Roivant Sciences (ROIV) 10-Q 12 Nov 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	001-40782
Entity Registrant Name	ROIVANT SCIENCES LTD.
Entity Central Index Key	0001635088
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1173944
Entity Address, Address Line One	7th Floor
Entity Address, Address Line Two	50 Broadway
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	SW1H 0DB
Country Region	44
City Area Code	207
Local Phone Number	400 3347
Title of 12(b) Security	Common Shares, $0.0000000341740141 per share
Trading Symbol	ROIV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		727,949,744

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,958,633	$ 6,494,953
Marketable securities	3,428,021	0
Other current assets	94,226	80,605
Current assets of discontinued operations	320,239	156,270
Total current assets	5,801,119	6,731,828
Property and equipment, net	13,674	15,322
Operating lease right-of-use assets	42,977	44,002
Investments measured at fair value	311,354	247,753
Other assets	36,904	37,701
Noncurrent assets of discontinued operations	0	145,876
Total assets	6,206,028	7,222,482
Current liabilities:
Accounts payable	25,127	14,029
Accrued expenses	111,469	119,417
Operating lease liabilities	9,519	8,966
Other current liabilities	8,921	13,941
Current liabilities of discontinued operations	401,213	110,405
Total current liabilities	556,249	266,758
Liability instruments measured at fair value	26,252	25,737
Operating lease liabilities, noncurrent	43,190	45,020
Other liabilities	295	2,493
Noncurrent liabilities of discontinued operations	0	433,945
Total liabilities	625,986	773,953
Commitments and contingencies (Note 11)
Shareholders' equity:
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 shares authorized and 733,328,375 and 806,677,954 shares issued and outstanding at September 30, 2024 and March 31, 2024, respectively	0	0
Additional paid-in capital	4,775,411	5,396,492
Retained earnings	395,580	576,172
Accumulated other comprehensive loss	(18,036)	(4,083)
Shareholders' equity attributable to Roivant Sciences Ltd.	5,152,955	5,968,581
Noncontrolling interests	427,087	479,948
Total shareholders' equity	5,580,042	6,448,529
Total liabilities and shareholders' equity	$ 6,206,028	$ 7,222,482

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Mar. 31, 2024
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0.00000003417	$ 0.00000003417
Common stock, shares authorized (in shares)	7,000,000,000	7,000,000,000
Common stock, shares issued (in shares)	733,328,375	806,677,954
Common stock, shares outstanding (in shares)	733,328,375	806,677,954

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Operations [Abstract]
Revenue, net	$ 4,475	$ 3,648	$ 12,465	$ 8,131
Operating expenses:
Cost of revenues	234	223	447	1,206
Research and development (includes $9,911 and $8,309 of share-based compensation expense for the three months ended September 30, 2024 and 2023 and $20,443 and $15,726 for the six months ended September 30, 2024 and 2023, respectively)	143,073	114,790	263,580	224,206
Acquired in-process research and development	0	13,950	0	26,450
General and administrative (includes $59,443 and $37,755 of share-based compensation expense for the three months ended September 30, 2024 and 2023 and $96,284 and $76,472 for the six months ended September 30, 2024 and 2023, respectively)	202,881	88,576	302,773	179,858
Total operating expenses	346,188	217,539	566,800	431,720
Gain on sale of Telavant net assets	0	0	110,387	0
Loss from operations	(341,713)	(213,891)	(443,948)	(423,589)
Change in fair value of investments	(48,375)	45,849	(63,601)	53,413
Change in fair value of liability instruments	(635)	11,789	515	51,967
Gain on deconsolidation of subsidiaries	0	(17,354)	0	(17,354)
Interest income	(69,773)	(14,299)	(141,900)	(31,014)
Other expense, net	1,453	1,530	5,061	4,357
Loss from continuing operations before income taxes	(224,383)	(241,406)	(244,023)	(484,958)
Income tax expense	12,458	3,236	24,421	4,911
Loss from continuing operations, net of tax	(236,841)	(244,642)	(268,444)	(489,869)
(Loss) income from discontinued operations, net of tax	(43,083)	(86,476)	46,010	(169,094)
Net loss	(279,924)	(331,118)	(222,434)	(658,963)
Net loss attributable to noncontrolling interests	(49,740)	(26,791)	(87,547)	(62,820)
Net loss attributable to Roivant Sciences Ltd.	(230,184)	(304,327)	(134,887)	(596,143)
Amounts attributable to Roivant Sciences Ltd.:
Loss from continuing operations, net of tax	(187,101)	(218,226)	(181,052)	(427,784)
(Loss) income from discontinued operations, net of tax	(43,083)	(86,101)	46,165	(168,359)
Net loss attributable to Roivant Sciences Ltd.	$ (230,184)	$ (304,327)	$ (134,887)	$ (596,143)
Basic and diluted net (loss) income per common share:
Basic loss from continuing operations (in dollars per share)	$ (0.25)	$ (0.28)	$ (0.25)	$ (0.56)
Diluted loss from continuing operations (in dollars per share)	(0.25)	(0.28)	(0.25)	(0.56)
Basic (loss) income from discontinued operations (in dollars per share)	(0.06)	(0.11)	0.06	(0.22)
Diluted (loss) income from discontinued operations (in dollars per share)	(0.06)	(0.11)	0.06	(0.22)
Basic net loss per common share (in dollars per share)	(0.31)	(0.4)	(0.18)	(0.78)
Diluted net loss per common share (in dollars per share)	$ (0.31)	$ (0.4)	$ (0.18)	$ (0.78)
Weighted average shares outstanding:
Weighted average shares outstanding, basic (in shares)	735,470,796	770,227,849	735,642,721	764,780,630
Weighted average shares outstanding, diluted (in shares)	735,470,796	770,227,849	735,642,721	764,780,630

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based compensation			$ 121,860	$ 98,578
Research and Development Expense [Member]
Share-based compensation	$ 9,911	$ 8,309	20,443	15,726
General and Administrative Expense [Member]
Share-based compensation	$ 59,443	$ 37,755	$ 96,284	$ 76,472

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Comprehensive Loss [Abstract]
Net loss	$ (279,924)	$ (331,118)	$ (222,434)	$ (658,963)
Other comprehensive income (loss):
Change in fair value of debt due to change in subsidiary credit risk	7,100	0	(3,500)	0
Foreign currency translation adjustment	(6,894)	3,602	(10,126)	(546)
Total other comprehensive income (loss)	206	3,602	(13,626)	(546)
Comprehensive loss	(279,718)	(327,516)	(236,060)	(659,509)
Comprehensive loss attributable to noncontrolling interests	(49,446)	(26,727)	(87,220)	(62,911)
Comprehensive loss attributable to Roivant Sciences Ltd.	$ (230,272)	$ (300,789)	$ (148,840)	$ (596,598)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	(Accumulated Deficit) / Retained Earnings [Member]	Noncontrolling Interests [Member]	Total
Beginning balance at Mar. 31, 2023	$ 0	$ 4,933,137	$ (2,617)	$ (3,772,754)	$ 449,821	$ 1,607,587
Beginning balance (in shares) at Mar. 31, 2023	760,143,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of the Company's common shares in connection with equity incentive plans and tax withholding payments	$ 0	14,395	0	0	0	14,395
Issuance of the Company's common shares in connection with equity incentive plans and tax withholding payments (in shares)	6,994,468
Subsidiary stock options exercised	$ 0	503	0	0	387	890
Cash contributions to majority-owned subsidiaries	0	(623)	0	0	623	0
Dividend declared by subsidiary	0	0	0	0	(6,000)	(6,000)
Share-based compensation	0	34,498	0	0	14,762	49,260
Foreign currency translation adjustment	0	0	(3,993)	0	(155)	(4,148)
Net income (loss)	0	0	0	(291,816)	(36,029)	(327,845)
Ending balance at Jun. 30, 2023	$ 0	4,981,910	(6,610)	(4,064,570)	423,409	1,334,139
Ending balance (in shares) at Jun. 30, 2023	767,137,861
Beginning balance at Mar. 31, 2023	$ 0	4,933,137	(2,617)	(3,772,754)	449,821	1,607,587
Beginning balance (in shares) at Mar. 31, 2023	760,143,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in fair value of debt due to change in subsidiary credit risk						0
Net income (loss)						(658,963)
Ending balance at Sep. 30, 2023	$ 0	5,320,503	(3,072)	(4,368,897)	377,099	1,325,633
Ending balance (in shares) at Sep. 30, 2023	800,792,365
Beginning balance at Jun. 30, 2023	$ 0	4,981,910	(6,610)	(4,064,570)	423,409	1,334,139
Beginning balance (in shares) at Jun. 30, 2023	767,137,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of the Company's common shares, net of issuance costs	$ 0	199,822	0	0	0	199,822
Issuance of the Company's common shares, net of issuance costs (in shares)	19,600,685
Issuance of the Company's common shares related to settlement of warrants	$ 0	83,264	0	0	0	83,264
Issuance of the Company's common shares related to settlement of warrants (in shares)	7,554,549
Issuance of the Company's common shares under employee stock purchase plan	$ 0	587	0	0	0	587
Issuance of the Company's common shares under employee stock purchase plan (in shares)	96,385
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	$ 0	20,873	0	0	0	20,873
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments (in shares)	6,402,885
Deconsolidation of subsidiaries	$ 0	0	0	0	(35,050)	(35,050)
Subsidiary stock options exercised	0	131	0	0	65	196
Cash contributions to majority-owned subsidiaries	0	(571)	0	0	571	0
Share-based compensation	0	34,487	0	0	14,831	49,318
Change in fair value of debt due to change in subsidiary credit risk						0
Foreign currency translation adjustment	0	0	3,538	0	64	3,602
Net income (loss)	0	0	0	(304,327)	(26,791)	(331,118)
Ending balance at Sep. 30, 2023	$ 0	5,320,503	(3,072)	(4,368,897)	377,099	1,325,633
Ending balance (in shares) at Sep. 30, 2023	800,792,365
Beginning balance at Mar. 31, 2024	$ 0	5,396,492	(4,083)	576,172	479,948	6,448,529
Beginning balance (in shares) at Mar. 31, 2024	806,677,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of the Company's common shares in connection with equity incentive plans and tax withholding payments	$ 0	(11,147)	0	0	0	(11,147)
Issuance of the Company's common shares in connection with equity incentive plans and tax withholding payments (in shares)	3,626,235
Issuance of subsidiary common shares, net	$ 0	11,647	0	0	0	11,647
Issuance of subsidiary common shares, net (in shares)	0
Subsidiary stock options exercised	$ 0	433	0	0	312	745
Cash contributions to majority-owned subsidiaries	0	(69)	0	0	69	0
Repurchase of common shares	$ 0	(648,385)	0	0	0	(648,385)
Repurchase of common shares (in shares)	(71,251,083)
Share-based compensation	$ 0	32,817	0	0	17,422	50,239
Change in fair value of debt due to change in subsidiary credit risk	0	0	(10,600)	0	0	(10,600)
Foreign currency translation adjustment	0	0	(3,265)	0	33	(3,232)
Net income (loss)	0	0	0	95,297	(37,807)	57,490
Ending balance at Jun. 30, 2024	$ 0	4,781,788	(17,948)	671,469	459,977	5,895,286
Ending balance (in shares) at Jun. 30, 2024	739,053,106
Beginning balance at Mar. 31, 2024	$ 0	5,396,492	(4,083)	576,172	479,948	6,448,529
Beginning balance (in shares) at Mar. 31, 2024	806,677,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in fair value of debt due to change in subsidiary credit risk						(3,500)
Net income (loss)						(222,434)
Ending balance at Sep. 30, 2024	$ 0	4,775,411	(18,036)	395,580	427,087	5,580,042
Ending balance (in shares) at Sep. 30, 2024	733,328,375
Beginning balance at Jun. 30, 2024	$ 0	4,781,788	(17,948)	671,469	459,977	5,895,286
Beginning balance (in shares) at Jun. 30, 2024	739,053,106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of the Company's common shares under employee stock purchase plan	$ 0	648	0	0	0	648
Issuance of the Company's common shares under employee stock purchase plan (in shares)	72,143
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	$ 0	(2,597)	0	0	0	(2,597)
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments (in shares)	3,226,784
Subsidiary stock options exercised	$ 0	430	0	0	332	762
Cash contributions to majority-owned subsidiaries	0	(119)	0	0	119	0
Repurchase of common shares	$ 0	(60,349)	0	(45,705)	0	(106,054)
Repurchase of common shares (in shares)	(9,023,658)
Share-based compensation	$ 0	55,610	0	0	16,105	71,715
Change in fair value of debt due to change in subsidiary credit risk	0	0	7,100	0	0	7,100
Foreign currency translation adjustment	0	0	(7,188)	0	294	(6,894)
Net income (loss)	0	0	0	(230,184)	(49,740)	(279,924)
Ending balance at Sep. 30, 2024	$ 0	$ 4,775,411	$ (18,036)	$ 395,580	$ 427,087	$ 5,580,042
Ending balance (in shares) at Sep. 30, 2024	733,328,375

