Myovant Sciences (MYOV) 10-Q 10 Feb 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2019	Jan. 31, 2020
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-37929
Entity Registrant Name	Myovant Sciences Ltd.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1343578
Entity Address, Address Line Two	Suite 1, 3rd Floor
Entity Address, Address Line One	11-12 St. James’s Square
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SW1Y 4LB
Entity Address, Country	GB
Country Region	44
City Area Code	207
Local Phone Number	400 3347
Title of 12(b) Security	Common Shares, $0.000017727 par value per share
Trading Symbol	MYOV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89,788,054
Entity Central Index Key	0001679082
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 83,073,000	$ 156,074,000
Marketable securities	15,815,000	0
Prepaid expenses and other current assets	12,086,000	10,194,000
Income tax receivable	0	524,000
Total current assets	110,974,000	166,792,000
Property and equipment, net	2,406,000	2,071,000
Operating lease right-of-use asset	11,491,000
Other assets	4,636,000	4,114,000
Total assets	129,507,000	172,977,000
Current liabilities:
Accounts payable	6,617,000	11,019,000
Interest payable	0	1,077,000
Interest payable (related party)	16,000	0
Accrued expenses	45,214,000	53,735,000
Operating lease liability	1,449,000
Current maturities of long-term debt	0	6,142,000
Total current liabilities	53,296,000	71,973,000
Deferred rent		1,157,000
Deferred interest payable	0	2,273,000
Long-term operating lease liability	11,399,000
Long-term debt, less current maturities	0	93,240,000
Long-term debt, less current maturities (related party)	113,700,000	0
Total liabilities	178,395,000	168,643,000
Commitments and contingencies (Note 12)
Shareholders’ (deficit) equity:
Common shares, par value $0.000017727 per share, 564,111,242 shares authorized, 89,787,654 and 72,057,490 issued and outstanding at December 31, 2019 and March 31, 2019, respectively	2,000	1,000
Additional paid-in capital	678,034,000	505,851,000
Accumulated other comprehensive (loss) income	(823,000)	507,000
Accumulated deficit	(726,101,000)	(502,025,000)
Total shareholders’ (deficit) equity	(48,888,000)	4,334,000
Total liabilities and shareholders’ (deficit) equity	$ 129,507,000	$ 172,977,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Mar. 31, 2019
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)	89,787,654	72,057,490
Common shares outstanding (in shares)	89,787,654	72,057,490

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Operating expenses:
Research and development	[1]	$ 48,927	$ 58,434	$ 150,847	$ 163,588
General and administrative	[2]	29,142	10,686	59,897	29,738
Total operating expenses		78,069	69,120	210,744	193,326
Interest expense		3,641	1,634	11,222	4,831
Loss on extinguishment of debt		4,851	0	4,851	0
Interest expense (related party)		16	0	16	0
Interest income		(597)	0	(2,305)	0
Other (income) expense, net		(567)	(121)	(1,151)	147
Loss before income taxes		(85,413)	(70,633)	(223,377)	(198,304)
Income tax expense		191	0	699	233
Net loss		$ (85,604)	$ (70,633)	$ (224,076)	$ (198,537)
Net loss per common share — basic and diluted (in USD per share)		$ (0.96)	$ (1.04)	$ (2.64)	$ (3.01)
Weighted average common shares outstanding — basic and diluted (in shares)		88,893,579	67,616,419	84,750,114	65,873,779
[1]	Includes $25 and $41 of costs allocated from the Company’s former majority shareholder, during the three months ended December 31, 2019 and 2018 , respectively, and $76 and $2,524 of costs allocated from the Company’s former majority shareholder during the nine months ended December 31, 2019 and 2018 , respectively. Also includes share-based compensation expense (see Note 10).
[2]	Includes $195 and $470 of costs allocated from the Company’s former majority shareholder during the three months ended December 31, 2019 and 2018 , respectively, and $617 and $2,644 of costs allocated from the Company’s former majority shareholder during the nine months ended December 31, 2019 and 2018 , respectively. Also includes share-based compensation expense (see Note 10).

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Research and development
Costs allocated from RSL, RSI, and RSG	$ 25	$ 41	$ 76	$ 2,524
General and administrative
Costs allocated from RSL, RSI, and RSG	$ 195	$ 470	$ 617	$ 2,644

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (85,604)	$ (70,633)	$ (224,076)	$ (198,537)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(792)	(150)	(1,330)	203
Total other comprehensive (loss) income	(792)	(150)	(1,330)	203
Comprehensive loss	$ (86,396)	$ (70,783)	$ (225,406)	$ (198,334)

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' (Deficit) Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	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
Beginning balance (in shares) at Mar. 31, 2018		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		$ 57,315	$ 22,500		$ 22,500
Share-based compensation expense	4,053		4,053
Capital contribution from former majority shareholder — 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
Beginning balance at Mar. 31, 2018	37,729	$ 1	266,178	24	(228,474)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(198,537)
Ending balance (in shares) at Dec. 31, 2018		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					$ 74,391
Share-based compensation expense	4,529		4,529
Capital contribution from former majority shareholder — share-based compensation	196		196
Capital contribution from former majority shareholder	212		212
Foreign currency translation adjustment	(72)			(72)
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs (in shares)		60,271
Issuance of shares upon exercise of stock options and vesting of PSUs and 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]
Issuance of shares (in shares)																2,286,284
Issuance of shares															$ 37,982		$ 37,982
Share-based compensation expense	4,669		4,669
Capital contribution from former majority shareholder — share-based compensation	125		125
Capital contribution from former majority shareholder	384		384
Foreign currency translation adjustment	(150)			(150)
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs (in shares)		30,349
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs	257		257
Net loss	(70,633)				(70,633)
Ending balance (in shares) at Dec. 31, 2018		70,801,521
Ending balance at Dec. 31, 2018	$ 46,735	$ 1	473,518	227	(427,011)
Beginning balance (in shares) at Mar. 31, 2019	72,057,490	72,057,490
Beginning balance at Mar. 31, 2019	$ 4,334	$ 1	505,851	507	(502,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)							17,424,243			106,494
Issuance of shares						134,538	$ 1	$ 134,537	$ 2,546		$ 2,546
Share-based compensation expense	6,410		6,410
Capital contribution from former majority shareholder — share-based compensation	42		42
Capital contribution from former majority shareholder	106		106
Foreign currency translation adjustment	(819)			(819)
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs (in shares)		34,399
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs	314		314
Net loss	(67,904)				(67,904)
Ending balance (in shares) at Jun. 30, 2019		89,622,626
Ending balance at Jun. 30, 2019	$ 79,567	$ 2	649,806	(312)	(569,929)
Beginning balance (in shares) at Mar. 31, 2019	72,057,490	72,057,490
Beginning balance at Mar. 31, 2019	$ 4,334	$ 1	505,851	507	(502,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares upon exercise of stock options (in shares)	80,548
Net loss	$ (224,076)
Ending balance (in shares) at Dec. 31, 2019	89,787,654	89,787,654
Ending balance at Dec. 31, 2019	$ (48,888)	$ 2	678,034	(823)	(726,101)
Beginning balance (in shares) at Jun. 30, 2019		89,622,626
Beginning balance at Jun. 30, 2019	79,567	$ 2	649,806	(312)	(569,929)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)							0
Issuance of shares						$ (80)	$ 0	$ (80)
Share-based compensation expense	7,879		7,879
Capital contribution from former majority shareholder — share-based compensation	52		52
Capital contribution from former majority shareholder	123		123
Foreign currency translation adjustment	281			281
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs (in shares)		938
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs	0		0
Net loss	(70,568)				(70,568)
Ending balance (in shares) at Sep. 30, 2019		89,623,564
Ending balance at Sep. 30, 2019	17,254	$ 2	657,780	(31)	(640,497)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	19,740		19,740
Capital contribution from former majority shareholder — share-based compensation	55		55
Capital contribution from former majority shareholder	105		105
Foreign currency translation adjustment	(792)			(792)
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs (in shares)		164,090
Issuance of shares upon exercise of stock options and vesting of PSUs and RSUs	354		354
Net loss	$ (85,604)				(85,604)
Ending balance (in shares) at Dec. 31, 2019	89,787,654	89,787,654
Ending balance at Dec. 31, 2019	$ (48,888)	$ 2	$ 678,034	$ (823)	$ (726,101)

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Shareholder's Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Public Offering
Issuance costs	$ 9,212	$ 5,110
Cowen and Company, LLC | Private Placement
Issuance costs	$ 79		$ 2,110

