Sio Gene Therapies (SIOX) 10-Q 2 Nov 17 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document and Entity Information
Entity Registrant Name	Axovant Sciences Ltd.
Entity Central Index Key	1,636,050
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)		107,710,160
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Mar. 31, 2017
Current assets:
Cash	$ 235,373	$ 212,573
Prepaid expenses and other current assets	4,587	6,457
Income tax receivable	2,813	658
Total current assets	242,773	219,688
Property and equipment, net	3,367	142
Deferred tax assets	0	2,709
Total assets	246,140	222,539
Current liabilities:
Accounts payable	2,860	8,551
Due to Roivant Sciences Ltd. and Roivant Sciences, Inc.	4,242	2,919
Accrued expenses	33,794	34,796
Total current liabilities	40,896	46,266
Long term debt	52,068	51,436
Total liabilities	92,964	97,702
Commitments and contingencies (Note 9)
Shareholders’ equity:
Common shares, par value $0.00001 per share, 1,000,000,000 shares authorized, 107,710,160 and 99,163,919 issued and outstanding at September 30, 2017 and March 31, 2017, respectively	1	1
Additional paid-in capital	626,777	459,601
Accumulated deficit	(473,730)	(335,143)
Accumulated other comprehensive income	128	378
Total shareholders’ equity	153,176	124,837
Total liabilities and shareholders’ equity	$ 246,140	$ 222,539

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Mar. 31, 2016
Common stock
Common shares par value (in dollars per share)	$ 0.00001	$ 0.00001
Common shares authorized (in shares)	1,000,000,000	1,000,000,000
Common shares issued (in shares)	107,710,160	99,163,919
Common shares outstanding (in shares)	107,710,160	99,163,919

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating expenses:
Research and development expenses	$ 38,555	$ 32,074	$ 82,267	$ 57,350
General and administrative expenses	30,112	9,449	51,630	22,080
Total operating expenses	68,667	41,523	133,897	79,430
Other expenses (income):
Interest expense	1,878	0	3,752	0
Other expense (income)	131	0	(226)	0
Loss before provision for income taxes	(70,676)	(41,523)	(137,423)	(79,430)
Income tax (benefit) expense	(1,590)	729	929	877
Net loss	$ (69,086)	$ (42,252)	$ (138,352)	$ (80,307)
Net loss per common share — basic and diluted (in dollars per share)	$ (0.64)	$ (0.43)	$ (1.29)	$ (0.81)
Weighted average common shares outstanding - basic and diluted (in shares)	107,593,609	99,160,445	107,000,519	99,155,251

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Research and development
Share-based compensation	$ 5,916	$ 4,473	$ 12,172	$ 9,437
General and administrative
Share-based compensation	$ 9,424	$ 3,464	$ 18,768	$ 10,061

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Loss Statement - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (69,086)	$ (42,252)	$ (138,352)	$ (80,307)
Other comprehensive gain (loss):
Foreign currency translation adjustment	99	0	(250)	0
Total other comprehensive gain (loss)	99	0	(250)	0
Comprehensive loss	$ (68,987)	$ (42,252)	$ (138,602)	$ (80,307)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Increase (Decrease) in Shareholders' Equity (Deficit)
Adjustment to adopt ASU 2016-09			$ 235	$ (235)
Beginning Balance (in shares) at Mar. 31, 2017		99,163,919
Beginning Balance at Mar. 31, 2017	$ 124,837	$ 1	459,601	(335,143)	$ 378
Increase (Decrease) in Shareholders' Equity (Deficit)
Exercise of stock options (in shares)	662,909
Exercise of stock options	$ 1,486		1,486
Exercise of warrants (in shares)		129,827
Exercise of warrant	0	$ 0
Stock issued for equity financing, net of underwriting discounts and commissions and offering expenses of $9.2 million (in shares)		7,753,505
Stock issued for equity financing, net of underwriting discounts and commissions and offering expenses of $9.2 million	134,515		134,515
Share-based compensation expense	26,576		26,576
Capital contribution —share-based compensation expense	4,364		4,364
Foreign currency translation adjustment	(250)				(250)
Net loss	(138,352)			(138,352)
Ending Balance (in shares) at Sep. 30, 2017		107,710,160
Ending Balance at Sep. 30, 2017	$ 153,176	$ 1	$ 626,777	$ (473,730)	$ 128

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Millions	6 Months Ended
	Sep. 30, 2017USD ($)
Statement of Stockholders' Equity [Abstract]
Underwriting discounts, commissions and offering expenses	$ 9.2

