuation to determine its pension benefit costs and credits. The amounts calculated depend on a variety of key assumptions, including discount rates and expected return on plan assets. Details of the assumptions used to determine the net funded status are set out in the notes to the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 20 20 . The Company’s pension plan assets are assigned to their respective levels in the fair value hierarchy in accordance with the valuation principles described in the ‘‘Fair Value of Financial Instruments’’ section above. Adoption of New Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses”. The standard, including subsequently issued amendments, 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 Company adopted ASU 2016-13 on April 1, 2020. The adoption of this standard did not have a material impact on the unaudited condensed consolidated financial statements and related disclosures. 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 adopted ASU 2018-14 on April 1, 2020. The adoption of this standard did not have a material impact on the unaudited condensed consolidated financial statements and related disclosures.

Intangible Assets

Intangible Assets	6 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 3. Intangible Assets September 30, 2020 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,534 $ (2,534 ) $ — — Brands associated with acquired cell lines 523 (171 ) 352 26.9 years Product licenses 882 (620 ) 262 3.0 years Other intangibles 165 (165 ) — — Total $ 4,104 $ (3,490 ) $ 614 16.7 years 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 3.3 years Other intangibles 158 (158 ) — — Total $ 3,945 $ (3,320 ) $ 625 16.5 years

Debt

Debt	6 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Note 4. Debt Long-term debt comprises: September 30, 2020 March 31, 2020 Total debt $ 145,000 $ 145,000 Less current portion 12,083 — $ 132,917 $ 145,000 Royalty liability $ 19,060 $ 15,473 Deferred debt costs, net of amortization (6,651 ) (7,449 ) Long-term debt, less current portion $ 145,326 $ 153,024 The Company’s debt at September 30, 2020 and March 31, 2020, comprises the Secured Notes. On October 14, 2016, the Company completed the private placement of up to $120 million aggregate principal amount of the Secured Notes and entered into an indenture governing the Secured Notes with the guarantors party thereto and U.S. Bank National Association, a national banking association, as trustee and collateral agent. 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 installment 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” $87.0 at At September 30, 2020, the outstanding debt was repayable as follows: Within 1 year $ 12,083 Between 1 and 2 years 30,208 Between 2 and 3 years 48,334 Between 3 and 4 years 54,375 Between 4 and 5 years — Total debt $ 145,000 The Company’s condensed consolidated balance sheet as of June 30, 2020 incorrectly classified $12,083 thousand of indebtedness as non-current liabilities instead of as current liabilities. The error had no impact on the condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in shareholders’ equity or condensed consolidated statement of cash flows for the 3 months ended June 30, 2020 or total liabilities shown in the condensed consolidated balance sheet as of June 30, 2020.

Consolidated Balance Sheet Deta

Consolidated Balance Sheet Detail	6 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Consolidated Balance Sheet Detail	Note 5. Consolidated Balance Sheet Detail Inventory The following table summarizes inventory by category for the dates presented: September 30, 2020 March 31, 2020 Raw materials $ 10,825 $ 9,737 Work in progress 9,564 8,522 Finished goods 2,409 2,242 Total inventories $ 22,798 $ 20,501 Inventory at September 30, 2020 included $8,867 of raw materials, $5,248 of work in progress and $438 of finished goods related to the MosaiQ Property and equipment The following table summarizes property and equipment by categories for the dates presented: September 30, 2020 March 31, 2020 Plant and equipment $ 61,685 $ 57,726 Leasehold improvements 32,807 31,395 Total property and equipment 94,492 89,121 Less: accumulated depreciation (54,580 ) (48,956 ) Total property and equipment, net $ 39,912 $ 40,165 Depreciation expenses were $2,154 and $3,009 in the quarters ended September 30, 2020 and September 30, 2019, respectively, and $4,090 and $6,022 in the six month periods ended September 30, 2020 and 2019, respectively. During the quarter ended June 30, 2020, the Company reassessed the useful economic lives of equipment used in the production line at its facility in Eysins, Switzerland. Based on lower utilization rates than initially estimated, the remaining useful lives of the equipment was increased from 4 years to 6 years. The impact of these changes in remaining useful lives was to reduce the depreciation expenses for the six month period ended September 30, 2020 by $598. Accrued compensation and benefits Accrued compensation and benefits consist of the following: September 30, 2020 March 31, 2020 Salary and related benefits $ 1,479 $ 635 Accrued vacation 646 521 Accrued payroll taxes 1,191 1,200 Accrued incentive payments 1,875 3,700 Accrued termination and transition payments — 1,154 Total accrued compensation and benefits $ 5,191 $ 7,210 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. The final payments under these arrangements were made during the quarter ended June 30, 2020. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: September 30, 2020 March 31, 2020 Accrued legal and professional fees $ 1,651 $ 829 Accrued interest 8,056 8,056 Goods received not invoiced 2,511 1,724 Accrued capital expenditure 1,284 1,287 Other accrued expenses 3,908 3,594 Total accrued expenses and other current liabilities $ 17,410 $ 15,490

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and Contingencies Hedging arrangements The Company’s subsidiary in the United Kingdom (“UK”) has entered into three contracts to sell $500 in each calendar month from October 2020 through December 2020 at £1:$1.2520, three contracts to sell $500 in each calendar month from January 2021 through March 2021 at £1:$1.335, three contracts to sell $500 in each calendar month from April 2021 through June 2021 at £1:$1.2630, and three contracts to sell $500 in each calendar month from July 2021 through September 2021 at £1:$1.260, as hedges of its U.S. dollar denominated revenues. The fair values of these contracts in place at September 30, 2020, and similar contracts in place at March 31, 2020, amounted to assets of $49 and liabilities of $227, respectively. Fair value measurements The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy: September 30, 2020 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 14,585 $ — $ 14,585 Short-term investments (2) 144,618 — — 144,618 Foreign currency forward contracts (3) $ — $ 103 $ — $ 103 Total assets measured at fair value $ 144,618 $ 14,688 $ — $ 159,306 September 30, 2020 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 54 $ — $ 54 Total liabilities measured at fair value $ — $ 54 $ — $ 54 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 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 (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. See Note 10, “Defined Benefit Pension Plans”. (2) The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date. See Note 2, “Summary of Significant Accounting Policies – Short-term Investments”. (3) The fair value of foreign currency forward contracts has been determined by calculating the present value of future cash flows, estimated using market-based observable inputs including forward and spot exchange rates and interest rate curves obtained from third party market price quotations. The total unrealized gains on the short-term investments were $423 and $863 in the six month periods ended September 30, 2020 and September 30, 2019, respectively. The amount of these unrealized gains reclassified to earnings were $906 and $669 in the six month periods ended September 30, 2020 and September 30, 2019, respectively. Ortho Arbitration and Settlement The Company’s subsidiaries, Quotient Suisse and QBD (QS-IP) Limited were party to the Prior Ortho Agreement with Ortho related to the commercialization and distribution of certain MosaiQ products. See Note 2, “Summary of Significant Accounting Policies—Revenue Recognition,” for information regarding the Prior Ortho 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 On November 27, 2019, the Company delivered a notice to Ortho that it had terminated the Prior Ortho Agreement, effective as of December 27, 2019. The Company did not realize any revenue under the Prior Ortho Agreement prior to its termination. On or about November 17, 2019, Ortho initiated an arbitration proceeding in which it sought a declaration that the Company did not have the right to terminate the Prior Ortho Agreement, specific performance of certain provisions of the Prior 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 pursued counterclaims against Ortho, including that it had the right to terminate the Prior Ortho Agreement and damages that included the milestone payments due under the Prior Ortho Agreement (see Note 2, " Summary of Significant Accounting Policies—Revenue Recognition," for details). In addition, on December 20, 2019, the Company entered into an agreement with Ortho pursuant to which it agreed, while the arbitration was pending, not to grant commercialization rights in respect of products that overlapped with Ortho’s rights under the Prior Ortho Agreement without prior written notice to Ortho. On September 4, 2020, the Company and Ortho entered into the Letter Agreement, pursuant to which the Company and Ortho agreed to confirm the termination of the Prior Ortho Agreement and various related contracts and to end the parties’ disputes regarding the Prior Ortho Agreement by executing mutual releases and terminating their pending arbitration proceeding related to the Prior Ortho Agreement. The Company and Ortho also agreed to negotiate in good faith, and use their respective reasonable best efforts to execute, the New Distribution Agreement based on the terms set forth in the Letter Agreement, but if for any reason no such definitive agreement is reached, the Letter Agreement will govern the parties’ respective rights and obligations as a binding contract. See Note 2, "Summary of Significant Accounting Policies—Revenue Recognition," for further details regarding the commercial terms included in the Letter Agreement.

