Quotient (QTNTQ) 10-Q 16 Nov 21 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2021	Nov. 11, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2022
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		102,293,271
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, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 120,978	$ 45,673
Short-term investments	20,792	65,999
Trade accounts receivable, net	5,000	5,323
Inventories	25,014	22,011
Prepaid expenses and other current assets	7,332	4,870
Total current assets	179,116	143,876
Restricted cash	8,302	9,024
Property and equipment, net	35,802	39,071
Operating lease right-of-use assets	20,720	22,011
Intangible assets, net	568	619
Deferred income taxes	240	255
Other non-current assets	4,845	4,956
Total assets	249,593	219,812
Current liabilities:
Accounts payable	5,488	4,659
Accrued compensation and benefits	6,367	12,343
Accrued expenses and other current liabilities	14,946	14,009
Current portion of long-term debt		24,167
Current portion of operating lease liability	3,192	3,446
Current portion of finance lease obligation	661	835
Total current liabilities	30,654	59,459
Long-term debt, less current portion	231,964	145,059
Convertible loan derivatives	20,632
Operating lease liability, less current portion	20,160	20,907
Finance lease obligation, less current portion	519	445
Deferred income taxes	1,706	1,152
Defined benefit pension plan obligation	7,286	6,896
7% Cumulative redeemable preference shares	22,000	21,475
Total liabilities	334,921	255,393
Commitments and contingencies
Shareholders' equity (deficit):
Ordinary shares (nil par value) 101,591,632 and 101,264,412 issued and outstanding at September 30, 2021 and March 31, 2021 respectively	540,733	540,813
Additional paid in capital	41,343	38,116
Accumulated other comprehensive loss	(13,095)	(14,598)
Accumulated deficit	(654,309)	(599,912)
Total shareholders' equity (deficit)	(85,328)	(35,581)
Total liabilities and shareholders' equity (deficit)	$ 249,593	$ 219,812

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
Statement Of Financial Position [Abstract]
Preference share dividend percentage	7.00%	7.00%
Common stock, par value
Common stock, shares issued	101,591,632	101,264,412
Common stock, shares outstanding	101,591,632	101,264,412

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Total revenue	$ 9,467	$ 16,066	$ 18,556	$ 24,990
Cost of revenue	(4,875)	(4,499)	(9,652)	(9,913)
Gross profit	4,592	11,567	8,904	15,077
Operating expenses:
Sales and marketing	(2,640)	(2,231)	(5,133)	(4,474)
Research and development, net of government grants	(15,754)	(12,743)	(29,285)	(24,158)
General and administrative expense:
Compensation expense in respect of share options and management equity incentives	(1,404)	(1,324)	(3,227)	(2,284)
Other general and administrative expenses	(8,618)	(8,232)	(16,971)	(16,810)
Total general and administrative expense	(10,022)	(9,556)	(20,198)	(19,094)
Total operating expense	(28,416)	(24,530)	(54,616)	(47,726)
Operating loss	(23,824)	(12,963)	(45,712)	(32,649)
Other income (expense):
Interest expense, net	(9,352)	(6,297)	(12,354)	(13,228)
Other, net	5,916	5,354	4,184	5,562
Other income (expense), net	(3,436)	(943)	(8,170)	(7,666)
Loss before income taxes	(27,260)	(13,906)	(53,882)	(40,315)
Provision for income taxes	155	151	(515)	304
Net loss	(27,105)	(13,755)	(54,397)	(40,011)
Other comprehensive income (loss):
Change in fair value of effective portion of foreign currency cash flow hedges	(231)	279	(343)	276
Unrealized gain (loss) on short-term investments	(72)	(79)	(193)	(483)
Foreign currency gain (loss)	1,852	(3,803)	2,010	(3,632)
Provision for pension benefit obligation	14	14	29	(148)
Other comprehensive income (loss), net	1,563	(3,589)	1,503	(3,987)
Comprehensive loss	(25,542)	(17,344)	(52,894)	(43,998)
Net loss available to ordinary shareholders - basic	(27,105)	(13,755)	(54,397)	(40,011)
Net loss available to ordinary shareholders - diluted	$ (33,858)	$ (13,755)	$ (54,397)	$ (40,011)
Loss per share - basic	$ (0.27)	$ (0.16)	$ (0.54)	$ (0.49)
Loss per share - diluted	$ (0.28)	$ (0.16)	$ (0.54)	$ (0.49)
Weighted-average shares outstanding - basic	101,567,664	83,949,195	101,479,690	82,227,052
Weighted-average shares outstanding - diluted	120,086,178	83,949,195	101,479,690	82,227,052
Product Sales [Member]
Revenue:
Total revenue	$ 9,284	$ 8,543	$ 18,325	$ 17,467
Other Revenues [Member]
Revenue:
Total revenue	$ 183	$ 7,523	$ 231	$ 7,523

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Ordinary Shares [Member]	Additional paid in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning balance at Mar. 31, 2020	$ (8,489)	$ 459,931	$ 33,132	$ (12,672)	$ (488,880)
Beginning balance, Shares at Mar. 31, 2020		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 RSUS	153	$ 153
Issue of shares upon exercise of inventive share options and vesting of RSUS, Shares		273,008
Net loss	(40,011)				(40,011)
Change in fair value of the effective portion of foreign currency cash flow hedges	276			276
Change in unrealized gain in short-term investments	(483)			(483)
Foreign currency gain (loss) on:
Long-term investment nature intra-entity balances	844			844
Retranslation of foreign entities	(4,476)			(4,476)
Provision for pension benefit obligation	(148)			(148)
Other comprehensive loss	(3,987)			(3,987)
Stock-based compensation	2,284		2,284
Ending balance at Sep. 30, 2020	30,635	$ 540,769	35,416	(16,659)	(528,891)
Ending balance, Shares at Sep. 30, 2020		100,965,451
Beginning balance at Jun. 30, 2020	(34,124)	$ 459,990	34,092	(13,070)	(515,136)
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 RSUS	94	$ 94
Issue of shares upon exercise of inventive share options and vesting of RSUS, Shares		77,894
Net loss	(13,755)				(13,755)
Change in fair value of the effective portion of foreign currency cash flow hedges	279			279
Change in unrealized gain in 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	38			38
Provision for pension benefit obligation	14			14
Other comprehensive loss	(3,589)			(3,589)
Stock-based compensation	1,324		1,324
Ending balance at Sep. 30, 2020	30,635	$ 540,769	35,416	(16,659)	(528,891)
Ending balance, Shares at Sep. 30, 2020		100,965,451
Beginning balance at Mar. 31, 2021	$ (35,581)	$ 540,813	38,116	(14,598)	(599,912)
Beginning balance, Shares at Mar. 31, 2021	101,264,412	101,264,412
Issue of shares upon exercise of incentive share options and vesting of RSUS	$ (80)	$ (80)
Issue of shares upon exercise of inventive share options and vesting of RSUS, Shares		327,220
Net loss	(54,397)				(54,397)
Change in fair value of the effective portion of foreign currency cash flow hedges	(343)			(343)
Change in unrealized gain in short-term investments	(193)			(193)
Foreign currency gain (loss) on:
Long-term investment nature intra-entity balances	(10,367)			(10,367)
Retranslation of foreign entities	12,377			12,377
Provision for pension benefit obligation	29			29
Other comprehensive loss	1,503			1,503
Stock-based compensation	3,227		3,227
Ending balance at Sep. 30, 2021	$ (85,328)	$ 540,733	41,343	(13,095)	(654,309)
Ending balance, Shares at Sep. 30, 2021	101,591,632	101,591,632
Beginning balance at Jun. 30, 2021	$ (61,189)	$ 540,734	39,939	(14,658)	(627,204)
Beginning balance, Shares at Jun. 30, 2021		101,527,188
Issue of shares upon exercise of incentive share options and vesting of RSUS	(1)	$ (1)
Issue of shares upon exercise of inventive share options and vesting of RSUS, Shares		64,444
Net loss	(27,105)				(27,105)
Change in fair value of the effective portion of foreign currency cash flow hedges	(231)			(231)
Change in unrealized gain in short-term investments	(72)			(72)
Foreign currency gain (loss) on:
Long-term investment nature intra-entity balances	(5,378)			(5,378)
Retranslation of foreign entities	7,230			7,230
Provision for pension benefit obligation	14			14
Other comprehensive loss	1,563			1,563
Stock-based compensation	1,404		1,404
Ending balance at Sep. 30, 2021	$ (85,328)	$ 540,733	$ 41,343	$ (13,095)	$ (654,309)
Ending balance, Shares at Sep. 30, 2021	101,591,632	101,591,632