Condensed Consolidated Stateme9

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net loss	$ (138,352)	$ (80,307)
Adjustments to reconcile net loss to net cash used in operating activities:
Unrealized currency translation gain	(250)	0
Share-based compensation	30,940	19,498
Depreciation and amortization	1,050	22
Deferred tax assets	2,709	283
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,870	760
Accounts payable	(5,691)	8,888
Due to Roivant Sciences Ltd. and Roivant Sciences, Inc.	1,323	892
Accrued expenses	(1,002)	8,108
Income tax receivable	(2,155)	295
Net cash used in operating activities	(109,558)	(41,561)
Cash flows from investing activities:
Purchases of property and equipment	(3,643)	(36)
Net cash used in investing activities	(3,643)	(36)
Cash flows from financing activities:
Payment of contingent liability	0	(5,000)
Exercise of stock options	1,486	10
Cash proceeds from issuance of common shares, net of costs	134,515	0
Net cash provided by (used in) financing activities	136,001	(4,990)
Net change in cash	22,800	(46,587)
Cash—beginning of period	212,573	276,251
Cash—end of period	235,373	229,664
Non-cash financing activities:
Fair value of warrant exercised	$ 2,594	$ 0

Description of Business

Description of Business	6 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Axovant Sciences Ltd., together with its wholly owned subsidiaries (the ‘‘Company’’), is a clinical-stage biopharmaceutical company dedicated to advancing treatments for patients with life-altering neurologic conditions. The Company is developing a pipeline of product candidates that focuses on the cognitive, functional and behavioral aspects of debilitating conditions such as Alzheimer’s, Lewy body dementia and other neurological disorders. The Company is an exempted limited company incorporated under the laws of Bermuda in October 2014 under the name Roivant Neurosciences Ltd. The Company changed its name to Axovant Sciences Ltd. in March 2015 . The Company has four wholly owned subsidiaries. Axovant Holdings Limited (“AHL”), a direct wholly owned subsidiary of Axovant Sciences Ltd., was incorporated in England and Wales in August 2016; Axovant Sciences, Inc. (“ASI”), a direct wholly owned subsidiary of AHL, was incorporated in Delaware in February 2015; Axovant Sciences GmbH (“ASG”), a direct wholly owned subsidiary of AHL, was organized in Switzerland in August 2016; and Axovant Sciences America, Inc. (‘‘ASA’’), a direct wholly owned subsidiary of AHL, was incorporated in Delaware in July 2017. ASG holds the Company's intellectual property rights and is the principal operating company for conducting the Company’s business. From its inception, the Company has devoted substantially all of its efforts to organizing and staffing the Company, raising capital, acquiring product candidates and preparing for and advancing its lead product candidates, intepirdine and nelotanserin, into clinical development for patients with Alzheimer's disease or Lewy body dementia. In addition, the Company has the rights to develop RVT-104, a combination of rivastigmine and a peripheral muscarinic receptor antagonist, and intends to develop this product candidate as a potential treatment for patients with Alzheimer's disease or dementia with Lewy bodies. 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 does not expect to generate revenue unless and until it successfully completes development and obtains regulatory approval for one of its product candidates. The Company believes it currently has sufficient funds to meet its financial needs for at least the next 12 months. The Company may be required to obtain further funding through public or private equity offerings, debt financing, collaboration and licensing arrangements or other sources. Adequate additional funding may not be available to the Company on acceptable terms, or at all.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (A) 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 interim 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 with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 , filed with the Securities and Exchange Commission (“SEC”) on June 13, 2017. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented have been included. Operating results for the six months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending March 31, 2018, for any other interim period, or for any other future year. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (‘‘ASC’’) and Accounting Standards Update (‘‘ASU’’) of the Financial Accounting Standards Board (‘‘FASB’’). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. There have been no significant changes in the Company’s accounting policies from those disclosed in its Annual Report on Form 10-K for the fiscal year ended March 31, 2017, filed with the SEC on June 13, 2017. (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 the assets, liabilities, costs and expenses (including compensation expense) allocated to the Company under its services agreements with Roivant Sciences, Inc. (“RSI”) and Roivant Sciences GmbH (“RSG”), each a wholly owned subsidiary of the Company’s parent company, Roivant Sciences Ltd., as well as 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) Net Loss per Common Share: Basic net loss per common share is computed by dividing net loss applicable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss applicable to common shareholders by the diluted weighted-average number of common shares outstanding during the period calculated in accordance with the treasury stock method. Stock options to purchase 5.4 million and 10.4 million common shares were not included in the calculation of diluted weighted-average common shares outstanding for the three and six months ended September 30, 2017 , respectively, because they were anti-dilutive. Stock options to purchase 7.4 million common shares were not included in the calculation of diluted weighted-average common shares outstanding for the three and six months ended September 30, 2016 because they were anti-dilutive. (D) Financial Instruments: The Company utilizes fair value measurement guidance prescribed by accounting standards to value its financial instruments. The guidance establishes a fair value hierarchy for 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 identified as the exchange price, or exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. 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 cash and accounts payable. These financial instruments are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. The estimated fair value of the Company’s long term debt was $52.1 million as of September 30, 2017 and was based on current interest rates for similar types of borrowings and is in Level 2 of the fair value hierarchy. See Note 4 for the actual book carrying value of the Company's long term debt at September 30, 2017 . (E) Recent Accounting Pronouncements: In February 2016, the FASB issued ASU No. 2016-02, ‘‘ Leases (Topic 842) ’’ (‘‘ASU No. 2016-02’’), which is a comprehensive new lease standard that amends various aspects of existing accounting guidance for leases. The core principle of ASU No. 2016-02 will require lessees to present the assets and liabilities that arise from leases on their balance sheets. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating ASU No. 2016-02 and its impact on the Company's consolidated financial position and results of operations. In March 2016, the FASB issued ASU No. 2016-09, ‘‘ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ’’ (“ASU No. 2016-09”). This ASU makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation, and the financial statement presentation of excess tax benefits or deficiencies. ASU No. 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The Company adopted this guidance as of April 1, 2017, using a modified retrospective transition method. As a result of the adoption of this standard, the Company elected to change its policy from estimating forfeitures to recognizing forfeitures when they occur and, as a result, recorded an adjustment of $235,000 to accumulated deficit with a corresponding offset to additional paid-in-capital as of April 1, 2017. The other amended requirements of ASU No. 2016-09 did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, ‘‘ Business Combinations (Topic 805): Clarifying the Definition of a Business ’’ (‘‘ASU No. 2017-01’’), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU No. 2017-01 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company will apply the guidance to applicable transactions after the adoption date. The impact on the Company’s consolidated financial statements will depend on the facts and circumstances of any specific future transactions.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Sep. 30, 2017
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses As of September 30, 2017 and March 31, 2017, the Company’s accrued expenses consisted of the following (in thousands): September 30, 2017 March 31, 2017 Research and development expenses $ 20,934 $ 27,667 Salaries, bonuses, and other compensation expenses 6,750 3,497 Legal expenses 1,122 1,271 Other expenses 4,988 2,361 Total accrued expenses $ 33,794 $ 34,796