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss		$ (224,076)	$ (198,537)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation		34,178	13,763
Depreciation and amortization	[1]	1,236	298
Amortization of debt discount and issuance costs		1,486	1,378
Loss on extinguishment of debt		4,851	0
Other items		(1,174)	799
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(1,892)	(7,235)
Income tax receivable		524	233
Other assets		(272)	(146)
Accounts payable		(4,402)	893
Interest payable		(1,077)	147
Interest payable (related party)		16	0
Accrued expenses		(8,400)	18,079
Operating lease liabilities		(547)
Due to former majority shareholder		(121)	(1,894)
Deferred rent		0	724
Deferred interest payable		(2,273)	518
Net cash used in operating activities		(201,943)	(170,980)
Cash flows from investing activities:
Purchases of marketable securities		(32,076)	0
Maturities of marketable securities		16,440	0
Purchases of property and equipment		(824)	(718)
Net cash used in investing activities		(16,460)	(718)
Cash flows from financing activities:
Proceeds from third party debt financings, net of financing costs paid		0	54,000
Proceeds from related party debt financings		113,700	0
Proceeds from stock option exercises		667	771
Payments on third party debt financings and redemption fees		(105,420)	0
Payment of annual debt administration fee to NovaQuest		(300)	(300)
Net cash provided by financing activities		145,651	246,677
Net change in cash, cash equivalents and restricted cash		(72,752)	74,979
Cash, cash equivalents and restricted cash, beginning of period		157,199	108,624
Cash, cash equivalents and restricted cash, end of period		84,447	183,603
Non-cash financing activities:
Offering costs included in accounts payable and accrued expenses		0	18
Deferred financing costs included in accrued expenses		0	26
Stock options exercised receivables, included in prepaid expenses and other current assets		0	(22)
Public Offering
Cash flows from financing activities:
Cash proceeds from issuance of common shares		134,458	74,391
Private Placement | Cowen and Company, LLC
Cash flows from financing activities:
Cash proceeds from issuance of common shares		2,546	57,315
Private Placement | Roivant Sciences, Ltd.
Cash flows from financing activities:
Cash proceeds from issuance of common shares		0	22,500
Private Placement | NovaQuest
Cash flows from financing activities:
Cash proceeds from issuance of common shares		$ 0	$ 38,000
[1]	Includes amortization of operating lease right-of-use asset.

Description of Business

Description of Business	9 Months Ended
	Dec. 31, 2019
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 healthcare company focused on developing innovative treatments for women’s health and prostate cancer. The Company is developing a relugolix combination tablet (relugolix 40 mg plus estradiol 1.0 mg and norethindrone acetate 0.5 mg) for women with heavy menstrual bleeding associated with uterine fibroids and for pain associated with endometriosis, a relugolix monotherapy tablet (120 mg) for men with 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. The Company is an exempted company limited by shares incorporated under the laws of Bermuda in February 2016 under the name Roivant Endocrinology Ltd. The Company changed its name to Myovant Sciences Ltd. in May 2016. Since its inception, the Company has devoted substantially all of its efforts to identifying and in-licensing its product candidates, organizing and staffing the Company, raising capital, preparing for and advancing the clinical development of its product candidates, and preparing for potential future regulatory approvals and commercialization of relugolix combination tablet and relugolix monotherapy tablet. The Company has incurred, and expects to continue to incur, significant operating losses and negative operating cash flows as it continues to develop its product candidates and prepares for potential future regulatory approvals and commercialization of relugolix combination tablet and relugolix monotherapy tablet. 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 at least one of its product candidates. The Company has funded its operations primarily from the issuance and sale of its common shares and from debt financing arrangements. See Note 2(C), Summary of Significant Accounting Policies—Going Concern and Management’s Plans. On December 27, 2019 , Sumitovant Biopharma Ltd. (“Sumitovant”), a subsidiary of Sumitomo Dainippon Pharma Co., Ltd. (“DSP”) became the Company’s majority shareholder and a related party after acquiring 45,008,604 of the Company’s outstanding common shares, representing approximately 50.2% of the Company’s common shares outstanding on December 27, 2019 . The common shares were acquired from the Company’s former majority shareholder, Roivant Sciences Ltd. (“Roivant,” “RSL,” or “former majority shareholder”) at the closing of a transaction between Roivant and DSP. See Note 7 for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2019
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, 2019 , filed with the U.S. Securities and Exchange Commission, or the SEC, on May 24, 2019 . The unaudited consolidated balance sheet at March 31, 2019 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, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2020 , 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, 2019 , filed with the SEC on May 24, 2019 , except for the adoption of ASU 2016-02, Leases (Topic 842), on April 1, 2019. See Note 2(I). (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, share-based compensation expenses, research and development, or R&D, expenses and accruals, 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. Estimates and assumptions are periodically reviewed in light of changes in circumstances, facts, or experience. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. 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, 2019 , the Company incurred net losses of $224.1 million and used $201.9 million of cash and cash equivalents in operations. The Company expects to continue to incur significant and increasing operating losses and negative operating cash flows as it continues to develop its product candidates and prepares for potential future regulatory approvals and commercialization of relugolix combination tablet and relugolix monotherapy tablet. In addition, the Company expects that its outstanding debt levels will increase in future periods, which will result in an increase in its quarterly interest payment obligations. The Company has not generated any revenue to date and does not expect to generate revenue unless and until it successfully completes development and obtains regulatory approval for at least one of its product candidates. Based on its current operating plan, the Company expects that its existing cash, cash equivalents, and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements at least through the end of the Company’s fiscal year ending March 31, 2020. 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. Current cash, cash equivalents and marketable securities will not be sufficient to enable the Company to complete all necessary development and regulatory activities and commercially launch relugolix combination tablet or relugolix monotherapy tablet. The Company anticipates that it will continue to incur net losses and negative operating cash flows 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. 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 expects to draw under the DSP Loan Agreement (see Note 7) on a quarterly basis, such draws are contingent upon the consent of the Company’s board of directors. If DSP fails to own at least a majority of the Company’s common shares, the Company would not be able to continue to borrow additional amounts under the DSP Loan Agreement. ASC 240-40, Going Concern , does not allow the Company to consider future financing activities that are uncertain in its assessment of the Company’s future cash burn for the purpose of its liquidity assessment. Although the Company believes that it will continue to raise capital to fund its operations as it has in the past, the DSP Loan Agreement involves, and any agreements for future debt or preferred equity financings, if available, may include covenants limiting or restricting the Company’s ability to take specific actions, such as incurring additional debt and raising capital through equity offerings. Due to these uncertainties, there is substantial doubt about the Company’s ability to continue as a going concern. The 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 stock units, restricted stock awards, performance stock units, 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. As of December 31, 2019 and 2018 , potentially dilutive securities were as follows: December 31, 2019 2018 Stock options 7,744,257 5,351,908 Restricted stock awards (unvested) 705,137 987,193 Restricted stock units (unvested) 683,729 40,325 Performance stock units (unvested) 299,870 — Warrants 73,710 73,710 Total 9,506,703 6,453,136 (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 with a maturity of three months or less at the time of purchase to be cash equivalents. As of December 31, 2019 , cash and cash equivalent balances are diversified between three financial institutions. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and the issuers of its money market funds and commercial paper. The Company maintains its 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. Interest income consists of interest earned on money market funds and the accretion of discounts to maturity for commercial paper and corporate bonds. Restricted cash consists of non-interest bearing legally restricted deposits held as compensating balances against the Company’s corporate credit card program and an irrevocable standby letter of credit provided as security for the Company’s office lease. Cash as reported on the unaudited condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash and consists of the following (in thousands): December 31, 2019 2018 Cash and cash equivalents $ 83,073 $ 183,003 Restricted cash (1) 1,374 600 Total cash, cash equivalents and restricted cash $ 84,447 $ 183,603 (1) Included in other assets on the unaudited condensed consolidated balance sheets. (F) Marketable Securities Investments in marketable securities are held in a custodial account at a financial institution and managed by the Company’s investment advisor based on the Company’s investment guidelines. The Company considers all highly liquid investments in securities with a maturity of greater than three months at the time of purchase to be marketable securities. As of December 31, 2019 , the Company’s marketable securities consisted of commercial paper and highly rated corporate bonds with maturities of greater than three months but less than twelve months at the time of purchase. These short-term commercial paper and corporate debt securities are classified as current assets on the Company’s unaudited condensed consolidated balance sheets under the caption marketable securities. The Company classifies its marketable securities as available-for-sale at the time of purchase and reevaluates such designation at each balance sheet date. Unrealized gains and losses on available-for-sale commercial paper and short-term corporate debt securities are excluded from earnings and are recorded in accumulated other comprehensive (loss) income until realized. Any unrealized losses are evaluated for other-than-temporary impairment at each balance sheet date. Realized gains and losses are determined based on the specific identification method and are recorded in other (income) expense, net. See Note 3 for additional information. (G) 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 commercial paper, corporate bonds, and money market funds, marketable securities consisting of commercial paper and corporate bonds, accounts payable and debt obligations. Cash, cash equivalents, and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. Marketable securities are recorded at their estimated fair value and are included in Level 2 of the fair value hierarchy. The carrying value of the Company’s debt approximates fair value and is included in Level 2 of the fair value hierarchy. (H) Pushdown Accounting In November 2014, the FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting . The ASU provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change in control event occurs. If pushdown accounting is applied to an individual change in control event, that election is irrevocable. The Company elected not to apply pushdown accounting in its unaudited condensed consolidated financial statements upon the change in control of the Company on December 27, 2019. See Note 7 for additional information. (I) Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is a comprehensive new lease standard that amends various aspects of existing accounting guidance for leases. The core principle of Topic 842 requires lessees to recognize on the consolidated balance sheets a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for both finance and operating leases with lease terms greater than twelve months. The lease liability is measured at the present value of the unpaid lease payments and the right-of-use asset is derived from the calculation of the lease liability. Topic 842 also requires lessees to disclose key information about leasing arrangements. Topic 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application (“Transition Date”). An entity may choose to use either (i) its effective date or (ii) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The Company adopted the new standard on April 1, 2019 and used the effective date as its date of initial application. The new standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients,” which permitted it to not reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs. As a result, the Company has continued to account for existing leases - i.e. leases for which the commencement date is before April 1, 2019 - in accordance with Topic 840 throughout the entire lease term, including periods after the effective date, with the exception that the Company applied the new balance sheet recognition guidance for operating leases and applied Topic 842 for remeasurements and modifications after the Transition Date. The most significant impact of the adoption of Topic 842 on the Company’s unaudited condensed consolidated financial statements was the recognition of a $9.4 million operating lease right-of-use asset, a $0.8 million current operating lease liability, and a $9.8 million long-term operating lease liability on the Company’s unaudited condensed consolidated balance sheet related to its existing facility operating lease. In addition, the Company reclassified the $1.2 million deferred rent liability for its existing facility lease to the related operating lease right-of-use asset. There was no material impact to the Company’s unaudited condensed consolidated statement of operations, and no cumulative-effect adjustment to accumulated deficit. See Note 11 for additional information. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , or ASU 2018-02. ASU 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 2018-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 and early adoption is permitted. The Company adopted the new standard on April 1, 2019. The adoption of ASU 2018-02 did not have an impact on the Company’s unaudited condensed consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718) : Improvements to Nonemployee Share-Based Payment Accounting, or ASU 2018-07. ASU 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 2018-07 is effective for interim and annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company adopted the new standard on April 1, 2019. The adoption of ASU 2018-07 did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures . In July 2018, the FASB issued ASU 2018-09, Codification Improvements, to make changes to a variety of topics to clarify, correct errors in, or make minor improvements to the ASC. Certain items in the amendments in ASU 2018-09 will be effective for the Company in annual periods beginning after December 15, 2018. The adoption of ASU 2018-09 on April 1, 2019 did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures . Other recent accounting pronouncements issued by the FASB, (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by the Company to, have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures. (J) Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , or ASU 2016-13, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company is currently assessing the impact the adoption of this new standard will have on its unaudited condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement , or ASU 2018-13. ASU 2018-13 amends the disclosure requirements in Topic 820 to promote the exercise of discretion by entities when considering fair value measurement disclosures and clarifies that materiality is an appropriate consideration when evaluating fair value measurement disclosure requirements. Certain required disclosures were added, modified, or removed, including removing the required disclosure of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. ASU 2018-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company does not currently expect that the adoption of this new standard will have a material impact on its unaudited condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , or ASU 2018-15, which amends ASC 350-40, Internal-Use Software , to include in its scope implementation costs of a cloud computing arrangement that is a service contract. Consequently, the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement is aligned with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company is currently assessing the impact the adoption of this standard will have on its unaudited condensed consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740), that eliminates certain exceptions to the general principles in ASC 740 related to intra-period tax allocation, deferred tax liability and general methodology for calculating income taxes. The ASU also simplifies U.S. GAAP by making other changes for matters such as, franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. ASU 2019-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company is currently assessing the impact the adoption of this standard will have on its unaudited condensed consolidated financial statements and related disclosures.