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, 2021	Sep. 30, 2020
OPERATING ACTIVITIES:
Net loss	$ (54,397)	$ (40,011)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, amortization and loss on disposal of fixed assets	3,850	4,131
Share-based compensation	3,227	2,284
Increase in deferred lease rentals	347	346
Swiss pension obligation	354	516
Amortization of deferred debt issue costs and discount	2,233	4,830
Change in fair value of convertible loan derivatives	(7,270)
Accrued preference share dividends	525	525
Income taxes	605	(304)
Net change in assets and liabilities:
Trade accounts receivable, net	252	1,093
Inventories	(3,091)	(1,411)
Accounts payable and accrued liabilities	3,558	1,390
Accrued compensation and benefits	(5,953)	(2,215)
Other assets	(2,934)	(1,807)
Net cash used in operating activities	(58,694)	(30,633)
INVESTING ACTIVITIES:
Increase in short-term investments	(4,500)	(72,247)
Realization of short-term investments	49,232	44,016
Purchase of property and equipment	(1,716)	(2,069)
Net cash from (used in) investing activities	43,016	(30,300)
FINANCING ACTIVITIES:
Repayment of finance leases	(341)	(356)
Proceeds from issuance of long-term debt	104,222
Debt issuance costs	(3,732)
Repayment of long-term debt	(12,083)
(Cost of) proceeds from issuance of ordinary shares and warrants	(80)	80,838
Net cash generated from financing activities	87,986	80,482
Effect of exchange rate fluctuations on cash and cash equivalents	2,275	(5,333)
Change in cash and cash equivalents	74,583	14,216
Beginning cash and cash equivalents	54,697	12,940
Ending cash and cash equivalents	129,280	27,156
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	120,978	18,125
Restricted cash	8,302	9,031
Ending cash and cash equivalents	$ 129,280	$ 27,156

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Sep. 30, 2021
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 normal and 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, 2021 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, 2021 included in the Company’s Annual Report on Form 10-K/A for the year then ended. The results of operations for the three month and six month period ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending March 31, 2022 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 $654.3 million as of September 30, 2021. At September 30, 2021, the Company had available cash holdings and short-term investments of $141.8 million. T hese holdings include $20.8 million of investments, which is net of impairment and foreign currency impacts, held in two short-term investment funds with Credit Suisse Asset Management (‘CSAM’) that are currently in the process of being liquidated. The remaining short-term investments to be liquidated are subject to significant valuation uncertainty. The Company recognized an impairment of $2.3 million related to one of the funds invested with CSAM for the year ended March 31, 2021. No additional information was received during the quarter ended September 30, 2021 that would indicate further impairments were required. While the timing and amount of further payments are not clear (see Note 6), the Company estimates that it will receive the remaining distributions over the next year. Should that not be the case, the Company has identified compensating, controllable operating expense and discretionary capital expenditure mitigation measures which would not adversely impact strategic objectives. The Company’s existing available cash and short-term investment balances are adequate to meet its forecasted cash requirements for the next twelve months and accordingly the financial statements have been prepared on the going concern basis. Thereafter, 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, the sale of rights and other assets, and the issuance of new equity or debt. 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. Actual results could differ from these estimates. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Restricted Cash Restricted cash comprised $8.0 and $8.7 million, respectively at September 30, 2021 and March 31, 2021, held in a cash reserve account pursuant to the indenture governing the Company’s 12% Senior Secured Notes (“the Secured Notes”) and $302 and $324 at September 30, 2021 and March 31, 2021, respectively, held in a restricted account as security for the property rental obligations of the Company’s Swiss subsidiary. Concentration of Credit Risks and Other Uncertainties On March 12, 2021, the Company announced that two funds managed by CSAM in which the Company had invested an aggregate of approximately $110.35 million had suspended redemptions. The investments into these funds were made in accordance with the Company’s investment policy of making individual investments with a minimum of an A rating from a leading credit-rating agency. Each fund holds short-term credit obligations of various obligors. According to a press release issued by CSAM, redemptions in the funds were suspended because “certain part of the Subfunds’ assets is currently subject to considerable uncertainties with respect to their accurate valuation.” CSAM subsequently began a liquidation of the funds. Pursuant to the liquidation, the Company has already received cash distributions of approximately $86.8 million. Based on information provided by Credit Suisse, the Company expects to receive further cash distributions from the funds in the next several months; however, there can be no assurance as to the timing or amount of any such distributions. Of this $86.8 million, the Company received $11.2 million of distributions during the three month period ended September 30, 2021, and $29.7 million during the six months September 30, 2021. On April 22, 2021, Credit Suisse published its FY 2021 Q1 press release with commentary related to the supply chain financing funds. Notably, Credit Suisse indicated that the investors in the funds should assume losses will be incurred. The Company evaluated the investments in the CSAM managed funds for impairment, in accordance with ASC 321-10-35, Investments – Equity Securities No additional information was received during the quarter ended September 30, 2021, that would indicate further impairments were required. The Company views the liquidation of the supply chain finance funds as a fluid situation with a significant amount of valuation uncertainty. The Company will closely monitor the situation and in the event that new information is released that provides valuation clarity, it will evaluate the accounting implications accordingly. The Company believes, and has advised Credit Suisse, that any losses on the supply chain funds should be borne by Credit Suisse. The Company will pursue all available options to recoup the full amount of its investment in the supply chain funds prior to liquidation. The Company’s main financial institutions for banking operation held all of the Company’s cash and cash equivalents as of September 30, 2021 and March 31, 2021. Revenue Recognition In the three and six month period ended September 30, 2021, revenue recognized from performance obligations related to prior periods was not material. Other than those described in Note 1 to the audited annual Consolidated Financial statements for the year ended March 31, 2021, there were no other material revenues to be recognized in future periods related to remaining performance obligations at September 30, 2021. The Company’s other significant accounting policies are described in Note 1 to the audited annual Consolidated Financial Statements for the year ended March 31, 2021 included in our Annual Report on Form 10-K/A for the fiscal year ended March 31, 2021. Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The guidance simplifies the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. More specifically, the amendments focus on the guidance for convertible instruments and derivative scope exception for contracts in an entity’s own equity. The new guidance also requires the if- converted method to be applied for all convertible instruments and requires additional disclosures. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted this guidance on April 1, 2021 using the modified retrospective approach and it did not have a material impact on its financial statements. See Note 3 “Debt” for further detail on the Company’s accounting policy for convertible debt instruments.