Long Term Debt

Long Term Debt	6 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long Term Debt	Long Term Debt On February 2, 2017, the Company and its subsidiaries, AHL, ASG and ASI entered into a loan and security agreement (as amended on May 24 and September 22, 2017, the “Hercules Loan Agreement”) with Hercules Capital, Inc., (“Hercules”), under which the Company, AHL and ASG (the "Borrowers") borrowed an aggregate of $55.0 million (the “Term Loan”). Pursuant to the Hercules Loan Agreement, ASI has issued a guaranty of the Borrowers’ obligations under the Hercules Loan Agreement. The Term Loan bears interest at a variable per annum rate calculated for any day as the greater of either (i) the prime rate plus 6.80% , and (ii) 10.55% . The Term Loan has a scheduled maturity date of March 1, 2021. The Borrowers are obligated to make monthly payments of accrued interest under the Hercules Loan Agreement until September 1, 2018, followed by monthly installments of principal and interest beginning October 1, 2018 through March 1, 2021. In connection with the Hercules Loan Agreement, the Borrowers and ASI, as guarantor, granted Hercules a first position lien on substantially all of their respective assets, excluding intellectual property. Prepayment of the Term Loan is subject to penalty. In April 2017, the Company completed a follow-on public offering of its common shares, from which it raised net proceeds of $134.5 million , after deducting underwriting discounts and commissions and offering expenses payable by the Company. On May 24, 2017, the Hercules Loan Agreement was amended such that the required minimum amount of unrestricted cash is equal to the lesser of (i) $35.0 million (the “Applicable Amount”) plus certain aged accounts payable amounts (as further defined in the Hercules Loan Agreement) and (ii) the outstanding amount of debt under the Hercules Loan Agreement plus certain aged accounts payable (as further defined in the Hercules Loan Agreement), provided that the Applicable Amount may be lowered to $30 million upon the achievement of certain clinical and/or financial milestones, and further lowered to $25 million upon the achievement of certain other clinical and/or financial milestones, each as set forth in the Hercules Loan Agreement. The Hercules Loan Agreement also includes customary events of default. Upon the occurrence of an event of default, a default interest rate of an additional 5.0% may be applied to the outstanding principal balance, and Hercules may declare all outstanding obligations immediately due and payable and take such other actions as set forth in the Hercules Loan Agreement. At no time has the Company been in default under the provisions of the Hercules Loan Agreement. In addition, for so long as the Term Loan remains outstanding, the Company shall be required to use its commercially reasonable efforts to afford Hercules the opportunity to participate in future underwritten equity offerings of the Company’s common shares up to a specified amount. In connection with the Hercules Loan Agreement, the Company issued a warrant to Hercules, exercisable for an aggregate of 274,086 of the Company’s common shares at an exercise price of $12.04 per share (the “Warrant”). In August 2017, Hercules exercised the Warrant and received a net issuance of 129,827 of the Company's common shares. The Company has accounted for the Warrant as an equity instrument since it was indexed to the Company’s common shares and met the criteria for classification in shareholders’ equity. The relative fair value of the Warrant on the date of issuance was approximately $2.3 million and was treated as a discount to the debt. This amount will be amortized to interest expense under the effective interest method over the life of the Term Loan, which is a period of 48 months. The Company estimated the value of the Warrant using the Black-Scholes model. The key assumptions used to value the Warrant were as follows: Exercise price $ 12.04 Share price on date of issuance $ 11.96 Volatility 77.6 % Risk-free interest rate 2.27 % Expected dividend yield — % Contractual term (in years) 7 In addition, at the closing of the Term Loan, the Company paid transaction costs of $1.5 million , which were recorded as a discount on the debt and will be amortized to interest expense using the effective interest method over the life of the Term Loan, which is a period of 48 months. Outstanding debt obligations are as follows (in thousands): September 30, 2017 Principal amount $ 55,000 Less: unamortized discount and debt issuance costs (2,932 ) Loan payable less unamortized discount and debt issuance costs 52,068 Less: current maturities — Long-term loan payable, net of current maturities $ 52,068