Ordinary and Preference Shares

Ordinary and Preference Shares	6 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Ordinary and Preference Shares	Note 7. Ordinary and Preference Shares Ordinary shares The Company’s issued and outstanding ordinary shares were as follows: Shares Issued and Outstanding September 30, 2020 March 31, 2020 Par value Ordinary shares 100,965,451 80,398,326 $ — Total 100,965,451 80,398,326 $ — On September 15, 2020, the Company completed a public offering of 20,294,117 newly issued ordinary shares at $4.25 per share which raised $86.3 million of gross proceeds before underwriting discounts and other offering expenses of $5.6 million. Preference shares The Company’s issued and outstanding preference shares consist of the following: Shares Issued and Outstanding Liquidation amount per share September 30, 2020 March 31, 2020 September 30, 2020 March 31, 2020 7% Cumulative Redeemable Preference shares 666,665 666,665 $ 31.43 $ 30.64 Total 666,665 666,665 The 7% Cumulative Redeemable Preference shares were issued to Ortho-Clinical Diagnostics Finco S.A.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 unaudited condensed consolidated balance sheet.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 8. Share-Based Compensation The Company records share-based compensation expense in respect of options and restricted share units (“RSUs”) issued under its share incentive plans. Share-based compensation expense amounted to $1,324 and $1,001 in the quarters ended September 30, 2020 and September 30, 2019, respectively, and $2,284 and $2,179 in the six month periods ended September 30, 2020 and September 30, 2019, respectively. Share option activity The following table summarizes share option activity: Number of Share Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual (Months) Outstanding — March 31, 2020 1,848,052 $ 7.73 70 Granted 106,360 6.45 120 Exercised (12,628 ) 7.67 — Forfeited (42,504 ) 10.43 — Outstanding — September 30, 2020 1,899,280 $ 7.60 67 Exercisable — September 30, 2020 1,653,387 $ 7.76 60 The closing price of the Company’s ordinary shares on the Nasdaq Global Market at September 30, 2020 was $5.14. The following table summarizes the options granted in the financial year ending March 31, 2021 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 May 24, 2020 60,438 $ 7.69 $ 7.69 $ 4.96 September 1, 2020 45,922 4.81 4.81 3.07 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 option pricing model. The total fair value of option awards in the six month periods ended September 30, 2020 and September 30, 2019 amounted to $441 and $185, 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 price volatility of the Company’s shares over a period equal to the expected terms of the options. 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 assumptions applicable to the share options issued in the six month period ended September 30, 2020 is as follows: May 24, 2020 September 1, 2020 Risk-free interest rate 0.65 % 0.69 % Expected lives (years) 6 6 Volatility 74.50 % 73.30 % Dividend yield — — Grant date fair value (per share) $ 7.69 $ 4.81 Number granted 60,438 45,922 A summary of the RSUs in issue at September 30, 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 809,422 14 N/A RSUs subject to milestone based vesting 45,000 N/A N/A At September 30, 2020, 809,422 RSUs were subject to time-based vesting and the weighted average remaining vesting period was 14 months. In addition, 45,000 RSUs were subject to vesting based on the achievement of various business milestones related mainly to the development, approval and marketing of MosaiQ.

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes A reconciliation of the income tax expense at the statutory rate to the provision for income taxes is as follows: Quarter ended September 30, Six months ended September 30, 2020 2019 2020 2019 Income tax expense at statutory rate $ — $ — $ — $ — Foreign tax rate differential (845 ) (679 ) (1,246 ) (1,599 ) Increase in valuation allowance against deferred tax assets 862 693 1,278 1,626 Provision for income tax $ 17 $ 14 $ 32 $ 27 Significant components of deferred tax are as follows: September 30, 2020 March 31, 2020 Provisions and reserves $ 1,426 $ 1,315 Operating lease liability 3,875 3,409 Fixed asset basis difference 95 — Net operating loss carry forwards 20,508 19,526 Gross deferred tax assets $ 25,904 $ 24,250 Fixed asset basis difference $ — $ (90 ) Operating lease right-of-use assets $ (3,875 ) $ (3,409 ) Gross deferred tax liabilities $ (3,875 ) $ (3,499 ) Net deferred tax asset $ 22,029 $ 20,751 Valuation allowance (21,792 ) (20,514 ) Total $ 237 $ 237 The balance sheet classification of deferred tax is as follows: September 30, 2020 March 31, 2020 Net noncurrent deferred tax assets $ 237 $ 237 Total $ 237 $ 237 The following table summarizes the activity related to the Company’s uncertain tax positions (excluding interest and penalties and related tax attributes): Quarter ended September 30, Six months ended September 30, 2020 2019 2020 2019 Balance at beginning of period $ 1,216 $ — $ 1,216 $ — Increases related to current year tax positions — — — — Increases related to prior years tax positions — — — — Balance at end of period $ 1,216 $ — $ 1,216 $ — As of September 30, 2020, the Company has an unrecognized benefit of $1,216, 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. In connection with the sale and leaseback transaction of the Company’s conventional reagents manufacturing facility, near Edinburgh, Scotland (the “Alan Robb Campus (“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 September 30, 2020. If the transfer of the allowances was regarded as being effective at September 30, 2020, the financial statements would reflect an additional deferred tax expense of $1,257 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.