Marketable Securities

Marketable Securities	9 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities As of December 31, 2019 , the Company’s $15.8 million marketable securities balance consisted of available-for-sale commercial paper and short-term corporate bonds. There were no material unrealized gains or losses on marketable securities as of December 31, 2019 . There were no marketable securities as of March 31, 2019 .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As of December 31, 2019 , and March 31, 2019 , assets measured at fair value on a recurring basis consisted of money market funds and commercial paper, which are included in cash and cash equivalents on the unaudited condensed consolidated balance sheets, and short-term corporate bonds and commercial paper, which are included in marketable securities on the unaudited condensed consolidated balance sheets. The following table summarizes the Company’s assets measured at fair value on a recurring basis and their assigned levels within the fair value hierarchy as of December 31, 2019 (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Money market funds $ 93 $ — $ — $ 93 Commercial paper — 79,026 — 79,026 Corporate bonds — 5,050 — 5,050 Total assets $ 93 $ 84,076 $ — $ 84,169 The following table summarizes the Company’s assets measured at fair value on a recurring basis and their assigned levels within the fair value hierarchy as of March 31, 2019 (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Money market funds $ 83 $ — $ — $ 83 Commercial paper — 126,050 — 126,050 Total assets $ 83 $ 126,050 $ — $ 126,133 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. Commercial paper and short-term corporate bonds are included in Level 2 of the fair value hierarchy and are valued using third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly. There were no liabilities measured at fair value on a recurring basis as of December 31, 2019 or March 31, 2019 . There were no transfers of assets or liabilities between the fair value hierarchy levels that occurred during the nine months ended December 31, 2019 .

Accrued Expenses

Accrued Expenses	9 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses As of December 31, 2019 , and March 31, 2019 , accrued expenses consisted of the following (in thousands): December 31, 2019 March 31, 2019 Accrued R&D expenses $ 30,941 $ 46,947 Accrued compensation-related expenses 8,666 5,024 Accrued professional service fees 1,446 370 Accrued other expenses 4,161 1,394 Total accrued expenses $ 45,214 $ 53,735