Related Party Transactions

Related Party Transactions	6 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions (A) Services Agreements: During 2015, the Company and ASI entered into a services agreement with RSI (the ‘‘Services Agreement’’) under which RSI has agreed to provide certain administrative and research and development services to the Company. The Company and ASI amended and restated the Services Agreement with RSI on October 13, 2015 effective for the fiscal year commencing April 1, 2015. Under the Services Agreement, as amended and restated, the Company pays or reimburses RSI for any expenses it, or third parties acting on its behalf, incurs for the Company. For any general and administrative and research and development activities performed by RSI employees, RSI charges back the employee compensation expense plus a pre-determined mark-up. Employee compensation expense, inclusive of base salary and fringe benefits, is determined based upon the relative percentage of time utilized on Company matters. All other costs are billed back at cost. The accompanying interim unaudited condensed consolidated financial statements include third-party expenses that have been paid by RSI and RSL. In February 2017, the Company and ASI amended and restated the Services Agreement, effective as of December 13, 2016, to add ASG as a services recipient. In addition, in February 2017, ASG entered into a separate services agreement with RSG, effective as of December 13, 2016, for the provision of services by RSG to ASG in relation to the identification of potential product candidates and project management of clinical trials, as well as other services related to development, administrative and financial activities. Under the Services Agreements, for the three months ended September 30, 2017 and 2016 , the Company incurred expenses of $1.6 million and $1.5 million , respectively, inclusive of the pre-determined mark-up. For the six months ended September 30, 2017 and 2016, the Company incurred expenses of $4.4 million and $3.4 million , respectively, inclusive of the pre-determined mark-up. (B) Family Relationships: Lawrence Friedhoff, MD, PhD, formerly the Chief Development Officer of ASI, Geetha Ramaswamy, MD formerly the Vice President, Medical and Scientific Strategy for ASI, and Sarah Friedhoff, formerly Senior Business Operations and Research and Development Specialist of ASI, are no longer the Company's employees. Geetha Ramaswamy, is the mother of Vivek Ramaswamy, a director of ASL and a director of RSI, the Chief Executive Officer of RSI. Sarah Friedhoff is the daughter of Lawrence Friedhoff, Chief of Research & Development of RSI. Shankar Ramaswamy, MD, the Vice President of Global Medical Affairs of ASI, is the brother of Vivek Ramaswamy. Salary expenses for both Geetha Ramaswamy and Shankar Ramaswamy were $66,950 and $65,000 for the three months ended September 30, 2017 and 2016, respectively, and $133,900 and $130,000 for the six months ended September 30, 2017 and 2016, respectively. Salary expenses for Sarah Friedhoff were $19,312 and $18,750 for the three months ended September 30, 2017 and 2016, respectively, and $38,625 and $37,500 for the six months ended September 30, 2017 and 2016, respectively.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity In April 2017, the Company issued and sold 7,753,505 common shares, including 1,011,326 common shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares, at an offering price of $18.54 per common share for gross proceeds of $143.7 million . The net proceeds to the Company were approximately $134.5 million , after deducting underwriting discounts and commissions and offering expenses paid by us.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation In March 2015, the Company adopted its 2015 Equity Incentive Plan (the ‘‘2015 Plan’’), under which 7.5 million of the Company’s common shares were originally reserved for grant. In May 2015, the Company’s Board of Directors amended the 2015 Plan to increase the number of common shares authorized for issuance thereunder to 9.5 million common shares. This amendment of the 2015 Plan became effective upon the execution of the underwriting agreement relating to the Company’s initial public offering of common shares in June 2015. In April 2017, the number of common shares authorized for issuance increased automatically to approximately 16.5 million in accordance with the terms of the 2015 Plan. In June 2017, the Company's Board of Directors amended the 2015 Plan to increase the number of common shares authorized for issuance thereunder to approximately 20.5 million . This amendment became effective upon shareholder approval in August 2017. At September 30, 2017 , a total of 4.1 million common shares were available for future grant under the 2015 Plan and options to purchase approximately 15.7 million common shares were outstanding under the Plan with a weighted average exercise price of $14.07 . (A) Stock Options Granted to Employees and Directors: During the six months ended September 30, 2017 and 2016 , the Company granted options to purchase a total of 8.8 million and 2.0 million common shares, respectively, to its employees and directors, under the 2015 Plan. The Company recorded share-based compensation expense related to stock options issued to Company employees and directors of $12.7 million and $5.0 million , respectively, for the three months ended September 30, 2017 