Myovant Sciences (MYOV) 10-Q 7 Feb 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2018	Feb. 01, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Myovant Sciences Ltd.
Entity Central Index Key	1,679,082
Document Type	10-Q
Document Period End Date	Dec. 31, 2018
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		70,812,541
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q3
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 183,003	$ 108,624
Prepaid expenses and other current assets	12,396	5,139
Income tax receivable	767	1,000
Total current assets	196,166	114,763
Property and equipment, net	1,693	1,273
Other assets	3,811	3,065
Total assets	201,670	119,101
Current liabilities:
Accounts payable	5,471	4,578
Interest payable	429	282
Accrued expenses	48,388	30,265
Due to RSL, RSI and RSG	66	1,960
Current maturities of long-term debt	1,520	0
Total current liabilities	55,874	37,085
Deferred rent	1,132	408
Deferred interest payable	773	255
Long-term debt, less current maturities	97,156	43,624
Total liabilities	154,935	81,372
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares, par value $0.000017727 per share, 564,111,242 shares authorized, 70,801,521 and 60,997,856 issued and outstanding common shares at December 31, 2018 and March 31, 2018, respectively	1	1
Additional paid-in capital	473,518	266,178
Accumulated other comprehensive income	227	24
Accumulated deficit	(427,011)	(228,474)
Total shareholders’ equity	46,735	37,729
Total liabilities and shareholders’ equity	$ 201,670	$ 119,101

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Mar. 31, 2018
Statement of Financial Position [Abstract]
Common shares par value (in USD per share)	$ 0.000017727	$ 0.000017727
Common shares authorized (in shares)	564,111,242	564,111,242
Common shares issued (in shares)	70,801,521	60,997,856
Common shares outstanding (in shares)	70,801,521	60,997,856

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2018		Dec. 31, 2017
Operating expenses:
Research and development	$ 58,434	[1]	$ 34,875	$ 163,588	[1]	$ 76,753
General and administrative	10,686	[2]	6,640	29,738	[2]	16,963
Total operating expenses	69,120		41,515	193,326		93,716
Interest expense, net	1,634		904	4,831		904
Other (income) expense, net	(121)		(429)	147		(225)
Loss before income taxes	(70,633)		(41,990)	(198,304)		(94,395)
Income tax (benefit) expense	0		(213)	233		607
Net loss	$ (70,633)		$ (41,777)	$ (198,537)		$ (95,002)
Net loss per common share — basic and diluted (in USD per share)	$ (1.04)		$ (0.70)	$ (3.01)		$ (1.60)
Weighted average common shares outstanding — basic and diluted (in shares)	67,616,419		59,629,486	65,873,779		59,446,140
Research and development
Costs allocated from RSL, RSI, and RSG	$ 41		$ 1,958	$ 2,524		$ 3,061
General and administrative
Costs allocated from RSL, RSI, and RSG	$ 470		$ 1,183	$ 2,644		$ 2,692
[1]	Includes $41 and $1,958 of costs allocated from RSL, RSI, and RSG during the three months ended December 31, 2018 and 2017, respectively, and $2,524 and $3,061 of costs allocated from RSL, RSI, and RSG during the nine months ended December 31, 2018 and 2017, respectively. Also includes share-based compensation expense (see Note 9).
[2]	Includes $470 and $1,183 of costs allocated from RSL, RSI, and RSG during the three months ended December 31, 2018 and 2017, respectively, and $2,644 and $2,692 of costs allocated from RSL, RSI, and RSG during the nine months ended December 31, 2018 and 2017, respectively. Also includes share-based compensation expense (see Note 9).

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net loss	$ (70,633)	$ (41,777)	$ (198,537)	$ (95,002)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(150)	(379)	203	(231)
Total other comprehensive (loss) income	(150)	(379)	203	(231)
Comprehensive loss	$ (70,783)	$ (42,156)	$ (198,334)	$ (95,233)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Common Shares Subscribed	Additional Paid in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Public Offering	Public OfferingCommon Shares	Public OfferingAdditional Paid in Capital	Cowen and Company, LLCPrivate Placement	Cowen and Company, LLCPrivate PlacementCommon Shares	Cowen and Company, LLCPrivate PlacementAdditional Paid in Capital	Roivant Sciences, Ltd.Private Placement	Roivant Sciences, Ltd.Private PlacementCommon Shares	Roivant Sciences, Ltd.Private PlacementAdditional Paid in Capital	NovaQuestPrivate Placement	NovaQuestPrivate PlacementCommon Shares	NovaQuestPrivate PlacementAdditional Paid in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to adopt ASU 2016-09				$ 122		$ (122)
Beginning balance (in shares) at Mar. 31, 2017		60,275,757
Beginning balance at Mar. 31, 2017	$ 166,776	$ 1	$ (1)	251,733	$ 140	(85,097)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued to settle the warrant liability to Takeda (in shares)		4,432
Shares issued to settle the warrant liability to Takeda	58	$ 0		58
Share-based compensation expense (in shares)		564,111
Share-based compensation expense	1,954	$ 0		1,954
Capital contribution — share-based compensation	247			247
Foreign currency translation adjustment	264				264
Net loss	(23,317)					(23,317)
Ending balance (in shares) at Jun. 30, 2017		60,844,300
Ending balance at Jun. 30, 2017	145,982	$ 1	(1)	254,114	404	(108,536)
Beginning balance (in shares) at Mar. 31, 2017		60,275,757
Beginning balance at Mar. 31, 2017	166,776	$ 1	(1)	251,733	140	(85,097)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(95,002)
Ending balance (in shares) at Dec. 31, 2017		60,989,395
Ending balance at Dec. 31, 2017	82,198	$ 1	(1)	262,510	(91)	(180,221)
Beginning balance (in shares) at Mar. 31, 2017		60,275,757
Beginning balance at Mar. 31, 2017	$ 166,776	$ 1	(1)	251,733	140	(85,097)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued to settle the warrant liability to Takeda (in shares)	4,432
Ending balance (in shares) at Mar. 31, 2018	60,997,856	60,997,856
Ending balance at Mar. 31, 2018	$ 37,729	$ 1		266,178	24	(228,474)
Beginning balance (in shares) at Jun. 30, 2017		60,844,300
Beginning balance at Jun. 30, 2017	145,982	$ 1	(1)	254,114	404	(108,536)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense (in shares)		0
Share-based compensation expense	2,519	$ 0		2,519
Capital contribution — share-based compensation	230			230
Foreign currency translation adjustment	(116)				(116)
Issuance of shares upon exercise of stock options (in shares)		4,936
Issuance of shares upon exercise of stock options	12			12
Net loss	(29,908)					(29,908)
Ending balance (in shares) at Sep. 30, 2017		60,849,236
Ending balance at Sep. 30, 2017	118,719	$ 1	(1)	256,875	288	(138,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)																	138,361
Issuance of shares																$ 1,857	$ 0	$ 1,857
Share-based compensation expense (in shares)		0
Share-based compensation expense	3,046	$ 0		3,046
Capital contribution — share-based compensation	247			247
Foreign currency translation adjustment	(379)				(379)
Issuance of shares upon exercise of stock options (in shares)		1,798
Issuance of shares upon exercise of stock options	4			4
Warrants issued with debt financing	481			481
Net loss	(41,777)					(41,777)
Ending balance (in shares) at Dec. 31, 2017		60,989,395
Ending balance at Dec. 31, 2017	$ 82,198	$ 1	$ (1)	262,510	(91)	(180,221)
Beginning balance (in shares) at Mar. 31, 2018	60,997,856	60,997,856
Beginning balance at Mar. 31, 2018	$ 37,729	$ 1		266,178	24	(228,474)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)											2,767,129			1,110,015
Issuance of shares										$ 57,315	$ 0	$ 57,315	$ 22,500	$ 0	$ 22,500
Share-based compensation expense (in shares)		0
Share-based compensation expense	4,053	$ 0		4,053
Capital contribution — share-based compensation	191			191
Foreign currency translation adjustment	425				425
Issuance of shares upon exercise of stock options (in shares)		16,218
Issuance of shares upon exercise of stock options	76			76
Net loss	(62,134)					(62,134)
Ending balance (in shares) at Jun. 30, 2018		64,891,218
Ending balance at Jun. 30, 2018	$ 60,155	$ 1		350,313	449	(290,608)
Beginning balance (in shares) at Mar. 31, 2018	60,997,856	60,997,856
Beginning balance at Mar. 31, 2018	$ 37,729	$ 1		266,178	24	(228,474)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)																	2,286,284
Issuance of shares																$ 37,982	$ 0	$ 37,982
Issuance of shares upon exercise of stock options (in shares)	102,463
Net loss	$ (198,537)
Ending balance (in shares) at Dec. 31, 2018	70,801,521	70,801,521
Ending balance at Dec. 31, 2018	$ 46,735	$ 1		473,518	227	(427,011)
Beginning balance (in shares) at Jun. 30, 2018		64,891,218
Beginning balance at Jun. 30, 2018	60,155	$ 1		350,313	449	(290,608)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)								3,533,399
Issuance of shares							$ 74,391	$ 0	$ 74,391
Share-based compensation expense (in shares)		0
Share-based compensation expense	4,529	$ 0		4,529
Capital contribution — share-based compensation	196			196
Capital contribution from RSI and RSG	212			212
Foreign currency translation adjustment	(72)				(72)
Issuance of shares upon exercise of stock options and vesting of RSUs (in shares)		60,271
Issuance of shares upon exercise of stock options and vesting of RSUs	460			460
Net loss	(65,770)					(65,770)
Ending balance (in shares) at Sep. 30, 2018		68,484,888
Ending balance at Sep. 30, 2018	74,101	$ 1		430,101	377	(356,378)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense (in shares)		0
Share-based compensation expense	4,669	$ 0		4,669
Capital contribution — share-based compensation	125			125
Capital contribution from RSI and RSG	384			384
Foreign currency translation adjustment	(150)				(150)
Issuance of shares upon exercise of stock options and vesting of RSUs (in shares)		30,349
Issuance of shares upon exercise of stock options and vesting of RSUs	257			257
Net loss	$ (70,633)					(70,633)
Ending balance (in shares) at Dec. 31, 2018	70,801,521	70,801,521
Ending balance at Dec. 31, 2018	$ 46,735	$ 1		$ 473,518	$ 227	$ (427,011)