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (222,434)	$ (658,963)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	121,860	98,578
Change in fair value of investments	(63,601)	53,413
Change in fair value of debt and liability instruments	(102,137)	76,045
Gain on deconsolidation of subsidiaries	0	(17,354)
Gain on sale of Telavant net assets	(110,387)	0
Accretion of discount and amortization of premium on marketable securities, net	(25,036)	0
Depreciation and amortization	9,725	11,426
Non-cash lease expense	3,160	3,316
Other	(12,360)	5,295
Changes in assets and liabilities, net of effects from acquisition and divestiture:
Other current assets	(12,206)	(26,279)
Accounts payable	(18,057)	10,142
Accrued expenses	(16,474)	(12,390)
Operating lease liabilities	(3,444)	(4,154)
Other	(8,244)	14,566
Net cash used in operating activities	(459,635)	(446,359)
Cash flows from investing activities:
Purchase of marketable securities	(3,402,985)	0
Purchase of property and equipment	(1,961)	(678)
Proceeds from sale of subsidiary interests	110,387	47,500
Cash decrease upon deconsolidation of subsidiaries	0	(83,679)
Other	0	511
Net cash used in investing activities	(3,294,559)	(36,346)
Cash flows from financing activities:
Proceeds from issuance of the Company's common shares, net of issuance costs paid	0	199,822
Payment of subsidiary dividend	0	(6,000)
Repayment of debt by subsidiary	(3,000)	(14,471)
Payments on principal portion of finance lease obligations	(662)	(907)
Proceeds from exercise of the Company's and subsidiary stock options	8,891	42,142
Taxes paid related to net settlement of equity awards	(21,128)	(5,788)
Repurchase of common shares	(754,439)	0
Proceeds from issuance of the Company's common shares under employee stock purchase plan	648	587
Proceeds from exercise of the Company's warrants	0	5
Payment for redemptions of the Company's warrants	0	(41)
Net cash (used in) provided by financing activities	(769,690)	215,349
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	2,303	(1,571)
Net change in cash, cash equivalents and restricted cash	(4,521,581)	(268,927)
Cash, cash equivalents and restricted cash at beginning of period	6,550,450	1,692,115
Cash, cash equivalents and restricted cash at end of period	2,028,869	1,423,188
Non-cash investing and financing activities:
Cashless exercise of the Company's warrants	0	83,258
Issuance of subsidiary shares in connection with Debt Renegotiation	11,647	0
Other	$ 1,869	$ 33

Description of Business and Liq

Description of Business and Liquidity	6 Months Ended
	Sep. 30, 2024
Description of Business and Liquidity [Abstract]
Description of Business and Liquidity	Note 1—Description of Business and Liquidity (A) Description of Business Roivant Sciences Ltd. (inclusive of its consolidated subsidiaries, the “Company” or “RSL”) aims to improve the lives of patients by accelerating the development and commercialization of medicines that matter. The Company does this by creating nimble subsidiaries or “Vants” to develop and commercialize its medicines and technologies. Beyond therapeutics, the Company also incubates discovery-stage companies and health technology startups complementary to its biopharmaceutical business. The Company was founded on April 7, 2014 as a Bermuda exempted limited company. The Company has determined that it has one operating and reporting segment as it allocates resources and assesses financial performance on a consolidated basis. The Company’s subsidiaries are wholly owned subsidiaries and majority-owned or controlled subsidiaries. Refer to Note 4, “Equity Method Investments” for further discussion of the Company’s investments in unconsolidated entities. RSL completed its business combination (the “Business Combination”) with Montes Archimedes Acquisition Corp. (“MAAC”), a special purpose acquisition company, on September 30, 2021 and on October 1, 2021 began trading on the Nasdaq Global Select Market under the ticker symbol “ROIV.” (B) Liquidity Historically, the Company has incurred significant operating losses and negative cash flows from operations since its inception. In December 2023, the Company sold its entire equity interest in its majority-owned subsidiary Telavant Holdings , Inc. (“Telavant”) , the Company received As of September 30 , 2024 , the Company had cash, cash equivalents, and marketable securities of approximately $5.4 billion and its retained earnings was $395.6 million . For the six months ended September 30, 2024 and 2023, the Company incurred net losses from continuing operations of $268.4 million and $489.9 million, respectively. The Company has historically financed its operations primarily through the sale of equity securities, sale of subsidiary interests, debt financings and revenue generated from licensing and collaboration arrangements. The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals to market its product candidates, dependence on key products, dependence on third-party service providers, such as contract research organizations, and protection of intellectual property rights. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and may require additional capital to fully implement its business plan. The Company expects its existing cash, cash equivalents, and marketable securities

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies (A) Basis of Presentation and Principles of Consolidation The Company’s fiscal year ends on March 31, and its fiscal quarters end on June 30, September 30, and December 31. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and follow the requirements of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 filed with the SEC. The unaudited condensed consolidated balance sheet at March 31, 2024 has been derived from the audited consolidated financial statements at that date. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, that are considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented. Operating results for the six months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025, for any other interim period, or for any other future year. Any references in these notes to applicable accounting guidance are meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of RSL and the subsidiaries in which it has a controlling financial interest, most often through a majority voting interest. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where the Company owns or is exposed to less than 100% of the economics, the Company records net loss attributable to noncontrolling interests in its unaudited condensed consolidated statements of operations equal to the noncontrolling interest’s proportionate share of the respective operations. The Company presents noncontrolling interests as a component of shareholders’ equity on its unaudited condensed consolidated balance sheets. The Company accounts for changes in its ownership interest in its subsidiaries while control is retained as equity transactions. The carrying amount of the noncontrolling interest is adjusted to reflect the change in the ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted is recognized within shareholders’ equity attributable to RSL. In September 2024, the Company’s subsidiary, Dermavant Sciences Ltd. (“Dermavant”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Organon & Co. (“Organon”), Organon Bermuda Ltd., an indirect wholly owned subsidiary of Organon (“Merger Sub”), and us, solely in our capacity as the representative of the securityholders of Dermavant. Organon’s acquisition of Dermavant (the “Dermavant Transaction”) was completed in October 2024, subsequent to quarter end. The Company determined that the anticipated acquisition of Dermavant by Organon met the held for sale and discontinued operations accounting criteria in the second fiscal quarter of 2024. Accordingly, the Company classified the results of Dermavant as discontinued operations in its condensed consolidated statements of operations for all periods presented. Additionally, Dermavant’s assets and liabilities are classified as held for sale and discontinued operations in the condensed consolidated balance sheets for all periods presented. The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. The discussions in these notes to the condensed consolidated financial statements relate solely to the Company’s continuing operations, unless otherwise noted. For further discussion of the discontinued operation related to Dermavant, refer to Note 6, “Discontinued Operations.” (B) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, costs, expenses, contingent liabilities, share-based compensation and research and development costs. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. (C) Concentrations Financial instruments that potentially subject the Company to concentration of credit risk include cash, cash equivalents, and marketable securities. The Company maintains cash deposits, cash equivalents, and marketable securities in highly-rated, federally-insured financial institutions in excess of federally insured limits. The Company has established guidelines relative to diversification and maturities to maintain safety and liquidity. The Company has not experienced any credit losses related to these financial instruments and does not believe that it is exposed to any significant credit risk related to these instruments. (D) Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash deposits in banks and all highly liquid investments that are readily convertible to cash. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash equivalents consist of amounts invested in money market funds and United States (“U.S.”) Treasury securities. Cash as reported in the accompanying condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows (in thousands): September 30, 2024 March 31, 2024 Cash and cash equivalents $ 1,958,633 $ 6,494,953 Restricted cash (included in “Other current assets”) 3,112 3,067 Restricted cash (included in “Other assets”) 8,169 8,169 Cash, cash equivalents and restricted cash $ 1,969,914 $ 6,506,189 Cash and restricted cash held by Dermavant are included in assets of discontinued operations at September 30, 2024 and March 31, 2024. Refer to Note 6, “Discontinued Operations” for further details. (E) Marketable Securities The Company considers all highly liquid investments in securities with original maturities of greater than three months at the time of purchase to be marketable securities. Marketable securities consist of amounts invested in U.S. Treasury securities. As of September 30, 2024, all of the Company’s marketable securities had maturities less than one year from the date of purchase. All of the Company’s marketable securities are classified as held-to-maturity as the Company has the ability and intent to hold to maturity and are reported at amortized cost. Interest income is recorded as earned within “Interest income” in the condensed consolidated statements of operations. (F) Contingencies The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company continually assesses any litigation or other claims it may confront to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss which could be estimated. The Company accrues for all contingencies at the earliest date at which the Company deems it probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely than another, the Company accrues the minimum of the range. In the cases where the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the contingent loss, including an estimable range, if possible. (G) Investments Investments in equity securities for which the Company does not have control or significant influence may be accounted for using (i) the fair value option, if elected, (ii) fair value through earnings, if fair value is readily determinable or (iii) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. The election to use the measurement alternative is made for each eligible investment. The Company has elected the fair value option to account for certain investments over which the Company has significant influence. The Company believes the fair value option best reflects the underlying economics of the investment. See Note 4, “Equity Method Investments.” (H) Fair Value Measurements The Company utilizes fair value measurement guidance prescribed by U.S. GAAP to value its financial instruments. The guidance establishes a fair value hierarchy for financial instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. Fair value is defined as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a three-tier fair value hierarchy that distinguishes among the following: • Level 1-Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2-Valuations are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly. • Level 3-Valuations are based on inputs that are unobservable (supported by little or no market activity) and significant to the overall fair value measurement. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments include shares of common stock of Arbutus Biopharma Corporation (“Arbutus”); Class A units of Heracles Parent, L.L.C. (“Datavant”); liability instruments issued, including the earn-out shares liabilities issued in connection with the Company’s business combination with MAAC (as discussed in Note 12, “Earn-Out Shares”); its investments in other entities; cash; cash equivalents, consisting of money market funds and U.S. Treasury securities; marketable securities, consisting of U.S. Treasury securities; and accounts payable. The shares of Arbutus common stock and investments in common stock with a readily determinable fair value are classified as Level 1, and their fair value is determined based upon quoted market prices in an active market. The Class A units of Datavant and liability instruments issued are classified as Level 3 within the fair value hierarchy as the assumptions and estimates used in the valuations are unobservable in the market. Cash and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. Money market funds are included in Level 1 of the fair value hierarchy and are valued at the closing price reported by an actively traded exchange. Held-to-maturity securities are recorded at amortized cost . (I) Significant Accounting Policies There were no significant changes to the Company’s significant accounting policies from (J) Recently Adopted Accounting Pronouncements The Company did not adopt any material accounting pronouncements during the six months ended September 30, 2024. (K) Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setti ng bodies that the Company In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. This ASU is applicable to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and subsequent interim periods, with early adoption permitted. These amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements . In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes updates to the income tax disclosures related to the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024 and are applicable to the Company’s fiscal year beginning April 1, 2025, with early adoption permitted. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements .

Cash, Cash Equivalents, and Mar

Cash, Cash Equivalents, and Marketable Securities	6 Months Ended
	Sep. 30, 2024
Cash, Cash Equivalents, and Marketable Securities [Abstract]
Cash, Cash Equivalents, and Marketable Securities	Note 3—Cash, Cash Equivalents, and Marketable Securities Cash, cash equivalents, and marketable securities consisted of the following (in thousands): September 30, 2024 March 31, 2024 Cash and cash equivalents Cash $ 123,483 $ 182,665 Money market funds 1,475,462 6,312,288 U.S. Treasury securities 359,688 — Total cash and cash equivalents $ 1,958,633 $ 6,494,953 Marketable securities U.S. Treasury securities $ 3,428,021 $ — Total marketable securities $ 3,428,021 $ — Total cash, cash equivalents, and marketable securities $ 5,386,654 $ 6,494,953 Cash held by Dermavant is included in assets of discontinued operations at September 30, 2024 and March 31, 2024. Refer to Note 6, “Discontinued Operations” for further details. The following table summarizes the unrealized positions As of September 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 3,787,709 $ 8,532 $ (91 ) $ 3,796,150 The Company classified its marketable securities as Level 2 measurements within the fair value hierarchy. As of September 30, 2024, the contractual maturities of all marketable securities were less than 12 months.

Equity Method Investments

Equity Method Investments	6 Months Ended
	Sep. 30, 2024
Equity Method Investments [Abstract]
Equity Method Investments	Note 4—Equity Method Investments The Company maintains equity method investments in certain entities. As of September 30, 2024 and March 31, 2024, the most significant of these were the Company’s The Company determined that it does not control these entities and as a result does not consolidate these entities. Due to the Company’s significant influence over operating and financial policies of these entities, the entities are considered related parties of the Company. Investment in Arbutus The Company holds an investment in Arbutus in the form of 38,847,462 common shares of Arbutus. As of September 30, 2024, RSL held approximately 21% of issued and outstanding shares of Arbutus. At and March 31, 2024 , the aggregate fair value of the Company’s investment in Arbutus was $149.6 million and $100.2 million , respectively. During the three and six months ended September 30, 2024, $29.5 million and $49.3 million 30, 2023 , the Company recognized unrealized losses of $10.5 million and $38.8 million on its investment in Arbutus, in the accompanying condensed consolidated statements of operations September 30, 2024 and March 31, 2024 Three Months Ended September 30 Six Months Ended September 30 2024 2023 2024 2023 Revenue $ 1,339 $ 4,658 $ 3,065 $ 9,309 Loss from operations $ (21,440 ) $ (21,558 ) $ (43,023 ) $ (39,943 ) Net loss $ (19,717 ) $ (20,104 ) $ (39,513 ) $ (37,198 ) Investment in Datavant The Company holds an investment in Class A units of Datavant. As of September 30, 2024, the Company’s minority equity interest represented approximately 9% of the outstanding Class A units in Datavant. Datavant’s capital structure includes several classes of preferred units that, among other features, have liquidation preferences and conversion rights. Upon conversion of such preferred units into Class A units, the Company’s ownership interest would be diluted. As of September and March 31, 2024 , the fair value of the Company’s investment was $161.8 million and $147.5 million , respectively. During the three and six months ended September 30, 2024, unrealized gains $18.9 million and $ 14.3 million on its investment in Datavant, respectively, in the accompanying condensed consolidated statements of operations. During the three and six months ended September 30, 2023, the Company recognized unrealized losses of $35.1 million and $14.3 million on its investment in Datavant, respectively, in the accompanying condensed consolidated statements of operations. The fair value of the Company’s investment was determined using valuation models that incorporate significant unobservable inputs and is classified as a Level 3 measurement within the fair value hierarchy. Refer to Note 13, “Fair Value Measurements” for more information.