and 2016, and $24.9 million and $12.8 million , respectively, for the six months ended September 30, 2017 and 2016. At September 30, 2017 , total unrecognized compensation expense related to non-vested options was $130.4 million , which is expected to be recognized over the remaining weighted-average service period of 3.21 years . During the six months ended September 30, 2017, the Company granted two options, each to purchase 2,000,000 common shares (or an aggregate of 4,000,000 common shares) of the Company, to our Principal Executive Officer, Dr. Hung. The grant date fair value of one of the options to purchase 2,000,000 common shares was estimated using the Black-Scholes option pricing model and the fair value is recognized over the requisite service period. The other option to purchase 2,000,000 common shares is a performance-based award (the "Second Option") which vests over a period of five years, contingent on the achievement of pre-determined performance-based milestones that are related to product development or the achievement of specified market targets. The grant date fair value for the Second Option was estimated using a Monte Carlo valuation model and is recognized using the accelerated method over the requisite service period. (B) Share-Based Compensation for Related Parties: (1) Stock Options Granted to Non-Employees: During the six months ended September 30, 2017 and 2016 , the Company granted options to purchase a total of 206,600 and 83,500 common shares, respectively, to employees of RSI as compensation for support services provided to the Company. The fair value of the stock options granted to RSI employees is accounted for by the Company in accordance with the authoritative guidance for non-employee equity awards and is remeasured on each valuation date until performance is complete using the Black-Scholes pricing model. Each award is subject to a specified vesting schedule. Compensation expense will be recognized by the Company over the required service period to earn each award. The Company recorded $0.3 million and $0.4 million of share-based compensation expense for the three months ended September 30, 2017 and 2016, respectively, and $1.3 million and $0.8 million of share-based compensation for the six months ended September 30, 2017 and 2016, respectively. The share-based compensation was recorded as research and development and general and administrative expense in the accompanying unaudited condensed consolidated statements of operations. The total remaining unrecognized compensation cost related to the non-vested stock options amounted to $3.7 million as of September 30, 2017 , which is expected to be recognized over the remaining weighted-average service period of 2.41 years. (2) Share-Based Compensation Allocated to the Company by RSL: The Company incurs share-based compensation expense for RSL common share awards and RSL options issued by RSL to RSI employees. Share-based compensation expense is allocated to the Company by RSL based upon the relative percentage of time utilized by RSI employees on Company matters. The RSL common share awards are fair valued on the date of grant and that fair value is recognized over the requisite service period. Significant judgment and estimates were used to estimate the fair value of these awards, as they are not publicly traded. RSL common share awards are subject to specified vesting schedules and requirements (a mix of time-based, performance-based and corporate event-based, including targets for RSL’s post-IPO market capitalization and future financing events). The Company estimated the fair value of each RSL option on the date of grant using the Black-Scholes closed-form option-pricing model. The Company recorded share-based compensation expense of $2.3 million for each of the three months ended September 30, 2017 and 2016 and $4.4 million and $5.4 million for the six months ended September 30, 2017 and 2016, respectively, in relation to the RSL common share awards and options issued by RSL to RSI employees. (3) Share-Based Compensation for Family Members: The Company granted Geetha Ramaswamy, Shankar Ramaswamy and Sarah Friedhoff options to purchase 37,500 common shares, 37,500 common shares and 12,500 common shares, respectively, during the six months ended September 30, 2017 as annual stock option grants in their capacities as employees of ASI. The Company recorded aggregate share-based compensation expense of $1.0 million and $0.9 million for the three months ended September 30, 2017 and 2016 , respectively, and $2.4 million and $1.8 million for the six months ended September 30, 2017 and 2016, respectively, in connection with such option grants. Shankar Ramaswamy, while previously employed by RSI, was also granted RSL common shares. The Company recorded share-based compensation expense of $0.1 million for each of the three months ended September 30, 2017 and 2016 and $0.2 million and $0.3 million for the six months ended September 30, 2017 and 2016, respectively, related to the RSL common share awards held by Shankar Ramaswamy, which the Company has recorded as research and development expense in the accompanying unaudited condensed consolidated statements of operations. At September 30, 2017 , total unrecognized compensation expense related to these non-vested RSL common share awards was $0.4 million and is expected to be recognized over the remaining weighted-average service period of 0.77 years .