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholder's Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Public Offering
Issuance costs	$ 5.1
Cowen and Company, LLC | Private Placement
Issuance costs		$ 2.1
NovaQuest | Private Placement
Issuance costs			$ 0.1

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net loss	$ (198,537)	$ (95,002)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	13,763	8,243
Depreciation	298	167
Amortization of debt discount and issuance costs	1,378	390
Foreign currency translation adjustment	203	(231)
Other	596	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(7,235)	(2,058)
Deferred tax assets	0	208
Income tax receivable	233	(502)
Other assets	(146)	(2,098)
Accounts payable	893	(1,238)
Interest payable	147	0
Accrued expenses	18,079	8,838
Due to RSL, RSI and RSG	(1,894)	653
Deferred rent	724	259
Deferred interest payable	518	105
Net cash used in operating activities	(170,980)	(82,266)
Cash flows from investing activities:
Purchase of property and equipment	(718)	(375)
Net cash used in investing activities	(718)	(375)
Cash flows from financing activities:
Cash proceeds from debt financings, net of financing costs paid	54,000	28,803
Cash proceeds from stock option exercises	771	16
Cash paid to NovaQuest for annual debt administration fee	(300)	0
Net cash provided by financing activities	246,677	30,676
Net change in cash, cash equivalents and restricted cash	74,979	(51,965)
Cash, cash equivalents and restricted cash, beginning of period	108,624	180,838
Cash, cash equivalents and restricted cash, end of period	183,603	128,873
Non-cash financing activities:
Stock options exercised receivables, included in prepaid expenses and other current assets	(22)	0
Deferred financing costs included in accrued expenses	26	137
Offering costs included in accrued expenses	18	0
Warrant issued to Hercules	0	481
Public Offering
Cash flows from financing activities:
Cash proceeds from issuance of common shares	74,391	0
Private Placement | Cowen and Company, LLC
Cash flows from financing activities:
Cash proceeds from issuance of common shares	57,315	0
Private Placement | Roivant Sciences, Ltd.
Cash flows from financing activities:
Cash proceeds from issuance of common shares	22,500	0
Private Placement | NovaQuest
Cash flows from financing activities:
Cash proceeds from issuance of common shares	$ 38,000	$ 1,857

Description of Business

Description of Business	9 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Myovant Sciences Ltd. (or together with its wholly owned subsidiaries, the Company) is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for women’s health and endocrine diseases. The Company is developing relugolix in combination with low-dose estradiol and a progestin for the treatment of heavy menstrual bleeding associated with uterine fibroids and for pain associated with endometriosis, relugolix as monotherapy at a higher dose for advanced prostate cancer, and an additional product candidate, MVT-602, an oligopeptide kisspeptin-1 receptor agonist, for the treatment of female infertility as part of assisted reproduction. Both relugolix and MVT-602 were licensed to the Company by Takeda Pharmaceuticals International AG, or Takeda, on April 29, 2016. Since its inception, the Company has devoted substantially all of its efforts to organizing and staffing the Company, raising capital, identifying and in-licensing its product candidates, preparing for and advancing the clinical development of its product candidates, and preparing for the potential future regulatory approvals and commercialization of relugolix. The Company has incurred, and expects to continue to incur, significant operating losses and negative cash flows as it continues to develop its product candidates and prepares for the potential future regulatory approvals and commercialization of relugolix. To date, the Company has not generated any revenue, and it does not expect to generate revenue unless and until it successfully completes development and obtains regulatory approval for one of its product candidates. See Note 2, “Summary of Significant Accounting Policies—Going Concern and Management’s Plans.”