Debt

Debt	6 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Note 3. Debt Total debt comprises: September 30, 2021 March 31, 2021 Secured Notes $ 132,917 $ 145,000 Debt discount, net of amortization (8,617 ) (11,127 ) Deferred debt costs, net of amortization (3,228 ) (4,261 ) Carrying value Secured Notes 121,072 129,612 Royalty liability 36,605 39,614 Convertible Notes 105,000 — Debt discount, net of amortization (27,204 ) — Deferred debt costs, net of amortization (3,509 ) — Carrying value Convertible Notes 74,287 — Total Debt $ 231,964 $ 169,226 The Company’s debt at September 30, 2021 comprises the Secured Notes, the royalty liability, and the Convertible Notes. The Company’s debt at March 31, 2021 comprised the Secured Notes and the royalty liability. As of March 31, 2021, the Company’s long term debt, included $24,167 of principal payments due within 1 year which is classified as current within the balance sheet. 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. Following the April 15, 2021 repayment of the Secured Notes the balance held in the cash reserve account was reduced to $8.0 million. 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. On April 15, 2021, the Company made a $12.1 million principal payment on the Secured Notes. Additionally, principal payments were due on each April 15 and October 15 until April 15, 2024 pursuant to a fixed amortization schedule. On October 13, 2021, the Company received consents from all of the holders (the “Consenting Holders”) of its Secured Notes issued pursuant to the Indenture, dated as of October 14, 2016 (as subsequently amended, the “Indenture”), by and among the Company, the guarantors party thereto and U.S. Bank National Association, a national banking association, as trustee and collateral agent, to certain amendments to the indenture governing the Secured Notes (the “Indenture Amendments”) pursuant to the fourth supplemental indenture, dated as of October 13, 2021 (the “Fourth Supplemental Indenture”). The Indenture Amendments include an 18-month extension of the final maturity of the Secured Notes to October 2025 and a revision of the Notes’ principal amortization schedule (which previously required semi-annual payments of principal beginning April 2021) to commence April 2023. The revised amortization schedule will defer approximately $60 million of principal payments previously required to be made between April 2021 and April 2023. The Indenture Amendments also change the redemption prices for Notes redeemed pursuant to the optional redemption provisions of the Indenture. The Secured Notes may be redeemed from and after October 14, 2021 at redemption prices beginning at 106% of par and declining over time to 100.0% for redemptions occurring from and after April 14, 2024. The interest rate on the Notes and the financial and other covenants in the Indenture remain unchanged. In consideration for the Consenting Holders’ consents to the Indenture Amendments, the Company agreed among other things to issue them (i) an aggregate of 932,772 of the Company’s ordinary shares, nil The Company agreed to file a registration statement with the SEC covering resales of the Consent Shares and the shares issuable on exercise of the Consent Warrants. The new principal amortization schedule of the Secured Notes will be as follows: Payment Date Amount April 15, 2023 $12,100,000 October 15, 2023 $18,100,000 April 15, 2024 $24,200,000 October 15, 2024 $24,200,000 April 15, 2025 $24,200,000 October 15, 2025 The principal balance then outstanding Royalty liability 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 MosaiQ 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. The royalty rights agreements are treated as sales of future revenues that meet the requirements of Accounting Standards Codification Topic 470 “Debt” to be treated as debt. The future cash outflows under the royalty rights agreements were estimated at $65.3 million at September 30, 2021, and $106.5 million at March 31, 2021. The royalty rights agreements are accounted for separately as freestanding financial instruments. Consideration received for the debt and royalty rights was allocated to each component on a relative fair value basis. The difference between the relative fair value of the royalty rights agreements and the principle on the Secured Notes is accounted for as debt discount and amortized through non-cash interest expense over the life of the Secured Notes. Estimating the future cash outflows under the royalty rights agreements requires the Company to make certain estimates and assumptions about future sales of MosaiQ products. These estimates of the magnitude and timing of MosaiQ sales are subject to significant variability due to the current status of development of MosaiQ products, and thus are subject to significant uncertainty. Therefore, the estimates are likely to change as the Company gains experience of marketing MosaiQ, which may result in future adjustments to the accretion of the interest expense and amortized cost based carrying value of the royalty liability. The decrease in value of the future cash outflows under the royalty rights agreement as of September 30, 2021 is driven by a shift of expected revenues towards markets outside of Europe and the USA. Convertible Notes On May 26, 2021 the Company issued $95.0 million aggregate principal amount of convertible senior notes and on June 2, 2021, the Company issued an additional $10.0 million aggregate principal amount of convertible senior notes in connection with the original $95.0 million (collectively the " Convertible Notes"). The Convertible Notes bear interest at an annual rate of 4.75%. The Convertible Notes will mature on May 26, 2026. At September 30, 2021, accrued interest of $1.7 million is included in accrued expenses and other current liabilities in the accompanying consolidated financial statements. At any time before the close of business on the second business day immediately before the maturity date, holders of the Convertible Notes can convert the Convertible Notes either in whole or in part into the Company’s ordinary shares at an initial conversion rate of 176.3668 ordinary shares per $1,000 principal amount of the Convertible Notes, subject to customary anti-dilution adjustments. The Convertible Notes are accounted for in accordance with ASC 470-20, Debt with Conversion and Other Options (“ASC 470-20”) and ASC 815-40, Contracts in Entity’s Own Equity (“ASC 815-40”). Based upon the Company’s analysis, it was determined the Convertible Notes contain embedded features that need to be separately accounted for as a derivative liability component. The proceeds received from the issuance of the convertible debt instruments were bifurcated and recorded as a liability within convertible loan derivatives in the consolidated balance sheet. The convertible loan derivative is measured at fair value and changes are recognized within other, net in the accompanying consolidated financial statements. The Company incurred approximately $3.7 million of debt issuance costs relating to the issuance of the Convertible Notes, which were recorded as a reduction to the Convertible Notes on the consolidated balance sheet, none of the issuance costs were attributable to the derivative component. The debt issuance costs and the debt discount are being amortized and recognized as additional interest expense over the expected life of the Convertible Notes using the effective interest rate method. We determined the expected life of the debt is equal to the five-year

Consolidated Balance Sheet Deta

Consolidated Balance Sheet Detail	6 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Consolidated Balance Sheet Detail	Note 4. Consolidated Balance Sheet Detail Inventory The following table summarizes inventory by category for the dates presented: September 30, 2021 March 31, 2021 Raw materials $ 9,990 $ 9,189 Work in progress 9,488 9,105 Finished goods 5,536 3,717 Total inventories $ 25,014 $ 22,011 Inventory at September 30, 2021 included $7,237 of raw materials, $4,706 of work in progress and $3,742 of finished goods related to the MosaiQ Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: September 30, 2021 March 31, 2021 Accrued legal and professional fees $ 1,192 $ 1,005 Accrued interest 9,110 8,009 Goods received not invoiced 2,418 1,722 Accrued capital expenditure 106 1,201 Other accrued expenses 2,120 2,072 Total accrued expenses and other current liabilities $ 14,946 $ 14,009

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 5. 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 2021 through December 2021 at £1:$1.3090 and three contracts to sell $500 in each calendar month from January 2022 through March 2022 at £1:$ 1.3735 , as hedges of its U.S. dollar denominated revenues . The fair values of these contracts in place at September 30, 2021, and similar contracts in place at March 31, 2021, amounted to assets of $ 12 and $ 355 , respectively. The foreign currency forward contracts were entered into to mitigate the foreign exchange risk arising from the fluctuations in the value of U.S. dollar denominated transactions entered into by our UK subsidiary. These foreign currency forward contracts are designated as cash flow hedges and are carried on the Company’s balance sheet at fair value with the effective portion of the contracts’ gains or losses included in accumulated other comprehensive loss and subsequently recognized in revenue/expense in the same period the hedged items are recognized.