Defined Benefit Pension Plans

Defined Benefit Pension Plans	6 Months Ended
	Sep. 30, 2020
Defined Benefit Plan Net Periodic Benefit Cost [Abstract]
Defined Benefit Pension Plans	Note 10. Defined Benefit Pension Plans The Company’s Swiss subsidiary has a fully insured pension plan managed by Swiss Life. The costs of this plan were: Quarter ended Six months ended September 30, September 30, 2020 2019 2020 2019 Employer service cost $ 627 $ 450 $ 1,198 $ 906 Interest cost 32 31 62 62 Expected return on plan assets (64 ) (31 ) (121 ) (62 ) Amortization of prior service credit 14 (5 ) 27 (11 ) Amortization of net loss — 53 — 107 Net pension cost $ 609 $ 498 $ 1,166 $ 1,002 The employer contributions for the six month periods ended September 30, 2020 and September 30, 2019 were $652 and $638, respectively. The estimated employer contributions for the fiscal year ending March 31, 2021 are $1,255.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Loss Per Share	Note 11. Net Loss Per Share In accordance with Accounting Standards Codification Topic 260 “ Earnings Per Share The following table sets forth the computation of basic and diluted loss per ordinary share: Quarter ended Six months ended September 30, September 30, 2020 2019 2020 2019 Numerator: Net loss $ (14,975 ) $ (26,990 ) $ (40,404 ) $ (50,561 ) Net loss available to ordinary shareholders - basic and diluted $ (14,975 ) $ (26,990 ) $ (40,404 ) $ (50,561 ) Denominator: Weighted-average shares outstanding - basic and diluted 83,949,195 66,291,548 82,227,052 66,185,501 Loss per share - basic and diluted $ (0.18 ) $ (0.41 ) $ (0.49 ) $ (0.76 ) The following table sets out the numbers of ordinary shares excluded from the above computation of earnings per share at September 30, 2020 and September 30, 2019 as their inclusion would have been anti-dilutive: September 30, 2020 September 30, 2019 Ordinary shares issuable on exercise of options to purchase ordinary shares 1,899,280 1,815,417 Restricted share units awarded, including the multi-year performance related restricted share units 854,422 846,383 Ordinary shares issuable on exercise of warrants at $16.14 per share 111,525 111,525 Ordinary shares issuable on exercise of warrants at $9.375 per share 64,000 64,000 2,929,227 2,837,325

Lease Commitments

Lease Commitments	6 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lease Commitments	12. 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, 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 $4.6 million at September 30, 2020 and $4.4 million at March 31, 2020 and is included within other non-current assets in the consolidated balance sheets. In March 2015 the Company signed a five-year five-year one to three-year 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 an 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 September 30, 2020, an operating lease right-of-use asset of $21,557 and an operating lease liability of $23,420 (including a current portion of $3,138) were reflected on the condensed consolidated balance sheet. 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 September 30, 2020, the Company had entered into finance leases for the purchase of plant and equipment that had net book values of $1,763. An associated finance lease liability of $1,498 (including a current portion of $577) was 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 $2,216. 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: Quarter ended September 30, Six months ended September 30, 2020 2019 2020 2019 Lease cost Operating lease cost $ 1,068 $ 908 $ 2,129 $ 1,810 Finance lease cost Amortization of right-of-use asset 323 54 516 109 Interest on lease liabilities 34 27 71 55 Short-term lease cost 17 17 34 34 Total lease cost $ 1,442 $ 1,006 $ 2,750 $ 2,008 Other information related to leases was as follows: Supplemental cash flow information Six months ended September 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows $ 1,821 $ 1,476 Finance leases - financing cash flows $ 356 $ 210 Finance leases - operating cash flows $ 65 $ 44 Non-cash leases activity Right-of-use assets obtained in exchange for new operating lease liabilities $ 56 $ 4,625 Right-of-use assets obtained in exchange for new finance lease liabilities $ 93 $ 28 Lease term and discount rate As of September 30, 2020 Weighted average remaining lease terms (in years) Operating leases 29.7 Finance leases 2.0 Weighted average discount rate Operating leases 10.9 % Finance leases 9.2 % Future lease payments required under non-cancellable operating leases were as follows: September 30, 2020 March 31, 2020 2021 (excluding the six months ended September 30, 2020) $ 1,764 $ 3,335 2022 3,492 3,319 2023 3,199 3,050 2024 3,190 3,055 2025 3,236 3,105 Thereafter 68,800 66,138 Total lease payments $ 83,681 $ 82,002 Less : imputed interest (60,261 ) (59,055 ) Total operating lease liabilities $ 23,420 $ 22,947 Future lease payments required under finance leases were as follows: September 30, 2020 March 31, 2020 2021 (excluding the six months ended September 30, 2020) $ 345 $ 720 2022 901 838 2023 390 349 2024 34 7 Total lease payments $ 1,670 $ 1,914 Less : imputed interest (172 ) (199 ) Total finance lease liabilities $ 1,498 $ 1,715