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2018
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 first three fiscal quarters end on June 30, September 30 and December 31. 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 accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States, or U.S., generally accepted accounting principles, or 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 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, 2018 , filed with the U.S. Securities and Exchange Commission, or the SEC, on June 7, 2018 . The unaudited consolidated balance sheet at March 31, 2018 has been derived from the audited consolidated financial statements at that date. 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 three and nine months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2019 , for any other interim period or for any other future year. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification, or ASC, and Accounting Standards Update, or ASU, issued by the Financial Accounting Standards Board, or 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, 2018 , filed with the SEC on June 7, 2018 . (B) Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in certain circumstances that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, costs, and expenses, including the evaluation of the Company’s ability to continue as a going concern, compensation and other expenses allocated to the Company under its services agreements with Roivant Sciences, Inc., or RSI, and Roivant Sciences GmbH, or RSG, each a wholly owned subsidiary of the Company’s controlling shareholder, Roivant Sciences Ltd., or RSL, as well as share-based compensation expenses, research and development, or R&D, expenses, and income taxes. 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 at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses incurred during the reporting period, that are not readily apparent from other sources. Actual results could differ from those estimates. (C) Going Concern and Management’s Plans The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the unaudited condensed consolidated financial statements are issued. During the nine months ended December 31, 2018 , the Company incurred net losses of $198.5 million and used $171.0 million of cash and cash equivalents in operations. The Company expects to continue to incur significant and increasing operating losses and negative cash flows as it continues to develop its product candidates and prepares for the potential future regulatory approvals and commercialization of relugolix. The Company has not generated any revenue to date and does not expect to generate product revenue unless and until it successfully completes development and obtains regulatory approval for one of its product candidates. Based on its current operating plan, the Company expects that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements through at least the first quarter of its fiscal year ending March 31, 2020, and to enable it to announce top-line data from the first Phase 3 clinical trial for one of its women’s health clinical programs. This estimate is based on the Company’s current assumptions, including assumptions relating to its ability to manage its spend, that might prove to be wrong, and it could use its available capital resources sooner than it currently expects. These funds will not be sufficient to enable the Company to complete all necessary development activities and commercially launch relugolix. The Company anticipates that it will continue to incur net losses for the foreseeable future. To continue as a going concern, the Company will need, among other things, additional capital resources. The Company continually assesses multiple options to obtain additional funding to support its operations, including through financing activities in public or private capital markets, financing arrangements with Roivant Sciences, potential business development activities and cost containment measures. Management can provide no assurances that any sources of a sufficient amount of financing will be available to the Company on favorable terms, if at all. Although the Company believes that it will continue to raise capital to fund its operations as it has in the past, ASC 240-40, Going Concern , does not allow the Company to consider future financing activities in its assessment of the Company’s future cash burn for the purpose of its liquidity assessment. These factors raise substantial doubt about the Company’s ability to continue as a going concern for the one-year period following the date that these unaudited condensed consolidated financial statements were issued. The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared on the basis that the Company will continue as a going concern, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. (D) 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, reduced, where applicable, for outstanding yet unvested shares of restricted common stock. The computation of diluted net loss per common share is based on the weighted-average number of common shares outstanding during the period plus, when their effect is dilutive, incremental shares consisting of shares subject to stock options, restricted share units, restricted share awards, and warrants. In periods in which the Company reports a net loss, all common share equivalents are deemed anti-dilutive such that basic net loss per common share and diluted net loss per common share are equal. Potentially dilutive common shares have been excluded from the diluted net loss per common share computations in all periods presented because such securities have an anti-dilutive effect on net loss per common share due to the Company’s net loss. There are no reconciling items used to calculate the weighted-average number of total common shares outstanding for basic and diluted net loss per common share data. At December 31, 2018 and 2017 , potentially dilutive securities were as follows: December 31, 2018 2017 Options 5,351,908 3,409,366 Restricted share awards (unvested) 987,193 1,269,249 Restricted stock units (unvested) 40,325 15,000 Warrants 73,710 49,800 Total 6,453,136 4,743,415 (E) 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. The Company maintains cash deposits and cash equivalents 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. Restricted cash consists of legally restricted deposits held as compensating balances against the Company’s corporate credit card program. This amount will remain deposited with the bank for the duration of the corporate credit card program as the agreements require the Company to maintain compensating balances against its corporate credit card program. Cash as reported in the unaudited condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash as presented on the unaudited condensed consolidated balance sheets. Cash as reported in the unaudited condensed consolidated statements of cash flows consists of (in thousands): December 31, 2018 December 31, 2017 Cash and cash equivalents $ 183,003 $ 128,873 Restricted cash (1) 600 — Total cash, cash equivalents and restricted cash $ 183,603 $ 128,873 (1) Included in other assets on the unaudited condensed consolidated balance sheets. (F) Fair Value Measurements The Company utilizes fair value measurement guidance prescribed by accounting standards 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 cash, cash equivalents consisting of money market funds, accounts payable and debt. Cash, cash equivalents, and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. The carrying value of the Company’s debt approximates fair value based on current interest rates for similar types of borrowings and is included in Level 2 of the fair value hierarchy. (G) Recently Adopted Accounting Standards In March 2018, the FASB issued ASU No. 2018-05, “ Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ,” or ASU No. 2018-05. ASU No. 2018-05, which amends certain SEC material in Topic 740 for the income tax accounting implications of the Tax Cuts and Jobs Act and was effective immediately. The adoption of ASU No. 2018-05 did not have a material impact on the Company’s consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18 “Statement of Cash Flows (Topic 230) : Restricted Cash (a consensus of the FASB Emerging Issues Task Force).” ASU 2016-18 requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown in the statements of cash flows. ASU 2016-18 is effective for annual reporting periods beginning after December 15, 2017 and is required to be adopted using a retrospective approach, if applicable, with early adoption permitted. The Company adopted ASU 2016-18 on April 1, 2018. The adoption of ASU 2016-18 did not have a material impact on the Company’s consolidated financial statements and related disclosures. (H) Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842),” or 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 plans to adopt this standard as of April 1, 2019. The Company has implemented a process to identify its outstanding lease portfolio and is currently evaluating its outstanding leases to determine the impact the new standard will have on its consolidated financial statements. The Company expects that the adoption of this standard will result in the recognition of an asset for the right to use a leased facility on the Company’s consolidated balance sheet, as well as the recognition of a liability for the lease payments remaining on the lease. While the consolidated balance sheet presentation is expected to change, the Company does not expect a material change to the consolidated statements of operations and comprehensive loss or cash flows. In February 2018, the FASB issued ASU No. 2018-02, “ Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ,” or ASU No. 2018-02. ASU No. 2018-02 allows companies to reclassify stranded tax effects resulting from the newly enacted federal corporate income tax rate under the Tax Cuts and Jobs Act, from accumulated other comprehensive (loss) income to retained earnings. ASU No. 2018-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the new standard and its impact on the Company’s consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” or ASU No. 2018-07. ASU No. 2018-07 simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. ASU No. 2018-07 is effective for interim and annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company is currently evaluating the new standard and its impact on the Company’s consolidated financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements At December 31, 2018 , assets measured at fair value consisted of money market funds, which are included in cash and cash equivalents in the accompanying unaudited condensed consolidated balance sheet. There were no assets measured at fair value at December 31, 2017. The following table summarizes these assets (in thousands): December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 65,328 $ — $ — $ 65,328 Total assets $ 65,328 $ — $ — $ 65,328 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.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses As of December 31, 2018 , and March 31, 2018 , accrued expenses consisted of the following (in thousands): December 31, 2018 March 31, 2018 Accrued R&D expenses $ 42,607 $ 25,988 Accrued compensation-related expenses 3,925 2,792 Accrued professional fees 417 566 Accrued other expenses 1,439 919 Total accrued expenses $ 48,388 $ 30,265