Financing Arrangements

Financing Arrangements	9 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements (A) NovaQuest In October 2017, the Company, 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 issued $60.0 million aggregate principal amount of notes, of which $6.0 million was issued in October 2017 and $54.0 million was issued in December 2018 . 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. With the issuance of $6.0 million aggregate principal amount of notes in October 2017 , NovaQuest purchased 138,361 common shares for $2.0 million , and with the issuance of $54.0 million aggregate principal amount of notes in December 2018 , NovaQuest purchased 1,082,977 common shares for $18.0 million . The equity purchase price for each such purchase was 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. Pursuant to the NovaQuest Equity Purchase Agreement, NovaQuest committed to purchase an additional $20.0 million of the Company’s common shares from time to time at the Company’s discretion. In December 2018 , the Company exercised this option and issued and sold 1,203,307 common shares for $20.0 million . The purchase price for the common shares issued was 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 notes bore interest at a rate of 15% per annum, of which 5% was payable quarterly, and 10% was payable on a deferred basis on the earlier of the Amortization Date (as defined below) and the repayment in full of the notes. The scheduled maturity of the notes was October 16, 2023 . The Company was required to amortize the principal amount of the notes in equal quarterly installments commencing on November 1, 2021 , or the Amortization Date, provided certain terms and conditions were met. Early redemption of the notes was subject to a redemption charge. The Company’s obligations under the NovaQuest Securities Purchase Agreement were 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 included customary affirmative and restrictive covenants and representations and warranties, including a minimum cash covenant that applied commencing on the Amortization Date, and also included customary events of default and a default interest rate of an additional 5% applied to the outstanding note balance. During each of the three and nine months ended December 31, 2019 and 2018 , interest expense included $0.1 million and $0.3 million , respectively, of amortized deferred financing costs related to the NovaQuest notes. During each of the three -month periods ended December 31, 2019 and 2018 , the Company paid NovaQuest an annual debt administration fee of $0.3 million . The Company repaid all of its obligations to NovaQuest on December 31, 2019, including $60.0 million of principal repayment of the notes, accrued and unpaid interest of $7.6 million , and an early redemption fee of $2.4 million . (B) Hercules In October 2017, the Company, 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 bore 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 8.75% as of December 31, 2019 . The scheduled maturity date of the Term Loans was November 1, 2021 . The Company was obligated to make monthly interest payments during the Interest-only Period (through June 1, 2020 ), subject to certain terms and conditions, followed by monthly installments of principal and interest through the maturity date. Prepayment of the Term Loans was subject to a prepayment charge and the Company was 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. The Company’s obligations under the Hercules Loan Agreement were 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 included customary affirmative and restrictive covenants and representations and warranties. 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 was 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. During the three and nine months ended December 31, 2019 , interest expense included $0.4 million and $1.3 million , respectively, of amortized debt discount and issuance costs related to the Term Loans. During the three and nine months ended December 31, 2018 , interest expense included $0.3 million and $1.0 million , respectively, of amortized debt discount and issuance costs related to the Term Loans. The Company repaid all of its obligations to Hercules on December 31, 2019, including $40.0 million of principal repayment of the Term Loans, accrued and unpaid interest of $0.3 million , a prepayment penalty of $0.4 million , and an end of term charge of $2.6 million . (C) Extinguishment of Debt On December 27, 2019 , the Company and its subsidiary, Myovant Sciences GmbH, entered into the DSP Loan Agreement which is further discussed in Note 7. On December 30, 2019 , the Company borrowed $113.7 million under the DSP Loan Agreement, the proceeds of which were used to repay all outstanding obligations under the NovaQuest Securities Purchase Agreement and the Hercules Loan Agreement and to satisfy certain other fees and expenses. The repayments resulted in a loss on extinguishment of debt of $4.9 million , which is included under the caption loss on extinguishment of debt in the Company’s unaudited condensed consolidated statements of operations for the three and nine months ended December 31, 2019 . The loss on extinguishment of debt was calculated as the difference between the carrying amount of the debt and the amounts paid to retire the debt.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions (A) Sumitomo Dainippon Pharma Co., Ltd. On October 31, 2019 , the Company’s former majority shareholder, Roivant, and Sumitovant, a subsidiary of DSP , entered into a Transaction Agreement (the “DSP-Roivant Agreement”), which among other things, provided for DSP to acquire all of the Company’s outstanding common shares held by Roivant. In addition, on October 31, 2019 , the Company and DSP entered into a letter agreement pursuant to which, among other things, the Company and DSP would enter into an investor rights agreement and loan agreement upon the closing of the transactions contemplated by the DSP-Roivant Agreement (the “Closing”). On December 27, 2019 , the Closing occurred and, as a result, all of the Company’s outstanding common shares held directly or indirectly by Roivant and not already held by Sumitovant were transferred to Sumitovant, and Roivant transferred all of the outstanding equity of Sumitovant to DSP , resulting in Sumitovant directly, and DSP indirectly, owning 45,008,604 of the Company’s outstanding common shares, representing approximately 50.2% of the Company’s common shares outstanding on December 27, 2019 . As a result of the transfer of these common shares, Roivant no longer beneficially owns any common shares of the Company. DSP Loan Agreement On December 27, 2019 , the Company and its subsidiary, Myovant Sciences GmbH (“MSG”), entered into a Loan Agreement with DSP (the “DSP Loan Agreement”). Pursuant to the DSP Loan Agreement, DSP agreed to make revolving loans to the Company in an aggregate principal amount of up to $400.0 million . On December 30, 2019 , the Company borrowed $113.7 million under the DSP Loan Agreement, the proceeds of which were used to repay all outstanding obligations of the Company to Hercules and NovaQuest (See Note 6) and to satisfy certain other fees and expenses. Additional funds may be drawn down by the Company no more than once any calendar quarter, subject to certain terms and conditions, including consent of the Company’s board of directors. If DSP fails to own at least a majority of the Company’s common shares, the Company would not be able to continue to borrow additional amounts under the DSP Loan Agreement. Interest is due and payable quarterly, and the outstanding principal amounts are due and payable in full on the five-year anniversary of the closing date of the DSP Loan Agreement. Loans under the DSP Loan Agreement are prepayable at any time without premium or penalty upon 10 business days’ prior written notice. Loans under the DSP Loan Agreement bear interest at a rate per annum equal to 3-month London Interbank Offered Rate (“LIBOR”) plus a margin of 3% payable on the last day of each calendar quarter. The interest rate under the DSP Loan Agreement was 4.96% as of December 31, 2019. The Company’s obligations under the DSP Loan Agreement are fully and unconditionally guaranteed by the Company and its subsidiaries. The loans and other obligations are senior unsecured obligations of the Company, MSG, and subsidiary guarantees. The DSP Loan Agreement includes customary representations and warranties and affirmative and negative covenants. The DSP Loan Agreement also includes customary events of default, including payment defaults, breaches of representations and warranties, breaches of covenants following any applicable cure period, cross acceleration to certain other debt, failure to pay certain final judgments, certain events relating to bankruptcy or insolvency, failure of material provisions of the loan documents to remain in full force and effect or any contest thereto by the Company or any of its subsidiaries and certain breaches by the Company under the Investor Rights Agreement. Upon the occurrence of an event of default, a default interest rate of an additional 5.0% will apply to the outstanding principal amount of the loans, DSP may terminate its obligations to make loans to the Company and declare the principal amount of loans to become immediately due and payable, and DSP may take such other actions as set forth in the DSP Loan Agreement. Upon the occurrence of certain bankruptcy and insolvency events, the obligations of DSP to make loans to the Company would automatically terminate and the principal amount of the loans would automatically become due and payable. In addition, if it becomes unlawful for DSP to maintain the loans under the DSP Loan Agreement or within 30 days of a change of control with respect to the Company, the Company would be required to repay the outstanding principal amount of the Loans. As of December 31, 2019 , the outstanding loan balance of $113.7 million is classified as a long-term liability on the Company’s unaudited condensed consolidated balance sheets under the caption long-term debt, less current maturities (related party). As of December 31, 2019 , approximately $286.3 million of borrowing capacity remains available to the Company, subject to the terms of the DSP Loan Agreement. Interest expense under the DSP Loan Agreement was less than $0.1 million for the three and nine months ended December 31, 2019 and is included in interest expense (related party) in the Company’s unaudited condensed consolidated statements of operations. Investor Rights Agreement On December 27, 2019 , the Company entered into an Investor Rights Agreement with DSP and Sumitovant (the “Investor Rights Agreement”). Pursuant to the Investor Rights Agreement, among other things, the Company agreed, at the request of Sumitovant, to register for sale, under the Securities Act of 1933, common shares beneficially owned by Sumitovant, subject to specified conditions and limitations. In addition, the Company agreed to periodically provide Sumitovant (i) certain financial statements, projections, capitalization summaries and other information and (ii) access to the Company’s books, records, facilities and employees during the Company’s normal business hours as Sumitovant may reasonably request. The Investor Rights Agreement also contains certain protections for the Company’s minority shareholders for so long as DSP or certain of its affiliates beneficially owns more than 50% of the Company’s common shares. These protections include: (i) a requirement that Sumitovant vote its shares for the election of independent directors in accordance with the recommendation of the Company’s board of directors (the “board”) or in the same proportion as the shareholders not affiliated with Sumitovant vote their shares; (ii) a requirement that the audit committee of the Company’s board be composed solely of three independent directors; (iii) a requirement that any transaction proposed by DSP or certain of its affiliates that would increase DSP’s beneficial ownership to over 60% of the outstanding voting power of the Company must be approved by the Company’s audit committee (if occurring prior to December 27, 2022), and be conditioned on the approval of shareholders not affiliated with Sumitovant approving the transaction by a majority of the common shares held by such shareholders; and a requirement that any related person transactions between DSP or certain of its affiliates and the Company must be approved by the Company’s audit committee. Pursuant to the Investor Rights Agreement, the Company also agreed that at all times that DSP beneficially owns more than 50% of the Company’s common shares, DSP, by purchasing common shares in the open market or from the Company in certain specified circumstances, will have the right to maintain its percentage ownership in the Company’s common shares in the event of a financing event or acquisition event conducted by the Company, or specified other events, subject to specific conditions. (B) Roivant Sciences Ltd. As a result of the closing of the DSP-Roivant Agreement described above, on December 27, 2019 all of the Company’s outstanding common shares held directly or indirectly by Roivant and not already held by Sumitovant were transferred to Sumitovant, and Roivant transferred all of the outstanding equity of Sumitovant to DSP. As a result of the transfer of these common shares, Roivant no longer beneficially owns any common shares of the Company. On December 27, 2019 , in connection with the closing of the DSP-Roivant Agreement, the then existing Information Sharing and Cooperation Agreement between the Company and Roivant, the then existing Services Agreements between the Company and certain of its subsidiaries and Roivant and certain of its subsidiaries, and the then existing Option Agreement between the Company and Roivant were terminated. Under the Services Agreements, for the three months ended December 31, 2019 and 2018 , the Company incurred expenses (inclusive of third-party pass-through costs billed to the Company) of $0.2 million and $0.4 million , respectively, inclusive of the mark-up. Under the Services Agreements, for the nine months ended December 31, 2019 and 2018 , the Company incurred expenses (inclusive of third-party pass-through costs billed to the Company) of $0.6 million and $4.6 million , respectively, inclusive of the mark-up. In addition, Roivant previously allocated share-based compensation expense to the Company based upon the relative percentage of time spent by Roivant and its subsidiaries’ employees on the Company’s matters. The Company recorded share-based compensation expense allocated from Roivant of $0.1 million for each of the three months ended December 31, 2019 and 2018 , respectively, and $0.3 million and $0.5 million for the nine months ended December 31, 2019 and 2018 , respectively. In April 2018 , the Company sold to Roivant 1,110,015 of its common shares at a purchase price of $20.27 per common share, for gross proceeds of $22.5 million , in a private placement. In addition, Roivant purchased 2,424,242 of the Company’s common shares in the Company’s June 4, 2019 underwritten public equity offering at the same price offered to the public of $8.25 per common share, for a total purchase price of $20.0 million . See Note 9 for additional information. (C) Amended and Restated Bye-Laws On December 22, 2019

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2019
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 income tax expense 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, 2019 and 2018 was (0.22)% and 0.00% , respectively. The Company’s effective tax rate for the nine months ended December 31, 2019 and 2018 was (0.31)% and (0.12)% , respectively. The Company’s 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 the 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. Section 382 of the U.S. Internal Revenue Code imposes an annual limitation on the amount of existing tax attributes that might be used to offset income tax when a corporation has undergone a significant change in stock ownership. On December 27, 2019 , Sumitovant became the Company’s majority shareholder after acquiring approximately 50.2% of the Company’s outstanding common shares which triggered an ownership change under Section 382. The Company is evaluating the impact of the annual limitation. The Company does not believe that annual limitation had a significant impact on the Company’s income tax provision during the three and nine months ended December 31, 2019 .

