Replimune (REPL) 10-Q 3 Aug 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38596
Entity Registrant Name	REPLIMUNE GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2082553
Entity Address, Address Line One	500 Unicorn Park Drive
Entity Address, Address Line Two	Suite 303
Entity Address, City or Town	Woburn
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01801
City Area Code	781
Local Phone Number	222-9600
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	REPL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,996,326
Entity Central Index Key	0001737953
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 106,481	$ 146,590
Short-term investments	432,619	436,796
Research and development incentives receivable	3,047	2,939
Prepaid expenses and other current assets	7,895	6,278
Total current assets	550,042	592,603
Property, plant and equipment, net	7,616	7,479
Restricted cash	1,636	1,636
Research and development incentives receivable, non-current	402	0
Right-to-use asset - operating leases	5,137	5,208
Right-to-use asset - financing leases	39,058	39,665
Total assets	603,891	646,591
Current liabilities:
Accounts payable	4,883	5,364
Accrued expenses and other current liabilities	23,562	24,704
Operating lease liabilities, current	1,139	1,118
Financing lease liabilities, current	2,658	2,639
Total current liabilities	32,242	33,825
Operating lease liabilities, non-current	4,295	4,389
Financing lease liabilities, non-current	23,842	23,965
Long term debt, net of discount	28,905	28,648
Other liabilities, non-current	578	472
Total liabilities	89,862	91,299
Commitments and contingencies (Note 13)
Stockholders' equity
Common stock, $0.001 par value; 150,000,000 shares authorized as of June 30, 2023 and March 31, 2023; 58,976,325 and 56,676,313 shares issued and outstanding as of June 30, 2023 and March 31, 2023, respectively	57	57
Additional paid-in capital	1,045,049	1,034,994
Accumulated deficit	(535,043)	(485,488)
Accumulated other comprehensive income	3,966	5,729
Total stockholders' equity	514,029	555,292
Total liabilities and stockholders' equity	$ 603,891	$ 646,591

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Mar. 31, 2023
Stockholders' Equity Attributable to Parent [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	58,976,325	56,676,313
Common stock, outstanding (in shares)	58,976,325	56,676,313

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 40,437	$ 29,478
Selling, general and administrative	15,211	11,398
Total operating expenses	55,648	40,876
Loss from operations	(55,648)	(40,876)
Other income (expense):
Research and development incentives	393	851
Investment income	6,186	343
Interest expense on finance lease liability	(544)	(552)
Interest expense on debt obligations	(1,115)	0
Other income (expense)	1,374	(2,019)
Total other income (expense), net	6,294	(1,377)
Loss before income taxes	(49,354)	(42,253)
Income tax provision	201	0
Net loss	$ (49,555)	$ (42,253)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.75)	$ (0.78)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.75)	$ (0.78)
Weighted average common shares outstanding, basic (in shares)	66,367,702	54,211,446
Weighted average common shares outstanding, diluted (in shares)	66,367,702	54,211,446

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (49,555)	$ (42,253)
Other comprehensive loss:
Foreign currency translation (loss) gain	(1,305)	1,737
Net unrealized loss on short-term investments, net of tax of $0	(458)	(244)
Comprehensive loss	$ (51,318)	$ (40,760)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Tax on short-term investments	$ 0	$ 0

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss
Balance (in shares) at Mar. 31, 2022		47,338,660
Balance at Mar. 31, 2022	$ 411,229	$ 47	$ 723,359	$ (311,204)	$ (973)
Increase (decrease) in Stockholders' Equity
Shares issued during period (in shares)		1,686,438
Issuance of common stock through ATM sales, net of offering costs	31,037	$ 2	31,035
Foreign currency translation adjustment	1,737				1,737
Unrealized loss on short-term investments	(244)				(244)
Exercise of stock options (in shares)		124,028
Exercise of pre-funded warrants	1,562		1,562
Vesting of RSUs (in shares)		149,341
Stock-based compensation expense	7,194		7,194
Net loss	(42,253)			(42,253)
Balance (in shares) at Jun. 30, 2022		49,298,467
Balance at Jun. 30, 2022	410,262	$ 49	763,150	(353,457)	520
Balance (in shares) at Mar. 31, 2022		47,338,660
Balance at Mar. 31, 2022	$ 411,229	$ 47	723,359	(311,204)	(973)
Increase (decrease) in Stockholders' Equity
Shares issued during period (in shares)	340,000
Balance (in shares) at Mar. 31, 2023		56,676,313
Balance at Mar. 31, 2023	$ 555,292	$ 57	1,034,994	(485,488)	5,729
Increase (decrease) in Stockholders' Equity
Foreign currency translation adjustment	(1,305)				(1,305)
Unrealized loss on short-term investments	$ (458)				(458)
Exercise of pre-funded warrants		1,922,655
Exercise of stock options (in shares)	96,146	96,146
Exercise of pre-funded warrants	$ 1,209		1,209
Vesting of RSUs (in shares)		281,211
Stock-based compensation expense	8,846		8,846
Net loss	(49,555)			(49,555)
Balance (in shares) at Jun. 30, 2023		58,976,325
Balance at Jun. 30, 2023	$ 514,029	$ 57	$ 1,045,049	$ (535,043)	$ 3,966