Financing Arrangement

Financing Arrangement	9 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Financing Arrangement	(A) NovaQuest In October 2017, the Company, and its subsidiaries, as guarantors, and NovaQuest Capital Management, or NovaQuest, entered into (i) a Securities Purchase Agreement, or the NovaQuest Securities Purchase Agreement, and (ii) an Equity Purchase Agreement, or the NovaQuest Equity Purchase Agreement. Pursuant to the NovaQuest Securities Purchase Agreement, the Company had the option, at its discretion, to issue up to $60.0 million aggregate principal amount of notes to NovaQuest and concurrent with each purchase of notes, NovaQuest was obligated to purchase up to $20.0 million of the Company’s common shares on a pro rata basis, subject to certain terms and conditions, through December 31, 2018 . The equity purchase price for each such purchase would be equal to 105% of the average of the volume-weighted average price for the five consecutive trading days immediately prior to the relevant purchase date. The Company committed that it would issue at least $30.0 million aggregate principal amount of notes through December 31, 2018 , subject to certain terms and conditions. The Company issued $6.0 million aggregate principal amount in October 2017 and $54.0 million aggregate principal amount in December 2018 . With the issuance of $6.0 million aggregate principal amount of notes in October 2017 , NovaQuest also purchased 138,361 common shares for $2.0 million in accordance with the terms of the NovaQuest Securities Purchase Agreement, and with the issuance of $54.0 million aggregate principal amount of notes in December 2018 , NovaQuest also purchased 1,082,977 common shares for $18.0 million in accordance with the terms of the NovaQuest Securities Purchase Agreement. The notes bear interest at a rate of 15% per annum, of which 5% is payable quarterly, and 10% is payable on a deferred basis on the earlier of the Amortization Date (as defined below) and the repayment in full of the notes. The notes mature on October 16, 2023 . The Company will be required to amortize the principal amount of the notes in equal quarterly installments commencing on November 1, 2020 , subject to extension at the option of the Company to November 1, 2021 , or the Amortization Date, provided certain terms and conditions are met as set forth in the NovaQuest Securities Purchase Agreement. Early redemption of the notes is subject to a redemption charge. The Company’s obligations under the NovaQuest Securities Purchase Agreement are secured by a second-lien security interest in substantially all of the Company’s and its subsidiaries’ respective assets, other than intellectual property. The NovaQuest Securities Purchase Agreement includes customary affirmative and restrictive covenants and representations and warranties, including a minimum cash covenant that applies commencing on the Amortization Date, and also includes customary events of default. Upon the occurrence of an event of default, a default interest rate of an additional 5% may be applied to the outstanding note balance and NovaQuest may declare all outstanding obligations immediately due and payable and take such other actions as set forth in the NovaQuest Securities Purchase Agreement. Pursuant to the NovaQuest Equity Purchase Agreement, NovaQuest committed to purchase up to an additional $20.0 million of the Company’s common shares from time to time at the Company’s discretion through December 31, 2018 , with an option to extend the commitment through December 31, 2019 , subject to certain terms and conditions as set forth in the NovaQuest Equity Purchase Agreement. The Company committed that it would exercise its option to sell and issue a minimum of $10.0 million of its common shares under the NovaQuest Equity Purchase Agreement through December 31, 2018 , subject to certain terms and conditions. The purchase price for the common shares issued pursuant to the NovaQuest Equity Purchase Agreement would be equal to 105% of the average of the volume-weighted average price for the five consecutive trading days immediately prior to the relevant purchase date. In December 2018 , the Company exercised this option and issued and sold 1,203,307 common shares for $20.0 million in accordance with the terms of the NovaQuest Equity Purchase Agreement. The Company incurred financing costs related to the NovaQuest Securities Purchase Agreement of $1.0 million which are recorded as an offset to long-term debt on the Company’s unaudited condensed consolidated balance sheets. These deferred financing costs are being amortized over the term of the debt using the effective interest method, and are included in interest expense, net in the Company’s unaudited condensed consolidated statements of operations. During the three and nine months ended December 31, 2018 , interest expense, net included $0.1 million and $0.3 million of amortized deferred financing costs related to the NovaQuest notes. During the three and nine months ended December 31, 2017 , interest expense, net included $0.1 million of amortized deferred financing costs related to the NovaQuest notes. During the three months ended December 31, 2018 , the Company paid NovaQuest an annual debt administration fee of $0.3 million . Outstanding debt obligations to NovaQuest are as follows (in thousands): December 31, 2018 March 31, 2018 Principal amount $ 60,000 $ 6,000 Less: unamortized debt issuance costs (891 ) (854 ) Loan payables less unamortized debt issuance costs 59,109 5,146 Less: current maturities — — Long-term debt, net of current maturities and unamortized debt issuance costs $ 59,109 $ 5,146 (B) Hercules In October 2017, the Company, and its subsidiaries, as guarantors, and Hercules Capital, Inc., or Hercules, entered into a Loan Agreement, or the Hercules Loan Agreement, which provided up to $40.0 million principal amount of term loans, or the Term Loans. A first tranche of $25.0 million principal amount was funded upon execution of the Hercules Loan Agreement in October 2017 and the remaining $15.0 million principal amount was funded in March 2018 . The Term Loans bear interest at a variable per annum rate at the greater of (i) the prime rate plus 4.00% and (ii) 8.25% . The interest rate on the Term Loans was 9.50% at December 31, 2018 . Pursuant to the terms of the Hercules Loan Agreement, the Term Loan Maturity Date has been extended from May 1, 2021 to November 1, 2021 as a result of the achievement of a financing milestone in July 2018. The Company is obligated to make monthly payments of accrued interest until June 1, 2019 , or the Interest-only Period, subject to certain terms and conditions, followed by monthly installments of principal and interest through the maturity date. The Interest-only Period has been extended to December 1, 2019 as a result of the achievement of a financing milestone during July 2018. The Interest-only Period may be further extended until June 1, 2020 if a certain clinical milestone is met, as specified in the Hercules Loan Agreement. Prepayment of the Term Loan is subject to a prepayment charge. The Company is also obligated to pay an end of term charge of 6.55% of the principal amount of the Term Loans funded under the Hercules Loan Agreement, on the earlier of the maturity date or the date that the Term Loans otherwise become due and payable. The Company’s obligations under the Hercules Loan Agreement are secured by a first lien security interest in substantially all of the Company’s and its subsidiaries’ respective assets, other than intellectual property. The Hercules Loan Agreement includes customary affirmative and restrictive covenants and representations and warranties, including a minimum cash covenant that ceases to apply if the Company achieves certain clinical development and financing milestones 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 5.00% 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. Concurrent with each funding of the Term Loans, the Company was required to issue to Hercules a warrant, or the Warrants, to purchase a number of its common shares equal to 3.00% of the principal amount of the relevant Term Loan funded divided by the exercise price, which is based on the lowest three-day volume-weighted average price for the three consecutive trading days prior to the funding date for such Term Loan. The Warrants may be exercised on a cashless basis, and are immediately exercisable through the seventh anniversary of the applicable funding date. In connection with the first tranche funded under the Hercules Loan Agreement, the Company issued a Warrant to Hercules exercisable for an aggregate of 49,800 of its common shares at an exercise price of $15.06 per common share. Concurrent with the funding of the second tranche, the Company issued a Warrant to Hercules exercisable for an aggregate of 23,910 of its common shares at an exercise price of $18.82 per common share. The Company accounted for the Warrants as equity instruments since they were indexed to the Company’s common shares and met the criteria for classification in shareholders’ equity (deficit). The relative fair value of the Warrants related to the first and second tranche funding were approximately $0.5 million and $0.3 million , respectively, and were treated as a discount to the Term Loans. This amount is being amortized to interest expense, net using the effective interest method over the life of the Term Loans. The Company estimated the fair value of the Warrants using the Black-Scholes model based on the following key assumptions: Tranche 1 Tranche 2 Exercise price $15.06 $18.82 Common share price on date of issuance $14.39 $18.96 Volatility 73.2% 72.3% Risk-free interest rate 2.15% 2.78% Expected dividend yield —% —% Contractual term (in years) 7.00 7.00 The Company issued the first tranche of the Term Loans at a discount of $2.1 million , including the relative fair value of the related Warrant, and incurred financing costs of $1.3 million relating to the Hercules Loan Agreement which are recorded as an offset to long-term debt on the Company’s unaudited condensed consolidated balance sheets. The second tranche of the Term Loans was issued at a discount of $1.3 million , including the relative fair value of the related Warrant. The debt discount and deferred financing costs are being amortized over the term of the debt using the effective interest method, and are included in interest expense, net in the Company’s unaudited condensed consolidated statements of operations. During the three and nine months ended December 31, 2018 , interest expense, net included $0.3 million and $1.0 million of amortized debt discount and issuance costs related to the Term Loans. During the three and nine ended December 31, 2017 , interest expense, net included $0.3 million of amortized debt discount and issuance costs related to the Term Loans. Outstanding debt obligations to Hercules are as follows (in thousands): December 31, 2018 March 31, 2018 Principal amount $ 40,000 $ 40,000 End of term charge 2,620 2,620 Less: unamortized debt discount and issuance costs (3,053 ) (4,142 ) Loan payables less unamortized debt discount and issuance costs 39,567 38,478 Less: current maturities (1,520 ) — Long-term debt, net of current maturities and unamortized debt discount and issuance costs $ 38,047 $ 38,478