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity (A) Underwritten Public Equity Offering of Common Shares On June 4, 2019 , the Company completed an underwritten public equity offering of 17,424,243 of its common shares (including 2,272,727 common shares sold pursuant to the underwriters’ exercise in full of their option to purchase additional common shares) at a public offering price of $8.25 per common share. After deducting the underwriting discounts and commissions and offering costs payable by the Company, the net proceeds to the Company in connection with the underwritten public equity offering, including from the exercise of the underwriters’ option to purchase additional shares, were approximately $134.5 million . (B) Private Placement with RSL In April 2018 , the Company entered into a share purchase agreement, or the Purchase Agreement, with Roivant, its former majority shareholder, pursuant to which the Company sold to Roivant 1,110,015 of its common shares at a purchase price of $20.27 per common share, for gross proceeds of $22.5 million , in a private placement. (C) At-the-Market Equity Offering Program In April 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 nine months ended December 31, 2019 and 2018 , the Company issued and sold 106,494 and 2,767,129 , respectively, of its common shares under the Sales Agreement. The common shares were sold at a weighted-average price of $24.65 and $21.47 per common share, respectively, for aggregate net proceeds to the Company of approximately $2.5 million and $57.3 million , respectively, after deducting underwriting commissions and offering costs paid by the Company. During the three months ended December 31, 2019 and 2018 , no shares were issued and sold under the Sales Agreement. As of December 31, 2019 , the Company had approximately $10.4 million of capacity available to it under its “at-the-market” equity offering program.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [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, 2019, the number of common shares authorized for issuance increased automatically by 2.9 million shares in accordance with the evergreen provision of the 2016 Plan. As of December 31, 2019 , a total of 1.5 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 stock awards, restricted stock unit awards, and other share awards under the 2016 Plan. (B) Stock Option Repricing On August 26, 2019 (the “repricing date”), the Company’s Board of Directors approved a stock option repricing program (the “repricing”) whereby certain previously granted and still outstanding vested and unvested stock options held by current employees and certain executives were repriced on a one -for-one basis to $7.78 per share, which represented the closing market price of the Company’s common shares on the repricing date. To be eligible to participate in the stock option repricing program, 735,428 vested stock options to certain executives as of the repricing date are subject to a one-year exercise restriction period beginning from the repricing date. No other terms of the repriced stock options were modified, and the repriced stock options will continue to vest according to their original vesting schedules and will retain their original expiration dates. As a result of the repricing, 5,095,013 vested and unvested stock options outstanding with original exercise prices ranging from $8.82 to $24.44 , and a median exercise price of $17.28 per share, were repriced under this program. The repricing resulted in one-time incremental stock-based compensation expense of $9.2 million , which will be recognized over the remaining term of the repriced stock options. (C) Stock Options A summary of stock option activity under the Company’s 2016 Plan is as follows: Number of Options Options outstanding at March 31, 2019 5,396,465 Granted 2,768,700 Exercised (80,548 ) Forfeited (340,360 ) Options outstanding at December 31, 2019 7,744,257 Options vested and expected to vest at December 31, 2019 7,744,257 Vested options subject to one-year exercise restriction period beginning on August 26, 2019 735,428 Options exercisable at December 31, 2019 2,857,183 As a result of the change in control of the Company described in Note 7, the vesting of 849,212 stock options was accelerated on December 27, 2019, resulting in the recognition of $11.2 million of share-based compensation expense upon the change in control. (D) Restricted Stock Awards and Restricted Stock Units A summary of restricted stock award and restricted stock unit activity under the Company’s 2016 Plan is as follows: Number of Shares Unvested balance at March 31, 2019 956,066 Granted 724,554 Vested (221,781 ) Forfeited (69,973 ) Unvested balance at December 31, 2019 1,388,866 (E) Performance Stock Units On August 26, 2019, the Company’s Board of Directors granted performance stock units covering a total of 408,510 common shares, of which two-thirds of the shares ( 272,338 shares) subject to each performance stock unit vests based upon the passage of time, and the remaining one-third of the shares ( 136,172 shares) subject to each performance stock unit vests if the Company achieves certain clinical trial and regulatory milestones. Total share-based compensation expense associated with the performance stock units is based on the fair value of the Company’s common shares on the grant date, which equals the closing market price of the Company’s common shares on the grant date. The Company recognizes the share-based compensation expense related to the performance stock unit awards subject to time-based vesting on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The Company will recognize the share-based compensation expense related to the performance stock unit awards subject to vesting based upon the achievement of certain clinical trial and regulatory milestones only if such milestones are achieved. As of December 31, 2019 , the performance conditions had not been met and were deemed not probable of being met. As a result of the change in control of the Company described in Note 7, the vesting of certain performance stock units covering a total of 108,640 common shares was accelerated on December 27, 2019, resulting in the recognition of $0.8 million of share-based compensation expense upon the change in control. As of December 31, 2019 , performance stock units covering a total of 299,870 common shares are unvested. (F) Share-Based Compensation Expense Share-based compensation expense was as follows (in thousands): Three Months Ended December 31, 2019 2018 Share-based compensation expense recognized as: R&D expenses $ 5,399 $ 1,840 G&A expenses 14,396 2,954 Total $ 19,795 $ 4,794 Nine Months Ended December 31, 2019 2018 Share-based compensation expense recognized as: R&D expenses $ 11,565 $ 5,247 G&A expenses 22,613 8,516 Total $ 34,178 $ 13,763 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. Total unrecognized share-based compensation expense was approximately $58.8 million as of December 31, 2019 and is expected to be recognized over a weighted-average period of approximately 2.8 years . Share-based compensation expense included in R&D and G&A expenses for the three and nine months ended December 31, 2019 include $1.8 million and $10.2 million , respectively, related to the acceleration of vesting of certain share-based payment awards as a result of the change in control of the Company described previously. (G) RSL RSUs The Company’s Principal Executive Officer was granted 66,845 RSL RSUs during the fiscal 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, the Company, or any of their respective subsidiaries through such date. As of December 31, 2019 , the performance conditions had not been met and were deemed not probable of being met. For the three and nine months ended December 31, 2019 and 2018 , the Company recorded no