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is not subject to taxation under the laws of Bermuda since it was organized as a Bermuda Exempted Limited Company, for which there is no current tax regime. The Company’s provision for income taxes is primarily federal, state and local income taxes in the United States. The Company's effective tax rate was 2.2% and (1.8)% for the three months ended September 30, 2017 and 2016, respectively. The Company's effective tax rate of (0.7)% and (1.1)% for the six months ended September 30, 2017 and 2016, respectively, differs from the Bermuda federal statutory rate of 0% primarily due to the U.S. permanent unfavorable tax differences, stock compensation deductions and a valuation allowance that effectively eliminates the Company's 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, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has entered into commitments under an asset purchase agreement with GlaxoSmithKline (“GSK”), a development, marketing, and supply agreement with Arena Pharmaceuticals GmbH (“Arena”), the Hercules Loan Agreement, an amended services agreement with RSI, a separate service agreement with RSG (Refer to Note 5(A)) and a license agreement with Qaam Pharmaceuticals LLC. In addition, the Company has entered into services agreements with third parties for pharmaceutical manufacturing and research activities. Expenditures to CROs and CMOs represent significant costs in clinical development. Subject to required notice periods and the Company's 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 other commitments as the business further develops. During the six months ended September 30, 2017 , there were no material changes outside the ordinary course of business to the specified contractual obligations set forth in the contractual obligations table included in our Annual Report on Form 10-K for the year ended March 31, 2017.

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2017, the Company committed to a corporate realignment to focus its efforts and resources on the Company’s ongoing and future programs that includes a reduction in its workforce. The Company expects to complete the reduction in headcount, including the payment of any employee severance and benefits, by the fourth quarter of fiscal 2017. As a result of the reduction, the Company estimates that it will incur aggregate charges of approximately $ 1.5 million for one-time severance and related costs in the third quarter of fiscal 2017, of which all such charges are expected to result in cash expenditures.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	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 interim 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 with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 , filed with the Securities and Exchange Commission (“SEC”) on June 13, 2017. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented have been included. Operating results for the six months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending March 31, 2018, for any other interim period, or for any other future year. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (‘‘ASC’’) and Accounting Standards Update (‘‘ASU’’) of the Financial Accounting Standards Board (‘‘FASB’’). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. There have been no significant changes in the Company’s accounting policies from those disclosed in its Annual Report on Form 10-K for the fiscal year ended March 31, 2017, filed with the SEC on June 13, 2017.
Use of Estimates	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 the assets, liabilities, costs and expenses (including compensation expense) allocated to the Company under its services agreements with Roivant Sciences, Inc. (“RSI”) and Roivant Sciences GmbH (“RSG”), each a wholly owned subsidiary of the Company’s parent company, Roivant Sciences Ltd., as well as 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.
Net Loss per Common Share	Net Loss per Common Share: Basic net loss per common share is computed by dividing net loss applicable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss applicable to common shareholders by the diluted weighted-average number of common shares outstanding during the period calculated in accordance with the treasury stock method.
Financial Instruments	Financial Instruments: The Company utilizes fair value measurement guidance prescribed by accounting standards to value its financial instruments. The guidance establishes a fair value hierarchy for 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 identified as the exchange price, or exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. 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 cash and accounts payable. These financial instruments are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In February 2016, the FASB issued ASU No. 2016-02, ‘‘ Leases (Topic 842) ’’ (‘‘ASU No. 2016-02’’), which is a comprehensive new lease standard that amends various aspects of existing accounting guidance for leases. The core principle of ASU No. 2016-02 will require lessees to present the assets and liabilities that arise from leases on their balance sheets. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating ASU No. 2016-02 and its impact on the Company's consolidated financial position and results of operations. In March 2016, the FASB issued ASU No. 2016-09, ‘‘ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ’’ (“ASU No. 2016-09”). This ASU makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation, and the financial statement presentation of excess tax benefits or deficiencies. ASU No. 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The Company adopted this guidance as of April 1, 2017, using a modified retrospective transition method. As a result of the adoption of this standard, the Company elected to change its policy from estimating forfeitures to recognizing forfeitures when they occur and, as a result, recorded an adjustment of $235,000 to accumulated deficit with a corresponding offset to additional paid-in-capital as of April 1, 2017. The other amended requirements of ASU No. 2016-09 did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, ‘‘ Business Combinations (Topic 805): Clarifying the Definition of a Business ’’ (‘‘ASU No. 2017-01’’), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU No. 2017-01 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. The Company will apply the guidance to applicable transactions after the adoption date. The impact on the Company’s consolidated financial statements will depend on the facts and circumstances of any specific future transactions.