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions (A) Services Agreements In July 2016, the Company entered into a services agreement with RSI, effective April 29, 2016, under which RSI agreed to provide certain administrative and R&D services to the Company. Under this services agreement, the Company pays or reimburses RSI for expenses it, or third parties acting on its behalf, incurs for the Company. For any general and administrative, or G&A, and R&D activities performed by RSI employees, RSI charges the Company based upon the relative percentage of time utilized on Company matters by the respective employee. All other third-party pass thru costs are billed to the Company at cost. The accompanying unaudited condensed consolidated financial statements include third-party expenses incurred on behalf of the Company that have been paid by RSI and RSL. In February 2017, the Company and MSI amended and restated the services agreement, effective as of November 11, 2016, to include Myovant Sciences GmbH, or MSG, as a services recipient. In addition, in February 2017, MSG entered into a separate services agreement with RSG, effective as of November 11, 2016, for the provisioning of services by RSG to MSG in relation to services related to clinical development, administrative and finance and accounting activities. The Company refers to the amended and restated services agreement with RSI and the services agreement with RSG, collectively, as the Services Agreements. Under the Services Agreements, for the three months ended December 31, 2018 and 2017 , the Company incurred expenses (inclusive of third party pass thru costs billed to the Company) of $0.4 million and $2.9 million , respectively, inclusive of the mark-up. Under the Services Agreements, for the nine months ended December 31, 2018 and 2017 , the Company incurred expenses (inclusive of third party pass thru costs billed to the Company) of $4.6 million and $5.0 million , respectively, inclusive of the mark-up. These amounts are included in R&D expenses and G&A expenses based upon the nature of the service performed under the Services Agreements. (B) Share-Based Compensation Expense Allocated to the Company by RSL Share-based compensation expense has been and will continue to be allocated to the Company by RSL over the requisite service period over which RSL common share awards and RSL options are expected to vest and based upon the relative percentage of time utilized by RSL, RSI and RSG employees on Company matters. In relation to the RSL common share awards and options issued by RSL to RSL, RSI, RSG, and the Company’s employees, the Company recorded share-based compensation expense of $0.1 million and $0.2 million , respectively, for the three months ended December 31, 2018 and 2017 and $0.5 million and $0.7 million , respectively, for the nine months ended December 31, 2018 and 2017 . Refer to Note 9 for further details. (C) Private Placement with RSL See Note 8(B) for information regarding the Private Placement with RSL.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2018
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 (benefit) for income taxes is primarily based on income taxes in the U.S. for federal, state and local taxes. The Company’s effective tax rate for the three months ended December 31, 2018 and 2017 was 0.00% and 0.51% , respectively. The Company’s effective tax rate for the nine months ended December 31, 2018 and 2017 was (0.12)% and (0.64)% , respectively. 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. On December 22, 2017, the Tax Cuts and Jobs Act, or the Act, was enacted, which introduced a comprehensive set of tax reform in the U.S. The Act revises the U.S. corporate income tax by, among other things, lowering the corporate income tax rate from a top marginal tax rate of 35% to a flat tax rate of 21% , adopting a quasi-territorial income tax system and imposing a one-time transition tax on foreign unremitted earnings, and setting limitations on deductibility of certain costs (e.g., interest expense). The Act did not have a material impact on the Company’s consolidated financial statements since its global net deferred tax assets are fully offset by a valuation allowance and the Company does not have any off-shore earnings from which to record the mandatory transition tax. As a result of finalizing the Company’s fiscal 2018 operating results, the issuance of new interpretive guidance, and other analyses performed, the Company finalized its accounting related to the impacts of the Act and recorded immaterial measurement period adjustments in the period ended December 31, 2018.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity (A) Underwritten Secondary Public Equity Offering of Common Stock In July 2018, the Company completed an underwritten secondary public equity offering of 3,333,334 of its common shares at a public offering price of $22.50 per common share. Subsequently, in August 2018, the Company issued and sold an additional 200,065 common shares upon the partial exercise of the underwriters’ over-allotment option at a price of $22.50 per common share. After deducting the underwriting discounts and commissions and estimated offering costs payable by the Company, the net proceeds to the Company in connection with the underwritten secondary public equity offering, including the over-allotment option, were approximately $74.4 million . (B) Private Placement with RSL On April 2, 2018 , the Company entered into a share purchase agreement, or the Purchase Agreement, with RSL, its controlling shareholder, pursuant to which the Company agreed to issue and sell to RSL 1,110,015 of its common shares at a purchase price of $20.27 per common share in a private placement, or the Private Placement. In April 2018, the Company received proceeds of $22.5 million from RSL at the closing of the Private Placement. (C) At-the-Market Equity Offering Program On April 2, 2018 , the Company entered into a sales agreement, or the Sales Agreement, with Cowen and Company, LLC, or Cowen, to sell its common shares having an aggregate offering price of up to $100.0 million from time to time through an “at-the-market” equity offering program under which Cowen acts as the Company’s agent. During the three and nine months ended December 31, 2018 , the Company issued and sold none and 2,767,129 , respectively, of its common shares under the Sales Agreement. The common shares were sold at a weighted-average price of $21.47 per common share for aggregate net proceeds to the Company of approximately $57.3 million , after deducting underwriting commissions and offering costs payable by the Company. The Company currently has approximately $40.6 million of capacity available under its “at-the-market” equity offering program. (D) Issuance of Equity Instruments to NovaQuest and Hercules In October 2017, the Company issued and sold 138,361 common shares to NovaQuest for $2.0 million in accordance with the terms of the NovaQuest Securities Purchase Agreement. In December 2018 , the Company issued and sold 1,082,977 common shares to NovaQuest for $18.0 million in accordance with the NovaQuest Securities Purchase Agreement and issued and sold 1,203,307 common shares to NovaQuest for $20.0 million in accordance with the NovaQuest Equity Purchase Agreement. In October 2017, the Company issued a Warrant to Hercules exercisable for 49,800 of its common shares at an exercise price of $15.06 per common share and in March 2018, the Company issued a Warrant to Hercules exercisable for an aggregate of 23,910 of its common shares at an exercise price of $18.82 per common share. Additional information is included in Note 5, “Financing Arrangements.” (E) Takeda Warrant Liability During the year ended March 31, 2018 , the Company issued 4,432 common shares to Takeda pursuant to a warrant which expired on April 30, 2017 .