Fair value measurement

Fair value measurement	6 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair value measurement	Note 6. Fair value measurement 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, 2021 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 18,870 $ — $ 18,870 Short-term investments (2) — — — — Foreign currency forward contracts (3) — 12 — 12 Total assets measured at fair value $ — $ 18,882 $ — $ 18,882 September 30, 2021 Level 1 Level 2 Level 3 Total Liabilities: Convertible loan derivatives (4) $ — $ 20,632 $ — $ 20,632 Total liabilities measured at fair value $ — $ 20,632 $ — $ 20,632 March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 15,751 $ — $ 15,751 Short-term investments (2) — 15,000 — 15,000 Foreign currency forward contracts (3) — $ 355 — 355 Total assets measured at fair value $ — $ 31,106 $ — $ 31,106 (1) The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured employees held within the AXA LLP Foundation Suisse Romande collective investment fund. (2) The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date. The short-term investments as of March 31, 2021, relate to investments made in a Treasury Money Market Fund. Quotient sold these investments during the quarter ended September 30, 2021 (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. (4) The fair value of the Convertible loan derivatives has been determined by utilizing a single factor lattice model using market-based observable inputs such as historical share prices for Quotient Limited, interest rates derived from the U.S. Dollar Swap interest rate curve, credit spread, and implied volatility obtained from third party market price quotations. On March 12, 2021, the Company announced that two funds managed by CSAM in which the Company had invested an aggregate of approximately $110.35 million had suspended redemptions. The investments into these funds were made in accordance with the Company’s investment policy of making individual investments with a minimum of an A rating from a leading credit-rating agency. Each fund holds short-term credit obligations of various obligors. According to a press release issued by CSAM, redemptions in the funds were suspended because “certain part of the Subfunds’ assets is currently subject to considerable uncertainties with respect to their accurate valuation.” CSAM subsequently began a liquidation of the funds. Pursuant to the liquidation, the Company has already received cash distributions of approximately $86.8 million. Of this $86.8 million, the Company received $11.2 million of distributions during the three month period ended September 30, 2021 and $29.7 million during the six month period ended September 30, 2021. Based on information provided by Credit Suisse, the Company expects to receive further cash distributions from the funds in the next several months; however, there can be no assurance as to the timing or amount of any such distributions. Credit Suisse has advised that the credit assets held by the funds are covered by insurance that potentially will be available to cover losses the funds would incur if any of the obligors on the funds’ credit assets were to default. On April 22, 2021, Credit Suisse published its FY 2021 Q1 press release with commentary related to the supply chain financing funds. Notably, Credit Suisse indicated that the investors in the funds should assume losses will be incurred. For the year ended March 31, 2021, Credit Suisse’s decision to liquidate funds in which the Company held short-term investments served as a trigger to evaluate the investments for impairment. Accordingly, we performed a qualitative assessment for impairment. As a result of this assessment, Quotient determined that an impairment was required. The Credit Suisse linked short-term investment asset with a carrying value of $110.3 million was written down to its estimated fair value of $108.0 million, resulting in an impairment of $2.3 million. This impairment was included in Other, net within our consolidated statements of comprehensive loss for the year ended March 31, 2021. No additional information was received during the quarter ended September 30, 2021 that would indicate further impairments were required. The carrying value of the investments at September 30, 2021 was $20.8 million. The Company views the liquidation of the supply chain finance funds as a fluid situation with a significant amount of valuation uncertainty. The Company will closely monitor the situation and in the event that new information is released that provides valuation clarity, it will evaluate the accounting implications accordingly. The Company believes, and has advised Credit Suisse, that any losses on the supply chain funds should be borne by Credit Suisse. The Company will pursue all available options to recoup the full amount of its investment in the supply chain funds prior to liquidation. The total unrealized gains on the short-term investments were $275 and $423 in the six month periods ended September 30, 2021 and September 30, 2020, respectively. The amount of these unrealized gains reclassified to earnings were $193 and $906 in the six month periods ended September 30, 2021 and September 30, 2020, respectively.

Ordinary and Preference Shares

Ordinary and Preference Shares	6 Months Ended
	Sep. 30, 2021
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, 2021 March 31, 2021 Par value Ordinary shares 101,591,632 101,264,412 $ — Total 101,591,632 101,264,412 $ — Preference shares The Company’s issued and outstanding preference shares consist of the following: Shares Issued and Outstanding Liquidation amount per share September 30, 2021 March 31, 2021 September 30, 2021 March 31, 2021 7% Preference shares 666,665 666,665 $ 33.00 $ 32.21 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 eighth 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, 2021
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 $1,404 and $1,324 in the quarters ended September 30, 2021 and September 30, 2020, respectively, and $3,227 and $2,284 in the six month periods ended September 30, 2021 and September 30, 2020, 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, 2021 1,810,785 $ 7.69 68 Granted 1,150,504 3.71 120 Exercised (4,677 ) 1.44 — Forfeited (154,803 ) 6.74 — Outstanding — September 30, 2021 2,801,809 $ 6.12 84 Exercisable —September 30, 2021 1,422,282 $ 8.20 55 The closing price of the Company’s ordinary shares on the Nasdaq Global Market at September 30, 2021 was $2.34. The following table summarizes the options granted in the six month period ended September 30, 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 April 1, 2021 (1) 857,015 $ 3.68 $ 3.68 $ 2.41 June 10, 2021 133,386 4.37 4.37 2.85 August 1, 2021 118,734 3.41 3.41 2.21 August 3, 2021 4,556 3.38 3.38 2.20 September 1, 2021 36,813 3.07 3.07 2.01 (1) 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 months ended September 30, 2021 and September 30, 2020 amounted to $2,793 and $441, 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 weighted-average assumptions applicable to the share options issued during the six month period ended September 30, 2021 is as follows: Risk-free interest rate 1.64 % Expected lives (years) 6 Volatility 74.19 % Dividend yield — Grant date fair value (per share) $ 3.83 Number granted 1,150,504 A summary of the RSUs in issue at September 30, 2021 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 1,916,314 16 N/A RSUs subject to milestone and performance based vesting 840,383 N/A N/A At September 30, 2021, 1,916,314 RSUs were subject to time-based vesting and the weighted average remaining vesting period was 16 months. In addition, 91,031 RSUs were subject to vesting based on the achievement of various business milestones related mainly to the development, approval and marketing of MosaiQ. 749,352 RSUs were subject to vesting based on the achievement of financial objectives in the year 2024. Subsequent to September 30, 2021, 181,159 of the outstanding RSUs were cancelled in connection with an amendment to the employment agreement between Mr. Méndez and the Company.

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 Tax rate change $ — $ — $ 335 Foreign tax rate differential (1,337 ) (1,013 ) (1,920 ) (1,582 ) Increase in valuation allowance against deferred tax assets 1,182 862 2,100 1,278 Provision for income tax $ (155 ) $ (151 ) $ 515 $ (304 )