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. On March 11, 2020, the World Health Organization declared the outbreak of a strain of novel coronavirus disease, COVID-19, a global pandemic. The extent to which the COVID-19 pandemic will impact the Company’s business, operations and financial results will depend on future developments and numerous evolving factors, which are highly uncertain and difficult to predict.
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. At September 30, 2020 and March 31, 2020, all cash and cash equivalents comprised readily accessible cash balances. Restricted cash comprised $8,700 at both September 30, 2020 and March 31, 2020, held in a cash reserve account pursuant to the indenture governing the Company’s 12% Senior Secured Notes (“the Secured Notes”) and $331 and $317 at September 30, 2020 and March 31, 2020, 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 money-market funds which are valued daily and which have no minimum notice period for withdrawals. The funds are 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 funds based on the quoted value of the funds at the balance sheet date. Unrealized gains or losses are recorded in accumulated other comprehensive loss and are transferred to the statement of comprehensive loss when they are realized.
Trade Accounts Receivable	Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and are not interest bearing. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible trade receivables. Movements in the allowance for doubtful accounts are recorded in general and administrative expenses. The Company reviews its trade receivables to identify specific customers with known disputes or collectability issues. In addition, the Company maintains an allowance for all other receivables not included in the specific reserve by applying specific rates of projected uncollectible receivables to the various aging categories. In determining these percentages, the Company analyzes its historical collection experience, customer credit-worthiness, current and forecast economic trends and changes in customer payment terms.
Concentration of Credit Risks and Other Uncertainties	Concentration of Credit Risks and Other Uncertainties The carrying amounts for financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short maturities. Derivative instruments, consisting of foreign exchange contracts, and short-term investments are stated at their estimated fair values, based on quoted market prices for the same or similar instruments. The counterparties to the foreign exchange contracts consist of large financial institutions of high credit standing. The short-term investments are invested in a fund which is invested in a portfolio of holdings and the creditworthiness requirement for individual investment holdings is a minimum of an A rating from a leading credit-rating agency. The Company’s main financial institutions for banking operations held all of the Company’s cash and cash equivalents as of September 30, 2020 and March 31, 2020. 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 September 30, 2020 and March 31, 2020. This customer represented 61% and 70% of the accounts receivable balances as of September 30, 2020 and March 31, 2020, respectively. The Company currently sells products through its direct sales force and through third-party distributors. There was one customer that accounted for 10% or more of total product sales for the six month periods ended September 30, 2020 and September 30, 2019. This customer represented 58% and 60% of total product sales for the the six month period ended September 30, 2020 and the six month period ended September 30, 2019, respectively.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company’s valuation techniques used to measure fair value maximized the use of observable inputs and minimized the use of unobservable inputs. The fair value hierarchy is based on the following three levels of inputs: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. See Note 6, “Commitment and Contingencies,” for information and related disclosures regarding the Company’s fair value measurements.
Inventory	Inventory Inventory is stated at the lower of standard cost 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 September 30, 2020 and March 31, 2020.
Property and Equipment	Property and Equipment Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets as follows: • Plant, machinery and equipment—3 to 20 years; • Leasehold improvements—the shorter of the lease term or the estimated useful life of the asset. Repairs and maintenance expenditures, which are not considered improvements and do not extend the useful life of property and equipment, are expensed as incurred.
Intangible Assets	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 assets—7 years The Company reviews its intangible assets for impairment and conducts an impairment review when events or circumstances indicate the carrying value of a long-lived asset may be impaired by estimating the future undiscounted cash flows to be derived from an asset to assess whether or not a potential impairment exists. No impairment losses have been recorded in either of the six month periods ended September 30, 2020 or September 30, 2019.
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 shipment 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. A s a result, the milestone-related revenues have been recognized as the contractual milestones are achieved. Pursuant to an Umbrella Supply Agreement with Ortho-Clinical Diagnostics, Inc. (“Ortho”), the Company executed a product attachment relating to the development of a range of rare antisera products. During the year ended March 31, 2020, the Company recognized milestones totaling $1,050 related to the approval by the FDA of an 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, t he Company’s subsidiaries, Quotient Suisse and QBD (QS-IP) Limited, Ortho initiated an arbitration proceeding as result of the Company's termination of the Prior Ortho Agreement. See Note 6, "Commitments and Contingencies—Ortho Arbitration and Settlement," for details. On September 4, 2020, the Company and Ortho entered into a binding letter agreement (the “Letter Agreement”) pursuant to which the Company and Ortho agreed: • to confirm the termination of the Prior Ortho Agreement and various related contracts; • to end the parties’ disputes regarding the Prior Ortho Agreement by executing mutual releases and terminating their pending arbitration proceeding related to the Prior Ortho Agreement (see Note 6); and • to negotiate in good faith, and use their respective reasonable best efforts to execute, a new distribution agreement (the “New Distribution Agreement”) based on the terms set forth in the Letter Agreement, but if for any reason no such definitive agreement is reached, the Letter Agreement will govern the parties’ respective rights and obligations as a binding contract. Pursuant to the Letter Agreement, Ortho made an initial, non-refundable milestone payment of $7.5 million to the Company on the date of the Letter Agreement. In the Letter Agreement, the Company and Ortho have agreed that Ortho has the right to distribute, market and sell a dedicated MosaiQ microarray optimized for the patient transfusion diagnostics market (the “MosaiQ IH3 Microarray”) in the European Territory (defined as the European Economic Area plus the United Kingdom and Switzerland) and in the United States, solely for use in testing the immuno-hematological profile of the blood of medical patients in the course of their care or treatment. Ortho’s rights in the two territories each are for one ten-year In addition to the initial $7.5 million milestone payment, Ortho is required to make up to another $60 million of additional milestone payments upon achievement of certain regulatory milestones and commercial sales benchmarks, including up to $25 million upon the achievement by Ortho of certain cumulative gross revenue hurdles. The Company has concluded that the initial $7.5 million milestone represents a payment in respect of development work undertaken to date in respect of the MosaiQ IH3 Microarray and accordingly has recognized the revenue in the quarter ended September 30, 2020. The Company has also concluded that each of the remaining milestones under the Letter Agreement require significant levels of development work to be undertaken and there is no certainty at the start of the projects that the development work will be successful, these milestones are substantive and, accordingly, the revenue will be recognized when the milestones are achieved. In the six month period ended September 3 0 , 20 20 , revenue recognized from performance obligations related to prior periods was not material and , at September 30 , 20 20 , 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, which requires 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 September 30, 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 or 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 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 Accounting Standard Update, or 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 A SU 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.
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 September 30, 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)
Pension Obligation	Pension Obligation The Company maintains a pension plan covering employees in Switzerland pursuant to the requirements of Swiss pension law. Certain aspects of the plan require that it be accounted for as a defined benefit plan pursuant to Accounting Standards Codification Topic, 715 Compensation – Retirement Benefits The Company uses an actuarial valuation to determine its pension benefit costs and credits. The amounts calculated depend on a variety of key assumptions, including discount rates and expected return on plan assets. Details of the assumptions used to determine the net funded status are set out in the notes to the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 20 20 . The Company’s pension plan assets are assigned to their respective levels in the fair value hierarchy in accordance with the valuation principles described in the ‘‘Fair Value of Financial Instruments’’ section above.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses”. The standard, including subsequently issued amendments, 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 Company adopted ASU 2016-13 on April 1, 2020. The adoption of this standard did not have a material impact on the unaudited condensed consolidated financial statements and related disclosures. 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 adopted ASU 2018-14 on April 1, 2020. The adoption of this standard did not have a material impact on the unaudited condensed consolidated financial statements and related disclosures.

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	September 30, 2020 Gross Carrying Amount Accumulated Amortization Net Amount Weighted Average Remaining Useful Customer relationships $ 2,534 $ (2,534 ) $ — — Brands associated with acquired cell lines 523 (171 ) 352 26.9 years Product licenses 882 (620 ) 262 3.0 years Other intangibles 165 (165 ) — — Total $ 4,104 $ (3,490 ) $ 614 16.7 years 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 3.3 years Other intangibles 158 (158 ) — — Total $ 3,945 $ (3,320 ) $ 625 16.5 years

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt comprises: September 30, 2020 March 31, 2020 Total debt $ 145,000 $ 145,000 Less current portion 12,083 — $ 132,917 $ 145,000 Royalty liability $ 19,060 $ 15,473 Deferred debt costs, net of amortization (6,651 ) (7,449 ) Long-term debt, less current portion $ 145,326 $ 153,024
Schedule of Outstanding Debt	At September 30, 2020, the outstanding debt was repayable as follows: Within 1 year $ 12,083 Between 1 and 2 years 30,208 Between 2 and 3 years 48,334 Between 3 and 4 years 54,375 Between 4 and 5 years — Total debt $ 145,000

Consolidated Balance Sheet De_2

Consolidated Balance Sheet Detail (Tables)	6 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Inventory	The following table summarizes inventory by category for the dates presented: September 30, 2020 March 31, 2020 Raw materials $ 10,825 $ 9,737 Work in progress 9,564 8,522 Finished goods 2,409 2,242 Total inventories $ 22,798 $ 20,501
Summary of Property and Equipment	The following table summarizes property and equipment by categories for the dates presented: September 30, 2020 March 31, 2020 Plant and equipment $ 61,685 $ 57,726 Leasehold improvements 32,807 31,395 Total property and equipment 94,492 89,121 Less: accumulated depreciation (54,580 ) (48,956 ) Total property and equipment, net $ 39,912 $ 40,165
Summary of Accrued Compensation and Benefits	Accrued compensation and benefits consist of the following: September 30, 2020 March 31, 2020 Salary and related benefits $ 1,479 $ 635 Accrued vacation 646 521 Accrued payroll taxes 1,191 1,200 Accrued incentive payments 1,875 3,700 Accrued termination and transition payments — 1,154 Total accrued compensation and benefits $ 5,191 $ 7,210
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: September 30, 2020 March 31, 2020 Accrued legal and professional fees $ 1,651 $ 829 Accrued interest 8,056 8,056 Goods received not invoiced 2,511 1,724 Accrued capital expenditure 1,284 1,287 Other accrued expenses 3,908 3,594 Total accrued expenses and other current liabilities $ 17,410 $ 15,490

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [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: September 30, 2020 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 14,585 $ — $ 14,585 Short-term investments (2) 144,618 — — 144,618 Foreign currency forward contracts (3) $ — $ 103 $ — $ 103 Total assets measured at fair value $ 144,618 $ 14,688 $ — $ 159,306 September 30, 2020 Level 1 Level 2 Level 3 Total Liabilities: Foreign currency forward contracts (3) $ — $ 54 $ — $ 54 Total liabilities measured at fair value $ — $ 54 $ — $ 54 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 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 (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. See Note 10, “Defined Benefit Pension Plans”. (2) The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date. See Note 2, “Summary of Significant Accounting Policies – Short-term Investments”. (3) The fair value of foreign currency forward contracts has been determined by calculating the present value of future cash flows, estimated using market-based observable inputs including forward and spot exchange rates and interest rate curves obtained from third party market price quotations.