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation (A) Myovant 2016 Equity Incentive Plan In June 2016, the Company adopted its 2016 Equity Incentive Plan, or as amended, the 2016 Plan, under which 4.5 million common shares were originally reserved for issuance. Pursuant to the “evergreen” provision contained in the 2016 Plan, the number of common shares reserved for issuance under the 2016 Plan automatically increases on April 1 of each year, commencing on (and including) April 1, 2017 and ending on (and including) April 1, 2026, in an amount equal to 4% of the total number of shares of capital stock outstanding on March 31 of the preceding fiscal year, or a lesser number of shares as determined by the Company’s board of directors. On April 1, 2018, the number of common shares authorized for issuance increased automatically by 2.4 million shares in accordance with the evergreen provision of the 2016 Plan. At December 31, 2018 , a total of 2.2 million common shares were available for future issuance under the 2016 Plan. The Company’s 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 the 2016 Plan. (B) Stock Options A summary of option activity under the Company’s 2016 Plan is as follows: Number of Options Options outstanding at March 31, 2018 3,549,405 Granted 2,097,210 Exercised (102,463 ) Forfeited (192,244 ) Options outstanding at December 31, 2018 5,351,908 Options vested and expected to vest at December 31, 2018 5,351,908 Options exercisable at December 31, 2018 1,392,679 (C) Restricted Share Awards and Restricted Stock Units A summary of restricted share award and restricted stock unit activity under the Company’s 2016 Plan is as follows: Number of Shares Unvested balance at March 31, 2018 1,213,735 Granted 29,700 Vested (215,917 ) Unvested balance at December 31, 2018 1,027,518 (D) Share-Based Compensation Expense Share-based compensation expense was as follows (in thousands): Three Months Ended December 31, 2018 2017 Share-based compensation expense recognized as: R&D expenses $ 1,840 $ 1,041 G&A expenses 2,954 2,252 Total $ 4,794 $ 3,293 Nine Months Ended December 31, 2018 2017 Share-based compensation expense recognized as: R&D expenses $ 5,247 $ 2,580 G&A expenses 8,516 5,663 Total $ 13,763 $ 8,243 Share-based compensation expense is included in R&D and G&A expenses in the accompanying unaudited condensed consolidated statements of operations consistent with the grantee’s salary. Share-based compensation expense presented in the table above includes share-based compensation expense allocated to the Company by RSL as described below in Note 9(E). Of the total share-based compensation expense, amounts recognized for options granted to non-employees were immaterial for all periods presented. Total unrecognized share-based compensation expense for awards granted pursuant to the 2016 Plan was approximately $48.6 million at December 31, 2018 and is expected to be recognized over a weighted-average period of approximately 2.98 years . (E) Share-Based Compensation Expense for Related Parties: (1) Stock Options Granted to RSI Employees: During the three months ended December 31, 2018 and 2017 , the Company recorded share-based compensation expense related to stock options granted to RSI employees of $17,745 and $7,293 , respectively. During the nine months ended December 31, 2018 and 2017 , the Company recorded share-based compensation expense related to stock options granted to RSI employees of $47,721 and $0.2 million , respectively. At December 31, 2018 , total unrecognized compensation expense related to stock options granted to RSI employees was $0.1 million , which is expected to be recognized over a period of approximately 1.63 years . This share-based compensation expense is included in R&D and G&A expenses in the accompanying unaudited condensed consolidated statements of operations. (2) Share-Based Compensation Expense Allocated to the Company by RSL: In relation to the RSL common share awards and RSL options issued by RSL to RSL, RSI, RSG and the Company’s employees, the Company recorded share-based compensation expense of $0.1 million and $0.2 million , respectively, for the three months ended December 31, 2018 and 2017 , and $0.5 million and $0.7 million , respectively, for the nine months ended December 31, 2018 and 2017 . The RSL common share awards and RSL options granted by RSL to RSL, RSI, RSG and the Company’s employees are valued by RSL at fair value on the date of grant and that fair value is recognized as share-based compensation expense over the requisite service period. Significant judgment and estimates were used by RSL to estimate the fair value of these awards and options, as they are not publicly traded. RSL common share awards and RSL options are subject to specified vesting schedules and requirements (a mix of time-based and performance-based events). The fair value is based on various corporate event-based considerations, including targets for RSL’s post-IPO market capitalization and future financing events). The fair value of each RSL option is estimated on the date of grant using the Black-Scholes closed-form option-pricing model. Share-based compensation expense has been and will continue to be allocated to the Company over the requisite service period over which these RSL common share awards and RSL options are expected to vest and based upon the relative percentage of time utilized by RSL, RSI and RSG employees on Company matters. (3) RSL RSUs: The Company’s Principal Executive Officer was granted 66,845 RSL RSUs during the year ended March 31, 2017. These RSUs will vest to the extent certain RSL performance criteria are achieved and certain RSL liquidity conditions are satisfied within specified years of the grant date, provided that the Company’s Principal Executive Officer has provided continued service to RSL or its subsidiaries through such date. As of December 31, 2018 , the performance conditions had not been met and were deemed not probable of being met. For the three and nine months ended December 31, 2018 and 2017 , the Company recorded no share-based compensation expense related to these RSL RSUs. At December 31, 2018 , there was $0.9 million of unrecognized compensation expense related to unvested RSL RSUs. The Company will recognize this share-based compensation expense upon achievement of the performance and market conditions through the requisite service period.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has entered into commitments under its license agreement with Takeda, services agreements with RSI and RSG (See Note 6(A)), and financing agreements with NovaQuest and Hercules (See Note 5). In addition, the Company has entered into services agreements with third parties for pharmaceutical R&D and manufacturing activities and has a lease agreement for office space located in Brisbane, California. Expenditures to contract research organizations, or CROs, and contract manufacturing organizations, or CMOs, represent significant costs in the Company’s clinical development of its product candidates. 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 additional commitments as its business further develops. 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 liability can be reasonably estimated. In the cases where the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the loss contingency, including an estimable range, if possible. In May 2018, the Company entered into a Commercial Manufacturing and Supply Agreement with Takeda, or the Takeda Commercial Supply Agreement. Pursuant to the Takeda Commercial Supply Agreement, Takeda has agreed to supply the Company and the Company has agreed to obtain from Takeda certain quantities of relugolix drug substance according to agreed-upon quality specifications and in order to commercialize relugolix in accordance with the Takeda Agreement. Under the Takeda Commercial Supply Agreement, the Company will pay Takeda a fixed price per kilogram of relugolix drug substance through December 31, 2019. The Company has made and Takeda has accepted an initial firm order to supply relugolix drug substance to the Company through December 31, 2019. For relugolix drug substance manufactured or delivered on or after such date, the Company will pay Takeda a price per kilogram of relugolix drug substance to be agreed upon between the parties at the beginning of each fiscal year. In addition, under the Takeda Commercial Supply Agreement, Takeda has agreed to assist with the transfer of technology and Takeda manufacturing know-how to a second CMO of the Company’s subsidiary, Myovant Sciences GmbH. The Company has agreed to reimburse Takeda for all internal costs, and external costs, charges, and expenses, in each case, reasonably incurred by Takeda in connection with any technology transfer services. The initial term of the Takeda Commercial Supply Agreement began on May 30, 2018 and will continue for five years. At the end of the initial term, the Takeda Commercial Supply Agreement automatically renews for successive one -year terms, unless either party gives notice of termination to the other at least 12 months prior to the end of the then-current term. The Takeda Commercial Supply Agreement may be terminated by either party upon 90 days’ notice of an uncured material breach of its terms by the other party, or immediately upon notice to the other party of a party’s bankruptcy. Each party will also have the right to terminate the Takeda Commercial Supply Agreement, in whole or in part, for any reason upon 180 days’ prior written notice to the other party, provided that any then-open purchase orders, including the initial firm order for relugolix drug substance through December 31, 2019, will remain in effect and be binding on both parties. The Takeda Commercial Supply Agreement, including any then-open purchase order thereunder, will terminate immediately upon the termination of the Takeda Agreement in accordance with its terms. The Takeda Commercial Supply Agreement also includes customary provisions relating to, among others, delivery, inspection procedures, warranties, quality management, storage, handling and transport, intellectual property, confidentiality and indemnification.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s fiscal year ends on March 31, and its first three fiscal quarters end on June 30, September 30 and December 31. 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 accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States, or U.S., generally accepted accounting principles, or 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 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, 2018 , filed with the U.S. Securities and Exchange Commission, or the SEC, on June 7, 2018 . The unaudited consolidated balance sheet at March 31, 2018 has been derived from the audited consolidated financial statements at that date. 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 three and nine months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2019 , for any other interim period or for any other future year. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification, or ASC, and Accounting Standards Update, or ASU, issued by the Financial Accounting Standards Board, or 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, 2018 , filed with the SEC on June 7, 2018 .
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in certain circumstances that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, costs, and expenses, including the evaluation of the Company’s ability to continue as a going concern, compensation and other expenses allocated to the Company under its services agreements with Roivant Sciences, Inc., or RSI, and Roivant Sciences GmbH, or RSG, each a wholly owned subsidiary of the Company’s controlling shareholder, Roivant Sciences Ltd., or RSL, as well as share-based compensation expenses, research and development, or R&D, expenses, and income taxes. 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 at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses incurred during the reporting period, that are not readily apparent from other sources. Actual results could differ from those estimates.
Going Concern and Management's Plans	Going Concern and Management’s Plans The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the unaudited condensed consolidated financial statements are issued. During the nine months ended December 31, 2018 , the Company incurred net losses of $198.5 million and used $171.0 million of cash and cash equivalents in operations. The Company expects to continue to incur significant and increasing operating losses and negative cash flows as it continues to develop its product candidates and prepares for the potential future regulatory approvals and commercialization of relugolix. The Company has not generated any revenue to date and does not expect to generate product revenue unless and until it successfully completes development and obtains regulatory approval for one of its product candidates. Based on its current operating plan, the Company expects that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements through at least the first quarter of its fiscal year ending March 31, 2020, and to enable it to announce top-line data from the first Phase 3 clinical trial for one of its women’s health clinical programs. This estimate is based on the Company’s current assumptions, including assumptions relating to its ability to manage its spend, that might prove to be wrong, and it could use its available capital resources sooner than it currently expects. These funds will not be sufficient to enable the Company to complete all necessary development activities and commercially launch relugolix. The Company anticipates that it will continue to incur net losses for the foreseeable future.
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, reduced, where applicable, for outstanding yet unvested shares of restricted common stock. The computation of diluted net loss per common share is based on the weighted-average number of common shares outstanding during the period plus, when their effect is dilutive, incremental shares consisting of shares subject to stock options, restricted share units, restricted share awards, and warrants. In periods in which the Company reports a net loss, all common share equivalents are deemed anti-dilutive such that basic net loss per common share and diluted net loss per common share are equal. Potentially dilutive common shares have been excluded from the diluted net loss per common share computations in all periods presented because such securities have an anti-dilutive effect on net loss per common share due to the Company’s net loss. There are no reconciling items used to calculate the weighted-average number of total common shares outstanding for basic and diluted net loss per common share data.
Cash, Cash Equivalents and Restricted Cash	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. The Company maintains cash deposits and cash equivalents 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. Restricted cash consists of legally restricted deposits held as compensating balances against the Company’s corporate credit card program. This amount will remain deposited with the bank for the duration of the corporate credit card program as the agreements require the Company to maintain compensating balances against its corporate credit card program. Cash as reported in the unaudited condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash as presented on the unaudited condensed consolidated balance sheets. Cash as reported in the unaudited condensed consolidated statements of cash flows consists of (in thousands): December 31, 2018 December 31, 2017 Cash and cash equivalents $ 183,003 $ 128,873 Restricted cash (1) 600 — Total cash, cash equivalents and restricted cash $ 183,603 $ 128,873 (1) Included in other assets on the unaudited condensed consolidated balance sheets.
Fair Value Measurements	Fair Value Measurements The Company utilizes fair value measurement guidance prescribed by accounting standards 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 cash, cash equivalents consisting of money market funds, accounts payable and debt. Cash, cash equivalents, and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. The carrying value of the Company’s debt approximates fair value based on current interest rates for similar types of borrowings and is included in Level 2 of the fair value hierarchy.
Recently Issued Accounting Pronouncements	Recently Adopted Accounting Standards In March 2018, the FASB issued ASU No. 2018-05, “ Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ,” or ASU No. 2018-05. ASU No. 2018-05, which amends certain SEC material in Topic 740 for the income tax accounting implications of the Tax Cuts and Jobs Act and was effective immediately. The adoption of ASU No. 2018-05 did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share	At December 31, 2018 and 2017 , potentially dilutive securities were as follows: December 31, 2018 2017 Options 5,351,908 3,409,366 Restricted share awards (unvested) 987,193 1,269,249 Restricted stock units (unvested) 40,325 15,000 Warrants 73,710 49,800 Total 6,453,136 4,743,415
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash as reported in the unaudited condensed consolidated statements of cash flows consists of (in thousands): December 31, 2018 December 31, 2017 Cash and cash equivalents $ 183,003 $ 128,873 Restricted cash (1) 600 — Total cash, cash equivalents and restricted cash $ 183,603 $ 128,873 (1) Included in other assets on the unaudited condensed consolidated balance sheets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value	The following table summarizes these assets (in thousands): December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 65,328 $ — $ — $ 65,328 Total assets $ 65,328 $ — $ — $ 65,328