Recent Transactions and Develop

Recent Transactions and Developments	6 Months Ended
	Sep. 30, 2024
Recent Transactions and Developments [Abstract]
Recent Transactions and Developments	Note 5—Recent Transactions and Developments Telavant Disposition On December 14, 2023 (the “Transaction Date”), the Company completed the sale of its entire equity interest in its majority-owned subsidiary Telavant to Roche Holdings, Inc. (“Roche”) (the “Roche Transaction”). The Roche Transaction was made pursuant to a Stock Purchase Agreement dated October 22, 2023 among the Company, Telavant, Pfizer Inc. (“Pfizer”), and Roche (the “Stock Purchase Agreement”). Telavant was jointly formed by the Company and Pfizer in November 2022 to develop and commercialize RVT-3101, an anti-TL1A antibody in development for ulcerative colitis (“UC”) and Crohn’s disease, in the U.S. and Japan. Prior to the Roche Transaction, the Company held 75% of the issued and outstanding shares of common stock and preferred stock of Telavant, and Pfizer owned the remaining 25%, in each case on an as-converted basis. Pursuant to the Stock Purchase Agreement, Roche acquired all of the issued and outstanding shares of capital stock of Telavant in exchange for approximately $7.1 billion in cash at the closing of the Roche Transaction and a one-time milestone payment of $150 million in cash payable upon the initiation of a Phase 3 trial in UC. The $7.1 billion in closing consideration was paid to all of Telavant’s equity holders, including holders of restricted stock units, on a pro rata basis relative to their ownership of Telavant prior to the closing of the Roche Transaction, and this same treatment applies to the one-time milestone payment. The Company received an upfront payment of approximately $5.2 billion in cash as its pro rata portion of the consideration upon closing of the Roche Transaction. In June 2024, the one-time milestone was achieved. Accordingly, the Company received $110.4 million in cash for its pro rata portion of the milestone payment in August 2024. The Company recognized a gain on sale of Telavant net assets of $110.4 million related to the one-time milestone payment during the six months ended September 30, 2024.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Sep. 30, 2024
Discontinued Operations [Abstract]
Discontinued Operations	Note 6—Discontinued Operations In September 2024, Dermavant entered into the Merger Agreement with Organon, Merger Sub, and us, solely in our capacity as the representative of the securityholders of Dermavant. Organon’s acquisition of Dermavant was completed in October 2024, subsequent to quarter end. Organon agreed to acquire Dermavant for aggregate cash consideration comprising (i) a payment of $175.0 million payable at the closing of the Dermavant Transaction, subject to certain adjustments, (ii) a $75.0 million milestone payment payable upon FDA approval of VTAMA (the “Product”) for the treatment of atopic dermatitis and (iii) up to $950.0 million in additional milestone payments payable upon achievement of certain tiered net sales amounts with respect to the Product, each less than or equal to $1.0 billion. Additionally, Organon agreed to make tiered royalty payments of (x) low-to-mid single digit percentages with respect to annual net sales of the Product up to $1.0 billion and (y) 30% with respect to annual net sales of the Product above $1.0 billion. Such consideration and royalty payments are payable to all of Dermavant’s equity holders, including holders of restricted stock units, options and warrants, on a pro rata basis relative to their ownership of Dermavant prior to the closing of the Dermavant Transaction (in each case, after giving effect to the liquidation preference of Dermavant’s preference shares, all of which are held by the Company, and otherwise in accordance with the applicable terms of such securities). Under the liquidation preference of Dermavant’s preference shares, the Company is entitled to receive 100% of the first $270.0 million of consideration paid pursuant to the Merger Agreement. The Company received $183.6 million in cash in October 2024 upon the closing of the Dermavant Transaction. As contemplated by the Merger Agreement, in connection with the closing of the Dermavant Transaction, Dermavant repaid all amounts outstanding or otherwise payable (including accrued interest and all premiums and exit fees) pursuant to a senior secured credit facility (the “Credit Facility”), dated as of May 14, 2021 and amended as of May 24, 2024, by and among Dermavant, certain subsidiaries of Dermavant, XYQ Luxco S.A.R.L. and U.S. Bank Trust Company, National Association, and terminated the Credit Facility in accordance with its terms. Following the closing of the Dermavant Transaction, all rights and obligations under each of (A) the Revenue Interest Purchase and Sale Agreement, dated as of May 14, 2021 and amended as of May 24, 2024, by and among Dermavant, Dermavant Sciences GmbH, XYQ Luxco S.A.R.L., NovaQuest Co-Investment Funds XVII, L.P., MAM Tapir Lender, LLC and U.S. Bank Trust Company, National Association and (B) the Funding Agreement, dated as of July 10, 2018 and amended as of May 24, 2024, by and among Dermavant, Dermavant Sciences GmbH and NovaQuest Co-Investment Fund VIII, L.P. were retained by Dermavant and its subsidiaries, which became indirect wholly owned subsidiaries of Organon. As a result of the Dermavant Transaction, the Company accounted for the assets and liabilities of Dermavant as assets and liabilities of discontinued operations at September 30, 2024 and March 31, 2024. Assets and liabilities of Dermavant are presented as “Current assets of discontinued operations,” “Noncurrent assets of discontinued operations,” “Current liabilities of discontinued operations,” and “Noncurrent liabilities of discontinued operations” on the accompanying consolidated balance sheets as of September 30, 2024 and March 31, 2024. All assets and liabilities of Dermavant were classified as current as of September 30, 2024 based on the anticipated completion date of the acquisition. Financial results of Dermavant are presented as “(Loss) income from discontinued operations, net of tax” in the accompanying consolidated statements of operations for the three and six months ended September 30, 2024 and 2023. The following table presents components of discontinued operations included in “(Loss) income from discontinued operations, net of tax” (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2024 2023 2024 2023 Product revenue, net $ 20,936 $ 18,424 $ 39,303 $ 35,083 License, milestone and other revenue 3,851 15,029 32,626 15,511 Revenue, net 24,787 33,453 71,929 50,594 Operating expenses: Cost of revenues 6,656 3,043 10,421 6,274 Research and development 8,396 17,194 21,097 32,911 Selling, general and administrative 45,503 75,779 94,129 140,687 Total operating expenses 60,555 96,016 125,647 179,872 Loss from operations (35,768 ) (62,563 ) (53,718 ) (129,278 ) Change in fair value of debt 16,700 9,744 (102,652 ) 24,078 Interest expense (1) 6,469 9,247 19,868 18,159 Other (income) expense, net (16,658 ) 4,401 (18,440 ) (3,019 ) (Loss) income from discontinued operations before income taxes (42,279 ) (85,955 ) 47,506 (168,496 ) Income tax expense 804 521 1,496 598 (Loss) income from discontinued operations, net of tax $ (43,083 ) $ (86,476 ) $ 46,010 $ (169,094 ) Loss from discontinued operations before income taxes attributable to noncontrolling interests $ — $ (374 ) $ (155 ) $ (733 ) (Loss) income from discontinued operations before income taxes attributable to Roivant Sciences Ltd. (42,279 ) (85,581 ) 47,661 (167,763 ) (Loss) income from discontinued operations before income taxes $ (42,279 ) $ (85,955 ) $ 47,506 $ (168,496 ) (1) Interest expense consists of interest payments related to outstanding debt held by Dermavant as well as the associated non-cash amortization of debt discounts and issuance costs. The following table presents the major classes of Dermavant’s assets and liabilities that were reclassified as assets and liabilities of discontinued operations (in thousands): September 30, 2024 March 31, 2024 (1) Assets: Cash and cash equivalents $ 55,448 $ 40,753 Property and equipment, net 2,881 3,736 Operating lease right-of-use assets 2,465 2,890 Intangible assets, net 142,311 137,842 Other assets 117,134 116,925 Total assets of discontinued operations $ 320,239 $ 302,146 Liabilities: Accounts payable $ 10,709 $ 39,196 Accrued expenses 50,342 56,169 Operating lease liabilities 2,717 3,172 Long-term debt 335,501 442,591 Other liabilities 1,944 3,222 Total liabilities of discontinued operations $ 401,213 $ 544,350 (1) Includes both current and non-current assets and liabilities of discontinued operations. In the accompanying consolidated statements of cash flows, the cash flows from discontinued operations are not separately classified. The following table summarizes significant non-cash operating and investing items from discontinued operations (in thousands): Six Months Ended September 30, 2024 2023 Share-based compensation $ 5,055 $ 6,133 Change in fair value of debt $ (102,652 ) $ 24,078 Depreciation and amortization $ 5,761 $ 5,703

Certain Balance Sheet Component

Certain Balance Sheet Components	6 Months Ended
	Sep. 30, 2024
Certain Balance Sheet Components [Abstract]
Certain Balance Sheet Components	Note 7— Certain Balance Sheet Components (A) Other Current Assets Other current assets at September 30, 2024 and March 31, 2024 consisted of the following (in thousands): September 30, 2024 March 31, 2024 Prepaid expenses $ 54,843 $ 33,779 Trade receivables, net 1,916 3,990 Restricted cash 3,112 3,067 Income tax receivable 6,889 1,316 Interest receivable 13,879 27,441 Other 13,587 11,012 Total other current assets $ 94,226 $ 80,605 (B) Accrued Expenses Accrued expenses at September 30, 2024 and March 31, 2024 consisted of the following (in thousands): September 30, 2024 March 31, 2024 Research and development expenses $ 56,299 $ 37,712 Compensation-related expenses 38,849 49,890 Other expenses 16,321 31,815 Total accrued expenses $ 111,469 $ 119,417 (C) Other Current Liabilities Other current liabilities at September 30, 2024 and March 31, 2024 consisted of the following (in thousands): September 30, 2024 March 31, 2024 Deferred revenue $ 3,411 $ 4,168 Income tax payable 5,413 9,773 Other 97 — Total other current liabilities $ 8,921 $ 13,941

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Sep. 30, 2024
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 8—Shareholders’ Equity (A) At-the-Market Equity Offering Program On September 19, 2022, the Company entered into a sales agreement with Cowen and Company, LLC (“Cowen”) to sell its common shares having an aggregate offering price of up to $400.0 million from time to time through an “at-the-market” equity offering program under which Cowen acts as the Company’s agent (the “ATM Facility”). As of September 30, 2024, the Company had $400.0 million of remaining capacity available under the ATM Facility. (B) Share Repurchase Program The Company’s board of directors authorized a common share repurchase program, allowing for repurchases of common shares in an aggregate amount of up to $1.5 billion (excluding fees and expenses). The repurchase program is funded by available cash and cash equivalents on hand and does not have an expiration date. In April 2024, pursuant to the share repurchase program, the Company entered into a share repurchase agreement with Sumitomo Pharma Co., Ltd. (“Sumitomo”) and repurchased all 71,251,083 common shares held by Sumitomo at a purchase price per share of $9.10, for an aggregate purchase price of approximately $648.4 million. Repurchases of an additional 9,023,658 shares were made in open market transactions under the share repurchase program in the three months ended September 30, 2024 for an aggregate purchase price of approximately $106.1 million .