Ordinary and Preference Shares

Ordinary and Preference Shares (Tables)	6 Months Ended
	Sep. 30, 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 September 30, 2020 March 31, 2020 September 30, 2020 March 31, 2020 7% Cumulative Redeemable Preference shares 666,665 666,665 $ 31.43 $ 30.64 Total 666,665 666,665
Ordinary Shares [Member]
Class Of Stock [Line Items]
Summary of Shares Issued and Outstanding	The Company’s issued and outstanding ordinary shares were as follows: Shares Issued and Outstanding September 30, 2020 March 31, 2020 Par value Ordinary shares 100,965,451 80,398,326 $ — Total 100,965,451 80,398,326 $ —

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Sep. 30, 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, 2020 1,848,052 $ 7.73 70 Granted 106,360 6.45 120 Exercised (12,628 ) 7.67 — Forfeited (42,504 ) 10.43 — Outstanding — September 30, 2020 1,899,280 $ 7.60 67 Exercisable — September 30, 2020 1,653,387 $ 7.76 60
Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value	The following table summarizes the options granted in the financial year ending March 31, 2021 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 May 24, 2020 60,438 $ 7.69 $ 7.69 $ 4.96 September 1, 2020 45,922 4.81 4.81 3.07
Summary of Assumptions to Share Options Issued	A summary of the assumptions applicable to the share options issued in the six month period ended September 30, 2020 is as follows: May 24, 2020 September 1, 2020 Risk-free interest rate 0.65 % 0.69 % Expected lives (years) 6 6 Volatility 74.50 % 73.30 % Dividend yield — — Grant date fair value (per share) $ 7.69 $ 4.81 Number granted 60,438 45,922
Summary of RSUs	A summary of the RSUs in issue at September 30, 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 809,422 14 N/A RSUs subject to milestone based vesting 45,000 N/A N/A

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Reconciliation of the Income Tax Expenses at the Statutory Rate	A reconciliation of the income tax expense at the statutory rate to the provision for income taxes is as follows: Quarter ended September 30, Six months ended September 30, 2020 2019 2020 2019 Income tax expense at statutory rate $ — $ — $ — $ — Foreign tax rate differential (845 ) (679 ) (1,246 ) (1,599 ) Increase in valuation allowance against deferred tax assets 862 693 1,278 1,626 Provision for income tax $ 17 $ 14 $ 32 $ 27
Components of Deferred Tax	Significant components of deferred tax are as follows: September 30, 2020 March 31, 2020 Provisions and reserves $ 1,426 $ 1,315 Operating lease liability 3,875 3,409 Fixed asset basis difference 95 — Net operating loss carry forwards 20,508 19,526 Gross deferred tax assets $ 25,904 $ 24,250 Fixed asset basis difference $ — $ (90 ) Operating lease right-of-use assets $ (3,875 ) $ (3,409 ) Gross deferred tax liabilities $ (3,875 ) $ (3,499 ) Net deferred tax asset $ 22,029 $ 20,751 Valuation allowance (21,792 ) (20,514 ) Total $ 237 $ 237
Classification of Deferred Tax	The balance sheet classification of deferred tax is as follows: September 30, 2020 March 31, 2020 Net noncurrent deferred tax assets $ 237 $ 237 Total $ 237 $ 237
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): Quarter ended September 30, Six months ended September 30, 2020 2019 2020 2019 Balance at beginning of period $ 1,216 $ — $ 1,216 $ — Increases related to current year tax positions — — — — Increases related to prior years tax positions — — — — Balance at end of period $ 1,216 $ — $ 1,216 $ —

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	6 Months Ended
	Sep. 30, 2020
Defined Benefit Plan Net Periodic Benefit Cost [Abstract]
Schedule of Net Pension Costs	The Company’s Swiss subsidiary has a fully insured pension plan managed by Swiss Life. The costs of this plan were: Quarter ended Six months ended September 30, September 30, 2020 2019 2020 2019 Employer service cost $ 627 $ 450 $ 1,198 $ 906 Interest cost 32 31 62 62 Expected return on plan assets (64 ) (31 ) (121 ) (62 ) Amortization of prior service credit 14 (5 ) 27 (11 ) Amortization of net loss — 53 — 107 Net pension cost $ 609 $ 498 $ 1,166 $ 1,002

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Computation of Loss Per Share Basic and Diluted	The following table sets forth the computation of basic and diluted loss per ordinary share: Quarter ended Six months ended September 30, September 30, 2020 2019 2020 2019 Numerator: Net loss $ (14,975 ) $ (26,990 ) $ (40,404 ) $ (50,561 ) Net loss available to ordinary shareholders - basic and diluted $ (14,975 ) $ (26,990 ) $ (40,404 ) $ (50,561 ) Denominator: Weighted-average shares outstanding - basic and diluted 83,949,195 66,291,548 82,227,052 66,185,501 Loss per share - basic and diluted $ (0.18 ) $ (0.41 ) $ (0.49 ) $ (0.76 )
Summary of Number of Ordinary Shares Excluded from Computation of Earnings Per Share	The following table sets out the numbers of ordinary shares excluded from the above computation of earnings per share at September 30, 2020 and September 30, 2019 as their inclusion would have been anti-dilutive: September 30, 2020 September 30, 2019 Ordinary shares issuable on exercise of options to purchase ordinary shares 1,899,280 1,815,417 Restricted share units awarded, including the multi-year performance related restricted share units 854,422 846,383 Ordinary shares issuable on exercise of warrants at $16.14 per share 111,525 111,525 Ordinary shares issuable on exercise of warrants at $9.375 per share 64,000 64,000 2,929,227 2,837,325

Lease Commitments (Tables)

Lease Commitments (Tables)	6 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Elements of Lease Expense	The elements of lease expense were as follows: Quarter ended September 30, Six months ended September 30, 2020 2019 2020 2019 Lease cost Operating lease cost $ 1,068 $ 908 $ 2,129 $ 1,810 Finance lease cost Amortization of right-of-use asset 323 54 516 109 Interest on lease liabilities 34 27 71 55 Short-term lease cost 17 17 34 34 Total lease cost $ 1,442 $ 1,006 $ 2,750 $ 2,008
Summary of Other Information Related to Leases	Other information related to leases was as follows: Supplemental cash flow information Six months ended September 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating leases - operating cash flows $ 1,821 $ 1,476 Finance leases - financing cash flows $ 356 $ 210 Finance leases - operating cash flows $ 65 $ 44 Non-cash leases activity Right-of-use assets obtained in exchange for new operating lease liabilities $ 56 $ 4,625 Right-of-use assets obtained in exchange for new finance lease liabilities $ 93 $ 28 Lease term and discount rate As of September 30, 2020 Weighted average remaining lease terms (in years) Operating leases 29.7 Finance leases 2.0 Weighted average discount rate Operating leases 10.9 % Finance leases 9.2 %
Schedule of Future Lease Payments Required Under Non-Cancellable Operating Leases	Future lease payments required under non-cancellable operating leases were as follows: September 30, 2020 March 31, 2020 2021 (excluding the six months ended September 30, 2020) $ 1,764 $ 3,335 2022 3,492 3,319 2023 3,199 3,050 2024 3,190 3,055 2025 3,236 3,105 Thereafter 68,800 66,138 Total lease payments $ 83,681 $ 82,002 Less : imputed interest (60,261 ) (59,055 ) Total operating lease liabilities $ 23,420 $ 22,947
Schedule of Future Lease Payments Required Under Finance Leases	Future lease payments required under finance leases were as follows: September 30, 2020 March 31, 2020 2021 (excluding the six months ended September 30, 2020) $ 345 $ 720 2022 901 838 2023 390 349 2024 34 7 Total lease payments $ 1,670 $ 1,914 Less : imputed interest (172 ) (199 ) Total finance lease liabilities $ 1,498 $ 1,715