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (49,555)	$ (42,253)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	8,846	7,194
Depreciation	621	620
Net amortization of premiums and discounts on short-term investments	(4,091)	243
Noncash interest expense	257	0
Unrealized foreign currency transaction losses	(1,374)	0
Changes in operating assets and liabilities:
Research and development incentives receivable	(393)	(850)
Prepaid expenses and other current assets	(1,577)	1,158
Operating lease, right-of-use-asset	148	126
Finance lease, right-of-use-asset	607	607
Accounts payable	(816)	895
Accrued expenses and other current liabilities	(1,215)	(1,067)
Operating lease liabilities	(153)	(128)
Other non-current liabilities	107	0
Net cash used in operating activities	(48,588)	(33,455)
Cash flows from investing activities:
Purchases of property, plant and equipment	(449)	(1,068)
Purchase of short-term investments	(169,330)	(60,617)
Proceeds from sales and maturities of short-term investments	177,140	67,000
Net cash provided by investing activities	7,361	5,315
Cash flows from financing activities:
Proceeds from issuance of common stock through ATM sales, net of offering costs	0	31,037
Principal payment of finance lease obligation	(104)	(77)
Proceeds from exercise of stock options	1,209	1,562
Net cash provided by financing activities	1,105	32,522
Effect of exchange rate changes on cash, cash equivalents and restricted cash	13	1,915
Net (decrease) increase in cash, cash equivalents and restricted cash	(40,109)	6,297
Cash, cash equivalents and restricted cash at beginning of period	148,226	107,584
Cash, cash equivalents and restricted cash at end of period	108,117	113,881
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	653	0
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable	$ 412	$ 318

Nature of the business

Nature of the business	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the business	Nature of the business Replimune Group, Inc. (the “Company”) is a clinical-stage biotechnology company committed to applying its leading expertise in the field of oncolytic immunotherapy to transform the lives of cancer patients through its novel tumor-directed oncolytic immunotherapies. The Company's proprietary tumor-directed oncolytic immunotherapy product candidates are designed and intended to maximally activate the immune system against cancer. Replimune Group, Inc., whose predecessor was founded in 2015, is the parent company of its wholly owned, direct and indirect subsidiaries: Replimune Limited (“Replimune UK”); Replimune, Inc. (“Replimune US”); Replimune Securities Corporation; and Replimune (Ireland) Limited. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, third-party intellectual property, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance and reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Basis of presentation The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has incurred recurring losses since its inception, including net losses of $49.6 million and $42.3 million for the three months ended June 30, 2023 and 2022, respectively. In addition, as of June 30, 2023, the Company had an accumulated deficit of $535.0 million. The Company expects to continue to generate operating losses for the foreseeable future. As of the issuance date of these consolidated financial statements, the Company expects that its cash and cash equivalents and short-term investments will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance of these consolidated financial statements.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Principles of consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and its direct and indirect wholly owned subsidiaries, Replimune UK, Replimune US, Replimune Securities Corporation and Replimune (Ireland) Limited after elimination of all intercompany accounts and transactions. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Unaudited interim financial information The accompanying consolidated balance sheet as of June 30, 2023, the consolidated statements of operations, of comprehensive loss and of stockholders’ equity for the three months ended June 30, 2023 and 2022 and the consolidated statements of cash flows for the three months ended June 30, 2023 and 2022 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2023 and the results of its operations for the three months ended June 30, 2023 and 2022 and its cash flows for the three months ended June 30, 2023 and 2022. The financial data and other information disclosed in these consolidated notes related to the three months ended June 30, 2023 and 2022 are unaudited. The results for the three months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending March 31, 2024, any other interim periods or any future year or period. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's Annual Report on Form 10-K for the year ended March 31, 2023, which was filed with the Securities and Exchange Commission on May 18, 2023 (the "Annual Report"). During the three months ended June 30, 2023, there have been no changes to the Company’s significant accounting policies as described in the Annual Report, except as described below.

Fair value of financial assets

Fair value of financial assets and liabilities	3 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair value of financial assets and liabilities	Fair value of financial assets and liabilities The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ — $ 26,928 $ — $ 26,928 US Government Agency bonds — 15,928 — 15,928 Short-term investments US Government Agency bonds — 307,583 — 307,583 US Treasury bonds — 125,036 — 125,036 $ — $ 475,475 $ — $ 475,475 Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ — $ 121,455 $ — $ 121,455 Short-term investments US Government Agency bonds — 240,355 — 240,355 US Treasury bonds — 196,441 — 196,441 $ — $ 558,251 $ — $ 558,251 The underlying securities in the money market funds held by the Company are all government backed securities. During the three months ended June 30, 2023 and 2022, there were no transfers between levels. Valuation of cash equivalents and short-term investments Money market funds, U.S. Government Agency bonds and U.S. Treasury bonds were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. Cash equivalents consisted of money market funds and U.S. Government Agency bonds at June 30, 2023 and money market funds at March 31, 2023.

Short-term investments

Short-term investments	3 Months Ended
	Jun. 30, 2023
Short-Term Investments [Abstract]
Short-term investments	Short-term investmentsAs of June 30, 2023 and March 31, 2023, the Company's available-for-sale investments by type consisted of the following: June 30, 2023 Amortized Gross unrealized Gross unrealized Credit Losses Fair value US Government agency bonds $ 307,935 $ 84 $ (436) $ — $ 307,583 US Treasury bonds 125,205 3 (172) — 125,036 Total $ 433,140 $ 87 $ (608) $ — $ 432,619 March 31, 2023 Amortized cost Gross unrealized gains Gross unrealized losses Credit Losses Fair value US Government agency bonds 240,371 187 (203) $ — 240,355 US Treasury bonds 196,488 77 (124) — 196,441 Total $ 436,859 $ 264 $ (327) $ — $ 436,796 As of June 30, 2023, available-for-sale securities consisted of investments that mature within one year. As of March 31, 2023, available-for-sale securities consisted of investments that mature within one year, with the exception of certain U.S. Government agency bonds and U.S. Treasury bonds which had maturities between one and two years and an aggregate fair value of $15.1 million.