Defined Benefit Pension Plans

Defined Benefit Pension Plans	6 Months Ended
	Sep. 30, 2021
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 AXA LPP Foundation Suisse Romande. The costs of this plan were: Quarter ended Six months ended September 30, September 30, 2021 2020 2021 2020 Employer service cost $ 627 $ 627 $ 1,253 $ 1,198 Interest cost 23 32 44 62 Expected return on plan assets (76 ) (64 ) (153 ) (121 ) Amortization of prior service credit 14 14 29 27 Amortization of net loss — — Net pension cost $ 588 $ 609 $ 1,173 $ 1,166 The employer contributions for the six month ended September 30, 2021 and September 30, 2020 were $819 and $652, respectively. The estimated employer contributions for the fiscal year ending March 31, 2022 are $1,436.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 Numerator: Net loss $ (27,105 ) $ (13,755 ) $ (54,397 ) $ (40,011 ) Net loss available to ordinary shareholders - basic (27,105 ) (13,755 ) (54,397 ) (40,011 ) Net loss available to ordinary shareholders - diluted (33,858 ) (13,755 ) (54,397 ) (40,011 ) Denominator: Weighted-average shares outstanding - basic 101,567,664 83,949,195 101,479,690 82,227,052 Weighted-average shares outstanding - diluted 120,086,178 83,949,195 101,479,690 82,227,052 Loss per share - basic $ (0.27 ) $ (0.16 ) $ (0.54 ) $ (0.49 ) Loss per share - diluted $ (0.28 ) $ (0.16 ) $ (0.54 ) $ (0.49 ) The following table sets out the numbers of ordinary shares excluded from the above computation of earnings per share at September 30, 2021 and September 30, 2020 as their inclusion would have been anti-dilutive: September 30, 2021 September 30, 2020 Ordinary shares issuable on conversion of Senior Convertible Notes at $5.67 per share (1) - - Restricted share units awarded 2,756,697 854,422 Ordinary shares issuable on exercise of options to purchase ordinary shares 2,801,809 1,899,280 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 5,734,031 2,929,227 (1) Ordinary shares issuable on conversion of Senior Convertible Notes at $5.67 per share, representing 18,518,514 shares, are anti-dilutive for the six months ended September 30, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2021
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. Actual results could differ from these estimates. 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.
Restricted Cash	Restricted Cash Restricted cash comprised $8.0 and $8.7 million, respectively at September 30, 2021 and March 31, 2021, held in a cash reserve account pursuant to the indenture governing the Company’s 12% Senior Secured Notes (“the Secured Notes”) and $302 and $324 at September 30, 2021 and March 31, 2021, respectively, held in a restricted account as security for the property rental obligations of the Company’s Swiss subsidiary.
Concentration of Credit Risks and Other Uncertainties	Concentration of Credit Risks and Other Uncertainties On March 12, 2021, the Company announced that two funds managed by CSAM in which the Company had invested an aggregate of approximately $110.35 million had suspended redemptions. The investments into these funds were made in accordance with the Company’s investment policy of making individual investments with a minimum of an A rating from a leading credit-rating agency. Each fund holds short-term credit obligations of various obligors. According to a press release issued by CSAM, redemptions in the funds were suspended because “certain part of the Subfunds’ assets is currently subject to considerable uncertainties with respect to their accurate valuation.” CSAM subsequently began a liquidation of the funds. Pursuant to the liquidation, the Company has already received cash distributions of approximately $86.8 million. Based on information provided by Credit Suisse, the Company expects to receive further cash distributions from the funds in the next several months; however, there can be no assurance as to the timing or amount of any such distributions. Of this $86.8 million, the Company received $11.2 million of distributions during the three month period ended September 30, 2021, and $29.7 million during the six months September 30, 2021. On April 22, 2021, Credit Suisse published its FY 2021 Q1 press release with commentary related to the supply chain financing funds. Notably, Credit Suisse indicated that the investors in the funds should assume losses will be incurred. The Company evaluated the investments in the CSAM managed funds for impairment, in accordance with ASC 321-10-35, Investments – Equity Securities No additional information was received during the quarter ended September 30, 2021, that would indicate further impairments were required. The Company views the liquidation of the supply chain finance funds as a fluid situation with a significant amount of valuation uncertainty. The Company will closely monitor the situation and in the event that new information is released that provides valuation clarity, it will evaluate the accounting implications accordingly. The Company believes, and has advised Credit Suisse, that any losses on the supply chain funds should be borne by Credit Suisse. The Company will pursue all available options to recoup the full amount of its investment in the supply chain funds prior to liquidation. The Company’s main financial institutions for banking operation held all of the Company’s cash and cash equivalents as of September 30, 2021 and March 31, 2021.
Revenue Recognition	Revenue Recognition In the three and six month period ended September 30, 2021, revenue recognized from performance obligations related to prior periods was not material. Other than those described in Note 1 to the audited annual Consolidated Financial statements for the year ended March 31, 2021, there were no other material revenues to be recognized in future periods related to remaining performance obligations at September 30, 2021. The Company’s other significant accounting policies are described in Note 1 to the audited annual Consolidated Financial Statements for the year ended March 31, 2021 included in our Annual Report on Form 10-K/A for the fiscal year ended March 31, 2021.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The guidance simplifies the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. More specifically, the amendments focus on the guidance for convertible instruments and derivative scope exception for contracts in an entity’s own equity. The new guidance also requires the if- converted method to be applied for all convertible instruments and requires additional disclosures. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted this guidance on April 1, 2021 using the modified retrospective approach and it did not have a material impact on its financial statements. See Note 3 “Debt” for further detail on the Company’s accounting policy for convertible debt instruments.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Total Debt	Total debt comprises: September 30, 2021 March 31, 2021 Secured Notes $ 132,917 $ 145,000 Debt discount, net of amortization (8,617 ) (11,127 ) Deferred debt costs, net of amortization (3,228 ) (4,261 ) Carrying value Secured Notes 121,072 129,612 Royalty liability 36,605 39,614 Convertible Notes 105,000 — Debt discount, net of amortization (27,204 ) — Deferred debt costs, net of amortization (3,509 ) — Carrying value Convertible Notes 74,287 — Total Debt $ 231,964 $ 169,226
Schedule of Principal Amortization Payments of Secured Notes	The new principal amortization schedule of the Secured Notes will be as follows: Payment Date Amount April 15, 2023 $12,100,000 October 15, 2023 $18,100,000 April 15, 2024 $24,200,000 October 15, 2024 $24,200,000 April 15, 2025 $24,200,000 October 15, 2025 The principal balance then outstanding

Consolidated Balance Sheet De_2

Consolidated Balance Sheet Detail (Tables)	6 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Inventory	The following table summarizes inventory by category for the dates presented: September 30, 2021 March 31, 2021 Raw materials $ 9,990 $ 9,189 Work in progress 9,488 9,105 Finished goods 5,536 3,717 Total inventories $ 25,014 $ 22,011
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: September 30, 2021 March 31, 2021 Accrued legal and professional fees $ 1,192 $ 1,005 Accrued interest 9,110 8,009 Goods received not invoiced 2,418 1,722 Accrued capital expenditure 106 1,201 Other accrued expenses 2,120 2,072 Total accrued expenses and other current liabilities $ 14,946 $ 14,009

Fair value measurement (Tables)

Fair value measurement (Tables)	6 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy: September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 18,870 $ — $ 18,870 Short-term investments (2) — — — — Foreign currency forward contracts (3) — 12 — 12 Total assets measured at fair value $ — $ 18,882 $ — $ 18,882 September 30, 2021 Level 1 Level 2 Level 3 Total Liabilities: Convertible loan derivatives (4) $ — $ 20,632 $ — $ 20,632 Total liabilities measured at fair value $ — $ 20,632 $ — $ 20,632 March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Pension plan assets (1) $ — $ 15,751 $ — $ 15,751 Short-term investments (2) — 15,000 — 15,000 Foreign currency forward contracts (3) — $ 355 — 355 Total assets measured at fair value $ — $ 31,106 $ — $ 31,106 (1) The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured employees held within the AXA LLP Foundation Suisse Romande collective investment fund. (2) The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date. The short-term investments as of March 31, 2021, relate to investments made in a Treasury Money Market Fund. Quotient sold these investments during the quarter ended September 30, 2021 (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. (4) The fair value of the Convertible loan derivatives has been determined by utilizing a single factor lattice model using market-based observable inputs such as historical share prices for Quotient Limited, interest rates derived from the U.S. Dollar Swap interest rate curve, credit spread, and implied volatility obtained from third party market price quotations.

Ordinary and Preference Shares

Ordinary and Preference Shares (Tables)	6 Months Ended
	Sep. 30, 2021
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, 2021 March 31, 2021 September 30, 2021 March 31, 2021 7% Preference shares 666,665 666,665 $ 33.00 $ 32.21 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, 2021 March 31, 2021 Par value Ordinary shares 101,591,632 101,264,412 $ — Total 101,591,632 101,264,412 $ —

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Sep. 30, 2021
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, 2021 1,810,785 $ 7.69 68 Granted 1,150,504 3.71 120 Exercised (4,677 ) 1.44 — Forfeited (154,803 ) 6.74 — Outstanding — September 30, 2021 2,801,809 $ 6.12 84 Exercisable —September 30, 2021 1,422,282 $ 8.20 55
Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value	The following table summarizes the options granted in the six month period ended September 30, 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 April 1, 2021 (1) 857,015 $ 3.68 $ 3.68 $ 2.41 June 10, 2021 133,386 4.37 4.37 2.85 August 1, 2021 118,734 3.41 3.41 2.21 August 3, 2021 4,556 3.38 3.38 2.20 September 1, 2021 36,813 3.07 3.07 2.01 (1)
Summary of Weighted-Average Assumptions to Share Options Issued	A summary of the weighted-average assumptions applicable to the share options issued during the six month period ended September 30, 2021 is as follows: Risk-free interest rate 1.64 % Expected lives (years) 6 Volatility 74.19 % Dividend yield — Grant date fair value (per share) $ 3.83 Number granted 1,150,504
Summary of RSUs	A summary of the RSUs in issue at September 30, 2021 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 1,916,314 16 N/A RSUs subject to milestone and performance based vesting 840,383 N/A N/A