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Sep. 30, 2024
Share-Based Compensation [Abstract]
Share-Based Compensation	Note 9—Share-Based Compensation (A) RSL Equity Incentive Plans RSL has three equity incentive plans: the Roivant Sciences Ltd. 2021 Equity Incentive Plan (the “RSL 2021 EIP”), the Roivant Sciences Ltd. Amended and Restated 2015 Equity Incentive Plan, and the Roivant Sciences Ltd. Amended and Restated 2015 Restricted Stock Unit Plan (collectively, the “RSL Equity Plans”). The RSL 2021 EIP was approved and adopted in connection with the Business Combination and became effective immediately prior to closing. At September 30, 2024, a total of 42,237,212 common shares were available for future grants under the RSL 2021 EIP. Stock Options and Performance Stock Options Activity for stock options and performance stock options under the RSL Equity Plans for the six months ended September 30, 2024 was as follows: Number of Options Options outstanding at March 31, 2024 147,068,607 Granted 4,239,920 Exercised (3,394,492 ) Forfeited/Canceled (1,663 ) Options outstanding at September 30, 2024 147,912,372 Options exercisable at September 30, 2024 107,641,231 Restricted Stock Units and Performance Stock Units Activity for restricted stock units (“RSUs”) Number of Shares Non-vested balance at March 31, 2024 16,778,211 Granted 39,243,918 Vested (3,609,683 ) Forfeited (400,610 ) Non-vested balance at September 30, 2024 52,011,836 Multi-Year Incentive Compensation Program In July 2024, the Compensation Committee of the Board of Directors approved a multi-year incentive compensation program for each of Matthew Gline, Chief Executive Officer; Mayukh Sukhatme, President and Chief Investment Officer; and Eric Venker, President and Chief Operating Officer (the “2024 Senior Executive Compensation Program”). The program primarily consists of two key components: (i) one-time cash retention awards (r efer to Note 11, “Commitments and Contingencies” for further details regarding the one-time cash retention awards) and (ii) long-term equity incentive awards granted in the form of performance restricted stock units (“PSUs”) with both a performance- and a time-vesting component, time-vesting restricted stock units, and time-vesting stock options. A summary of the long -term equity incentive awards approved is as follows: Executive Title Performance Restricted Stock Units (at max) Restricted Stock Units Stock Options Matthew Gline Chief Executive Officer 14,450,000 2,754,821 — Mayukh Sukhatme President and Chief Investment Officer 17,000,000 1,836,547 — Eric Venker President and Chief Operating Officer * 204,000 409,000 * The Company entered into a letter agreement pursuant to which Dr. Venker may be granted up to 11,900,000 The stock options and performance stock options table above includes the stock options granted to Dr. Venker pursuant to the 2024 Senior Executive Compensation Program with a total grant date fair value of $2.9 million. The RSUs and PSUs table above includes the RSUs granted to Mr. Gline, Dr. Sukhatme, and Dr. Venker and PSUs granted to Mr. Gline and Dr. Sukhatme pursuant to the 2024 Senior Executive Compensation Program with total grant date fair values of $51.8 million and $278.2 million, respectively. The PSUs granted to Mr. Gline and Dr. Sukhatme consist of six vesting tranches, with the number of PSUs allocated to each such tranche set forth in the table below. Each tranche of PSUs will vest on the first date that both of the “Service Condition” and the “Performance Condition” applicable to such tranche has been satisfied. The “ Performance Condition when Tranche % of PSUs Share Price Hurdle (per share) First Tranche 14.71 % $ 15.00 Second Tranche 7.35 % $ 17.50 Third Tranche 8.82 % $ 20.00 Fourth Tranche 11.77 % $ 22.50 Fifth Tranche 22.06 % $ 25.00 Sixth Tranche 35.29 % $ 30.00 The “Service Condition” with respect to each tranche will be deemed satisfied on the first anniversary of the date on which the Performance Condition is first satisfied with respect to such tranche, subject to the executive’s continuous service through such anniversary. Following the achievement of the Service Condition and the vesting of any tranche of the PSUs, the common shares underlying the applicable vested tranche of PSUs are subject to a further two-year holding period before such common shares may be sold by the executive (subject to certain exceptions). The Company estimated the fair value of the PSUs on the date of grant using a Monte Carlo simulation applying the assumptions in the following table: Assumptions Expected stock price volatility 70.0 % Expected risk free interest rate 4.1 % Stock price $ 10.80 As the PSUs are subject to the market performance of the Company’s stock price, share-based compensation expense is recognized over the requisite service period regardless of whether the market condition is ultimately satisfied, subject to continued service over the period six months ended September 30, 2024 September 30, 2024 The grant date fair value of the PSUs is sensitive to the expected stock price volatility of the Company’s shares. The Company selected a volatility estimate of 70.0% based on the observed historical volatility of the Company’s shares. If a higher volatility estimate of 80% were selected Capped Value Appreciation Rights March 2020 CVAR Grants As of September 30, 2024 , 17,548,368 capped value appreciation rights (“CVARs”) granted in March 2020 remain outstanding. These CVARs had met the service vesting condition as of September 30, 2024 but have not satisfied their applicable hurdle price on an applicable hurdle measurement November 2021 CVAR Grants Activity for CVARs granted in November 2021 under the RSL 2021 EIP for the six months ended September 30, 2024 was as follows: Number of CVARs Non-vested balance at March 31, 2024 1,782,078 Vested (585,769 ) Forfeited (128,829 ) Non-vested balance at September 30, 2024 1,067,480 During the six months ended September 30, 2024, 585,769 common shares were issued upon their settlement. (B) Subsidiary Equity Incentive Plans Certain subsidiaries of RSL adopt their own equity incentive plan (“EIP”). Each EIP is generally structured so that the applicable subsidiary, and its affiliates’ employees, directors, officers, and consultants are eligible to receive non-qualified and incentive stock options, stock appreciation rights, restricted share awards, restricted stock unit awards, and other share awards under their respective EIP. The Company recorded share-based compensation expense of $13.9 million and $28.6 million for the three and six months ended September 30, 2024, respectively, and $11.8 million and $23.7 million for the three and six months ended September 30, 2023, respectively,

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2024
Income Taxes [Abstract]
Income Taxes	Note 10—Income Taxes The Company’s effective tax rate for the three and six months ended September 30, 2024 was (5.6)% and (10.0)%, respectively, and the effective tax rate for the three and six months ended September 30, 2023 was (1.3)% and (1.0)%, respectively. The effective tax rate for the six months ended September 30, 2024 is driven by the Company’s gain on sale of Telavant’s net assets, which qualifies for the substantial shareholding exemption in the U.K. and consequently is not subject to the corporation income tax, as well as earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets. For all other periods disclosed, the effective tax rate is driven by the Company’s jurisdictional earnings by location and a valuation allowance that eliminates the Company’s global net deferred tax assets. The Company assesses the realizability of its deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and records a valuation allowance as necessary.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 11—Commitments and Contingencies (A) Commitments Lease Commitments The Company has leases, consisting primarily of real estate leases. Refer to Note 13, “Leases” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024 for further information regarding the Company’s lease commitments. In September 2024, the Company’s subsidiary, Roivant Sciences, Inc. (“RSI”), entered into a lease agreement (the “RSI Lease Agreement”) with One Penn Plaza LLC for office space in New York, NY to serve as the future U.S. corporate headquarters of RSI. The RSI Lease Agreement has an expected commencement date on or after December 14, 2024 and will expire on or after July 31, 2041 with an option to extend. The approximate future minimum obligation under this lease is $115.0 million, and RSI is eligible to receive a credit of $1.8 million. As of September 30, 2024, a lease commencement date in accordance with ASC 842, Leases Other Commitments The Company has entered into commitments under various asset acquisition and license agreements. Under these agreements, the Company is required to make milestone payments upon successful completion and achievement of certain development, regulatory and commercial milestones. The payment obligations under the asset acquisition and license agreements are contingent upon future events, such as the achievement of specified development, regulatory and commercial milestones, and the Company will be required to make milestone payments and royalty payments in connection with the sale of products developed under these agreements. Refer to Note 14, “Commitments and Contingencies” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024 for further information regarding certain key asset acquisition and license agreements. There have been no material changes to the key asset acquisition and license agreements relating to continuing operations during the six months ended September 30, 2024. The Company has further commitments relating to other asset acquisition and license agreements entered and expects to enter into additional asset acquisition and license agreements in the future, which may require upfront payments and long-term commitments of capital resources. Additionally, the Company enters into agreements with contract service providers to assist in the performance of its research and development activities. Expenditures to contract research organizations and contract manufacturing organizations represent significant costs in the clinical development of its product candidates. Subject to required notice periods and certain obligations under binding purchase orders, the Company can elect to discontinue the work under these agreements at any time. The Company expects to enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of capital resources. In November 2021, the Company’s subsidiary, Immunovant, entered into a Product Service Agreement (“PSA”) with Samsung Biologics Co., Ltd. (“Samsung”), pursuant to which Samsung will manufacture and supply Immunovant with batoclimab drug substance for commercial sale, if approved, and perform other manufacturing-related services with respect to batoclimab. Upon execution of the PSA, Immunovant committed to purchase process performance qualification batches of batoclimab and pre-approval inspection batches of batoclimab which may be used for regulatory submissions and, pending regulatory approval, commercial sale. In addition, Immunovant has a minimum obligation to purchase further batches of batoclimab in the four-year period of 2026 through 2029. As of September 30, 2024, the remaining minimum purchase commitment related to this agreement was estimated to be approximately $43.6 million. Cash Bonus Program During the year ended March 31, 2024, the Company approved a special one-time cash retention bonus award to its employees in the aggregate amount of $79.7 million (the “ Cash Bonus Program”) and during the six months ended September 30, 2024, the Company recognized general and administrative expense and research and development expense of $13.5 million and $3.7 million, respectively, Multi-Year Incentive Compensation Program Pursuant to the 2024 Senior Executive Compensation Program, the Compensation Committee of the Board of Directors approved the following one-time cash retention awards in July 2024: Executive Title Cash Awards (in thousands) Matthew Gline Chief Executive Officer $ 5,725 Mayukh Sukhatme President and Chief Investment Officer $ 80,550 Eric Venker President and Chief Operating Officer $ 7,465 Mr. Gline and Dr. Venker received 75% of their respective cash retention awards as of September 30, 2024. The remaining 25% of the award will vest and become payable on or about September 19, 2025, in each case subject to the executive’s continuous service through the applicable vesting date. The cash retention award provided to Dr. Sukhatme was paid in full as of September 30, 2024. If a Recoupment Event (as defined below) occurred on or prior to September 30, 2024, Dr. Sukhatme would have been required to repay to the Company $30.0 million of the retention award. If a Recoupment Event (as defined below) occurs on or prior to September 30, 2025 (but on or after October 1, 2024), Dr. Sukhatme will be required to repay to the Company $15.0 million of the retention award. A “Recoupment Event” will be deemed to occur if (x) Dr. Sukhatme’s employment in good standing is terminated or otherwise ceases for any reason (except as provided in the following sentence) or (y) Dr. Sukhatme breaches any of his restrictive covenant obligations. In the event Dr. Sukhatme’s employment is terminated by the Company without “cause” (as defined in Dr. Sukhatme’s employment agreement) or due to death or disability, no portion of the cash retention award will be subject to repayment, provided that Dr. Sukhatme executes and does not revoke a release of claims. There was no Recoupment Event as of September 30, 2024. As a result of the cash retention rewards, the Company recognized general and administrative expense of $79.1 million during the three and six months ended September 30, 2024. The remaining portion of $14.6 million as of September 30, 2024 will be recognized over the applicable service periods. (B) Loss Contingencies The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company accrues for loss contingencies when available information indicates that it is probable that a liability has been incurred and the amount of such loss can be reasonably estimated, and if the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the litigation or claim, including an estimable range, if possible. (C) Indemnification Agreements The Company is a party to a number of agreements entered into in the ordinary course of business that contain typical provisions that obligate the Company to indemnify the other parties to such agreements upon the occurrence of certain events. The aggregate maximum potential future liability of the Company under such indemnification provisions is uncertain. The Company also indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits. The maximum amount of potential future indemnification is unlimited; however, the Company currently maintains director and officer liability insurance, which may cover certain liabilities arising from the Company’s obligation to indemnify its directors and officers. To date, the Company has not incurred any material costs related to these indemnification obligations and has not accrued any liabilities related to such obligations in the accompanying condensed consolidated financial statements as of September 30, 2024 and March 31, 2024.