Property, plant and equipment,

Property, plant and equipment, net	3 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment, net	Property, plant and equipment, net Property, plant and equipment, net consisted of the following: June 30, 2023 March 31, 2023 Office equipment $ 1,245 $ 1,240 Computer equipment 1,806 1,806 Plant and laboratory equipment 9,337 9,186 Leasehold improvements 1,706 1,706 Construction in progress 1,385 783 Total property, plant and equipment 15,479 14,721 Less: Accumulated depreciation (7,863) (7,242) Property, plant and equipment, net $ 7,616 $ 7,479 Depreciation expense was $621 and $620 for the three months ended June 30, 2023 and 2022, respectively. Depreciation expense is recorded within research and development and selling, general and administrative expenses in the consolidated statement of operations.

Accrued expenses and other curr

Accrued expenses and other current liabilities	3 Months Ended
	Jun. 30, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following: June 30, 2023 March 31, 2023 Accrued research and development costs $ 14,959 $ 11,261 Accrued compensation and benefits costs 5,204 9,909 Accrued professional fees 402 540 Other 2,997 2,994 Total accrued expenses and other current liabilities $ 23,562 $ 24,704

Debt

Debt	3 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt On October 6, 2022, the Company entered into a Loan and Security Agreement (the “Loan Agreement”), with Hercules Capital, Inc., as administrative agent, collateral agent and as a lender (“Hercules”). Pursuant to the Loan Agreement, the Company can borrow term loans in an aggregate maximum principal amount of up to $200.0 million under multiple tranches (the “Term Loan Facility”). Under the Loan Agreement, the Company borrowed an initial amount of $30.0 million on the Closing Date, and at the Company's sole option, could draw down an additional $30.0 million on or prior to September 30, 2023, as well as additional term loan advances in an aggregate principal amount of up to $115.0 million during the term of the Term Loan Facility subject to achievement of specified performance milestones, and two additional term loan advances up to an aggregate principal amount of $25.0 million subject to certain terms and conditions, on or prior to the end of the interest-only period. The Company intends to use the proceeds of the Term Loan Facility for working capital and general corporate purposes. The Loan Agreement was subsequently amended (the "Amendment") on June 28, 2023 and the agreement, as amended, states that the Company agrees to draw an initial term loan advance in an aggregate principal amount not less than $30.0 million, provided that the aggregate amount of the term loan advances made under tranche 1 do not exceed $30.0 million, which is a decrease of $30 million from the $60.0 million in the original Loan Agreement. The total amount of the Loan Agreement, as well as the outstanding balance of the loan, is unchanged, but the option to borrow an additional $30.0 million is moved from tranche 1 to tranche 2. Therefore, the amendment states that the Company can draw down an additional $45.0 million on or prior to December 31, 2023, which is an increase of $30.0 million from the $15.0 million in the original Loan Agreement for tranche 2. The impact of this amendment is not a modification, as it does not relate to outstanding debt, but is rather an amendment that provides for a future potential benefit. There is no material impact to the financial statements. The Term Loan Facility will mature on October 1, 2027 (the “Maturity Date”). The outstanding principal balance of the Term Loan Facility bears interest payable in cash at a floating rate per annum equal to the greater of (i) 7.25% and (ii) the sum of the Prime Rate (which is capped at 7.25%) and 1.75%. Accrued interest is payable monthly following the funding of each term loan advance. In addition, the principal balance of the Term Loan Facility will bear “payment-in-kind” interest at the rate of 1.50% (“PIK Interest”), which PIK Interest will be added to the outstanding principal balance of the Term Loan Facility on each interest payment date. Borrowings under the Loan Agreement are repayable in monthly interest-only payments through September 2026. After the interest-only payment period, borrowings under the Loan Agreement are repayable in equal monthly payments of principal and accrued interest until October 2027. At the Company's option, the Company may prepay all or a portion of the outstanding borrowings, subject to a prepayment fee of 3.0% of the principal amount if prepayment occurs during the 12 months following the Closing Date, 2.0% after 12 months following the Closing Date but prior to 36 months following the Closing Date, and 1.0% thereafter. The Loan Agreement contains customary facility fees, events of default and representations, warranties and affirmative and negative covenants, including a financial covenant requiring us to maintain unrestricted cash in an amount not less than 35% of the aggregate outstanding secured obligations under the Loan Agreement, in accounts subject to a control agreement in favor of the Agent (the “Unrestricted Cash”) at all times commencing on January 1, 2024. In addition, the Loan Agreement also contains a financial covenant that beginning on the later of (i) July 1, 2024 and (ii) the date on which the aggregate outstanding principal amount of the Term Loan Facility is equal to or greater than $100.0 million, the Company is required to satisfy one of the following requirements: (1) achieve a minimum amount of trailing three-month net product revenue tested on a monthly basis, (2) maintain a market capitalization in excess of $1.2 billion and Unrestricted Cash in an amount no less than 50% of the outstanding amount under the Term Loan Facility, or (3) maintain Unrestricted Cash in an amount no less than 85% of the outstanding amount under the Term Loan Facility. The Company paid a $0.5 million facility charge and incurred debt issuance costs of $1.5 million upon closing of the Loan Agreement. The Loan Agreement also provides for a final payment, payable upon maturity or the repayment of the obligations in full or in part (on a pro rata basis), equal to 4.95% of the aggregate principal amount of Term Loans advanced to the Borrower and repaid on such date, which is being accrued on the Company's consolidated balance sheet. As of June 30, 2023 and March 31, 2023, the amount accrued for the final payment is $0.2 million. Unamortized debt issuance costs are recorded as a reduction of the carrying amount on the term loan and amortized as interest expense using the effective-interest method. In addition, unamortized deferred financing costs related to the Company's right to borrow additional amounts from Hercules in the future were recorded in other assets and amortized to interest expense over the relevant draw period on a straight-line basis. As a result of the Amendment, the Company recorded $0.1 million of the remaining unamortized deferred financing costs related to the Tranche 1 delayed draw to interest expense as of June 30, 2023. Interest expense for the three months ended June 30, 2023 was $1.1 million. The summary of obligations under the term loan as of June 30, 2023 and March 31, 2023 consisted of the following (in thousands): June 30, 2023 March 31, 2023 Principal loan balance $ 30,337 $ 30,222 Facility charge and diligence fee (304) (315) Unamortized issuance costs (1,358) (1,410) Accumulated end of term fee 230 151 Long term debt, net $ 28,905 $ 28,648 The annual principal payments due under the Loan Agreement as of June 30, 2023 and March 31, 2023 were as follows: June 30, 2023 March 31, 2023 2024 — — 2025 — — 2026 — — 2027 13,438 13,438 Thereafter 18,701 18,701 Total $ 32,139 $ 32,139 The table of future payments of long-term debt excludes the end of term charge of $1.5 million, which is due upon the maturity of the loan