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2018
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	As of December 31, 2018 , and March 31, 2018 , accrued expenses consisted of the following (in thousands): December 31, 2018 March 31, 2018 Accrued R&D expenses $ 42,607 $ 25,988 Accrued compensation-related expenses 3,925 2,792 Accrued professional fees 417 566 Accrued other expenses 1,439 919 Total accrued expenses $ 48,388 $ 30,265

Financing Arrangement (Tables)

Financing Arrangement (Tables)	9 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Outstanding Debt Obligations	Outstanding debt obligations to NovaQuest are as follows (in thousands): December 31, 2018 March 31, 2018 Principal amount $ 60,000 $ 6,000 Less: unamortized debt issuance costs (891 ) (854 ) Loan payables less unamortized debt issuance costs 59,109 5,146 Less: current maturities — — Long-term debt, net of current maturities and unamortized debt issuance costs $ 59,109 $ 5,146 Outstanding debt obligations to Hercules are as follows (in thousands): December 31, 2018 March 31, 2018 Principal amount $ 40,000 $ 40,000 End of term charge 2,620 2,620 Less: unamortized debt discount and issuance costs (3,053 ) (4,142 ) Loan payables less unamortized debt discount and issuance costs 39,567 38,478 Less: current maturities (1,520 ) — Long-term debt, net of current maturities and unamortized debt discount and issuance costs $ 38,047 $ 38,478
Key Assumptions used to Measure Value of Warrant	The Company estimated the fair value of the Warrants using the Black-Scholes model based on the following key assumptions: Tranche 1 Tranche 2 Exercise price $15.06 $18.82 Common share price on date of issuance $14.39 $18.96 Volatility 73.2% 72.3% Risk-free interest rate 2.15% 2.78% Expected dividend yield —% —% Contractual term (in years) 7.00 7.00

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option Activity	A summary of option activity under the Company’s 2016 Plan is as follows: Number of Options Options outstanding at March 31, 2018 3,549,405 Granted 2,097,210 Exercised (102,463 ) Forfeited (192,244 ) Options outstanding at December 31, 2018 5,351,908 Options vested and expected to vest at December 31, 2018 5,351,908 Options exercisable at December 31, 2018 1,392,679
Summary of Restricted Share Awards and Restricted Stock Units Activity	A summary of restricted share award and restricted stock unit activity under the Company’s 2016 Plan is as follows: Number of Shares Unvested balance at March 31, 2018 1,213,735 Granted 29,700 Vested (215,917 ) Unvested balance at December 31, 2018 1,027,518
Schedule of Share-based Compensation	Share-based compensation expense was as follows (in thousands): Three Months Ended December 31, 2018 2017 Share-based compensation expense recognized as: R&D expenses $ 1,840 $ 1,041 G&A expenses 2,954 2,252 Total $ 4,794 $ 3,293 Nine Months Ended December 31, 2018 2017 Share-based compensation expense recognized as: R&D expenses $ 5,247 $ 2,580 G&A expenses 8,516 5,663 Total $ 13,763 $ 8,243

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)
Accounting Policies [Abstract]
Number of operating segments | segment							1
Number of reporting segments | segment							1
Net loss | $	$ (70,633)	$ (65,770)	$ (62,134)	$ (41,777)	$ (29,908)	$ (23,317)	$ (198,537)	$ (95,002)
Cash in operations | $							$ (170,980)	$ (82,266)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6,453,136	4,743,415
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,351,908	3,409,366
Restricted share awards (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	987,193	1,269,249
Restricted stock units (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	40,325	15,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	73,710	49,800

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 183,003	$ 108,624	$ 128,873
Restricted cash	600		0
Cash balance in condensed consolidated statements of cash flows	$ 183,603	$ 108,624	$ 128,873	$ 180,838

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Dec. 31, 2018USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 65,328
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	65,328
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	65,328
Level 1 | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	65,328
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0
Level 2 | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0
Level 3 | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 0

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Payables and Accruals [Abstract]
Accrued R&D expenses	$ 42,607	$ 25,988
Accrued compensation-related expenses	3,925	2,792
Accrued professional fees	417	566
Accrued other expenses	1,439	919
Total accrued expenses	$ 48,388	$ 30,265

Financing Arrangement (Narrativ

Financing Arrangement (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Dec. 31, 2018	Oct. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Debt Instrument [Line Items]
Equity options, purchase price as a percentage of share price		105.00%
Equity commitment, number of consecutive trading days used for measuring share price		5 days
Equity option		$ 20,000,000
Equity option to be exercised in the current year		$ 10,000,000
Cash paid to Novaquest for annual debt administration fee			$ 300,000		$ 300,000	$ 0
Common Shares
Debt Instrument [Line Items]
Warrants exercisable as a percentage of principal amount of loan		3.00%
Private Placement
Debt Instrument [Line Items]
Shares purchased by NovaQuest (in shares)		138,361
Shares purchased by NovaQuest		$ 2,000,000
Line of Credit | NovaQuest Securities Purchase Agreement
Debt Instrument [Line Items]
Maximum borrowing commitment		60,000,000
Equity commitment related to note issuance		20,000,000
Minimum borrowing commitment		30,000,000
Debt issued	$ 54,000,000	$ 6,000,000
Interest rate		15.00%
Quarterly interest rate		5.00%
Deferred interest rate		10.00%
Default interest rate		5.00%
Financing expenses		$ 1,000,000
Amortized deferred financing costs			100,000	$ 100,000	300,000	$ 100,000
Term Loan | Hercules Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing commitment		$ 40,000,000
Interest rate		8.25%
Default interest rate		5.00%
Amortized deferred financing costs			$ 300,000	$ 300,000	$ 1,000,000
Principal amount funded		$ 25,000,000					$ 15,000,000
Current interest rate	9.50%		9.50%		9.50%
End of term charge		6.55%
Term Loan | Hercules Loan Agreement | Prime Rate
Debt Instrument [Line Items]
Variable interest rate		4.00%
Tranche One | Common Shares
Debt Instrument [Line Items]
Number of securities exercisable by warrant (in shares)		49,800
Exercise price of warrants (in USD per share)		$ 15.06
Fair value of warrant on date of issuance		$ 500,000
Tranche One | Term Loan | Hercules Loan Agreement
Debt Instrument [Line Items]
Financing expenses		1,300,000
Discount		2,100,000
Tranche Two | Common Shares
Debt Instrument [Line Items]
Number of securities exercisable by warrant (in shares)							23,910
Exercise price of warrants (in USD per share)							$ 18.82
Fair value of warrant on date of issuance		$ 300,000
Tranche Two | Term Loan | Hercules Loan Agreement
Debt Instrument [Line Items]
Discount							$ 1,300,000
NovaQuest | Private Placement, One
Debt Instrument [Line Items]
Shares purchased by NovaQuest (in shares)	1,082,977
Shares purchased by NovaQuest	$ 18,000,000
NovaQuest | Private Placement, Two
Debt Instrument [Line Items]
Shares purchased by NovaQuest (in shares)	1,203,307
Shares purchased by NovaQuest	$ 20,000,000