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Sep. 30, 2017
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	As of September 30, 2017 and March 31, 2017, the Company’s accrued expenses consisted of the following (in thousands): September 30, 2017 March 31, 2017 Research and development expenses $ 20,934 $ 27,667 Salaries, bonuses, and other compensation expenses 6,750 3,497 Legal expenses 1,122 1,271 Other expenses 4,988 2,361 Total accrued expenses $ 33,794 $ 34,796

Long Term Debt (Tables)

Long Term Debt (Tables)	6 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Key Assumptions Used to Value Warrants	The Company estimated the value of the Warrant using the Black-Scholes model. The key assumptions used to value the Warrant were as follows: Exercise price $ 12.04 Share price on date of issuance $ 11.96 Volatility 77.6 % Risk-free interest rate 2.27 % Expected dividend yield — % Contractual term (in years) 7
Outstanding Debt Obligations	Outstanding debt obligations are as follows (in thousands): September 30, 2017 Principal amount $ 55,000 Less: unamortized discount and debt issuance costs (2,932 ) Loan payable less unamortized discount and debt issuance costs 52,068 Less: current maturities — Long-term loan payable, net of current maturities $ 52,068

Description of Business (Detail

Description of Business (Details)	6 Months Ended
	Sep. 30, 2017segmentsubsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of subsidiaries | subsidiary	4
Number of operating segments	1
Number of reporting segments	1

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Apr. 01, 2017	Mar. 31, 2017
Accumulated Deficit
Net Loss per Common Share
Adjustment to adopt ASU 2016-09					$ (235)
Accumulated Deficit | Accounting Standards Update 2016-09
Net Loss per Common Share
Adjustment to adopt ASU 2016-09				$ (235)
Additional Paid-in Capital
Net Loss per Common Share
Adjustment to adopt ASU 2016-09					$ 235
Additional Paid-in Capital | Accounting Standards Update 2016-09
Net Loss per Common Share
Adjustment to adopt ASU 2016-09				$ 235
Fair Value, Inputs, Level 2
Net Loss per Common Share
Long-term debt	$ 52,100		$ 52,100
Stock options
Net Loss per Common Share
Anti-dilutive securities not included in calculation of common shares outstanding (in shares)	5.4	7.4	10.4

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Mar. 31, 2017
Payables and Accruals [Abstract]
Research and development expenses	$ 20,934	$ 27,667
Salaries, bonuses, and other compensation expenses	6,750	3,497
Legal expenses	1,122	1,271
Other expenses	4,988	2,361
Total accrued expenses	$ 33,794	$ 34,796

Long Term Debt (Details)

Long Term Debt (Details) - USD ($)	Feb. 02, 2017	Aug. 31, 2017	Apr. 30, 2017	Sep. 30, 2017	May 24, 2017
Debt Instrument [Line Items]
Exercise of warrants (in shares)		129,827
Common Shares
Debt Instrument [Line Items]
Number of securities called by warrants (in shares)	274,086
Exercise price (in dollars per share)	$ 12.04
Fair value of warrants not settleable in cash	$ 2,300,000
Stock Offering
Debt Instrument [Line Items]
Net proceeds			$ 134,500,000	$ 134,500,000
Loan and Security Agreement with Hercules Capital, Inc. | Secured Debt
Debt Instrument [Line Items]
Face amount	$ 55,000,000
Minimum unrestricted cash					$ 35,000,000
Default interest rate	5.00%
Debt instrument, term	48 months
Payments of loan facility costs	$ 1,500,000
Loan and Security Agreement with Hercules Capital, Inc. | Secured Debt | Covenant Threshold One
Debt Instrument [Line Items]
Minimum unrestricted cash if clinical and financial milestone thresholds are met					30,000,000
Loan and Security Agreement with Hercules Capital, Inc. | Secured Debt | Covenant Threshold Two
Debt Instrument [Line Items]
Minimum unrestricted cash if clinical and financial milestone thresholds are met					$ 25,000,000
Loan and Security Agreement with Hercules Capital, Inc. | Secured Debt | Minimum
Debt Instrument [Line Items]
Stated interest rate	10.55%
Loan and Security Agreement with Hercules Capital, Inc. | Secured Debt | Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	6.80%