Stockholders' equity

Stockholders' equity	3 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' equity	Stockholders’ equity Common stock As of June 30, 2023 and March 31, 2023, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue up to 150,000,000 shares of common stock, par value $0.001 per share. The Company had reserved for common stock for the exercise of outstanding stock options and the vesting of restricted share units, the number of shares remaining available for grant under the Company’s 2018 Omnibus Incentive Compensation Plan and the Company’s Employee Stock Purchase Plan (see Note 10) and the exercise of the outstanding warrants to purchase shares of common stock as follows: June 30, 2023 March 31, 2023 Stock options, issued and outstanding 9,067,305 7,454,828 Restricted stock units 2,069,415 1,351,280 Stock options and restricted stock units, future issuance 2,148,050 2,209,597 Employee stock purchase plan, available for future grants 2,738,208 2,076,603 Pre-IPO warrants to purchase common stock 497,344 497,344 Pre-funded warrants 7,561,583 9,484,238 Total shares of common stock reserved for future issuance 24,081,905 23,073,890 Undesignated preferred stock As of June 30, 2023, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue up to 10,000,000 shares of undesignated preferred stock, par value $0.001 per share. There were no undesignated preferred shares issued or outstanding as of June 30, 2023. ATM program On August 11, 2020, the Company and the SVB Leerink LLC (the "Agent") entered into a sales agreement, which was subsequently amended on October 21, 2020 (as amended, the “2020 Sales Agreement”), pursuant to which the Company could sell, from time to time, at its option, up to an aggregate of $62.5 million of shares of the Company’s common stock, $0.001 par value per share, through the Agent, as the Company’s sales agent. During the three months ended June 30, 2022 the Company settled transactions that occurred pursuant to the 2020 Sales Agreement, whereby the Company issued and sold an aggregate of 1,686,438 shares of its common stock, resulting in gross proceeds of $32.0 million, before deducting fees of $1.0 million. On June 23, 2022, the 2020 Sales Agreement was terminated by the execution by the Company and the Agent of a new sales agreement (the “2022 Sales Agreement”). Under the 2022 Sales Agreement, the Company may sell, from time to time, at its option, up to an aggregate of $93.3 million of shares of the Company’s common stock, $0.001 par value per share (the “Shares”), through the Agent, as the Company’s sales agent. Any Shares to be offered and sold under the 2022 Sales Agreement will be issued and sold (i) by methods deemed to be an “at the market offering” (“ATM”) as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or if authorized by the Company, in negotiated transactions or block trades, and (ii) pursuant to a registration statement on Form S-3 filed by the Company with the Securities and Exchange Commission on June 23, 2022 for an offering of up to $400.0 million of various securities, including shares of the Company’s common stock, preferred stock, debt securities, warrants and/or units for sale to the public in one or more public offerings. Subject to the terms of the 2022 Sales Agreement, the Agent will use reasonable efforts to sell the Shares from time to time, based upon the Company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay the Agent a commission of up to 3.0% of the gross proceeds from the sale of the Shares. The Company has also agreed to provide the Agent with customary indemnification rights. During the three months ended June 30, 2023, and 2022, the Company did not issue or sell any shares under the 2022 Sales Agreement. During the year ended March 31, 2023, pursuant to the 2022 Sales Agreement, the Company issued and sold an aggregate of 340,000 shares of its common stock, resulting in gross proceeds of $6.7 million, before deducting fees of $0.3 million. The Company cannot provide any assurances that it will issue any additional Shares pursuant to the 2022 Sales Agreement. Equity offerings In November 2019, the Company completed a public offering of (a) 4,516,561 shares of the Company's common stock at a public offering price of $13.61 per share, inclusive of the underwriter's partially exercised 30-day option to purchase an additional 838,530 shares of the Company's common stock, and (b) pre-funded warrants to purchase 2,200,000 shares of the Company's common stock at a public offering price of $13.6099 per warrant. The Company received aggregate net proceeds of approximately $85.6 million after deducting underwriting discounts, commissions and other offering expenses payable by the Company of approximately $5.8 million. In June 2020, the Company completed a public offering of (a) 3,478,261 shares of the Company’s common stock, inclusive of the June 2020 Underwriters fully exercised 30-day option to purchase 652,173 shares of the Company's common stock at a public offering price of $23.00 per share, and (b) pre-funded warrants to purchase 1,521,738 shares of the Company’s common stock at a public offering price of $22.9999 per warrant. The Company received aggregate net proceeds of approximately $107.8 million after deducting underwriting discounts, commissions and other offering expenses payable by the Company of approximately $7.2 million. In October 2020, the Company completed a public offering of (a) 5,625,000 shares of the Company’s common stock, inclusive of the underwriters 30-day option to purchase up to an additional 937,500 shares of the Company’s common stock, at a public offering price of $40.00 per share and (b) pre-funded warrants to purchase 1,562,500 shares of the Company’s common stock at a public offering price of $39.9999 per warrant. The Company received aggregate net proceeds of approximately $270.0 million after deducting underwriting discounts, commissions and other offering expenses payable by the Company of approximately $17.5 million. In December 2022, the Company completed a public offering of (a) 6,810,658 shares of the Company’s common stock, inclusive of the underwriters 30-day option to purchase up to an additional 1,436,172 shares of the Company’s common stock, at a public offering price of $23.50 per share and (b) pre-funded warrants to purchase 4,200,000 shares of the Company’s common stock at a public offering price of $23.4999 per warrant. The Company received aggregate net proceeds of Pre-funded Warrants The pre-funded warrants described above are exercisable at any time after the date of issuance. Unless otherwise modified by a holder of a pre-funded warrant, no holder may exercise a pre-funded warrant if such holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. A holder of a pre-funded warrant may increase or decrease this percentage up to 19.99% by providing at least 61 days’ prior notice to the Company. The 7,561,583 shares of the Company's common stock underlying the above described pre-funded warrants, are not included in the number of issued and outstanding shares of the Company’s common stock outstanding as reported on the consolidated balance sheet, though they are included in the Company's annual pool increase calculation as well as the weighted average outstanding common stock in the calculation of basic and diluted net loss per share, as noted below in Note 11. During the three months ended June 30, 2023, a holder of the Company's pre-funded warrants exercised 1,922,655 of its pre-funded warrants and the Company issued 1,922,655 shares of common stock.