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 Tax rate change $ — $ — $ 335 Foreign tax rate differential (1,337 ) (1,013 ) (1,920 ) (1,582 ) Increase in valuation allowance against deferred tax assets 1,182 862 2,100 1,278 Provision for income tax $ (155 ) $ (151 ) $ 515 $ (304 )

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	6 Months Ended
	Sep. 30, 2021
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 AXA LPP Foundation Suisse Romande. The costs of this plan were: Quarter ended Six months ended September 30, September 30, 2021 2020 2021 2020 Employer service cost $ 627 $ 627 $ 1,253 $ 1,198 Interest cost 23 32 44 62 Expected return on plan assets (76 ) (64 ) (153 ) (121 ) Amortization of prior service credit 14 14 29 27 Amortization of net loss — — Net pension cost $ 588 $ 609 $ 1,173 $ 1,166

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 Numerator: Net loss $ (27,105 ) $ (13,755 ) $ (54,397 ) $ (40,011 ) Net loss available to ordinary shareholders - basic (27,105 ) (13,755 ) (54,397 ) (40,011 ) Net loss available to ordinary shareholders - diluted (33,858 ) (13,755 ) (54,397 ) (40,011 ) Denominator: Weighted-average shares outstanding - basic 101,567,664 83,949,195 101,479,690 82,227,052 Weighted-average shares outstanding - diluted 120,086,178 83,949,195 101,479,690 82,227,052 Loss per share - basic $ (0.27 ) $ (0.16 ) $ (0.54 ) $ (0.49 ) Loss per share - diluted $ (0.28 ) $ (0.16 ) $ (0.54 ) $ (0.49 )
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, 2021 and September 30, 2020 as their inclusion would have been anti-dilutive: September 30, 2021 September 30, 2020 Ordinary shares issuable on conversion of Senior Convertible Notes at $5.67 per share (1) - - Restricted share units awarded 2,756,697 854,422 Ordinary shares issuable on exercise of options to purchase ordinary shares 2,801,809 1,899,280 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 5,734,031 2,929,227 (1) Ordinary shares issuable on conversion of Senior Convertible Notes at $5.67 per share, representing 18,518,514 shares, are anti-dilutive for the six months ended September 30, 2021.

Description of Business and B_2

Description of Business and Basis of Presentation - Additional Information (Detail) $ in Thousands	Mar. 12, 2021Investment	Sep. 30, 2021USD ($)Investment	Mar. 31, 2021USD ($)
Significant Accounting Policies [Line Items]
Accumulated deficit		$ (654,309)	$ (599,912)
Cash holdings and short-term investments		$ 141,800
CSAM [Member]
Significant Accounting Policies [Line Items]
Number of short-term funds invested | Investment	2	2
Short-term investment held-to-maturity, current		$ 20,800
Impairment recognized, related to one of the short term funds invested			$ 2,300

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	Mar. 12, 2021USD ($)Investment	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)Investment	Mar. 31, 2021USD ($)	Apr. 15, 2021	Sep. 30, 2020USD ($)
Significant Accounting Policies [Line Items]
Restricted cash		$ 8,302	$ 8,302	$ 9,024		$ 9,031
Accounting Standards Update 2020-06 [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, adopted		true	true
Change in accounting principle, adoption date		Apr. 1, 2021	Apr. 1, 2021
Change in accounting principle, immaterial effect		true	true
CSAM [Member]
Significant Accounting Policies [Line Items]
Number of short-term funds invested | Investment	2		2
Aggregate investment in suspend redemptions	$ 110,350
Payments for (proceeds from) short-term investments	$ 86,800	$ 11,200	$ 29,700
Impairment recognized, related to one of the short term funds invested				2,300
Secured Notes [Member]
Significant Accounting Policies [Line Items]
Debt instrument, interest rate		12.00%	12.00%		12.00%
Security For Property Rental Obligations of Subsidiary [Member]
Significant Accounting Policies [Line Items]
Restricted cash		$ 302	$ 302	324
Senior Secured Notes Due 2023 [Member] | Cash Reserve Account Held by Collateral Agent [Member]
Significant Accounting Policies [Line Items]
Restricted cash		$ 8,000	$ 8,000	$ 8,700

Debt - Schedule of Total Debt (

Debt - Schedule of Total Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	May 26, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Secured Notes	$ 132,917		$ 145,000
Carrying value Secured Notes	121,072		129,612
Royalty liability	36,605		39,614
Convertible Notes	105,000
Carrying value Convertible Notes	74,287
Total Debt	231,964		169,226
Secured Notes [Member]
Debt Instrument [Line Items]
Debt discount, net of amortization	(8,617)		(11,127)
Deferred debt costs, net of amortization	(3,228)		$ (4,261)
Convertible Notes [Member]
Debt Instrument [Line Items]
Debt discount, net of amortization	(27,204)
Deferred debt costs, net of amortization	$ (3,509)	$ (3,700)