Financing Arrangement (Outstand

Financing Arrangement (Outstanding Debt Obligations) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Less: current maturities	$ (1,520)	$ 0
Long-term debt, less current maturities	97,156	43,624
Line of Credit | NovaQuest Securities Purchase Agreement
Debt Instrument [Line Items]
Principal amount	60,000	6,000
Less: unamortized debt issuance costs	(891)	(854)
Loan payables less unamortized debt issuance costs	59,109	5,146
Less: current maturities	0	0
Long-term debt, less current maturities	59,109	5,146
Term Loan | Hercules Loan Agreement
Debt Instrument [Line Items]
Principal amount	40,000	40,000
End of term charge	2,620	2,620
Less: unamortized debt issuance costs	(3,053)	(4,142)
Loan payables less unamortized debt issuance costs	39,567	38,478
Less: current maturities	(1,520)	0
Long-term debt, less current maturities	$ 38,047	$ 38,478

Financing Arrangement (Key Assu

Financing Arrangement (Key Assumptions Used to Value Warrants) (Details) - Common Shares	Mar. 31, 2018year$ / shares	Oct. 31, 2017year$ / shares
Tranche One
Class of Warrant or Right [Line Items]
Exercise price (in USD per share)		$ 15.06
Common share price on date of issuance (in USD per share)		$ 14.39
Tranche Two
Class of Warrant or Right [Line Items]
Exercise price (in USD per share)	$ 18.82
Common share price on date of issuance (in USD per share)	$ 18.96
Volatility | Tranche One
Class of Warrant or Right [Line Items]
Measurement input		0.732
Volatility | Tranche Two
Class of Warrant or Right [Line Items]
Measurement input	0.723
Risk-free interest rate | Tranche One
Class of Warrant or Right [Line Items]
Measurement input		0.0215
Risk-free interest rate | Tranche Two
Class of Warrant or Right [Line Items]
Measurement input	0.0278
Expected dividend yield | Tranche One
Class of Warrant or Right [Line Items]
Measurement input		0
Expected dividend yield | Tranche Two
Class of Warrant or Right [Line Items]
Measurement input	0
Contractual term (in years) | Tranche One
Class of Warrant or Right [Line Items]
Measurement input | year		7
Contractual term (in years) | Tranche Two
Class of Warrant or Right [Line Items]
Measurement input | year	7

Related Party Transactions (Na

Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
RSL and RSI | RSL and RSI | Service Agreement
Related Party Transaction [Line Items]
Expenses incurred under services agreements	$ 0.4	$ 2.9	$ 4.6	$ 5
RSL | RSL | Share-based Compensation, Expense Allocated to Company
Related Party Transaction [Line Items]
Expenses incurred under services agreements	$ 0.1	$ 0.2	$ 0.5	$ 0.7

Income Taxes - Narrative (Deta

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	0.00%	0.51%	(0.12%)	(0.64%)

Shareholders' Equity - Narrati

Shareholders' Equity - Narrative (Details) - USD ($)	Apr. 02, 2018	Dec. 31, 2018	Aug. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Oct. 31, 2017	Aug. 31, 2018	Dec. 31, 2018	Dec. 31, 2018	Mar. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Shares issued to settle the warrant liability to Takeda (in shares)										4,432
Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)						138,361
Net proceeds from sale of shares						$ 2,000,000
Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)				3,333,334
Price of shares (in USD per share)				$ 22.5
Net proceeds from sale of shares							$ 74,400,000
Underwriter's Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)			200,065
Price of shares (in USD per share)			$ 22.5				$ 22.5
Roivant Sciences, Ltd. | Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	1,110,015
Price of shares (in USD per share)	$ 20.27
Gross proceeds from sale of shares					$ 22,500,000
Cowen and Company, LLC | Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)								0	2,767,129
Price of shares (in USD per share)		$ 21.47						$ 21.47	$ 21.47
Net proceeds from sale of shares									$ 57,300,000
Aggregate offering price	$ 100,000,000
Remaining capacity in offering program		$ 40,600,000						$ 40,600,000	$ 40,600,000
NovaQuest | Private Placement, One
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)		1,082,977
Net proceeds from sale of shares		$ 18,000,000
NovaQuest | Private Placement, Two
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)		1,203,307
Net proceeds from sale of shares		$ 20,000,000
Common Shares | Tranche One
Subsidiary, Sale of Stock [Line Items]
Number of securities exercisable by warrant (in shares)						49,800
Exercise price of warrants (in USD per share)						$ 15.06
Common Shares | Tranche Two
Subsidiary, Sale of Stock [Line Items]
Number of securities exercisable by warrant (in shares)										23,910
Exercise price of warrants (in USD per share)										$ 18.82

Share-Based Compensation (Narr

Share-Based Compensation (Narrative) (Details) - USD ($)	Apr. 01, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 48,600,000		$ 48,600,000
Unrecognized compensation expense, period for recognition				2 years 357 days
Employees of Affiliated Entities | Share-based Compensation, Expense Allocated to Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses incurred under services agreements		100,000	$ 200,000	$ 500,000	$ 700,000
Non-employee Stock Option | Employees of Affiliated Entities | Stock Options Granted to Non-Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation related to stock options granted to consultants		17,745	$ 7,293	47,721	$ 200,000
Unrecognized compensation expense, related to stock options granted to consultants		$ 100,000		$ 100,000
Unrecognized compensation expense, period for recognition related to stock options granted to consultants				1 year 231 days
Myovant 2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant (in shares)		2,200,000		2,200,000			4,500,000
Common shares reserved for grant, annual percentage increase			4.00%		4.00%
Increase in common shares reserved for grant (in shares)	2,400,000
Principal Executive Officer | Restricted stock units | RSL | RSL RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses incurred under services agreements		$ 0	$ 0	$ 0	$ 0
Awards granted (in shares)						66,845
Unrecognized compensation expense		$ 900,000		$ 900,000

Share-Based Compensation (Summa

Share-Based Compensation (Summary of Stock Option Activity) (Details)	9 Months Ended
	Dec. 31, 2018shares
Number of Options
Beginning balance (in shares)	3,549,405
Granted (in shares)	2,097,210
Exercised (in shares)	(102,463)
Forfeited (in shares)	(192,244)
Ending balance (in shares)	5,351,908
Options vested and expected to vest (in shares)	5,351,908
Options exercisable (in shares)	1,392,679

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Awards and Restricted Stock Units) (Details) - Restricted Share Awards and Restricted Stock Units	9 Months Ended
	Dec. 31, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	1,213,735
Granted (in shares)	29,700
Vested (in shares)	(215,917)
Ending balance (in shares)	1,027,518

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	$ 4,794	$ 3,293	$ 13,763	$ 8,243
R&D expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	1,840	1,041	5,247	2,580
G&A expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	$ 2,954	$ 2,252	$ 8,516	$ 5,663

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - Takeda Commercial Supply Agreement	May 30, 2018
Supply Commitment [Line Items]
Agreement term	5 years
Automatic renewal term	1 year
Termination notice term	12 months
Termination notice term, uncured material breach	90 days
Termination notice term, open purchase order filed	180 days