Pre-funded Warrants

Pre-funded Warrants	3 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Pre-funded Warrants	Stockholders’ equity Common stock As of June 30, 2023 and March 31, 2023, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue up to 150,000,000 shares of common stock, par value $0.001 per share. The Company had reserved for common stock for the exercise of outstanding stock options and the vesting of restricted share units, the number of shares remaining available for grant under the Company’s 2018 Omnibus Incentive Compensation Plan and the Company’s Employee Stock Purchase Plan (see Note 10) and the exercise of the outstanding warrants to purchase shares of common stock as follows: June 30, 2023 March 31, 2023 Stock options, issued and outstanding 9,067,305 7,454,828 Restricted stock units 2,069,415 1,351,280 Stock options and restricted stock units, future issuance 2,148,050 2,209,597 Employee stock purchase plan, available for future grants 2,738,208 2,076,603 Pre-IPO warrants to purchase common stock 497,344 497,344 Pre-funded warrants 7,561,583 9,484,238 Total shares of common stock reserved for future issuance 24,081,905 23,073,890 Undesignated preferred stock As of June 30, 2023, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue up to 10,000,000 shares of undesignated preferred stock, par value $0.001 per share. There were no undesignated preferred shares issued or outstanding as of June 30, 2023. ATM program On August 11, 2020, the Company and the SVB Leerink LLC (the "Agent") entered into a sales agreement, which was subsequently amended on October 21, 2020 (as amended, the “2020 Sales Agreement”), pursuant to which the Company could sell, from time to time, at its option, up to an aggregate of $62.5 million of shares of the Company’s common stock, $0.001 par value per share, through the Agent, as the Company’s sales agent. During the three months ended June 30, 2022 the Company settled transactions that occurred pursuant to the 2020 Sales Agreement, whereby the Company issued and sold an aggregate of 1,686,438 shares of its common stock, resulting in gross proceeds of $32.0 million, before deducting fees of $1.0 million. On June 23, 2022, the 2020 Sales Agreement was terminated by the execution by the Company and the Agent of a new sales agreement (the “2022 Sales Agreement”). Under the 2022 Sales Agreement, the Company may sell, from time to time, at its option, up to an aggregate of $93.3 million of shares of the Company’s common stock, $0.001 par value per share (the “Shares”), through the Agent, as the Company’s sales agent. Any Shares to be offered and sold under the 2022 Sales Agreement will be issued and sold (i) by methods deemed to be an “at the market offering” (“ATM”) as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or if authorized by the Company, in negotiated transactions or block trades, and (ii) pursuant to a registration statement on Form S-3 filed by the Company with the Securities and Exchange Commission on June 23, 2022 for an offering of up to $400.0 million of various securities, including shares of the Company’s common stock, preferred stock, debt securities, warrants and/or units for sale to the public in one or more public offerings. Subject to the terms of the 2022 Sales Agreement, the Agent will use reasonable efforts to sell the Shares from time to time, based upon the Company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay the Agent a commission of up to 3.0% of the gross proceeds from the sale of the Shares. The Company has also agreed to provide the Agent with customary indemnification rights. During the three months ended June 30, 2023, and 2022, the Company did not issue or sell any shares under the 2022 Sales Agreement. During the year ended March 31, 2023, pursuant to the 2022 Sales Agreement, the Company issued and sold an aggregate of 340,000 shares of its common stock, resulting in gross proceeds of $6.7 million, before deducting fees of $0.3 million. The Company cannot provide any assurances that it will issue any additional Shares pursuant to the 2022 Sales Agreement. Equity offerings In November 2019, the Company completed a public offering of (a) 4,516,561 shares of the Company's common stock at a public offering price of $13.61 per share, inclusive of the underwriter's partially exercised 30-day option to purchase an additional 838,530 shares of the Company's common stock, and (b) pre-funded warrants to purchase 2,200,000 shares of the Company's common stock at a public offering price of $13.6099 per warrant. The Company received aggregate net proceeds of approximately $85.6 million after deducting underwriting discounts, commissions and other offering expenses payable by the Company of approximately $5.8 million. In June 2020, the Company completed a public offering of (a) 3,478,261 shares of the Company’s common stock, inclusive of the June 2020 Underwriters fully exercised 30-day option to purchase 652,173 shares of the Company's common stock at a public offering price of $23.00 per share, and (b) pre-funded warrants to purchase 1,521,738 shares of the Company’s common stock at a public offering price of $22.9999 per warrant. The Company received aggregate net proceeds of approximately $107.8 million after deducting underwriting discounts, commissions and other offering expenses payable by the Company of approximately $7.2 million. In October 2020, the Company completed a public offering of (a) 5,625,000 shares of the Company’s common stock, inclusive of the underwriters 30-day option to purchase up to an additional 937,500 shares of the Company’s common stock, at a public offering price of $40.00 per share and (b) pre-funded warrants to purchase 1,562,500 shares of the Company’s common stock at a public offering price of $39.9999 per warrant. The Company received aggregate net proceeds of approximately $270.0 million after deducting underwriting discounts, commissions and other offering expenses payable by the Company of approximately $17.5 million. In December 2022, the Company completed a public offering of (a) 6,810,658 shares of the Company’s common stock, inclusive of the underwriters 30-day option to purchase up to an additional 1,436,172 shares of the Company’s common stock, at a public offering price of $23.50 per share and (b) pre-funded warrants to purchase 4,200,000 shares of the Company’s common stock at a public offering price of $23.4999 per warrant. The Company received aggregate net proceeds of Pre-funded Warrants The pre-funded warrants described above are exercisable at any time after the date of issuance. Unless otherwise modified by a holder of a pre-funded warrant, no holder may exercise a pre-funded warrant if such holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. A holder of a pre-funded warrant may increase or decrease this percentage up to 19.99% by providing at least 61 days’ prior notice to the Company. The 7,561,583 shares of the Company's common stock underlying the above described pre-funded warrants, are not included in the number of issued and outstanding shares of the Company’s common stock outstanding as reported on the consolidated balance sheet, though they are included in the Company's annual pool increase calculation as well as the weighted average outstanding common stock in the calculation of basic and diluted net loss per share, as noted below in Note 11. During the three months ended June 30, 2023, a holder of the Company's pre-funded warrants exercised 1,922,655 of its pre-funded warrants and the Company issued 1,922,655 shares of common stock.