Earn-Out Shares

Earn-Out Shares	6 Months Ended
	Sep. 30, 2024
Earn-Out Shares [Abstract]
Earn-Out Shares	Note 12—Earn-Out Shares In connection with the Business Combination, the Company issued the following: • 2,033,591 common shares to Patient Square Capital LLC (the “MAAC Sponsor”) and 10,000 common shares issued to each of MAAC’s independent directors (collectively, the “20% Earn-Out Shares”), which will vest if the closing price of the Company’s common shares is greater than or equal to $15.00 over any twenty thirty • 1,016,796 common shares issued to the MAAC Sponsor and 5,000 common shares issued to each of MAAC’s independent directors (collectively, the “10% Earn-Out Shares” and, together with the 20% Earn-Out Shares, the “Earn-Out Shares”), each in respect of its MAAC Class B Shares, will vest if the closing price of the Company’s common shares is greater than or equal to $20.00 over any twenty thirty • The remaining number of common shares issued to the MAAC Sponsor and each of MAAC’s independent directors are not subject to the vesting conditions described above (the “Retained Shares”). The Vesting Period commenced on November 9, 2021 and ends no later than September 30, 2026 (the “Vesting Period”). The Vesting Period will, if a definitive purchase agreement with respect to a Sale (as defined in the Sponsor Support Agreement) is entered into on or prior to the end of such period, be extended to the earlier of one day after the consummation of such Sale and the termination of such definitive transaction agreement, and if a Sale occurs during such Vesting Period, then all of the Earn-Out Shares unvested as of such time will automatically vest immediately prior to the consummation of such Sale. If any Earn-Out Shares have not vested on or prior to the end of such Vesting Period, then such Earn-Out Shares will be forfeited. The Earn-Out Shares require liability classification and are classified as “Liability instruments measured at fair value” on the accompanying condensed consolidated balance sheets. The Earn-Out Shares liability is subject to remeasurement at each balance sheet date with changes in fair value recognized in the Company’s statements of operations. As of September 30, 2024, no Earn-Out Shares have vested. The Earn-Out Shares are subject to certain lock-up agreements pursuant to which, among other things, the MAAC Sponsor and each of MAAC’s independent directors have agreed not to effect any sale or distribution of the Company’s common shares during the applicable lock-up period, subject to customary exceptions. The lock-up periods applicable to the Company’s common shares, including Earn-Out Shares, held by the MAAC Sponsor and MAAC Independent Directors as of immediately following the closing are (i) with respect to 25% of the Company’s common shares held by the MAAC Sponsor and MAAC Independent Directors, six months following the Closing, which expired on March 30, 2022, (ii) with respect to an additional 25% of the Company’s common shares held by the MAAC Sponsor and MAAC Independent Directors, the earlier of twelve months following the achievement of certain price-based vesting restrictions or six years from the Closing and (iii) with respect to 50% of the Company’s common shares held by the MAAC Sponsor and MAAC Independent Directors, thirty-six months following the Closing, which expired on September 30, 2024.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Sep. 30, 2024
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 13—Fair Value Measurements Recurring Fair Value Measurements The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and March 31, 2024, by level, within the fair value hierarchy (in thousands): As of September 30, 2024 As of March 31, 2024 Level 1 Level 2 Level 3 Balance as of September 30, 2024 Level 1 Level 2 Level 3 Balance as of March 31, 2024 Assets: Money market funds $ 1,475,462 $ — $ — $ 1,475,462 $ 6,312,288 $ — $ — $ 6,312,288 Investment in Datavant Class A units — — 161,791 161,791 — — 147,526 147,526 Investment in Arbutus common shares 149,563 — — 149,563 100,227 — — 100,227 Total assets at fair value $ 1,625,025 $ — $ 161,791 $ 1,786,816 $ 6,412,515 $ — $ 147,526 $ 6,560,041 Liabilities: Liability instruments measured at fair value (1) $ — $ — $ 26,252 $ 26,252 $ — $ — $ 25,737 $ 25,737 Total liabilities at fair value $ — $ — $ 26,252 $ 26,252 $ — $ — $ 25,737 $ 25,737 (1) At September 30, 2024, Level 3 includes the fair value of the Earn-Out Shares of $23.8 million and other liability instruments issued of $2.5 million. At March 31, 2024, Level 3 includes the fair value of the Earn-Out Shares of $22.0 million and other liability instruments issued of $3.7 million. There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy that occurred during the six months ended September 30, 2024. Level 3 Disclosures The Company measures its Level 3 assets and liabilities at fair value based on significant inputs not observable in the market, which causes them to be classified as a Level 3 measurement within the fair value hierarchy. The valuation of the Level 3 assets and liabilities uses assumptions and estimates the Company believes would be made by a market participant in making the same valuation. The Company assesses these assumptions and estimates on an ongoing basis as additional data impacting the assumptions and estimates are obtained. Changes in the fair value related to updated assumptions and estimates are recorded within the statements of operations at the end of each reporting period. The fair value of Level 3 assets and liabilities may change significantly as additional data are obtained, impacting the Company’s assumptions regarding probabilities of potential scenarios used to estimate fair value. In evaluating this information, considerable judgment is required to interpret the data used to develop the assumptions and estimates. Accordingly, the use of different market assumptions and/or different valuation techniques may have a material effect on the estimated fair value amounts, and such changes could materially impact the Company’s results of operations in future periods. The changes in fair value of the Level 3 assets during the six months ended September 30, 2024 and 2023 were as follows (in thousands): Balance at March 31 2023 $ 178,579 Changes in fair value of investment in Datavant, included in net loss (14,254 ) Balance at September 30 2023 $ 164,325 Balance at March 31 2024 $ 147,526 Changes in fair value of investment in Datavant, included in net loss 14,265 Balance at September 30 2024 $ 161,791 The changes in fair value of the Level 3 liabilities during the six months ended September 30, 2024 and 2023 were as follows (in thousands): Balance at March 31 2023 $ 33,651 Exercise of Private Placement Warrants (28,090 ) Changes in fair value of liability instruments, included in net loss 25,553 Balance at September 30 2023 $ 31,114 Balance at March 31 2024 $ 25,737 Changes in fair value of liability instruments, included in net loss 515 Balance at September 30 2024 $ 26,252 Investment in Datavant The Company elected the fair value option to account for the investment in Datavant. The estimate of fair value for this investment was determined using the income approach and implementation of the option pricing method (“OPM”). The OPM allows for the allocation of a company’s equity value among the various equity capital owners (preferred and common shareholders). The OPM uses the preferred shareholders’ liquidation preferences, participation rights, dividend policy, and conversion rights to determine how proceeds from a liquidity event shall be distributed among the various ownership classes at a future date. The fair value was calculated using significant unobservable inputs including the following: Point Estimate Used Input As of September 30, 2024 As of March 31, 2024 Volatility 90.0% 90.0% Risk-free rate 3.71% 4.86% Earn-Out Shares The fair value of the Earn-Out Shares issued as part of the Business Combination was calculated using the Monte Carlo simulation method under the income approach. Refer to Note 12, “Earn-Out Shares” for additional details. Significant unobservable inputs used to calculate the fair value of the Earn-Out Shares included the following: Point Estimate Used Input As of September 30, 2024 As of March 31, 2024 Volatility 54.7% 63.2% Risk-free rate 3.66% 4.50% As of September 30, 2024 and March 31, 2024, the fair value of the Earn-Out Shares was $23.8 million and $22.0 million, respectively. Earn-Out Shares were included in “ Liability instruments measured at fair value

Net (Loss) Income per Common Sh

Net (Loss) Income per Common Share	6 Months Ended
	Sep. 30, 2024
Net (Loss) Income per Common Share
Net (Loss) Income per Common Share	Note 14— Net (Loss) Income per Common Share Basic net (loss) income per common share is computed by dividing net (loss) income attributable to Roivant Sciences Ltd. by the weighted-average number of common stock outstanding during the period. Diluted net (loss) income per common share is computed by dividing the net (loss) income attributable to Roivant Sciences Ltd. by the diluted weighted-average number of common stock outstanding during the period. For periods of loss from continuing operations, diluted loss per share is calculated similar to basic loss per share as the effect of including all potentially dilutive common stock equivalents is anti-dilutive. All outstanding common stock equivalents have been excluded from the computation of diluted loss per share because their effect was anti-dilutive due to the net loss from continuing operations. As of September 30, 2024 and 2023, the following potentially dilutive common stock equivalents were excluded from the computation of diluted net (loss) income per common share: September 30, 2024 September 30, 2023 Stock options and performance stock options 147,912,372 148,753,920 Restricted stock units and performance stock units (non-vested) 52,011,836 20,073,411 March 2020 CVARs (1) 17,548,368 28,753,677 November 2021 CVARs (non-vested) 1,067,480 2,506,499 Restricted common stock (non-vested) 210,918 487,005 Earn-Out Shares (non-vested) 3,080,387 3,080,387 Other stock based awards and instruments issued 5,032,786 5,611,820 (1) Refer to Note 9, “Share-Based Compensation” for details regarding settlement of CVARs.

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 15—Subsequent Events Organon’s acquisition of Dermavant was completed in October 2024. Refer to Note 6, “Discontinued Operations” for further details.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	The Company’s fiscal year ends on March 31, and its fiscal quarters end on June 30, September 30, and December 31. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and follow the requirements of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 filed with the SEC. The unaudited condensed consolidated balance sheet at March 31, 2024 has been derived from the audited consolidated financial statements at that date. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, that are considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented. Operating results for the six months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025, for any other interim period, or for any other future year. Any references in these notes to applicable accounting guidance are meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of RSL and the subsidiaries in which it has a controlling financial interest, most often through a majority voting interest. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation	For consolidated entities where the Company owns or is exposed to less than 100% of the economics, the Company records net loss attributable to noncontrolling interests in its unaudited condensed consolidated statements of operations equal to the noncontrolling interest’s proportionate share of the respective operations. The Company presents noncontrolling interests as a component of shareholders’ equity on its unaudited condensed consolidated balance sheets. The Company accounts for changes in its ownership interest in its subsidiaries while control is retained as equity transactions. The carrying amount of the noncontrolling interest is adjusted to reflect the change in the ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted is recognized within shareholders’ equity attributable to RSL. In September 2024, the Company’s subsidiary, Dermavant Sciences Ltd. (“Dermavant”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Organon & Co. (“Organon”), Organon Bermuda Ltd., an indirect wholly owned subsidiary of Organon (“Merger Sub”), and us, solely in our capacity as the representative of the securityholders of Dermavant. Organon’s acquisition of Dermavant (the “Dermavant Transaction”) was completed in October 2024, subsequent to quarter end. The Company determined that the anticipated acquisition of Dermavant by Organon met the held for sale and discontinued operations accounting criteria in the second fiscal quarter of 2024. Accordingly, the Company classified the results of Dermavant as discontinued operations in its condensed consolidated statements of operations for all periods presented. Additionally, Dermavant’s assets and liabilities are classified as held for sale and discontinued operations in the condensed consolidated balance sheets for all periods presented. The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. The discussions in these notes to the condensed consolidated financial statements relate solely to the Company’s continuing operations, unless otherwise noted. For further discussion of the discontinued operation related to Dermavant, refer to Note 6, “Discontinued Operations.”
Use of Estimates	(B) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, costs, expenses, contingent liabilities, share-based compensation and research and development costs. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
Concentrations	(C) Concentrations Financial instruments that potentially subject the Company to concentration of credit risk include cash, cash equivalents, and marketable securities. The Company maintains cash deposits, cash equivalents, and marketable securities in highly-rated, federally-insured financial institutions in excess of federally insured limits. The Company has established guidelines relative to diversification and maturities to maintain safety and liquidity. The Company has not experienced any credit losses related to these financial instruments and does not believe that it is exposed to any significant credit risk related to these instruments.
Cash, Cash Equivalents, and Restricted Cash	(D) Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash deposits in banks and all highly liquid investments that are readily convertible to cash. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash equivalents consist of amounts invested in money market funds and United States (“U.S.”) Treasury securities. Cash as reported in the accompanying condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows (in thousands): September 30, 2024 March 31, 2024 Cash and cash equivalents $ 1,958,633 $ 6,494,953 Restricted cash (included in “Other current assets”) 3,112 3,067 Restricted cash (included in “Other assets”) 8,169 8,169 Cash, cash equivalents and restricted cash $ 1,969,914 $ 6,506,189 Cash and restricted cash held by Dermavant are included in assets of discontinued operations at September 30, 2024 and March 31, 2024. Refer to Note 6, “Discontinued Operations” for further details.
Marketable Securities	(E) Marketable Securities The Company considers all highly liquid investments in securities with original maturities of greater than three months at the time of purchase to be marketable securities. Marketable securities consist of amounts invested in U.S. Treasury securities. As of September 30, 2024, all of the Company’s marketable securities had maturities less than one year from the date of purchase. All of the Company’s marketable securities are classified as held-to-maturity as the Company has the ability and intent to hold to maturity and are reported at amortized cost. Interest income is recorded as earned within “Interest income” in the condensed consolidated statements of operations.
Contingencies	(F) Contingencies The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company continually assesses any litigation or other claims it may confront to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss which could be estimated. The Company accrues for all contingencies at the earliest date at which the Company deems it probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely than another, the Company accrues the minimum of the range. In the cases where the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the contingent loss, including an estimable range, if possible.
Investments	(G) Investments Investments in equity securities for which the Company does not have control or significant influence may be accounted for using (i) the fair value option, if elected, (ii) fair value through earnings, if fair value is readily determinable or (iii) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. The election to use the measurement alternative is made for each eligible investment. The Company has elected the fair value option to account for certain investments over which the Company has significant influence. The Company believes the fair value option best reflects the underlying economics of the investment. See Note 4, “Equity Method Investments.”
Fair Value Measurements	(H) Fair Value Measurements The Company utilizes fair value measurement guidance prescribed by U.S. GAAP to value its financial instruments. The guidance establishes a fair value hierarchy for financial instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. Fair value is defined as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a three-tier fair value hierarchy that distinguishes among the following: • Level 1-Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2-Valuations are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly. • Level 3-Valuations are based on inputs that are unobservable (supported by little or no market activity) and significant to the overall fair value measurement. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments include shares of common stock of Arbutus Biopharma Corporation (“Arbutus”); Class A units of Heracles Parent, L.L.C. (“Datavant”); liability instruments issued, including the earn-out shares liabilities issued in connection with the Company’s business combination with MAAC (as discussed in Note 12, “Earn-Out Shares”); its investments in other entities; cash; cash equivalents, consisting of money market funds and U.S. Treasury securities; marketable securities, consisting of U.S. Treasury securities; and accounts payable. The shares of Arbutus common stock and investments in common stock with a readily determinable fair value are classified as Level 1, and their fair value is determined based upon quoted market prices in an active market. The Class A units of Datavant and liability instruments issued are classified as Level 3 within the fair value hierarchy as the assumptions and estimates used in the valuations are unobservable in the market. Cash and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. Money market funds are included in Level 1 of the fair value hierarchy and are valued at the closing price reported by an actively traded exchange. Held-to-maturity securities are recorded at amortized cost .
Significant Accounting Policies /Recently Adopted/ Issued Accounting Pronouncements	(I) Significant Accounting Policies There were no significant changes to the Company’s significant accounting policies from (J) Recently Adopted Accounting Pronouncements The Company did not adopt any material accounting pronouncements during the six months ended September 30, 2024. (K) Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setti ng bodies that the Company In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. This ASU is applicable to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and subsequent interim periods, with early adoption permitted. These amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements . In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes updates to the income tax disclosures related to the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024 and are applicable to the Company’s fiscal year beginning April 1, 2025, with early adoption permitted. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Sep. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Cash as reported in the accompanying condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows (in thousands): September 30, 2024 March 31, 2024 Cash and cash equivalents $ 1,958,633 $ 6,494,953 Restricted cash (included in “Other current assets”) 3,112 3,067 Restricted cash (included in “Other assets”) 8,169 8,169 Cash, cash equivalents and restricted cash $ 1,969,914 $ 6,506,189