Long Term Debt - Valuation Assu

Long Term Debt - Valuation Assumptions (Details) - Common Shares	Feb. 02, 2017$ / shares
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 12.04
Share price on date of issuance (in dollars per share)	$ 11.96
Volatility	77.60%
Risk-free interest rate	2.27%
Expected dividend yield	0.00%
Contractual term (in years)	7 years

Long Term Debt - Outstanding De

Long Term Debt - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Mar. 31, 2017
Debt Disclosure [Abstract]
Principal amount	$ 55,000
Less: unamortized discount and debt issuance costs	(2,932)
Loan payable less unamortized discount and debt issuance costs	52,068
Less: current maturities	0
Long-term loan payable, net of current maturities	$ 52,068	$ 51,436

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
RSI
Related Party Transaction [Line Items]
Expense under service agreement	$ 1,600,000	$ 1,500,000	$ 4,400,000	$ 3,400,000
Geetha Ramaswamy
Related Party Transaction [Line Items]
Officers' salary expense	66,950	65,000	133,900	130,000
Shankar Ramaswamy
Related Party Transaction [Line Items]
Officers' salary expense	66,950	65,000	133,900	130,000
Sarah Friedhoff
Related Party Transaction [Line Items]
Salary expense	$ 19,312	$ 18,750	$ 38,625	$ 37,500

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2017	Sep. 30, 2017
Stock Offering
Shareholders' Equity
Sale of common stock in IPO (in shares)	7,753,505
Price per share (in dollars per share)	$ 18.54
Gross proceeds from common stock issued	$ 143.7
Net proceeds	$ 134.5	$ 134.5
Underwriter's Option
Shareholders' Equity
Sale of common stock in IPO (in shares)	1,011,326

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Apr. 30, 2017	May 31, 2015	Mar. 31, 2015
Share-Based Compensation
Number of options granted (in shares)			4,000,000
RSI
Share-Based Compensation
Share-based compensation expense	$ 2.3	$ 2.3	$ 4.4	$ 5.4
Stock options
Share-Based Compensation
Share-based compensation expense	1	0.9	2.4	1.8
Total unrecognized compensation expense, stock options	130.4		$ 130.4
Remaining weighted-average service period			3 years 2 months 16 days
Stock options | Directors and Employees
Share-Based Compensation
Share-based compensation expense	12.7	5	$ 24.9	$ 12.8
Stock options | RSI Employees
Share-Based Compensation
Number of options granted (in shares)			206,600	83,500
Share-based compensation expense	0.3	0.4	$ 1.3	$ 0.8
Total unrecognized compensation expense, stock options	3.7		$ 3.7
Remaining weighted-average service period			2 years 4 months 28 days
Stock options | Geetha Ramaswamy
Share-Based Compensation
Number of options granted (in shares)			37,500
Stock options | Shankar Ramaswamy
Share-Based Compensation
Number of options granted (in shares)			37,500
Stock options | Sarah Friedhoff
Share-Based Compensation
Number of options granted (in shares)			12,500
Common share awards | RSL
Share-Based Compensation
Share-based compensation expense	0.1	$ 0.1	$ 0.2	$ 0.3
Remaining weighted-average service period			9 months 7 days
Total unrecognized compensation expense, common share awards	$ 0.4		$ 0.4
2015 Plan | Equity Incentive Plan
Share-Based Compensation
Number of shares reserved for grant (in shares)					20,500,000	16,500,000	9,500,000	7,500,000
Number of shares available for future grant (in shares)	4,100,000		4,100,000
2015 Plan | Stock options
Share-Based Compensation
Number of options outstanding (in shares)	15,700,000		15,700,000
Weighted average exercise price of options outstanding (in dollars per share)	$ 14.07		$ 14.07
Number of options granted (in shares)			8,800,000	2,000,000
First Option
Share-Based Compensation
Number of options granted (in shares)			2,000,000
Second Option
Share-Based Compensation
Number of options granted (in shares)			2,000,000
Award vesting period			5 years

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Examination [Line Items]
Effective income tax rate	2.20%	(1.80%)	(0.70%)	(1.10%)
Foreign Tax Authority | Office of the Tax Commissioner, Bermuda
Income Tax Examination [Line Items]
Federal statutory income tax rate			0.00%

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Oct. 31, 2017USD ($)
Subsequent Event
Subsequent Event [Line Items]
Severance and related cost	$ 1.5