Stock-based compensation

Stock-based compensation	3 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation Stock-based compensation expense Stock-based compensation expense was classified in the consolidated statements of operations as follows: Three Months Ended 2023 2022 Research and development $ 3,298 $ 2,614 Selling, general and administrative 5,548 4,580 $ 8,846 $ 7,194 The following table summarizes stock-based compensation expense by award type for the three months ended June 30, 2023 and 2022: Three Months Ended 2023 2022 Stock options $ 5,614 $ 5,159 Restricted stock units 3,232 2,035 $ 8,846 $ 7,194 2015 Enterprise Mana gement Incentive Share Option Plan The 2015 Enterprise Management Incentive Share Option Plan of Replimune UK (the “2015 Plan”) provided for Replimune UK to grant incentive stock options, non-statutory stock options, stock awards, stock units, stock appreciation rights and other stock-based awards. Incentive stock options were granted under the 2015 Plan only to the Company’s employees, including officers and directors who were also employees. Non-statutory stock options were granted under the 2015 Plan to employees, members of the board of directors, outside advisors and consultants of the Company. 2017 Equity Compensation Plan In July 2017, in conjunction with reorganization by Replimune Limited, pursuant to which each shareholder thereof exchanged their outstanding shares in Replimune Limited for shares in Replimune Group, Inc., on a one-for-one basis (the "Reorganization"), the 2015 Plan was terminated, and all awards were cancelled with replacement awards issued under the 2017 Equity Compensation Plan (the “2017 Plan”). Subsequent to the Reorganization, no additional grants have been or will be made under the 2015 Plan and any outstanding awards under the 2015 Plan have continued, and will continue with their original terms. The Company concluded that the cancellation of the 2015 Plan and issuance of replacement awards under the 2017 Plan was a modification with no change in the material rights and preferences and therefore no recorded change in the fair value of each respective award. The Company’s 2017 Plan provides for the Company to grant incentive stock options or non-statutory stock options, stock awards, stock units, stock appreciation rights and other stock-based awards. Incentive stock options were granted under the 2017 Plan only to the Company’s employees, including officers and directors who were also employees. Restricted stock awards and non-statutory stock options were granted under the 2017 Plan to employees, officers, members of the board of directors, advisors and consultants of the Company. The maximum number of common shares that may be issued under the 2017 Plan was 2,659,885, of which none remained available for future grants as of June 30, 2023. Shares with respect to which awards have expired, terminated, surrendered or cancelled under the 2017 Plan without having been fully exercised will be available for future awards under the 2018 Plan referenced below. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for the grant of awards. 2018 Omnibus Incentive Compensation Plan On July 9, 2018, the Company’s board of directors adopted, and the Company’s stockholders approved the 2018 Omnibus Incentive Compensation Plan (the “2018 Plan”), which became effective immediately prior to the effectiveness of the registration statement filed in connection with the Company’s initial public offering. The 2018 Plan provides for the issuance of incentive stock options, non-qualified stock options, stock awards, stock units, stock appreciation rights and other stock-based awards. The number of shares of common stock initially reserved for issuance under the 2018 Plan is 3,617,968 shares. If any options or stock appreciation rights, including outstanding options and stock appreciation rights granted under the 2017 Plan (up to 2,520,247 shares), terminate, expire, or are canceled, forfeited, exchanged, or surrendered without having been exercised, or if any stock awards, stock units or other stock-based awards, including outstanding awards granted under the 2017 Plan, are forfeited, terminated, or otherwise not paid in full in shares of common stock, the shares of the Company’s common stock subject to such grants will be available for purposes of the 2018 Plan. The number of shares reserved for issuance under the 2018 Plan will increase automatically on the first day of each April equal to 4.0% of the total number of shares of common stock outstanding on the last trading day in the immediately preceding fiscal year, which includes for these purposes, the 9,484,238 shares issuable upon exercise of those pre-funded warrants as of March 31, 2023, as described in Note 9 to these consolidated financial statements, or such lesser amount as determined by the Board. On April 1, 2023, the number of shares reserved for issuance under the 2018 Plan automatically increased by 2,646,422 shares pursuant to the terms of the 2018 Plan and based on total number of shares of common stock outstanding on March 31, 2023. On April 1, 2022, the number of shares reserved for issuance under the 2018 Plan automatically increased by 2,104,915 shares pursuant to the terms of the 2018 Plan. As of June 30, 2023, 2,148,050 shares remained available for future grants under the 2018 Plan. The 2015 Plan, the 2017 Plan and the 2018 Plan are administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. However, the board of directors shall administer and approve all grants made to non-employee directors. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, except that the exercise price per share of incentive stock options may not be less than 100% of the fair market value of the common stock on the date of grant (or 110% of fair value in the case of an award granted to employees who hold more than 10% of the total combined voting power of all classes of stock at the time of grant) and the term of stock options may not be greater than five years for an incentive stock option granted to a 10% stockholder and greater than ten years for all other options granted. Stock options awarded under both plans expire ten years after the grant date, unless the board of directors sets a shorter term. Vesting periods for the plans are determined at the discretion of the board of directors. Incentive stock options granted to employees and non-statutory options granted to employees, officers, members of the board of directors, advisors, and consultants of the Company typically vest over four years. In 2021 the board of directors initiated the award of restricted stock units ("RSUs"), under the 2018 Plan in addition to stock option awards available as part of the Company's equity incentive for employees, officers, advisors and consultants of the Company. The RSUs typically vest over four Employee Stock Purchase Plan On July 9, 2018, the Company’s board of directors adopted and the Company’s stockholders approved the Employee Stock Purchase Plan (the “ESPP”), which became effective immediately prior to the effectiveness of the registration statement that was filed in connection with the Company’s IPO. The total shares of common stock initially reserved for issuance under the ESPP is 348,612 shares. In addition, as of the first trading day of each fiscal year during the term of the ESPP (excluding any extensions), an additional number of shares of the Company’s common stock equal to 1% of the total number of shares outstanding on the last trading day in the immediately preceding fiscal year, which includes for these purposes, the 7,561,583 shares issuable upon exercise of those pre-funded warrants described in Note 9 to these consolidated financial statements, or 697,224 shares, whichever is less (or such lesser amount as determined by the Company’s board of directors) will be added to the number of shares authorized under the ESPP. In accordance with the terms of the ESPP, on April 1, 2023 and 2022, the number of shares reserved for issuance under the ESPP automatically increased by 661,605 and 526,228 shares respectively, for a total of 2,738,208 shares reserved for the ESPP. If the total number of shares of common stock to be purchased pursuant to outstanding purchase rights on any particular date exceed the number of shares then available for issuance under the ESPP, then the plan administrator will allocate the available shares pro-rata and refund any excess payroll deductions or other contributions to participants. The Company’s ESPP is not currently active. Out-of-Plan Inducement Grants In May 2021, the Company granted an equity award to a newly hired executive as a material inducement to enter into employment with the Company. The grant constitutes an "employment inducement grant" in accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules and was issued outside of the 2018 Plan and each of the other stock incentive plans described above. The inducement grant included a nonqualified stock option to purchase up to 125,000 shares of the Company's common stock, as well as a restricted stock unit grant representing 88,333 shares of the Company's common stock. These stock option and restricted stock unit inducement grants have terms and conditions consistent with those set forth under the 2018 Plan and vest under the same respective vesting schedules as stock option and restricted stock unit awards granted under the 2018 Plan. The inducement grant is included in the stock option and RSU award tables below. In December 2022, the Company granted an equity award to a newly hired executive as a material inducement to enter into employment with the Company. The grant constitutes an "employment inducement grant" in accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules and was issued outside of the 2018 Plan and each of the other stock incentive plans described above. The inducement grant included a nonqualified stock option to purchase up to 82,500 shares of the Company's common stock, as well as a restricted stock unit grant representing 55,000 shares of the Company's common stock. These stock option and restricted stock unit inducement grants have terms and conditions consistent with those set forth under the 2018 Plan and vest under the same respective vesting schedules as stock option and restricted stock unit awards granted under the 2018 Plan. The inducement grant is included in the stock option and RSU award tables below. Stock option valuation The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. As the Company has limited company-specific historical and implied volatility information, the expected stock volatility is based on a combination of Replimune volatility and the historical volatility of a publicly traded set of peer companies. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The following table presents, on a weighted-average basis, the assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and directors: Three Months Ended 2023 2022 Risk-free interest rate 3.60 % 2.59 % Expected term (in years) 6.0 6.0 Expected volatility 74.1 % 75.6 % Expected dividend yield 0 % 0 % Stock options The following table summarizes the Company’s stock option activity: Number of Weighted Weighted Aggregate Outstanding as of March 31, 2023 7,454,828 $ 17.24 6.88 $ 31,244 Granted 1,802,406 $ 17.94 Exercised (96,146) $ 12.58 Cancelled (93,783) $ 24.80 Outstanding as of June 30, 2023 9,067,305 $ 17.35 6.94 $ 69,685 Options exercisable as of June 30, 2023 5,254,968 $ 15.03 5.77 $ 52,342 Options vested and expected to vest as of June 30, 2023 9,067,305 $ 17.35 6.94 $ 69,685 As of June 30, 2023, there was $49.6 million of unrecognized compensation cost related to unvested common stock options, which is expected to be recognized over a weighted average period of 2.7 years. The weighted average grant-date fair value of stock options granted during the three months ended June 30, 2023 and 2022 was $12.09 and $12.15, respectively. The aggregate intrinsic value of stock options exercised during the three months ended June 30, 2023 was $0.5 million. Restricted stock units A summary of the changes in the Company's RSUs during the three months ended June 30, 2023 is as follows: Number of Restricted Shares Weighted Outstanding as of March 31, 2023 1,351,280 24.38 Granted 1,041,856 17.96 Vested (281,211) 25.36 Cancelled (42,510) 21.98 Outstanding as of June 30, 2023 2,069,415 21.06