Cash, Cash Equivalents, and M_2

Cash, Cash Equivalents, and Marketable Securities (Tables)	6 Months Ended
	Sep. 30, 2024
Cash, Cash Equivalents, and Marketable Securities [Abstract]
Cash, Cash Equivalents, and Marketable Securities	Cash, cash equivalents, and marketable securities consisted of the following (in thousands): September 30, 2024 March 31, 2024 Cash and cash equivalents Cash $ 123,483 $ 182,665 Money market funds 1,475,462 6,312,288 U.S. Treasury securities 359,688 — Total cash and cash equivalents $ 1,958,633 $ 6,494,953 Marketable securities U.S. Treasury securities $ 3,428,021 $ — Total marketable securities $ 3,428,021 $ — Total cash, cash equivalents, and marketable securities $ 5,386,654 $ 6,494,953
Unrealized Positions for Held-to-Maturity Securities	The following table summarizes the unrealized positions As of September 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 3,787,709 $ 8,532 $ (91 ) $ 3,796,150

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Sep. 30, 2024
Equity Method Investments [Abstract]
Consolidated Financial Information of Arbutus	Three Months Ended September 30 Six Months Ended September 30 2024 2023 2024 2023 Revenue $ 1,339 $ 4,658 $ 3,065 $ 9,309 Loss from operations $ (21,440 ) $ (21,558 ) $ (43,023 ) $ (39,943 ) Net loss $ (19,717 ) $ (20,104 ) $ (39,513 ) $ (37,198 )

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Sep. 30, 2024
Discontinued Operations [Abstract]
Discontinued Operations	The following table presents components of discontinued operations included in “(Loss) income from discontinued operations, net of tax” (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2024 2023 2024 2023 Product revenue, net $ 20,936 $ 18,424 $ 39,303 $ 35,083 License, milestone and other revenue 3,851 15,029 32,626 15,511 Revenue, net 24,787 33,453 71,929 50,594 Operating expenses: Cost of revenues 6,656 3,043 10,421 6,274 Research and development 8,396 17,194 21,097 32,911 Selling, general and administrative 45,503 75,779 94,129 140,687 Total operating expenses 60,555 96,016 125,647 179,872 Loss from operations (35,768 ) (62,563 ) (53,718 ) (129,278 ) Change in fair value of debt 16,700 9,744 (102,652 ) 24,078 Interest expense (1) 6,469 9,247 19,868 18,159 Other (income) expense, net (16,658 ) 4,401 (18,440 ) (3,019 ) (Loss) income from discontinued operations before income taxes (42,279 ) (85,955 ) 47,506 (168,496 ) Income tax expense 804 521 1,496 598 (Loss) income from discontinued operations, net of tax $ (43,083 ) $ (86,476 ) $ 46,010 $ (169,094 ) Loss from discontinued operations before income taxes attributable to noncontrolling interests $ — $ (374 ) $ (155 ) $ (733 ) (Loss) income from discontinued operations before income taxes attributable to Roivant Sciences Ltd. (42,279 ) (85,581 ) 47,661 (167,763 ) (Loss) income from discontinued operations before income taxes $ (42,279 ) $ (85,955 ) $ 47,506 $ (168,496 ) (1) Interest expense consists of interest payments related to outstanding debt held by Dermavant as well as the associated non-cash amortization of debt discounts and issuance costs. The following table presents the major classes of Dermavant’s assets and liabilities that were reclassified as assets and liabilities of discontinued operations (in thousands): September 30, 2024 March 31, 2024 (1) Assets: Cash and cash equivalents $ 55,448 $ 40,753 Property and equipment, net 2,881 3,736 Operating lease right-of-use assets 2,465 2,890 Intangible assets, net 142,311 137,842 Other assets 117,134 116,925 Total assets of discontinued operations $ 320,239 $ 302,146 Liabilities: Accounts payable $ 10,709 $ 39,196 Accrued expenses 50,342 56,169 Operating lease liabilities 2,717 3,172 Long-term debt 335,501 442,591 Other liabilities 1,944 3,222 Total liabilities of discontinued operations $ 401,213 $ 544,350 (1) Includes both current and non-current assets and liabilities of discontinued operations. In the accompanying consolidated statements of cash flows, the cash flows from discontinued operations are not separately classified. The following table summarizes significant non-cash operating and investing items from discontinued operations (in thousands): Six Months Ended September 30, 2024 2023 Share-based compensation $ 5,055 $ 6,133 Change in fair value of debt $ (102,652 ) $ 24,078 Depreciation and amortization $ 5,761 $ 5,703

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	6 Months Ended
	Sep. 30, 2024
Certain Balance Sheet Components [Abstract]
Other Current Assets	Other current assets at September 30, 2024 and March 31, 2024 consisted of the following (in thousands): September 30, 2024 March 31, 2024 Prepaid expenses $ 54,843 $ 33,779 Trade receivables, net 1,916 3,990 Restricted cash 3,112 3,067 Income tax receivable 6,889 1,316 Interest receivable 13,879 27,441 Other 13,587 11,012 Total other current assets $ 94,226 $ 80,605
Accrued Expenses	Accrued expenses at September 30, 2024 and March 31, 2024 consisted of the following (in thousands): September 30, 2024 March 31, 2024 Research and development expenses $ 56,299 $ 37,712 Compensation-related expenses 38,849 49,890 Other expenses 16,321 31,815 Total accrued expenses $ 111,469 $ 119,417
Other Current Liabilities	Other current liabilities at September 30, 2024 and March 31, 2024 consisted of the following (in thousands): September 30, 2024 March 31, 2024 Deferred revenue $ 3,411 $ 4,168 Income tax payable 5,413 9,773 Other 97 — Total other current liabilities $ 8,921 $ 13,941

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Sep. 30, 2024
Share-Based Compensation [Abstract]
Activity for Stock Options and Performance Stock Options	Activity for stock options and performance stock options under the RSL Equity Plans for the six months ended September 30, 2024 was as follows: Number of Options Options outstanding at March 31, 2024 147,068,607 Granted 4,239,920 Exercised (3,394,492 ) Forfeited/Canceled (1,663 ) Options outstanding at September 30, 2024 147,912,372 Options exercisable at September 30, 2024 107,641,231
Activity for Restricted Stock Units and Performance Stock Units	Activity for restricted stock units (“RSUs”) Number of Shares Non-vested balance at March 31, 2024 16,778,211 Granted 39,243,918 Vested (3,609,683 ) Forfeited (400,610 ) Non-vested balance at September 30, 2024 52,011,836
Summary of Long-Term Equity Incentive Awards Approved	A summary of the long -term equity incentive awards approved is as follows: Executive Title Performance Restricted Stock Units (at max) Restricted Stock Units Stock Options Matthew Gline Chief Executive Officer 14,450,000 2,754,821 — Mayukh Sukhatme President and Chief Investment Officer 17,000,000 1,836,547 — Eric Venker President and Chief Operating Officer * 204,000 409,000 * The Company entered into a letter agreement pursuant to which Dr. Venker may be granted up to 11,900,000
Activity of PSU's Performance Condition	The “ Performance Condition when Tranche % of PSUs Share Price Hurdle (per share) First Tranche 14.71 % $ 15.00 Second Tranche 7.35 % $ 17.50 Third Tranche 8.82 % $ 20.00 Fourth Tranche 11.77 % $ 22.50 Fifth Tranche 22.06 % $ 25.00 Sixth Tranche 35.29 % $ 30.00
Schedule of Fair Value Assumptions	The Company estimated the fair value of the PSUs on the date of grant using a Monte Carlo simulation applying the assumptions in the following table: Assumptions Expected stock price volatility 70.0 % Expected risk free interest rate 4.1 % Stock price $ 10.80
Activity for Capped Value Appreciation Rights	Activity for CVARs granted in November 2021 under the RSL 2021 EIP for the six months ended September 30, 2024 was as follows: Number of CVARs Non-vested balance at March 31, 2024 1,782,078 Vested (585,769 ) Forfeited (128,829 ) Non-vested balance at September 30, 2024 1,067,480

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Sep. 30, 2024
One-Time Cash Retention Awards [Member]
Long-Term Purchase Commitment [Line Items]
One-time Cash Retention Awards	Pursuant to the 2024 Senior Executive Compensation Program, the Compensation Committee of the Board of Directors approved the following one-time cash retention awards in July 2024: Executive Title Cash Awards (in thousands) Matthew Gline Chief Executive Officer $ 5,725 Mayukh Sukhatme President and Chief Investment Officer $ 80,550 Eric Venker President and Chief Operating Officer $ 7,465

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets and Liabilities are Measured at Fair Value on Recurring Basis	The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and March 31, 2024, by level, within the fair value hierarchy (in thousands): As of September 30, 2024 As of March 31, 2024 Level 1 Level 2 Level 3 Balance as of September 30, 2024 Level 1 Level 2 Level 3 Balance as of March 31, 2024 Assets: Money market funds $ 1,475,462 $ — $ — $ 1,475,462 $ 6,312,288 $ — $ — $ 6,312,288 Investment in Datavant Class A units — — 161,791 161,791 — — 147,526 147,526 Investment in Arbutus common shares 149,563 — — 149,563 100,227 — — 100,227 Total assets at fair value $ 1,625,025 $ — $ 161,791 $ 1,786,816 $ 6,412,515 $ — $ 147,526 $ 6,560,041 Liabilities: Liability instruments measured at fair value (1) $ — $ — $ 26,252 $ 26,252 $ — $ — $ 25,737 $ 25,737 Total liabilities at fair value $ — $ — $ 26,252 $ 26,252 $ — $ — $ 25,737 $ 25,737 (1) At September 30, 2024, Level 3 includes the fair value of the Earn-Out Shares of $23.8 million and other liability instruments issued of $2.5 million. At March 31, 2024, Level 3 includes the fair value of the Earn-Out Shares of $22.0 million and other liability instruments issued of $3.7 million.
Changes in Fair Value of the Level 3 Assets	The changes in fair value of the Level 3 assets during the six months ended September 30, 2024 and 2023 were as follows (in thousands): Balance at March 31 2023 $ 178,579 Changes in fair value of investment in Datavant, included in net loss (14,254 ) Balance at September 30 2023 $ 164,325 Balance at March 31 2024 $ 147,526 Changes in fair value of investment in Datavant, included in net loss 14,265 Balance at September 30 2024 $ 161,791
Changes in Fair Value of the Level 3 Liabilities	The changes in fair value of the Level 3 liabilities during the six months ended September 30, 2024 and 2023 were as follows (in thousands): Balance at March 31 2023 $ 33,651 Exercise of Private Placement Warrants (28,090 ) Changes in fair value of liability instruments, included in net loss 25,553 Balance at September 30 2023 $ 31,114 Balance at March 31 2024 $ 25,737 Changes in fair value of liability instruments, included in net loss 515 Balance at September 30 2024 $ 26,252
Earn-Out Shares [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Calculation Using Significant Unobservable Inputs	Significant unobservable inputs used to calculate the fair value of the Earn-Out Shares included the following: Point Estimate Used Input As of September 30, 2024 As of March 31, 2024 Volatility 54.7% 63.2% Risk-free rate 3.66% 4.50%
Datavant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Calculation Using Significant Unobservable Inputs	The fair value was calculated using significant unobservable inputs including the following: Point Estimate Used Input As of September 30, 2024 As of March 31, 2024 Volatility 90.0% 90.0% Risk-free rate 3.71% 4.86%

Net (Loss) Income per Common _2

Net (Loss) Income per Common Share (Tables)	6 Months Ended
	Sep. 30, 2024
Net (Loss) Income per Common Share
Potentially Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net (Loss) Income per Common Share	As of September 30, 2024 and 2023, the following potentially dilutive common stock equivalents were excluded from the computation of diluted net (loss) income per common share: September 30, 2024 September 30, 2023 Stock options and performance stock options 147,912,372 148,753,920 Restricted stock units and performance stock units (non-vested) 52,011,836 20,073,411 March 2020 CVARs (1) 17,548,368 28,753,677 November 2021 CVARs (non-vested) 1,067,480 2,506,499 Restricted common stock (non-vested) 210,918 487,005 Earn-Out Shares (non-vested) 3,080,387 3,080,387 Other stock based awards and instruments issued 5,032,786 5,611,820 (1) Refer to Note 9, “Share-Based Compensation” for details regarding settlement of CVARs.