Leases

Leases	9 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	Leases The Company leases 40,232 square feet of office space located in Brisbane, California pursuant to an operating lease agreement, as amended, that expires in May of 2026. The Company has the option to extend the lease term for an additional seven years but is not reasonably certain that it will exercise the option and has therefore excluded it from the lease term. The lease agreement, as amended, required the Company to deliver an irrevocable standby letter of credit for the duration of the lease in the amount of $0.5 million to the landlord, the amount of which is subject to reduction of approximately $0.2 million if certain conditions are met. During October 2019, the Company entered into a Sublease Agreement, or sublease, for an additional 20,116 square feet of office space within the same building as its current corporate office space located in Brisbane, California. The sublease term expires in February of 2024, with total expected minimum payments over the sublease term of approximately $3.7 million . The sublease required the Company to deliver an irrevocable standby letter of credit to the sublessor for the duration of the lease in the amount of $0.2 million . The Company currently has no other significant operating, financing, or short-term leases. The components of operating lease expense for the Company’s Brisbane, California office space were as follows (in thousands): Three Months Ended Nine Months Ended December 31, 2019 December 31, 2019 Operating lease cost $ 729 $ 1,767 Variable lease cost (1) 66 121 Total operating lease cost $ 795 $ 1,888 (1) Variable lease cost includes common area maintenance and utilities costs which are not included in operating lease liabilities and which are expensed as incurred. Certain information related to the Company’s operating lease right-of-use assets and operating lease liabilities for its Brisbane, California office space was as follows (in thousands): Nine Months Ended December 31, 2019 Cash paid for operating lease liabilities $ 1,569 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ 12,237 As of December 31, 2019 , the Company’s operating leases for its Brisbane, California office space had a weighted average remaining lease term of 5.9 years and a weighted average discount rate of 12.3% . As of December 31, 2019 , maturities of operating lease liabilities for the Company’s Brisbane, California office space were as follows (in thousands): Years Ended March 31, 2020 (remainder of year) $ 720 2021 2,939 2022 3,028 2023 3,127 2024 3,053 Thereafter 5,307 Total lease payments 18,174 Less imputed interest (1) (5,326 ) Present value of future minimum lease payments 12,848 Less operating lease liability, current portion (1,449 ) Operating lease liability, long-term portion $ 11,399 (1) The Company ’ s lease contracts do not provide an implicit rate. The imputed interest was determined using the Company ’s incremental borrowing rate, which represents an estimated rate of interest that it would have to pay to borrow equivalent funds on a collateralized basis over a similar term at the lease inception date.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (A) Legal Contingencies The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company accrues for loss contingencies when available information indicates that it is probable that a liability has been incurred and the amount of such 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. The Company is currently not involved in any material legal proceedings. (B) Contract Service Providers In the normal course of business, the Company enters into agreements with contract service provides to assist in the performance of its R&D and clinical and commercial manufacturing activities. 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 collaborative research, contract research, clinical and commercial manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of capital resources. (C) Indemnification Agreements The Company has agreed to indemnify its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director was serving at the Company’s request in such capacity. The maximum amount of potential future indemnification liability is unlimited; however, the Company holds directors’ and officers’ liability insurance which limits the Company’s exposure and may enable it to recover a portion of any future amounts paid. In the normal course of business, the Company also enters into contracts and agreements with service providers and other parties with which it conducts business that contain indemnification provisions pursuant to which the Company has agreed to indemnify the party against certain types of third-party claims. The Company has agreed to indemnify DSP against certain losses, claims, liabilities and related expenses incurred by DSP, subject to the terms of the DSP Loan Agreement (See Note 7). The Company has not experienced any material losses related to these indemnification obligations, and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related accruals have been established. (D) Takeda Agreements Under the Takeda License Agreement, the Company will pay Takeda a fixed, high single-digit royalty on net sales of relugolix and MVT-602 products in the Company’s territory, subject to certain agreed reductions. Takeda will pay the Company a royalty at the same rate on net sales of relugolix products for prostate cancer in the Takeda Territory, subject to certain agreed reductions. Royalties are required to be paid, on a product-by-product and country-by-country basis, until the latest to occur of the expiration of the last to expire valid claim of a licensed patent covering such product in such country, the expiration of regulatory exclusivity for such product in such country, or 10 years after the first commercial sale of such product in such country. Under the Takeda License Agreement, there was no upfront payment and there are no payments upon the achievement of clinical development or marketing approval milestones. As the amount and timing of any potential future payments under the Takeda License Agreement are not probable and estimable, no such potential commitments have been included in the unaudited condensed consolidated balance sheet. 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 agreed to supply the Company and the Company 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 and Takeda entered into an initial firm order in which Takeda supplied the Company with relugolix drug substance at a fixed price per kilogram 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. 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 will automatically renew 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 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, 2019
Accounting Policies [Abstract]
Basis of Presentation	(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, 2019 , filed with the U.S. Securities and Exchange Commission, or the SEC, on May 24, 2019 . The unaudited consolidated balance sheet at March 31, 2019 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, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2020 , 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, 2019 , filed with the SEC on May 24, 2019 , except for the adoption of ASU 2016-02, Leases (Topic 842), on April 1, 2019. See Note 2(I).
Use of Estimates	(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, share-based compensation expenses, research and development, or R&D, expenses and accruals, 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. Estimates and assumptions are periodically reviewed in light of changes in circumstances, facts, or experience. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates.
Going Concern and Management's Plans	(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, 2019 , the Company incurred net losses of $224.1 million and used $201.9 million of cash and cash equivalents in operations. The Company expects to continue to incur significant and increasing operating losses and negative operating cash flows as it continues to develop its product candidates and prepares for potential future regulatory approvals and commercialization of relugolix combination tablet and relugolix monotherapy tablet. In addition, the Company expects that its outstanding debt levels will increase in future periods, which will result in an increase in its quarterly interest payment obligations. The Company has not generated any revenue to date and does not expect to generate revenue unless and until it successfully completes development and obtains regulatory approval for at least one of its product candidates. Based on its current operating plan, the Company expects that its existing cash, cash equivalents, and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements at least through the end of the Company’s fiscal year ending March 31, 2020. 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. Current cash, cash equivalents and marketable securities will not be sufficient to enable the Company to complete all necessary development and regulatory activities and commercially launch relugolix combination tablet or relugolix monotherapy tablet. The Company anticipates that it will continue to incur net losses and negative operating cash flows 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. 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 expects to draw under the DSP Loan Agreement (see Note 7) on a quarterly basis, such draws are contingent upon the consent of the Company’s board of directors. If DSP fails to own at least a majority of the Company’s common shares, the Company would not be able to continue to borrow additional amounts under the DSP Loan Agreement. ASC 240-40, Going Concern , does not allow the Company to consider future financing activities that are uncertain in its assessment of the Company’s future cash burn for the purpose of its liquidity assessment. Although the Company believes that it will continue to raise capital to fund its operations as it has in the past, the DSP Loan Agreement involves, and any agreements for future debt or preferred equity financings, if available, may include covenants limiting or restricting the Company’s ability to take specific actions, such as incurring additional debt and raising capital through equity offerings. Due to these uncertainties, there is substantial doubt about the Company’s ability to continue as a going concern. The 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.
Net Loss Per Common Share	(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 stock units, restricted stock awards, performance stock units, 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.
Cash, Cash Equivalents and Restricted Cash	(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 with a maturity of three months or less at the time of purchase to be cash equivalents. As of December 31, 2019 , cash and cash equivalent balances are diversified between three financial institutions. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and the issuers of its money market funds and commercial paper. The Company maintains its 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. Interest income consists of interest earned on money market funds and the accretion of discounts to maturity for commercial paper and corporate bonds. Restricted cash consists of non-interest bearing legally restricted deposits held as compensating balances against the Company’s corporate credit card program and an irrevocable standby letter of credit provided as security for the Company’s office lease.
Marketable Securities	(F) Marketable Securities Investments in marketable securities are held in a custodial account at a financial institution and managed by the Company’s investment advisor based on the Company’s investment guidelines. The Company considers all highly liquid investments in securities with a maturity of greater than three months at the time of purchase to be marketable securities. As of December 31, 2019 , the Company’s marketable securities consisted of commercial paper and highly rated corporate bonds with maturities of greater than three months but less than twelve months at the time of purchase. These short-term commercial paper and corporate debt securities are classified as current assets on the Company’s unaudited condensed consolidated balance sheets under the caption marketable securities.
Fair Value Measurements	(G) 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 commercial paper, corporate bonds, and money market funds, marketable securities consisting of commercial paper and corporate bonds, accounts payable and debt obligations. Cash, cash equivalents, and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. Marketable securities are recorded at their estimated fair value and are included in Level 2 of the fair value hierarchy. The carrying value of the Company’s debt approximates fair value and is included in Level 2 of the fair value hierarchy.
Pushdown Accounting	(H) Pushdown Accounting In November 2014, the FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting . The ASU provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change in control event occurs. If pushdown accounting is applied to an individual change in control event, that election is irrevocable. The Company elected not to apply pushdown accounting in its unaudited condensed consolidated financial statements upon the change in control of the Company on December 27, 2019. See Note 7 for additional information.
Recently Issued Accounting Pronouncements	(I) Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is a comprehensive new lease standard that amends various aspects of existing accounting guidance for leases. The core principle of Topic 842 requires lessees to recognize on the consolidated balance sheets a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for both finance and operating leases with lease terms greater than twelve months. The lease liability is measured at the present value of the unpaid lease payments and the right-of-use asset is derived from the calculation of the lease liability. Topic 842 also requires lessees to disclose key information about leasing arrangements. Topic 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application (“Transition Date”). An entity may choose to use either (i) its effective date or (ii) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The Company adopted the new standard on April 1, 2019 and used the effective date as its date of initial application. The new standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients,” which permitted it to not reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs. As a result, the Company has continued to account for existing leases - i.e. leases for which the commencement date is before April 1, 2019 - in accordance with Topic 840 throughout the entire lease term, including periods after the effective date, with the exception that the Company applied the new balance sheet recognition guidance for operating leases and applied Topic 842 for remeasurements and modifications after the Transition Date. The most significant impact of the adoption of Topic 842 on the Company’s unaudited condensed consolidated financial statements was the recognition of a $9.4 million operating lease right-of-use asset, a $0.8 million current operating lease liability, and a $9.8 million long-term operating lease liability on the Company’s unaudited condensed consolidated balance sheet related to its existing facility operating lease. In addition, the Company reclassified the $1.2 million deferred rent liability for its existing facility lease to the related operating lease right-of-use asset. There was no material impact to the Company’s unaudited condensed consolidated statement of operations, and no cumulative-effect adjustment to accumulated deficit. See Note 11 for additional information. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , or ASU 2018-02. ASU 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 2018-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 and early adoption is permitted. The Company adopted the new standard on April 1, 2019. The adoption of ASU 2018-02 did not have an impact on the Company’s unaudited condensed consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718) : Improvements to Nonemployee Share-Based Payment Accounting, or ASU 2018-07. ASU 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 2018-07 is effective for interim and annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company adopted the new standard on April 1, 2019. The adoption of ASU 2018-07 did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures . In July 2018, the FASB issued ASU 2018-09, Codification Improvements, to make changes to a variety of topics to clarify, correct errors in, or make minor improvements to the ASC. Certain items in the amendments in ASU 2018-09 will be effective for the Company in annual periods beginning after December 15, 2018. The adoption of ASU 2018-09 on April 1, 2019 did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures . Other recent accounting pronouncements issued by the FASB, (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by the Company to, have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures. (J) Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , or ASU 2016-13, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company is currently assessing the impact the adoption of this new standard will have on its unaudited condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement , or ASU 2018-13. ASU 2018-13 amends the disclosure requirements in Topic 820 to promote the exercise of discretion by entities when considering fair value measurement disclosures and clarifies that materiality is an appropriate consideration when evaluating fair value measurement disclosure requirements. Certain required disclosures were added, modified, or removed, including removing the required disclosure of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. ASU 2018-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company does not currently expect that the adoption of this new standard will have a material impact on its unaudited condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , or ASU 2018-15, which amends ASC 350-40, Internal-Use Software , to include in its scope implementation costs of a cloud computing arrangement that is a service contract. Consequently, the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement is aligned with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company is currently assessing the impact the adoption of this standard will have on its unaudited condensed consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740), that eliminates certain exceptions to the general principles in ASC 740 related to intra-period tax allocation, deferred tax liability and general methodology for calculating income taxes. The ASU also simplifies U.S. GAAP by making other changes for matters such as, franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. ASU 2019-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company is currently assessing the impact the adoption of this standard will have on its unaudited condensed consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share	As of December 31, 2019 and 2018 , potentially dilutive securities were as follows: December 31, 2019 2018 Stock options 7,744,257 5,351,908 Restricted stock awards (unvested) 705,137 987,193 Restricted stock units (unvested) 683,729 40,325 Performance stock units (unvested) 299,870 — Warrants 73,710 73,710 Total 9,506,703 6,453,136
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash as reported on the unaudited condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash and consists of the following (in thousands): December 31, 2019 2018 Cash and cash equivalents $ 83,073 $ 183,003 Restricted cash (1) 1,374 600 Total cash, cash equivalents and restricted cash $ 84,447 $ 183,603 (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, 2019
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value	The following table summarizes the Company’s assets measured at fair value on a recurring basis and their assigned levels within the fair value hierarchy as of December 31, 2019 (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Money market funds $ 93 $ — $ — $ 93 Commercial paper — 79,026 — 79,026 Corporate bonds — 5,050 — 5,050 Total assets $ 93 $ 84,076 $ — $ 84,169 The following table summarizes the Company’s assets measured at fair value on a recurring basis and their assigned levels within the fair value hierarchy as of March 31, 2019 (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Money market funds $ 83 $ — $ — $ 83 Commercial paper — 126,050 — 126,050 Total assets $ 83 $ 126,050 $ — $ 126,133