Description of Business and B_2

Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Accounting Policies [Abstract]
Accumulated deficit	$ (523,839)	$ (483,435)
Cash holdings and short-term investments	162,700
Net proceeds from issuance of ordinary shares	$ 80,700

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended	6 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)Customer	Sep. 30, 2020USD ($)Customer	Sep. 30, 2019USD ($)Customer	Mar. 31, 2020USD ($)Customer	Dec. 31, 2018USD ($)
Significant Accounting Policies [Line Items]
Restricted cash	$ 9,031,000	$ 9,031,000	$ 9,007,000	$ 9,017,000
Number of customer represent 10% or more of accounts receivable | Customer	1	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		$ 0
Impairment losses		$ 0	$ 0
Class of warrants description		As of September 30, 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 or increase of the Company’s then existing secured term loan facility.
Accounting Standards Update 2016-13 [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, adopted	true	true
Change in accounting principle, adoption date	Apr. 1, 2020	Apr. 1, 2020
Change in accounting principle, immaterial effect	true	true
Accounting Standards Update 2018-14 [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, adopted	true	true
Change in accounting principle, adoption date	Apr. 1, 2020	Apr. 1, 2020
Change in accounting principle, immaterial effect	true	true
Secured Notes [Member]
Significant Accounting Policies [Line Items]
Senior secured notes, Interest rate	12.00%	12.00%
Debt instrument one-time consent payment					$ 3,900,000
Customer Relationships [Member]
Significant Accounting Policies [Line Items]
Intangible assets amortization over estimated useful life		5 years
Brands Associated with Acquired Cell Lines [Member]
Significant Accounting Policies [Line Items]
Intangible assets amortization over estimated useful life		40 years
Product Licenses [Member]
Significant Accounting Policies [Line Items]
Intangible assets amortization over estimated useful life		10 years
Other Intangibles Assets [Member]
Significant Accounting Policies [Line Items]
Intangible assets amortization over estimated useful life		7 years
Distribution and Supply Agreement [Member]
Significant Accounting Policies [Line Items]
Milestone amount receivable upon fulfillment of achievement	$ 59,000,000	$ 59,000,000
Minimum [Member]
Significant Accounting Policies [Line Items]
Plant, machinery and equipment useful life		4 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Plant, machinery and equipment useful life		6 years
Plant, Machinery and Equipment [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Plant, machinery and equipment useful life		3 years
Plant, Machinery and Equipment [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Plant, machinery and equipment useful life		20 years
Ortho's [Member]
Significant Accounting Policies [Line Items]
Milestone revenue recognized				$ 1,050,000
Non-refundable milestone payment		$ 7,500,000
Ortho's [Member] | Letter Agreement [Member]
Significant Accounting Policies [Line Items]
Non-refundable milestone payment		$ 7,500,000
Commencing on receipt of specified regulatory approvals period		10 years
Ortho's [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Additional milestone payments receivable upon achievement of regulatory milestones and commercial sales benchmarks	60,000,000	$ 60,000,000
Milestone payments receivable upon achievement of cumulative gross revenue hurdles	25,000,000	$ 25,000,000
MosaiQ [Member]
Significant Accounting Policies [Line Items]
Revenue recognized for milestone represents payment in respect of development work	7,500,000
MosaiQ [Member] | Secured Notes [Member]
Significant Accounting Policies [Line Items]
Debt instrument subscribers rights to receive payment as percentage of net MosaiQ sales		3.40%
Credit Concentration Risk [Member] | Accounts Receivable [Member]
Significant Accounting Policies [Line Items]
Concentration risk percentage		61.00%		70.00%
Customer Concentration Risk [Member] | Sales [Member] | Product [Member]
Significant Accounting Policies [Line Items]
Concentration risk percentage		58.00%	60.00%
Security For Property Rental Obligations of Subsidiary [Member]
Significant Accounting Policies [Line Items]
Restricted cash	$ 331,000	$ 331,000		$ 317,000
Senior Secured Notes Due 2024 [Member]
Significant Accounting Policies [Line Items]
Senior secured notes, Interest rate	12.00%	12.00%
Senior Secured Notes Due 2024 [Member] | Cash Reserve Account Held by Collateral Agent [Member]
Significant Accounting Policies [Line Items]
Restricted cash	$ 8,700,000	$ 8,700,000		$ 8,700,000

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,104	$ 3,945
Accumulated Amortization	(3,490)	(3,320)
Net Carrying Amount	$ 614	$ 625
Weighted Average Remaining Useful Life	16 years 8 months 12 days	16 years 6 months
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,534	$ 2,436
Accumulated Amortization	(2,534)	(2,436)
Brands Associated with Acquired Cell Lines [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	523	502
Accumulated Amortization	(171)	(158)
Net Carrying Amount	$ 352	$ 344
Weighted Average Remaining Useful Life	26 years 10 months 24 days	27 years 4 months 24 days
Product Licenses [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 882	$ 849
Accumulated Amortization	(620)	(568)
Net Carrying Amount	$ 262	$ 281
Weighted Average Remaining Useful Life	3 years	3 years 3 months 18 days
Other Intangibles [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 165	$ 158
Accumulated Amortization	$ (165)	$ (158)

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Debt Disclosure [Abstract]
Total debt	$ 145,000	$ 145,000
Less current portion	12,083
Long-term debt	132,917	145,000
Royalty liability	19,060	15,473
Deferred debt costs, net of amortization	(6,651)	(7,449)
Long-term debt, less current portion	$ 145,326	$ 153,024

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	May 15, 2019	Jun. 29, 2018	Oct. 14, 2016	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Mar. 31, 2020	Dec. 18, 2018
Debt Instrument [Line Items]
Aggregate principal amount of notes issued					$ 25,000,000
Current portion of long-term debt				$ 12,083,000
Reclassification of Non-current Liabilities to Current Liabilities [Member]
Debt Instrument [Line Items]
Current portion of long-term debt						$ 12,083,000
Secured Notes [Member]
Debt Instrument [Line Items]
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	$ 1,500,000			$ 8,700,000
Debt instrument date of first required payment, interest			Apr. 15, 2017
Debt instrument date of first required payment, principal				Apr. 15, 2021
Debt instrument, interest rate				12.00%
Secured Notes [Member] | MosaiQ [Member]
Debt Instrument [Line Items]
Aggregate principal amount of notes issued	$ 25,000,000
Debt instrument subscribers rights to receive payment as percentage of net MosaiQ sales				3.40%
Estimated amount under royalty agreement				$ 90,700,000			$ 87,000,000
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	Sep. 30, 2020	Mar. 31, 2020
Long-term Debt, Rolling Maturity [Abstract]
Within 1 year	$ 12,083
Between 1 and 2 years	30,208
Between 2 and 3 years	48,334
Between 3 and 4 years	54,375
Total debt	$ 145,000	$ 145,000