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Oct. 13, 2021	Jun. 02, 2021	May 26, 2021	Apr. 15, 2021	May 15, 2019	Jun. 29, 2018	Sep. 30, 2021	Sep. 30, 2021	Mar. 31, 2021	Oct. 14, 2016
Debt Instrument [Line Items]
Current portion of long-term debt									$ 24,167,000
Common stock, shares issued							101,591,632	101,591,632	101,264,412
Common stock, par value
Accrued interest							$ 9,110,000	$ 9,110,000	$ 8,009,000
Ordinary Shares [Member]
Debt Instrument [Line Items]
Common stock, shares issued							101,591,632	101,591,632	101,264,412
Common stock, par value
Par value per share							$ 2.34	$ 2.34
From and After October 14, 2021 [Member]
Debt Instrument [Line Items]
Revised amortization principal payments								$ 12,100,000,000
From and After April 14, 2024 [Member]
Debt Instrument [Line Items]
Revised amortization principal payments								$ 18,100,000,000
Convertible Notes [Member]
Debt Instrument [Line Items]
Debt instrument, issuance date								May 26, 2021
Aggregate principal amount of notes issued		$ 10,000,000	$ 95,000,000
Debt instrument, interest rate							4.75%	4.75%
Maturity date		May 26, 2026	May 26, 2026
Debt instrument, conversion, description								At any time before the close of business on the second business day immediately before the maturity date, holders of the Convertible Notes can convert the Convertible Notes either in whole or in part into the Company’s ordinary shares at an initial conversion rate of 176.3668 ordinary shares per $1,000 principal amount of the Convertible Notes, subject to customary anti-dilution adjustments.
Conversion rate of ordinary shares			176.3668
Conversion price per share			$ 1,000
Debt issuance costs			$ 3,700,000				$ 3,509,000	$ 3,509,000
Issuance costs attributable to bifurcated derivative			$ 0
Expected life of debt			5 years
Debt instrument, effective interest rate			12.90%
Interest expense debt							2,500,000	3,400,000
Coupon interest							1,300,000	1,700,000
Amortization of debt discount and issuance costs							1,200,000	1,700,000
Convertible Notes [Member] | Accrued Expenses and Other Current Liabilities [Member]
Debt Instrument [Line Items]
Accrued interest							$ 1,700,000	$ 1,700,000
Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument, issuance date								Oct. 14, 2016
Aggregate principal amount of notes available for issue										$ 84,000,000
Aggregate principal amount of notes issued					$ 25,000,000	$ 36,000,000
Debt instrument, unused/additional borrowing capacity								The Company issued $84 million aggregate principal amount of the Secured Notes on October 14, 2016 and an additional $36 million aggregate principal amount of the Secured Notes on June 29, 2018.
Debt instrument, restrictive covenants								The Company and its subsidiaries must also comply with certain customary affirmative and negative covenants, including a requirement to maintain six-months of interest in a cash reserve account maintained with the collateral agent. Upon the occurrence of a Change of Control, subject to certain conditions, or certain Asset Sales (each, as defined in the indenture), holders of the Secured Notes may require the Company to repurchase for cash all or part of their Secured Notes at a repurchase price equal to 101% or 100%, respectively, of the principal amount of the Secured Notes to be repurchased, plus accrued and unpaid interest to the date of repurchase.
Debt instrument, percentage of repurchase price on change of control								101.00%
Debt instrument, percentage of repurchase price on certain asset sales								100.00%
Payment to cash reserve account held by collateral agent				$ 8,000,000	8,700,000
Debt instrument date of first required payment, interest								Apr. 15, 2017
Debt instrument date of first payment, principal								Apr. 15, 2021
Debt instrument, interest rate				12.00%			12.00%	12.00%
Debt instrument principal payment				$ 12,100,000
Debt instrument indenture date	Oct. 14, 2016
Debt instrument, maturity date, description								The Indenture Amendments include an 18-month extension of the final maturity of the Secured Notes to October 2025 and a revision of the Notes’ principal amortization schedule (which previously required semi-annual payments of principal beginning April 2021) to commence April 2023. The revised amortization schedule will defer approximately $60 million of principal payments previously required to be made between April 2021 and April 2023.
Revised amortization principal payments								$ 60,000,000
Debt instrument, redemption, description								The Secured Notes may be redeemed from and after October 14, 2021 at redemption prices beginning at 106% of par and declining over time to 100.0% for redemptions occurring from and after April 14, 2024.
Secured Notes [Member] | MosaiQ [Member]
Debt Instrument [Line Items]
Debt instrument subscribers rights to receive payment as percentage of net MosaiQ sales								3.40%
Estimated amount under royalty agreement							$ 65,300,000	$ 65,300,000	$ 106,500,000
Secured Notes [Member] | From and After October 14, 2021 [Member]
Debt Instrument [Line Items]
Debt instrument, redemption percentage								106.00%
Secured Notes [Member] | From and After April 14, 2024 [Member]
Debt Instrument [Line Items]
Debt instrument, redemption percentage								100.00%
Secured Notes [Member] | Third Issuance [Member]
Debt Instrument [Line Items]
Payment to cash reserve account held by collateral agent					1,500,000
Secured Notes [Member] | Fourth Supplemental Indenture [Member]
Debt Instrument [Line Items]
Debt instrument indenture date	Oct. 13, 2021
Secured Notes [Member] | Consent Shares [Member] | Ordinary Shares [Member]
Debt Instrument [Line Items]
Common stock, shares issued							932,772	932,772
Common stock, par value
Secured Notes [Member] | Consent Warrants [Member] | Ordinary Shares [Member]
Debt Instrument [Line Items]
Common stock, shares issued							1,844,020	1,844,020
Warrants duration							5 years	5 years
Par value per share							$ 4	$ 4
Secured Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Aggregate principal amount of notes available for issue					$ 145,000,000	$ 120,000,000				$ 120,000,000

Debt - Schedule of Principal Am

Debt - Schedule of Principal Amortization Payments of Secured Notes (Detail) $ in Thousands	6 Months Ended
	Sep. 30, 2021USD ($)
April 15, 2023 [Member]
Debt Instrument [Line Items]
Principal amortization schedule	$ 12,100,000
October 15, 2023 [Member]
Debt Instrument [Line Items]
Principal amortization schedule	18,100,000
April 15, 2024 [Member]
Debt Instrument [Line Items]
Principal amortization schedule	24,200,000
October 15, 2024 [Member]
Debt Instrument [Line Items]
Principal amortization schedule	24,200,000
April 15, 2025 [Member]
Debt Instrument [Line Items]
Principal amortization schedule	$ 24,200,000
October 15, 2025 [Member]
Debt Instrument [Line Items]
Principal amortization schedule	The principal balance then outstanding

Consolidated Balance Sheet De_3

Consolidated Balance Sheet Detail - Summary of Inventory (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 9,990	$ 9,189
Work in progress	9,488	9,105
Finished goods	5,536	3,717
Total inventories	$ 25,014	$ 22,011

Consolidated Balance Sheet De_4

Consolidated Balance Sheet Detail - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Raw materials	$ 9,990	$ 9,189
Work in progress	9,488	9,105
Finished goods	5,536	3,717
MosaiQ Project [Member]
Raw materials	7,237	6,829
Work in progress	4,706	4,321
Finished goods	$ 3,742	$ 1,465

Consolidated Balance Sheet De_5

Consolidated Balance Sheet Detail - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Payables And Accruals [Abstract]
Accrued legal and professional fees	$ 1,192	$ 1,005
Accrued interest	9,110	8,009
Goods received not invoiced	2,418	1,722
Accrued capital expenditure	106	1,201
Other accrued expenses	2,120	2,072
Total accrued expenses and other current liabilities	$ 14,946	$ 14,009

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	6 Months Ended
	Sep. 30, 2021USD ($)Contracts$ / £	Mar. 31, 2021USD ($)
Commitments And Contingencies [Line Items]
Total assets measured at fair value	$ 12	$ 355
October 2021 through December 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 | $ / £	1.3090
January 2022 through March 2022 [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 | $ / £	1.3735

Fair value measurement - Summar

Fair value measurement - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Sep. 30, 2021	Mar. 31, 2021
Assets:
Total assets measured at fair value		$ 12	$ 355
Recurring [Member]
Assets:
Total assets measured at fair value		18,882	31,106
Liabilities:
Total liabilities measured at fair value		20,632
Recurring [Member] | Pension plan assets [Member]
Assets:
Total assets measured at fair value	[1]	18,870	15,751
Recurring [Member] | Short-term Investments [Member]
Assets:
Total assets measured at fair value	[2]		15,000
Recurring [Member] | Foreign currency forward contracts [Member]
Assets:
Total assets measured at fair value	[3]	12	355
Recurring [Member] | Convertible loan derivatives [Member]
Liabilities:
Total liabilities measured at fair value	[4]	20,632
Recurring [Member] | Level 2 [Member]
Assets:
Total assets measured at fair value		18,882	31,106
Liabilities:
Total liabilities measured at fair value		20,632
Recurring [Member] | Level 2 [Member] | Pension plan assets [Member]
Assets:
Total assets measured at fair value	[1]	18,870	15,751
Recurring [Member] | Level 2 [Member] | Short-term Investments [Member]
Assets:
Total assets measured at fair value	[2]		15,000
Recurring [Member] | Level 2 [Member] | Foreign currency forward contracts [Member]
Assets:
Total assets measured at fair value	[3]	12	$ 355
Recurring [Member] | Level 2 [Member] | Convertible loan derivatives [Member]
Liabilities:
Total liabilities measured at fair value	[4]	$ 20,632
[1]	The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured employees held within the AXA LLP Foundation Suisse Romande collective investment fund.
[2]	The fair value of short-term investments has been determined based on the quoted value of the units held in the money market fund at the balance sheet date. The short-term investments as of March 31, 2021, relate to investments made in a Treasury Money Market Fund. Quotient sold these investments during the quarter ended September 30, 2021
[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.
[4]	The fair value of the Convertible loan derivatives has been determined by utilizing a single factor lattice model using market-based observable inputs such as historical share prices for Quotient Limited, interest rates derived from the U.S. Dollar Swap interest rate curve, credit spread, and implied volatility obtained from third party market price quotations.