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	As of December 31, 2019 , and March 31, 2019 , accrued expenses consisted of the following (in thousands): December 31, 2019 March 31, 2019 Accrued R&D expenses $ 30,941 $ 46,947 Accrued compensation-related expenses 8,666 5,024 Accrued professional service fees 1,446 370 Accrued other expenses 4,161 1,394 Total accrued expenses $ 45,214 $ 53,735

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of stock option activity under the Company’s 2016 Plan is as follows: Number of Options Options outstanding at March 31, 2019 5,396,465 Granted 2,768,700 Exercised (80,548 ) Forfeited (340,360 ) Options outstanding at December 31, 2019 7,744,257 Options vested and expected to vest at December 31, 2019 7,744,257 Vested options subject to one-year exercise restriction period beginning on August 26, 2019 735,428 Options exercisable at December 31, 2019 2,857,183
Summary of Restricted Share Awards and Restricted Stock Units Activity	A summary of restricted stock award and restricted stock unit activity under the Company’s 2016 Plan is as follows: Number of Shares Unvested balance at March 31, 2019 956,066 Granted 724,554 Vested (221,781 ) Forfeited (69,973 ) Unvested balance at December 31, 2019 1,388,866
Schedule of Share-based Compensation	Share-based compensation expense was as follows (in thousands): Three Months Ended December 31, 2019 2018 Share-based compensation expense recognized as: R&D expenses $ 5,399 $ 1,840 G&A expenses 14,396 2,954 Total $ 19,795 $ 4,794 Nine Months Ended December 31, 2019 2018 Share-based compensation expense recognized as: R&D expenses $ 11,565 $ 5,247 G&A expenses 22,613 8,516 Total $ 34,178 $ 13,763

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Operating Lease Expense	The components of operating lease expense for the Company’s Brisbane, California office space were as follows (in thousands): Three Months Ended Nine Months Ended December 31, 2019 December 31, 2019 Operating lease cost $ 729 $ 1,767 Variable lease cost (1) 66 121 Total operating lease cost $ 795 $ 1,888 (1) Variable lease cost includes common area maintenance and utilities costs which are not included in operating lease liabilities and which are expensed as incurred. Certain information related to the Company’s operating lease right-of-use assets and operating lease liabilities for its Brisbane, California office space was as follows (in thousands): Nine Months Ended December 31, 2019 Cash paid for operating lease liabilities $ 1,569 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ 12,237
Maturities of Operating Lease Liabilities	As of December 31, 2019 , maturities of operating lease liabilities for the Company’s Brisbane, California office space were as follows (in thousands): Years Ended March 31, 2020 (remainder of year) $ 720 2021 2,939 2022 3,028 2023 3,127 2024 3,053 Thereafter 5,307 Total lease payments 18,174 Less imputed interest (1) (5,326 ) Present value of future minimum lease payments 12,848 Less operating lease liability, current portion (1,449 ) Operating lease liability, long-term portion $ 11,399 (1) The Company ’ s lease contracts do not provide an implicit rate. The imputed interest was determined using the Company ’s incremental borrowing rate, which represents an estimated rate of interest that it would have to pay to borrow equivalent funds on a collateralized basis over a similar term at the lease inception date.

Description of Business (Detail

Description of Business (Details) - Majority Shareholder - DSP	Dec. 27, 2019shares
Noncontrolling Interest [Line Items]
Number of shares issued (in shares)	45,008,604
Ownership percentage	50.20%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Apr. 01, 2019USD ($)
Accounting Policies [Abstract]
Number of operating segments | segment							1
Number of reporting segments | segment							1
Net loss	$ 85,604	$ 70,568	$ 67,904	$ 70,633	$ 65,770	$ 62,134	$ 224,076	$ 198,537
Cash and cash equivalents used in operations							201,943	$ 170,980
Operating lease right-of-use asset	11,491						11,491		$ 9,400
Operating lease liability	1,449						1,449		800
Long-term operating lease liability	$ 11,399						$ 11,399		9,800
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred rent obligations									$ (1,200)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	9,506,703	6,453,136
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,744,257	5,351,908
Restricted stock awards (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	705,137	987,193
Restricted stock units (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	683,729	40,325
Performance stock units (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	299,870	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	73,710	73,710

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 83,073	$ 156,074	$ 183,003
Restricted cash	1,374		600
Total cash, cash equivalents and restricted cash	$ 84,447	$ 157,199	$ 183,603	$ 108,624

Marketable Securities (Details)

Marketable Securities (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Marketable securities	$ 15,815,000	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 84,169,000	$ 126,133,000
Total liabilities	0	0
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	93,000	83,000
Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	79,026,000	126,050,000
Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Corporate bonds	5,050,000
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	93,000	83,000
Level 1 | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	93,000	83,000
Level 1 | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Level 1 | Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Corporate bonds	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	84,076,000	126,050,000
Level 2 | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Level 2 | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	79,026,000	126,050,000
Level 2 | Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Corporate bonds	5,050,000
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Level 3 | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Level 3 | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	$ 0
Level 3 | Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Corporate bonds	$ 0

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Payables and Accruals [Abstract]
Accrued R&D expenses	$ 30,941	$ 46,947
Accrued compensation-related expenses	8,666	5,024
Accrued professional service fees	1,446	370
Accrued other expenses	4,161	1,394
Total accrued expenses	$ 45,214	$ 53,735

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) - USD ($)	Dec. 31, 2019	Dec. 30, 2019	Dec. 27, 2019	Dec. 31, 2018	Oct. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	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
Payment of annual debt administration fee								$ 300,000	$ 300,000
Loss on extinguishment of debt			$ 4,900,000			$ 4,851,000	$ 0	4,851,000	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
Debt issued				$ 54,000,000	6,000,000
Equity commitment related to note issuance					$ 20,000,000
Interest rate					15.00%
Quarterly interest rate					5.00%
Deferred interest rate					10.00%
Default interest rate					5.00%
Amortized deferred financing costs						100,000		300,000
Payment of annual debt administration fee						300,000			300,000
Principal repayment of debt	$ 60,000,000
Accrued interest repayment of debt	7,600,000
Prepayment penalty	$ 2,400,000
Term Loan | Hercules Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing commitment					$ 40,000,000
Interest rate					8.25%
Amortized deferred financing costs						$ 400,000	$ 300,000	$ 1,300,000	$ 1,000,000
Principal amount funded					$ 25,000,000					$ 15,000,000
Current interest rate	8.75%					8.75%		8.75%
End of term charge					6.55%
Principal repayment of debt	$ 40,000,000
Accrued interest repayment of debt	300,000
Prepayment penalty	400,000
End-of-term charge	$ 2,600,000
Term Loan | Hercules Loan Agreement | Prime Rate
Debt Instrument [Line Items]
Variable interest rate					4.00%
Tranche 1 | 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
Tranche 2 | 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
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
Majority Shareholder | DSP | Term Loan | Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd.
Debt Instrument [Line Items]
Maximum borrowing commitment			400,000,000
Debt issued		$ 113,700,000	$ 113,700,000
Default interest rate			5.00%