Consolidated Balance Sheet De_3

Consolidated Balance Sheet Detail - Summary of Inventory (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 10,825	$ 9,737
Work in progress	9,564	8,522
Finished goods	2,409	2,242
Total inventories	$ 22,798	$ 20,501

Consolidated Balance Sheet De_4

Consolidated Balance Sheet Detail - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Sep. 30, 2020
Raw materials	$ 9,737	$ 10,825
Work in progress	8,522	9,564
Finished goods	2,242	2,409
Termination benefit costs	1,323
Transition benefit costs	807
MosaiQ Project [Member]
Raw materials	8,093	8,867
Work in progress	4,395	5,248
Finished goods	$ 368	$ 438

Consolidated Balance Sheet De_5

Consolidated Balance Sheet Detail - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment	$ 94,492	$ 89,121
Less: accumulated depreciation	(54,580)	(48,956)
Total property and equipment, net	39,912	40,165
Plant and Equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	61,685	57,726
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 32,807	$ 31,395

Consolidated Balance Sheet De_6

Consolidated Balance Sheet Detail - Summary of Property and Equipment (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Depreciation expenses	$ 2,154	$ 3,009	$ 4,090	$ 6,022
Reduction in depreciation expenses	$ 598		$ 598
Minimum [Member]
Plant, machinery and equipment useful life			4 years
Maximum [Member]
Plant, machinery and equipment useful life			6 years

Consolidated Balance Sheet De_7

Consolidated Balance Sheet Detail - Summary of Accrued Compensation and Benefits (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Compensation Related Costs [Abstract]
Salary and related benefits	$ 1,479	$ 635
Accrued vacation	646	521
Accrued payroll taxes	1,191	1,200
Accrued incentive payments	1,875	3,700
Accrued termination and transition payments		1,154
Total accrued compensation and benefits	$ 5,191	$ 7,210

Consolidated Balance Sheet De_8

Consolidated Balance Sheet Detail - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Payables And Accruals [Abstract]
Accrued legal and professional fees	$ 1,651	$ 829
Accrued interest	8,056	8,056
Goods received not invoiced	2,511	1,724
Accrued capital expenditure	1,284	1,287
Other accrued expenses	3,908	3,594
Total accrued expenses and other current liabilities	$ 17,410	$ 15,490

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	6 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)Contracts$ / shares$ / £	Sep. 30, 2019USD ($)	Mar. 31, 2020USD ($)
Commitments And Contingencies [Line Items]
Total assets measured at fair value	$ 49
Total liabilities measured at fair value			$ 227
Unrealized gains on short-term investments	423	$ 863
Unrealized gains reclassified to earnings	$ 906	$ 669
Preference share dividend percentage	7.00%		7.00%
Subscriptions price of stock	$ 25,000
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
October 2020 through December 2020 [Member]
Commitments And Contingencies [Line Items]
Number of forward exchange contracts | Contracts	3
Forward exchange contracts sold	$ 500
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £	1.2520
January 2021 through March 2021 [Member]
Commitments And Contingencies [Line Items]
Number of forward exchange contracts | Contracts	3
Forward exchange contracts sold	$ 500
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £	1.335
April 2021 through June 2021 [Member]
Commitments And Contingencies [Line Items]
Number of forward exchange contracts | Contracts	3
Forward exchange contracts sold	$ 500
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £	1.2630
July 2021 through September 2021 [Member]
Commitments And Contingencies [Line Items]
Number of forward exchange contracts | Contracts	3
Forward exchange contracts sold	$ 500
Forward exchange contracts exchange rate pounds sterling to US dollar | $ / £	1.260

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Sep. 30, 2020	Mar. 31, 2020
Assets:
Total assets measured at fair value		$ 49
Liabilities:
Total liabilities measured at fair value			$ 227
Recurring [Member]
Assets:
Total assets measured at fair value		159,306	129,307
Liabilities:
Total liabilities measured at fair value		54	227
Recurring [Member] | Pension plan assets [Member]
Assets:
Total assets measured at fair value	[1]	14,585	12,436
Recurring [Member] | Short-term Investments [Member]
Assets:
Total assets measured at fair value	[2]	144,618	116,871
Recurring [Member] | Foreign currency forward contracts [Member]
Assets:
Total assets measured at fair value		103
Liabilities:
Total liabilities measured at fair value	[3]	54	227
Recurring [Member] | Level 1 [Member]
Assets:
Total assets measured at fair value		144,618	116,871
Recurring [Member] | Level 1 [Member] | Short-term Investments [Member]
Assets:
Total assets measured at fair value	[2]	144,618	116,871
Recurring [Member] | Level 2 [Member]
Assets:
Total assets measured at fair value		14,688	12,436
Liabilities:
Total liabilities measured at fair value		54	227
Recurring [Member] | Level 2 [Member] | Pension plan assets [Member]
Assets:
Total assets measured at fair value	[1]	14,585	12,436
Recurring [Member] | Level 2 [Member] | Foreign currency forward contracts [Member]
Assets:
Total assets measured at fair value		103
Liabilities:
Total liabilities measured at fair value	[3]	$ 54	$ 227
[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. See Note 10, “Defined Benefit Pension Plans”.
[2]	The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date.  See Note 2, “Summary of Significant Accounting Policies – Short-term Investments”.
[3]	The fair value of foreign currency forward contracts has been determined by calculating the present value of future cash flows, estimated using market-based observable inputs including forward and spot exchange rates and interest rate curves obtained from third party market price quotations.

Ordinary and Preference Share_2

Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Detail) - $ / shares	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Class Of Stock [Line Items]
Ordinary shares, shares issued	100,965,451		80,398,326
Ordinary shares, shares outstanding	100,965,451		80,398,326
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	$ 31.43		$ 30.64
Ordinary Shares [Member]
Class Of Stock [Line Items]
Ordinary shares, shares issued	100,965,451		80,398,326
Ordinary shares, shares outstanding	100,965,451	80,593,440	80,398,326	66,366,706	66,212,893	65,900,447
Ordinary shares, par value

Ordinary and Preference Share_3

Ordinary and Preference Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Sep. 15, 2020	Sep. 30, 2020	Sep. 30, 2020	Jan. 29, 2015
Class Of Stock [Line Items]
Subscriptions price, per share				$ 22.50
Ordinary Shares [Member]
Class Of Stock [Line Items]
Issue of shares, net of issue costs, Shares	20,294,117	20,294,117	20,294,117
Newly issued ordinary price per share	$ 4.25
Proceeds from issuance of ordinary shares	$ 86.3
Underwriting discounts and other offering expenses	$ 5.6

Ordinary and Preference Share_4

Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
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	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 1,324	$ 1,001	$ 2,284	$ 2,179
Total fair value of stock options granted			$ 441	$ 185
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.
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	809,422		809,422
Weighted average remaining vesting period			14 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		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
Ordinary Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company's closing share price	$ 5.14		$ 5.14