Description of Business and L_2

Description of Business and Liquidity (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Segment	Sep. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Description of Business [Abstract]
Number of operating segment | Segment			1
Number of reporting segment | Segment			1
Liquidity [Abstract]
Cash, cash equivalents, and marketable securities	$ 5,386,654		$ 5,386,654		$ 6,494,953
Retained earnings	395,580		395,580		$ 576,172
Net losses from continuing operations	$ (236,841)	$ (244,642)	$ (268,444)	$ (489,869)
Telavant Holdings, Inc [Member]
Liquidity [Abstract]
Cash payment received for sale of assets						$ 5,200,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Cash and cash equivalents	$ 1,958,633	$ 6,494,953
Restricted cash (included in "Other current assets")	3,112	3,067
Restricted cash (included in "Other assets")	8,169	8,169
Cash, cash equivalents and restricted cash	$ 1,969,914	$ 6,506,189

Cash, Cash Equivalents, and M_3

Cash, Cash Equivalents, and Marketable Securities, Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Cash and cash equivalents [Abstract]
Cash	$ 123,483	$ 182,665
Money market funds	1,475,462	6,312,288
U.S. Treasury securities	359,688	0
Total cash and cash equivalents	1,958,633	6,494,953
Marketable securities [Abstract]
U.S. Treasury securities	3,428,021	0
Marketable securities	3,428,021	0
Total cash, cash equivalents, and marketable securities	$ 5,386,654	$ 6,494,953

Cash, Cash Equivalents, and M_4

Cash, Cash Equivalents, and Marketable Securities, Unrealized Positions for Held-to-Maturity Securities (Details) - US Treasury Securities [Member] $ in Thousands	Sep. 30, 2024 USD ($)
Marketable Securities [Abstract]
Amortized cost	$ 3,787,709
Gross unrealized gains	8,532
Gross unrealized losses	(91)
Fair value	$ 3,796,150

Equity Method Investments, Inve

Equity Method Investments, Investment in Arbutus (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Investments [Abstract]
Number of shares acquired (in shares)	733,328,375		733,328,375		806,677,954
Aggregate fair value investment	$ 311,354		$ 311,354		$ 247,753
Arbutus Biopharma Corporation [Member]
Investments [Abstract]
Equity method investment ownership percentage	21%		21%
Aggregate fair value investment	$ 149,600		$ 149,600		$ 100,200
Unrealized gains (losses) on investments	$ 29,500	$ (10,500)	$ 49,300	$ (38,800)
Closing price of common stock (in dollars per share)	$ 3.85		$ 3.85		$ 2.58
Arbutus Biopharma Corporation [Member] | Common Stock [Member]
Investments [Abstract]
Number of shares acquired (in shares)	38,847,462		38,847,462

Equity Method Investments, Cons

Equity Method Investments, Consolidated Financial Information of Arbutus (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Summarized Consolidated Financial Information [Abstract]
Revenue	$ 4,475		$ 3,648		$ 12,465	$ 8,131
Net loss	(279,924)	$ 57,490	(331,118)	$ (327,845)	(222,434)	(658,963)
Arbutus Biopharma Corporation [Member]
Summarized Consolidated Financial Information [Abstract]
Revenue	1,339		4,658		3,065	9,309
Gross profit	(21,440)		(21,558)		(43,023)	(39,943)
Net loss	$ (19,717)		$ (20,104)		$ (39,513)	$ (37,198)

Equity Method Investments, In_2

Equity Method Investments, Investment in Datavant (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Investments [Abstract]
Aggregate fair value investment	$ 311,354		$ 311,354		$ 247,753
Datavant Merger [Member]
Investments [Abstract]
Equity method investment ownership percentage	9%		9%
Aggregate fair value investment	$ 161,800		$ 161,800		$ 147,500
Unrealized gains (losses) on investments	$ 18,900	$ (35,100)	$ 14,300	$ (14,300)

Recent Transactions and Devel_2

Recent Transactions and Developments, Telavant Disposition (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 14, 2023	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consideration [Abstract]
Gain on sale of Telavant net assets			$ 0	$ 0	$ 110,387	$ 0
Telavant Holdings, Inc. [Member]
Consideration [Abstract]
Milestone payments received		$ 110,400
Telavant Holdings, Inc. [Member] | RSL [Member]
Telavant Disposition [Abstract]
Ownership of subsidiary	75%
Consideration [Abstract]
Gain on sale of Telavant net assets					$ 110,400
Telavant Holdings, Inc. [Member] | Pfizer [Member]
Telavant Disposition [Abstract]
Ownership of subsidiary	25%
Roche Transaction [Member]
Consideration [Abstract]
Upfront cash payment	$ 7,100,000
Consideration to be received from milestone	150,000
Roche Transaction [Member] | RSL [Member]
Consideration [Abstract]
Upfront cash payment	$ 5,200,000

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 31, 2024	Mar. 31, 2024	[2]
Operating expenses:
(Loss) income from discontinued operations, net of tax		$ (43,083)	$ (86,476)	$ 46,010	$ (169,094)
(Loss) income from discontinued operations before income taxes attributable to Roivant Sciences Ltd.		(43,083)	(86,101)	46,165	(168,359)
Dermavant [Member] | Discontinued Operations, Disposed of by Sale [Member]
Disposal Group Discontinued Operation Disposal Disclosures [Abstract]
Receivable from sale of discontinued operations		175,000		175,000
Milestone Receivable from Sale of Discontinued Operations		75,000		75,000
Sale Milestone Receivable from Sale of Discontinued Operations		950,000		950,000
Net sales		$ 1,000,000		1,000,000
Percentage of annual net sales		30%
Percentage of liquidation preference receivable		100%
Consideration receivable under liquidation preference		$ 270,000		270,000
(Loss) Income from Discontinued Operations, Net of Tax [Abstract]
Revenue, net		24,787	33,453	71,929	50,594
Operating expenses:
Cost of revenues		6,656	3,043	10,421	6,274
Research and development		8,396	17,194	21,097	32,911
Selling, general and administrative		45,503	75,779	94,129	140,687
Total operating expenses		60,555	96,016	125,647	179,872
Loss from operations		(35,768)	(62,563)	(53,718)	(129,278)
Change in fair value of debt		16,700	9,744	(102,652)	24,078
Interest expense	[1]	6,469	9,247	19,868	18,159
Other (income) expense, net		(16,658)	4,401	(18,440)	(3,019)
(Loss) income from discontinued operations before income taxes		(42,279)	(85,955)	47,506	(168,496)
Income tax expense		804	521	1,496	598
(Loss) income from discontinued operations, net of tax		(43,083)	(86,476)	46,010	(169,094)
Loss from discontinued operations before income taxes attributable to noncontrolling interests		0	(374)	(155)	(733)
(Loss) income from discontinued operations before income taxes attributable to Roivant Sciences Ltd.		(42,279)	(85,581)	47,661	(167,763)
Assets:
Cash and cash equivalents		55,448		55,448			$ 40,753
Property and equipment, net		2,881		2,881			3,736
Operating lease right-of-use assets		2,465		2,465			2,890
Intangible assets, net		142,311		142,311			137,842
Other assets		117,134		117,134			116,925
Total assets of discontinued operations		320,239		320,239			302,146
Liabilities:
Accounts payable		10,709		10,709			39,196
Accrued expenses		50,342		50,342			56,169
Operating lease liabilities		2,717		2,717			3,172
Long-term debt		335,501		335,501			442,591
Other liabilities		1,944		1,944			3,222
Total liabilities of discontinued operations		401,213		401,213			$ 544,350
Non-Cash Operating and Investing from Discontinued Operations [Abstract]
Share-based compensation				5,055	6,133
Change in fair value of debt				(102,652)	24,078
Depreciation and amortization				5,761	5,703
Dermavant [Member] | Discontinued Operations, Disposed of by Sale [Member] | Product revenue, net [Member]
(Loss) Income from Discontinued Operations, Net of Tax [Abstract]
Revenue, net		20,936	18,424	39,303	35,083
Dermavant [Member] | Discontinued Operations, Disposed of by Sale [Member] | License, milestone and other revenue [Member]
(Loss) Income from Discontinued Operations, Net of Tax [Abstract]
Revenue, net		3,851	$ 15,029	32,626	$ 15,511
Dermavant [Member] | Discontinued Operations, Disposed of by Sale [Member] | Maximum [Member]
Disposal Group Discontinued Operation Disposal Disclosures [Abstract]
Net sales		$ 1,000,000		$ 1,000,000
Dermavant [Member] | Discontinued Operations, Disposed of by Sale [Member] | Subsequent Event [Member]
Disposal Group Discontinued Operation Disposal Disclosures [Abstract]
Cash received						$ 183,600
[1]Interest expense consists of interest payments related to outstanding debt held by Dermavant as well as the associated non-cash amortization of debt discounts and issuance costs.[2]Includes both current and non-current assets and liabilities of discontinued operations.

Certain Balance Sheet Compone_3

Certain Balance Sheet Components, Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Other Current Assets [Abstract]
Prepaid expenses	$ 54,843	$ 33,779
Trade receivables, net	1,916	3,990
Restricted Cash	3,112	3,067
Income tax receivable	6,889	1,316
Interest receivable	13,879	27,441
Other	13,587	11,012
Total other current assets	$ 94,226	$ 80,605

Certain Balance Sheet Compone_4

Certain Balance Sheet Components, Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Accrued Expenses [Abstract]
Research and development expenses	$ 56,299	$ 37,712
Compensation-related expenses	38,849	49,890
Other expenses	16,321	31,815
Total accrued expenses	$ 111,469	$ 119,417

Certain Balance Sheet Compone_5

Certain Balance Sheet Components, Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Other Current Liabilities [Abstract]
Deferred revenue	$ 3,411	$ 4,168
Income tax payable	5,413	9,773
Other	97	0
Total other current liabilities	$ 8,921	$ 13,941

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2024	Apr. 30, 2024	Sep. 19, 2022
Stock Repurchase Program [Member]
Shareholders' Equity [Abstract]
Common stock repurchase authorized amount		$ 1,500
Number of shares repurchased (in shares)	9,023,658
Aggregate purchase price	$ 106.1
Stock Repurchase Program [Member] | Sumitomo Pharma Co. Ltd. [Member]
Shareholders' Equity [Abstract]
Number of shares repurchased (in shares)		71,251,083
Share price (in dollars per share)		$ 9.1
Aggregate purchase price		$ 648.4
Cowen [Member] | At-the-Market Equity Offering Program[Member]
Shareholders' Equity [Abstract]
Common shares aggregate offering price authorized			$ 400
Common shares aggregate offering price authorized, remaining capacity available	$ 400

Share-Based Compensation, Stock

Share-Based Compensation, Stock Options and Performance Stock Options under RSL Equity Plans (Details)	6 Months Ended
	Sep. 30, 2024 IncentivePlans shares
Share-Based Compensation [Abstract]
Number of equity incentive plans | IncentivePlans	3
RSL 2021 EIP [Member]
Share-Based Compensation [Abstract]
Common shares available for future grants (in shares)	42,237,212
Stock Options and Performance Stock Options [Member] | RSL Equity Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning balance (in shares)	147,068,607
Granted (in shares)	4,239,920
Exercised (in shares)	(3,394,492)
Forfeited/Canceled (in shares)	(1,663)
Options outstanding, ending balance (in shares)	147,912,372
Options exercisable at September 30, 2024 (in shares)	107,641,231

Share-Based Compensation, Restr

Share-Based Compensation, Restricted Stock Units and Performance Stock Units (Details) - Restricted Stock and Performance Stock Units [Member] - RSL Equity Plans [Member]	6 Months Ended
	Sep. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested balance, beginning (in shares)	16,778,211
Granted (in shares)	39,243,918
Vested (in shares)	(3,609,683)
Forfeited (in shares)	(400,610)
Non-vested balance, ending (in shares)	52,011,836

Share-Based Compensation, Summa

Share-Based Compensation, Summary of Long-Term Equity Incentive Awards Approved (Details) $ in Millions	1 Months Ended
	Jul. 31, 2024 USD ($) Tranche shares
Share-Based Compensation [Abstract]
Performance of grant date	5 years
Term of trailing trading days, weighted average price use to calculate performance condition of PSUs	30 days
Performance Restricted Stock Units [Member]
Share-Based Compensation [Abstract]
Number of tranches available for vesting | Tranche	6
PSUs holding period before common shares may be sold by executive	2 years
Performance Restricted Stock Units [Member] | Chief Executive Officer [Member]
Share-Based Compensation [Abstract]
Granted (in shares)	14,450,000
Performance Restricted Stock Units [Member] | President and Chief Investment Officer [Member]
Share-Based Compensation [Abstract]
Granted (in shares)	17,000,000
Performance Restricted Stock Units [Member] | President and Chief Operating Officer [Member]
Share-Based Compensation [Abstract]
Granted (in shares)	0	[1]
Authorized (in shares)	11,900,000
Restricted Stock Units [Member] | Chief Executive Officer [Member]
Share-Based Compensation [Abstract]
Granted (in shares)	2,754,821
Restricted Stock Units [Member] | President and Chief Investment Officer [Member]
Share-Based Compensation [Abstract]
Granted (in shares)	1,836,547
Restricted Stock Units [Member] | President and Chief Operating Officer [Member]
Share-Based Compensation [Abstract]
Granted (in shares)	204,000
Stock Options [Member] | Chief Executive Officer [Member]
Share-Based Compensation [Abstract]
Granted (in shares)	0
Aggregate grant date fair value | $	$ 51.8
Stock Options [Member] | President and Chief Investment Officer [Member]
Share-Based Compensation [Abstract]
Granted (in shares)	0
Aggregate grant date fair value | $	$ 278.2
Stock Options [Member] | President and Chief Operating Officer [Member]
Share-Based Compensation [Abstract]
Granted (in shares)	409,000
Aggregate grant date fair value | $	$ 2.9
[1]The Company entered into a letter agreement pursuant to which Dr. Venker may be granted up to 11,900,000