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	Dec. 30, 2019USD ($)	Dec. 27, 2019USD ($)dayshares	Jun. 04, 2019USD ($)$ / sharesshares	Apr. 30, 2018USD ($)$ / sharesshares	Oct. 31, 2017USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Interest expense (related party)						$ 16,000	$ 0	$ 16,000	$ 0
DSP | Majority Shareholder
Related Party Transaction [Line Items]
Number of shares owned (in shares) | shares		45,008,604
Ownership percentage		50.20%
Ownership threshold for appointment of directors		50.00%
Ownership threshold for voting rights		60.00%
Ownership threshold for right of ownership percentage maintenance		50.00%
Roivant Sciences, Ltd. | Majority Shareholder | Service Agreement
Related Party Transaction [Line Items]
Expenses incurred under agreements						200,000	400,000	600,000	4,600,000
Roivant Sciences, Ltd. | Majority Shareholder | Share-based Compensation, Expense Allocated to Company
Related Party Transaction [Line Items]
Expenses incurred under agreements						100,000	$ 100,000	300,000	$ 500,000
Private Placement
Related Party Transaction [Line Items]
Number of shares issued (in shares) | shares					138,361
Net proceeds from sale of shares					$ 2,000,000
Private Placement | Roivant Sciences, Ltd. | Majority Shareholder
Related Party Transaction [Line Items]
Number of shares issued (in shares) | shares				1,110,015
Price of shares (in USD per share) | $ / shares				$ 20.27
Net proceeds from sale of shares				$ 22,500,000
Public Offering
Related Party Transaction [Line Items]
Number of shares issued (in shares) | shares			17,424,243
Price of shares (in USD per share) | $ / shares			$ 8.25
Net proceeds from sale of shares			$ 134,500,000
Public Offering | Majority Shareholder
Related Party Transaction [Line Items]
Number of shares issued (in shares) | shares			2,424,242
Net proceeds from sale of shares			$ 20,000,000
Term Loan | Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd. | DSP | Majority Shareholder
Related Party Transaction [Line Items]
Maximum borrowing commitment		$ 400,000,000
Debt issued	$ 113,700,000	$ 113,700,000
Debt term		5 years
Notice period for prepayment | day		10
Default interest rate		5.00%
Repayment period upon change in control		30 days
Outstanding balance						113,700,000		113,700,000
Available borrowing capacity						286,300,000		286,300,000
Interest expense (related party)						$ 100,000		$ 100,000
LIBOR | Term Loan | Letter Agreement with Sumitomo Dainippon Pharma, Co., Ltd. | DSP | Majority Shareholder
Related Party Transaction [Line Items]
Variable interest rate		3.00%
Current interest rate						4.96%		4.96%

Income Taxes - Narrative (Deta

Income Taxes - Narrative (Details)	Dec. 27, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate		(0.22%)	0.00%	(0.31%)	(0.12%)
DSP | Majority Shareholder
Related Party Transaction [Line Items]
Ownership percentage	50.20%

Shareholders' Equity - Narrati

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 04, 2019	Apr. 30, 2018	Oct. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	17,424,243
Price of shares (in USD per share)	$ 8.25
Net proceeds from sale of shares	$ 134.5
Underwriter's Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	2,272,727
Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)			138,361
Net proceeds from sale of shares			$ 2
Cowen and Company, LLC | Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)				0	0	106,494	2,767,129
Price of shares (in USD per share)				$ 24.65	$ 21.47	$ 24.65	$ 21.47
Net proceeds from sale of shares				$ 2.5	$ 57.3
Aggregate offering price		$ 100
Remaining capacity in offering program				$ 10.4		$ 10.4
Majority Shareholder | Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	2,424,242
Net proceeds from sale of shares	$ 20
Majority Shareholder | 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
Net proceeds from sale of shares		$ 22.5

Share-Based Compensation (Narr

Share-Based Compensation (Narrative) (Details)	Dec. 27, 2019USD ($)shares	Aug. 26, 2019USD ($)$ / sharesshares	Apr. 01, 2019shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Mar. 31, 2017shares	Aug. 25, 2019$ / shares	Mar. 31, 2019shares	Jun. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested executive options subject to one-year exercise restriction period (in shares)				735,428		735,428
Options vested and unvested outstanding (in shares)				7,744,257		7,744,257				5,396,465
Accelerated vesting of awards | $				$ 1,800,000		$ 10,200,000
Unrecognized compensation cost | $				$ 58,800,000		$ 58,800,000
Unrecognized compensation expense, period for recognition						2 years 9 months 18 days
Stock Options, Repriced
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repricing ratio		1
Exercise price (in USD per share) | $ / shares		$ 7.78
Options vested and unvested outstanding (in shares)		5,095,013
Stock-based compensation expense | $		$ 9,200,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting of awards (in shares)	849,212
Accelerated vesting of awards | $	$ 11,200,000
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting of awards (in shares)	108,640
Accelerated vesting of awards | $	$ 800,000
Awards granted (in shares)		408,510
Unvested awards (in shares)				299,870		299,870
Performance Stock Units, Time-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		272,338
Share of awards granted						66.66%
Performance Stock Units, Vesting Based Upon Clinical Trial and Regulatory Milestones
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		136,172
Share of awards granted						33.33%
Myovant 2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant (in shares)				1,500,000		1,500,000					4,500,000
Common shares reserved for grant, annual percentage increase											4.00%
Increase in common shares reserved for grant (in shares)			2,900,000
Executives, Subject to Exercise Restriction Period | Stock Options, Repriced
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested executive options subject to one-year exercise restriction period (in shares)		735,428
Repricing restriction period		1 year
Principal Executive Officer | Restricted stock units | RSL | RSL RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)								66,845
Expenses incurred under agreements | $				$ 0	$ 0	$ 0	$ 0
Minimum | Stock Options, Repriced
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in USD per share) | $ / shares									$ 8.82
Maximum | Stock Options, Repriced
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in USD per share) | $ / shares									24.44
Median | Stock Options, Repriced
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in USD per share) | $ / shares									$ 17.28

Share-Based Compensation (Summa

Share-Based Compensation (Summary of Stock Option Activity) (Details)	9 Months Ended
	Dec. 31, 2019shares
Number of Options
Beginning balance (in shares)	5,396,465
Granted (in shares)	2,768,700
Exercised (in shares)	(80,548)
Forfeited (in shares)	(340,360)
Ending balance (in shares)	7,744,257
Options vested and expected to vest (in shares)	7,744,257
Vested executive options subject to one-year exercise restriction period (in shares)	735,428
Options exercisable (in shares)	2,857,183

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, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	956,066
Granted (in shares)	724,554
Vested (in shares)	(221,781)
Forfeited (in shares)	(69,973)
Ending balance (in shares)	1,388,866

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 19,795	$ 4,794	$ 34,178	$ 13,763
R&D expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	5,399	1,840	11,565	5,247
G&A expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 14,396	$ 2,954	$ 22,613	$ 8,516

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Dec. 31, 2019USD ($)ft²	Oct. 31, 2019USD ($)ft²
Lessee, Lease, Description [Line Items]
Expected minimum payments over sublease term	$ 18,174
Weighted average remaining lease term	5 years 10 months 24 days
Weighted average discount rate	12.30%
Brisbane, California Office Space
Lessee, Lease, Description [Line Items]
Area leased (in sq ft) | ft²	40,232
Extension term	7 years
Letters of credit	$ 500	$ 200
Reduced letter of credit if conditions met	$ 200
Area leased (in sq ft) | ft²		20,116
Expected minimum payments over sublease term		$ 3,700

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 729	$ 1,767
Variable lease cost	66	121
Total operating lease cost	$ 795	$ 1,888

Leases - Operating Lease Right

Leases - Operating Lease Right of Use Assets and Liabilities (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Cash paid for operating lease liabilities	$ 1,569
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 12,237

Leases - Operating Lease Liabil

Leases - Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Apr. 01, 2019
Leases [Abstract]
2020 (remainder of year)	$ 720
2021	2,939
2022	3,028
2023	3,127
2024	3,053
Thereafter	5,307
Total lease payments	18,174
Less imputed interest	(5,326)
Present value of future minimum lease payments	12,848
Less operating lease liability, current portion	(1,449)	$ (800)
Operating lease liability, long-term portion	$ 11,399	$ 9,800

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - Takeda Commercial Supply Agreement	May 30, 2018
Supply Commitment [Line Items]
Agreement term after first commercial sale	10 years
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