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share Option Activity (Detail) - $ / shares	Sep. 01, 2020	May 24, 2020	Sep. 30, 2020	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Share Options Outstanding, Beginning Balance			1,848,052
Number of Share Options Outstanding, Granted	45,922	60,438	106,360
Number of Share Options Outstanding, Exercised			(12,628)
Number of Share Options Outstanding, Forfeited			(42,504)
Number of Share Options Outstanding, Ending Balance			1,899,280	1,848,052
Number of Share Options Outstanding, Exercisable			1,653,387
Weighted-Average Exercise Price, Beginning Balance			$ 7.73
Weighted-Average Exercise Price, Granted			6.45
Weighted-Average Exercise Price, Exercised			7.67
Weighted-Average Exercise Price, Forfeited			10.43
Weighted-Average Exercise Price, Ending Balance			7.60	$ 7.73
Weighted-Average Exercise Price, Exercisable			$ 7.76
Weighted-Average Remaining Contractual Life, Outstanding			67 months	70 months
Weighted-Average Remaining Contractual Life, Granted			120 months
Weighted-Average Remaining Contractual Life, Exercisable			60 months

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value (Detail) - $ / shares	Sep. 01, 2020	May 24, 2020	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options Granted	45,922	60,438	106,360
Exercise Price			$ 6.45
Ordinary Shares Fair Value Per Share at Grant Date	$ 4.81	$ 7.69
May 24, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date			May 24, 2020
Number of Options Granted			60,438
Exercise Price			$ 7.69
Ordinary Shares Fair Value Per Share at Grant Date			7.69
Per Share Intrinsic Value of Options			$ 4.96
September 1, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date			Sep. 1, 2020
Number of Options Granted			45,922
Exercise Price			$ 4.81
Ordinary Shares Fair Value Per Share at Grant Date			4.81
Per Share Intrinsic Value of Options			$ 3.07

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Assumptions to Share Options Issued (Detail) - $ / shares	Sep. 01, 2020	May 24, 2020	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	0.69%	0.65%
Expected lives (years)	6 years	6 years
Volatility	73.30%	74.50%
Grant date fair value (per share)	$ 4.81	$ 7.69
Number granted	45,922	60,438	106,360

Share-Based Compensation - Su_4

Share-Based Compensation - Summary of RSUs (Detail) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Sep. 30, 2020shares
Time Based Vesting [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs Outstanding	809,422
Weighted Average Remaining Vesting Period (Months)	14 months
Milestone Vesting [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs Outstanding	45,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Income Tax Expenses at the Statutory Rate (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Foreign tax rate differential	$ (845)	$ (679)	$ (1,246)	$ (1,599)
Increase in valuation allowance against deferred tax assets	862	693	1,278	1,626
Provision for income tax	$ 17	$ 14	$ 32	$ 27

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Provisions and reserves	$ 1,426	$ 1,315
Operating lease liability	3,875	3,409
Fixed asset basis difference	95
Net operating loss carry forwards	20,508	19,526
Gross deferred tax assets	25,904	24,250
Fixed asset basis difference		(90)
Operating lease right-of-use assets	(3,875)	(3,409)
Gross deferred tax liabilities	(3,875)	(3,499)
Net deferred tax asset	22,029	20,751
Valuation allowance	(21,792)	(20,514)
Total	$ 237	$ 237

Income Taxes - Classification o

Income Taxes - Classification of Deferred Tax (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Net noncurrent deferred tax assets	$ 237	$ 237
Total	$ 237	$ 237

Income Taxes - Summary of Activ

Income Taxes - Summary of Activity Related to Uncertain Tax Positions (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Income Tax Uncertainties [Abstract]
Balance at beginning of period	$ 1,216	$ 1,216
Balance at end of period	$ 1,216	$ 1,216

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized benefit	$ 1,216	$ 1,216	$ 1,216
Interest expense carryforward, disqualified as interest expense	613
Impact of reassessment of transfer pricing policies	603
Additional deferred tax expense	$ 1,257

Defined Benefit Pension Plans -

Defined Benefit Pension Plans - Schedule of Net Pension Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Defined Benefit Plan Net Periodic Benefit Cost [Abstract]
Employer service cost	$ 627	$ 450	$ 1,198	$ 906
Interest cost	32	31	62	62
Expected return on plan assets	(64)	(31)	(121)	(62)
Amortization of prior service credit	14	(5)	27	(11)
Amortization of net loss		53		107
Net pension cost	$ 609	$ 498	$ 1,166	$ 1,002

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Contributions paid or to be paid by employer	$ 652	$ 638
Scenario, Forecast [Member]
Defined Contribution Plan Disclosure [Line Items]
Contributions paid or to be paid by employer			$ 1,255

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Loss Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net loss	$ (14,975)	$ (26,990)	$ (40,404)	$ (50,561)
Net loss available to ordinary shareholders - basic and diluted	$ (14,975)	$ (26,990)	$ (40,404)	$ (50,561)
Denominator:
Weighted-average shares outstanding - basic and diluted	83,949,195	66,291,548	82,227,052	66,185,501
Loss per share - basic and diluted	$ (0.18)	$ (0.41)	$ (0.49)	$ (0.76)

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	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Ordinary shares issuable excluded from computation of earnings per share	2,929,227	2,837,325
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	1,899,280	1,815,417
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	854,422	846,383
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
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

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	Sep. 30, 2020	Sep. 30, 2019
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
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

Lease Commitments - Additional

Lease Commitments - Additional Information (Detail) $ in Thousands, £ in Millions	6 Months Ended
	Sep. 30, 2020USD ($)ft²Sublease	Sep. 30, 2020GBP (£)ft²	Mar. 31, 2020USD ($)	Mar. 31, 2015
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
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	$ 21,557		$ 21,493
Operating lease liability	23,420		22,947
Operating lease liability, current	3,138		3,033
Finance lease right of use asset	1,763		2,216
Finance lease liability	1,498		1,715
Finance lease liability, current	577		598
Other Non-current Assets [Member]
Lessee Lease Description [Line Items]
Rent deposit	$ 4,600	£ 3.6	$ 4,400
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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lease cost
Operating lease cost	$ 1,068	$ 908	$ 2,129	$ 1,810
Finance lease cost
Amortization of right-of-use asset	323	54	516	109
Interest on lease liabilities	34	27	71	55
Short-term lease cost	17	17	34	34
Total lease cost	$ 1,442	$ 1,006	$ 2,750	$ 2,008

Lease Commitments - Summary of

Lease Commitments - Summary of Other Information Related to Leases (Detail) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating leases - operating cash flows	$ 1,821	$ 1,476
Finance leases - financing cash flows	356	210
Finance leases - operating cash flows	65	44
Non-cash leases activity
Right-of-use assets obtained in exchange for new operating lease liabilities	56	4,625
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 93	$ 28
Weighted average remaining lease terms (in years)
Operating leases	29 years 8 months 12 days
Finance leases	2 years
Weighted average discount rate
Operating leases	10.90%
Finance leases	9.20%

Lease Commitments - Schedule _2

Lease Commitments - Schedule of Future Lease Payments Required Under Non-Cancellable Operating Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Leases [Abstract]
2021 (excluding the six months ended September 30, 2020)	$ 1,764	$ 3,335
2022	3,492	3,319
2023	3,199	3,050
2024	3,190	3,055
2025	3,236	3,105
Thereafter	68,800	66,138
Total lease payments	83,681	82,002
Less : imputed interest	(60,261)	(59,055)
Total operating lease liabilities	$ 23,420	$ 22,947

Lease Commitments - Schedule _3

Lease Commitments - Schedule of Future Lease Payments Required Under Finance Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Leases [Abstract]
2021 (excluding the six months ended September 30, 2020)	$ 345	$ 720
2022	901	838
2023	390	349
2024	34	7
Total lease payments	1,670	1,914
Less : imputed interest	(172)	(199)
Total finance lease liabilities	$ 1,498	$ 1,715