Share-Based Compensation, Activ

Share-Based Compensation, Activity of PSU's Performance Condition (Details) - Performance Restricted Stock Units [Member]	1 Months Ended
	Jul. 31, 2024 $ / shares
First Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	14.71%
Share price hurdle (in dollars per share)	$ 15
Second Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	7.35%
Share price hurdle (in dollars per share)	$ 17.5
Third Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	8.82%
Share price hurdle (in dollars per share)	$ 20
Fourth Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	11.77%
Share price hurdle (in dollars per share)	$ 22.5
Fifth Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	22.06%
Share price hurdle (in dollars per share)	$ 25
Sixth Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	35.29%
Share price hurdle (in dollars per share)	$ 30

Share-Based Compensation, Fair

Share-Based Compensation, Fair Value Assumptions of PSUs (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2024	Sep. 30, 2024	Sep. 30, 2024
Assumptions [Abstract]
Average of historical and implied volatility			55.80%
Performance Restricted Stock Units [Member]
Assumptions [Abstract]
Expected stock price volatility	70%
Expected risk free interest rate	4.10%
Stock price (in dollars per share)	$ 10.8
Share-based compensation		$ 21.9	$ 21.9
Unrecognized compensation expense		$ 256.3	$ 256.3
Higher estimated volatility			80%
Lower estimated volatility			41.60%
Performance Restricted Stock Units [Member] | Maximum [Member]
Assumptions [Abstract]
Aggregate grant date fair value			$ 292.9
Performance Restricted Stock Units [Member] | Minimum [Member]
Assumptions [Abstract]
Aggregate grant date fair value			202.4
Performance Restricted Stock Units [Member] | Weighted Average [Member]
Assumptions [Abstract]
Aggregate grant date fair value			$ 247.3

Share-Based Compensation, CVARs

Share-Based Compensation, CVARs, Employee Stock Purchase Plan and Subsidiary Equity Incentive Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsidiary Equity Incentive Plans [Member]
Subsidiary Equity Incentive Plans [Abstract]
Share-based compensation expense	$ 13.9	$ 11.8	$ 28.6	$ 23.7
CVARs [Member] | March 2020 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Number of shares outstanding (in shares)	17,548,368		17,548,368
CVARs [Member] | November 2021 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Number of shares issued (in shares)			585,769
CVARs [Member] | RSL 2021 EIP [Member] | November 2021 CVAR Grants [Member]
Capped Value Appreciation Rights [Abstract]
Non-vested balance, beginning (in shares)			1,782,078
Vested (in shares)			(585,769)
Forfeited (in shares)			(128,829)
Non-vested balance, ending (in shares)	1,067,480		1,067,480

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes [Abstract]
Effective tax rate	(5.60%)	(1.30%)	(10.00%)	(1.00%)

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 19, 2025	Jul. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Sep. 30, 2025
Commitments [Abstract]
General and administrative expense			$ 202,881	$ 88,576	$ 302,773	$ 179,858
Research and development expense			143,073	$ 114,790	263,580	$ 224,206
One-Time Cash Retention Awards [Member]
Commitments [Abstract]
General and administrative expense			79,100		79,100
Share-Based Compensation [Abstract]
Cash compensation amount			14,600		$ 14,600
One-Time Cash Retention Awards [Member] | Tranche Two [Member] | Forecast [Member]
Share-Based Compensation [Abstract]
Percentage of vesting rights	25%
One-Time Cash Retention Awards [Member] | Chief Executive Officer [Member]
Share-Based Compensation [Abstract]
Cash awards		$ 5,725
Percentage of vesting rights					75%
One-Time Cash Retention Awards [Member] | President and Chief Investment Officer [Member]
Share-Based Compensation [Abstract]
Cash awards		80,550
Retention award repayable on recoupment event			30,000		$ 30,000
One-Time Cash Retention Awards [Member] | President and Chief Investment Officer [Member] | Forecast [Member]
Share-Based Compensation [Abstract]
Retention award repayable on recoupment event								$ 15,000
One-Time Cash Retention Awards [Member] | President and Chief Operating Officer [Member]
Share-Based Compensation [Abstract]
Cash awards		$ 7,465
Percentage of vesting rights					75%
RSI Lease Agreement [Member]
Commitments [Abstract]
Future minimum obligation amount			115,000		$ 115,000
Credit receivable			1,800		1,800
Samsung [Member]
Commitments [Abstract]
Remaining minimum purchase commitment related to agreement			43,600		$ 43,600
Period to purchase additional batches of batoclimab					4 years
Cash Bonus Program [Member]
Commitments [Abstract]
Compensation-related expenses							$ 79,700
General and administrative expense			6,600		$ 13,500
Research and development expense			$ 1,900		$ 3,700

Earn-Out Shares (Details)

Earn-Out Shares (Details) - $ / shares	6 Months Ended		30 Months Ended	66 Months Ended
	Sep. 30, 2024	Mar. 31, 2022	Mar. 31, 2024	Mar. 31, 2027
MAAC Sponsor [Member]
Earn-Out Shares [Abstract]
Number of earn-out shares vested (in shares)	0
MAAC Sponsor [Member] | 20% Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)	2,033,591
Percentage of earn-out shares	20%
MAAC Sponsor [Member] | 10 % Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)	1,016,796
Percentage of earn-out shares	10%
MAAC Sponsor [Member] | Independent Directors [Member] | 20% Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)	10,000
Number of trading days to meet earn-out price threshold	20 days
Trading day period for earn-out shares	30 days
MAAC Sponsor [Member] | Independent Directors [Member] | 20% Earn-Out [Member] | Minimum [Member]
Earn-Out Shares [Abstract]
Earn-out share price (in dollars per share)	$ 15
MAAC Sponsor [Member] | Independent Directors [Member] | 10 % Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)	5,000
Number of trading days to meet earn-out price threshold	20 days
Trading day period for earn-out shares	30 days
MAAC Sponsor [Member] | Independent Directors [Member] | 10 % Earn-Out [Member] | Minimum [Member]
Earn-Out Shares [Abstract]
Earn-out share price (in dollars per share)	$ 20
MAAC Lock Up Agreement [Member] | Six Months [Member]
Earn-Out Shares [Abstract]
Percentage of lock-up period of common shares held by MAAC Lock Up Agreement		25%
MAAC Lock Up Agreement [Member] | Twelve Months [Member] | Forecast [Member]
Earn-Out Shares [Abstract]
Percentage of lock-up period of common shares held by MAAC Lock Up Agreement				25%
MAAC Lock Up Agreement [Member] | Thirty-Six Months [Member]
Earn-Out Shares [Abstract]
Percentage of lock-up period of common shares held by MAAC Lock Up Agreement			50%

Fair Value Measurements, Assets

Fair Value Measurements, Assets and Liabilities are Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Mar. 31, 2024
Assets: [Abstract]
Investment		$ 311,354	$ 247,753
Earn-Out Shares [Member]
Recurring Fair Value Measurements [Abstract]
Liabilities at fair value		23,800	22,000
Arbutus Biopharma Corporation [Member]
Assets: [Abstract]
Investment		149,600	100,200
Level 3 [Member] | Earn-Out Shares [Member]
Recurring Fair Value Measurements [Abstract]
Liabilities at fair value		23,800	22,000
Level 3 [Member] | Liability Instruments Measured at Fair Value [Member]
Recurring Fair Value Measurements [Abstract]
Other liability instruments		2,500	3,700
Recurring [Member]
Assets: [Abstract]
Total assets at fair value		1,786,816	6,560,041
Liabilities: [Abstract]
Liability instruments measured at fair value	[1]	26,252	25,737
Total liabilities at fair value		26,252	25,737
Recurring [Member] | Money Market Funds [Member]
Assets: [Abstract]
Money market funds		1,475,462	6,312,288
Recurring [Member] | Common Shares [Member] | Datavant [Member]
Assets: [Abstract]
Investment		161,791	147,526
Recurring [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]
Assets: [Abstract]
Investment		149,563	100,227
Recurring [Member] | Level 1 [Member]
Assets: [Abstract]
Total assets at fair value		1,625,025	6,412,515
Liabilities: [Abstract]
Liability instruments measured at fair value	[1]	0	0
Total liabilities at fair value		0	0
Recurring [Member] | Level 1 [Member] | Money Market Funds [Member]
Assets: [Abstract]
Money market funds		1,475,462	6,312,288
Recurring [Member] | Level 1 [Member] | Common Shares [Member] | Datavant [Member]
Assets: [Abstract]
Investment		0	0
Recurring [Member] | Level 1 [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]
Assets: [Abstract]
Investment		149,563	100,227
Recurring [Member] | Level 2 [Member]
Assets: [Abstract]
Total assets at fair value		0	0
Liabilities: [Abstract]
Liability instruments measured at fair value	[1]	0	0
Total liabilities at fair value		0	0
Recurring [Member] | Level 2 [Member] | Money Market Funds [Member]
Assets: [Abstract]
Money market funds		0	0
Recurring [Member] | Level 2 [Member] | Common Shares [Member] | Datavant [Member]
Assets: [Abstract]
Investment		0	0
Recurring [Member] | Level 2 [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]
Assets: [Abstract]
Investment		0	0
Recurring [Member] | Level 3 [Member]
Assets: [Abstract]
Total assets at fair value		161,791	147,526
Liabilities: [Abstract]
Liability instruments measured at fair value	[1]	26,252	25,737
Total liabilities at fair value		26,252	25,737
Recurring [Member] | Level 3 [Member] | Money Market Funds [Member]
Assets: [Abstract]
Money market funds		0	0
Recurring [Member] | Level 3 [Member] | Common Shares [Member] | Datavant [Member]
Assets: [Abstract]
Investment		161,791	147,526
Recurring [Member] | Level 3 [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]
Assets: [Abstract]
Investment		$ 0	$ 0
[1]At September 30, 2024, Level 3 includes the fair value of the Earn-Out Shares of $23.8 million and other liability instruments issued of $2.5 million. At March 31, 2024, Level 3 includes the fair value of the Earn-Out Shares of $22.0 million and other liability instruments issued of $3.7 million.

Fair Value Measurements, Change

Fair Value Measurements, Changes in Fair Value of the Level 3 Assets (Details) - Level 3 [Member] - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 147,526	$ 178,579
Changes in fair value of investment in Datavant, included in net loss	$ 14,265	$ (14,254)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Fair Value of Debt and Liability Instruments	Gain (Loss) on Fair Value of Debt and Liability Instruments
Ending Balance	$ 161,791	$ 164,325

Fair Value Measurements, Chan_2

Fair Value Measurements, Changes in Fair Value of the Level 3 Liabilities (Details) - Level 3 [Member] - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 25,737	$ 33,651
Exercise of Private Placement Warrants		(28,090)
Changes in fair value of liability instruments, included in net loss	$ 515	$ 25,553
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Fair Value of Debt and Liability Instruments	Gain (Loss) on Fair Value of Debt and Liability Instruments
Balance at end of period	$ 26,252	$ 31,114

Fair Value Measurements, Fair V

Fair Value Measurements, Fair Value of Significant Unobservable Inputs (Details) $ in Millions	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)
Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Liabilities at fair value	$ 23.8	$ 22
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liability Instruments Measured at Fair Value	Liability Instruments Measured at Fair Value
Volatility [Member] | Datavant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investment in equity securities, measurement input	0.90	0.90
Volatility [Member] | Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Earn-out share, measurement input	54.70%	63.20%
Risk-free Rate [Member] | Datavant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investment in equity securities, measurement input	0.0371	0.0486
Risk-free Rate [Member] | Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Earn-out share, measurement input	3.66%	4.50%

Net (Loss) Income per Common _3

Net (Loss) Income per Common Share (Details) - shares		6 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Stock Options and Performance Stock Options [Member]
Net (Loss) Income per Common Share [Abstract]
Potentially dilutive securities (in shares)		147,912,372	148,753,920
Restricted Stock Units and Performance Stock Units (Non-vested) [Member]
Net (Loss) Income per Common Share [Abstract]
Potentially dilutive securities (in shares)		52,011,836	20,073,411
March 2020 CVARs [Member]
Net (Loss) Income per Common Share [Abstract]
Potentially dilutive securities (in shares)	[1]	17,548,368	28,753,677
November 2021 CVARs (Non-vested) [Member]
Net (Loss) Income per Common Share [Abstract]
Potentially dilutive securities (in shares)		1,067,480	2,506,499
Restricted Common Stock (Non-vested) [Member]
Net (Loss) Income per Common Share [Abstract]
Potentially dilutive securities (in shares)		210,918	487,005
Earn-Out Shares (Non-vested) [Member]
Net (Loss) Income per Common Share [Abstract]
Potentially dilutive securities (in shares)		3,080,387	3,080,387
Other Stock Based Awards and Instruments Issued [Member]
Net (Loss) Income per Common Share [Abstract]
Potentially dilutive securities (in shares)		5,032,786	5,611,820
[1]Refer to Note 9, “Share-Based Compensation” for details regarding settlement of CVARs.