Fair value measurement - Additi

Fair value measurement - Additional Information (Detail) $ in Thousands	Mar. 12, 2021USD ($)Investment	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)Investment	Sep. 30, 2020USD ($)	Mar. 31, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments		$ 20,792	$ 20,792		$ 65,999
Unrealized gains on short-term investments			275	$ 423
Unrealized gains reclassified to earnings			$ 193	$ 906
CSAM [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of short-term funds invested | Investment	2		2
Aggregate investment in suspend redemptions	$ 110,350
Payments for (proceeds from) short-term investments	$ 86,800	11,200	$ 29,700
Short-term investments					110,300
Short-term investment, Estimated fair value					108,000
Impairment of short term investments					$ 2,300
Carrying value of investments		$ 20,800	$ 20,800

Ordinary and Preference Share_2

Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Detail) - $ / shares	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Class Of Stock [Line Items]
Ordinary shares, shares issued	101,591,632		101,264,412
Ordinary shares, shares outstanding	101,591,632		101,264,412
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	$ 33		$ 32.21
Ordinary Shares [Member]
Class Of Stock [Line Items]
Ordinary shares, shares issued	101,591,632		101,264,412
Ordinary shares, shares outstanding	101,591,632	101,527,188	101,264,412	100,965,451	80,593,440	80,398,326
Ordinary shares, par value

Ordinary and Preference Share_3

Ordinary and Preference Shares - Summary of Shares Issued and Outstanding (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
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%

Ordinary and Preference Share_4

Ordinary and Preference Shares - Additional Information (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Jan. 29, 2015
Class Of Stock [Line Items]
Preference share dividend percentage	7.00%	7.00%
7% Cumulative Redeemable Preference Shares [Member]
Class Of Stock [Line Items]
Subscriptions price, per share			$ 22.50
Preference share dividend percentage	7.00%	7.00%

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Oct. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense		$ 1,404	$ 1,324	$ 3,227	$ 2,284
Total fair value of stock options granted				$ 2,793	$ 441
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] | Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units cancelled	181,159
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		1,916,314		1,916,314
Weighted average remaining vesting period				16 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		91,031		91,031
Restricted Stock Units (RSUs) [Member] | Financial Objectives [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units outstanding		749,352		749,352
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		$ 2.34		$ 2.34

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share Option Activity (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Share Options Outstanding, Beginning Balance	1,810,785
Number of Share Options Outstanding, Granted	1,150,504
Number of Share Options Outstanding, Exercised	(4,677)
Number of Share Options Outstanding, Forfeited	(154,803)
Number of Share Options Outstanding, Ending Balance	2,801,809	1,810,785
Number of Share Options Outstanding, Exercisable	1,422,282
Weighted-Average Exercise Price, Beginning Balance	$ 7.69
Weighted-Average Exercise Price, Granted	3.71
Weighted-Average Exercise Price, Exercised	1.44
Weighted-Average Exercise Price, Forfeited	6.74
Weighted-Average Exercise Price, Ending Balance	6.12	$ 7.69
Weighted-Average Exercise Price, Exercisable	$ 8.20
Weighted-Average Remaining Contractual Life, Outstanding	84 months	68 months
Weighted-Average Remaining Contractual Life, Granted	120 months
Weighted-Average Remaining Contractual Life, Exercisable	55 months

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value (Detail)	6 Months Ended
	Sep. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options Granted | shares	1,150,504
Exercise Price	$ 3.71
Ordinary Shares Fair Value Per Share at Grant Date	$ 3.83
April 1, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date	Apr. 1, 2021
Number of Options Granted | shares	857,015
Exercise Price	$ 3.68
Ordinary Shares Fair Value Per Share at Grant Date	3.68
Per Share Intrinsic Value of Options	$ 2.41
June 10, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date	Jun. 10, 2021
Number of Options Granted | shares	133,386
Exercise Price	$ 4.37
Ordinary Shares Fair Value Per Share at Grant Date	4.37
Per Share Intrinsic Value of Options	$ 2.85
August 1, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date	Aug. 1, 2021
Number of Options Granted | shares	118,734
Exercise Price	$ 3.41
Ordinary Shares Fair Value Per Share at Grant Date	3.41
Per Share Intrinsic Value of Options	$ 2.21
August 3, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date	Aug. 3, 2021
Number of Options Granted | shares	4,556
Exercise Price	$ 3.38
Ordinary Shares Fair Value Per Share at Grant Date	3.38
Per Share Intrinsic Value of Options	$ 2.20
September 1, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date	Sep. 1, 2021
Number of Options Granted | shares	36,813
Exercise Price	$ 3.07
Ordinary Shares Fair Value Per Share at Grant Date	3.07
Per Share Intrinsic Value of Options	$ 2.01

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value (Parenthetical) (Detail) - $ / shares	Oct. 01, 2021	Apr. 01, 2021	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options Granted			1,150,504
Exercise Price			$ 3.71
Number of options cancelled			154,803
Mr. Mendez [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options Granted		857,015
Exercise Price		$ 3.68
Share options, term of years		10 years
Mr. Mendez [Member] | Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options cancelled	138,227

Share-Based Compensation - Su_4

Share-Based Compensation - Summary of Weighted-Average Assumptions to Share Options Issued (Detail)	6 Months Ended
	Sep. 30, 2021$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	1.64%
Expected lives (years)	6 years
Volatility	74.19%
Grant date fair value (per share) | $ / shares	$ 3.83
Number granted | shares	1,150,504

Share-Based Compensation - Su_5

Share-Based Compensation - Summary of RSUs (Detail) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Sep. 30, 2021shares
Time Based Vesting [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs Outstanding	1,916,314
Weighted Average Remaining Vesting Period (Months)	16 months
Milestone and Performance Vesting [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs Outstanding	840,383

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Tax rate change			$ 335
Foreign tax rate differential	$ (1,337)	$ (1,013)	(1,920)	$ (1,582)
Increase in valuation allowance against deferred tax assets	1,182	862	2,100	1,278
Provision for income tax	$ (155)	$ (151)	$ 515	$ (304)

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Defined Benefit Plan Net Periodic Benefit Cost [Abstract]
Employer service cost	$ 627	$ 627	$ 1,253	$ 1,198
Interest cost	23	32	44	62
Expected return on plan assets	(76)	(64)	(153)	(121)
Amortization of prior service credit	14	14	29	27
Net pension cost	$ 588	$ 609	$ 1,173	$ 1,166

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Contributions paid or to be paid by employer	$ 819	$ 652
Scenario, Forecast [Member]
Defined Contribution Plan Disclosure [Line Items]
Contributions paid or to be paid by employer			$ 1,436

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (27,105)	$ (13,755)	$ (54,397)	$ (40,011)
Net loss available to ordinary shareholders - basic	(27,105)	(13,755)	(54,397)	(40,011)
Net loss available to ordinary shareholders - diluted	$ (33,858)	$ (13,755)	$ (54,397)	$ (40,011)
Denominator:
Weighted-average shares outstanding - basic	101,567,664	83,949,195	101,479,690	82,227,052
Weighted-average shares outstanding - diluted	120,086,178	83,949,195	101,479,690	82,227,052
Loss per share - basic	$ (0.27)	$ (0.16)	$ (0.54)	$ (0.49)
Loss per share - diluted	$ (0.28)	$ (0.16)	$ (0.54)	$ (0.49)

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, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Ordinary shares issuable excluded from computation of earnings per share	5,734,031	2,929,227
Conversion of Senior Convertible Notes At $5.67 Per Share [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Ordinary shares issuable excluded from computation of earnings per share	18,518,514
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	2,801,809	1,899,280
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Ordinary shares issuable excluded from computation of earnings per share	2,756,697	854,422
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	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Ordinary shares issuable excluded from computation of earnings per share	5,734,031	2,929,227
Conversion of Senior Convertible Notes At $5.67 Per Share [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Exercise price of warrants per share	$ 5.67	$ 5.67
Ordinary shares issuable excluded from computation of earnings per share	18,518,514
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
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]
Exercise price of warrants per share	$ 9.375	$ 9.375
Ordinary shares issuable excluded from computation of earnings per share	64,000	64,000