Net loss per share

Net loss per share	3 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss per share	Net loss per shareBasic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended June 30, 2023 2022 Numerator: Net loss $ (49,555) $ (42,253) Denominator: Weighted average common shares outstanding, basic and diluted 66,367,702 54,211,446 Net loss per share, basic and diluted $ (0.75) $ (0.78) The 7,561,583 shares of the Company's common stock issuable upon exercise of Pre-Funded Warrants described in Note 9 to these consolidated financial statements are included as outstanding common stock in the calculation of basic and diluted net loss per share. The Company’s potentially dilutive securities, which include stock options and warrants to purchase shares of common stock that resulted from the conversion of warrants to purchase shares of series seed preferred stock existing before the Company's IPO, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended June 30, 2023 2022 Options to purchase common stock 9,067,305 7,511,559 Unvested restricted stock units 2,069,415 1,256,123 Warrants to purchase common stock 497,344 497,344 11,634,064 9,265,026

Significant agreements

Significant agreements	3 Months Ended
	Jun. 30, 2023
Significant agreements
Significant agreements	Significant agreements Agreement with Bristol-Myers Squibb Company In February 2018, the Company entered into an agreement with Bristol-Myers Squibb Company (“BMS”). Pursuant to the agreement, BMS will provide to the Company, at no cost, a compound for use in the Company’s ongoing clinical trial of RP1. Under the agreement, the Company will sponsor, fund and conduct the clinical trial in accordance with an agreed-upon protocol. BMS granted the Company a non-exclusive, non-transferrable, royalty-free license (with a right to sublicense) under its intellectual property to its compound in the clinical trial and agreed to supply its compound, at no cost to the Company, for use in the clinical trial. In January 2020, this agreement was expanded to cover an additional cohort of 125 patients with anti-PD-1 failed melanoma. Unless earlier terminated, the agreement will remain in effect until (i) the completion of the clinical trial, (ii) all related clinical trial data have been delivered to both parties and (iii) the completion of any statistical analyses and bioanalyses contemplated by the clinical trial protocol or any analysis otherwise agreed upon by the parties. The agreement may be terminated by either party (x) in the event of an uncured material breach by the other party, (y) in the event the other party is insolvent or in bankruptcy proceedings or (z) for safety reasons. Upon termination, the licenses granted to the Company to use BMS’s compound in the clinical trial will terminate. In April 2019, the Company entered into a separate agreement with BMS on terms similar to the terms set forth in the agreement described above, pursuant to which BMS will provide to the Company, at no cost, nivolumab for use in the Company’s Phase 1 clinical trial of RP2 in combination with nivolumab. Agreement with Regeneron Pharmaceuticals, Inc . In May 2018, the Company entered into an agreement with Regeneron Pharmaceuticals, Inc. (“Regeneron”). The Company and Regeneron are each independently developing compounds for the treatment of certain tumor types. Pursuant to the agreement, the Company agreed to undertake one or more clinical trials with Regeneron for the administration of our product candidates in combination with cemiplimab, an anti-PD-1 therapy developed by Regeneron, across multiple solid tumor types. The first of which, agreed in June 2018, is our ongoing Phase 2 clinical tiral testing RP1 in combination with cemiplimab versus cemiplimab alone in patients with CSCC. Each clinical trial will be conducted pursuant to an agreed study plan which, among other things, will identify the name of the sponsor and which party will manage the particular study, and include the protocol, the budget and a schedule of clinical obligations. The first study plan related to Phase 2 clinical trial in CSCC has been agreed. Pursuant to the terms of the agreement, each party granted the other party a non-exclusive license under its respective intellectual property and agreed to contribute the necessary resources needed to fulfill its respective obligations, in each case, under the terms of the agreed-upon or to-be agreed upon study plans. Development costs of a particular clinical trial will be split equally. The agreement contains representations, warranties, undertakings and indemnities customary for a transaction of this nature. The agreement also contains certain time-based covenants that restrict us from entering into a third-party arrangement with respect to the use of our product candidates in combination with an anti-PD-1 therapy and that restrict Regeneron from entering into a third-party arrangement with respect to the use of cemiplimab in combination with an HSV-1 virus, in each case, for the treatment of a tumor type that is the subject of a clinical trial to which the covenants apply. Unless otherwise mutually agreed in a future study plan, these covenants are only applicable to our ongoing Phase 2 clinical trial in CSCC. The agreement may be terminated by either party if (i) there is no active study plan for which a final study report has not been completed and the parties have not entered into a study plan for an additional clinical trial within a period of time after the delivery of the most recent final study report or (ii) in the event of a material breach. The agreement with Regeneron is accounted for under ASC 808, Collaborative Arrangements (“ASC 808”), as both parties are active participants and each party pays its own compound costs and shares equally in development costs in accordance with and up to the amount in the agreed upon first study plan. The Company will account for costs incurred as part of the study, including costs to supply compounds for use in the study, as research and development expenses within the consolidated statement of operations. The Company will recognize any amounts received from Regeneron in connection with this agreement as an offset to research and development expense within the consolidated statement of operations. In July 2022, Regeneron informed the Company that the costs of the study have reached the initial budget for the initial study plan of June 2018 and that Regeneron's reimbursement of CERPASS study costs to the Company have completed in the period ending June 30, 2022 in relation to the initial study budget. As a result of this notice from, and the ongoing communications with, Regeneron, we have not recorded any cost-sharing reimbursements from Regeneron in prepaid expenses and other current assets in the consolidated balance sheet or as an offset to research and development expense within the consolidated statement of operations since Regeneron informed us that Regeneron’s reimbursement of CERPASS study costs have completed. The Company does not expect any further reimbursements from Regeneron related to the initial study plan of June 2018. During the three months ended June 30, 2023 and 2022, the Company did not make any payments to Regeneron under the terms of the agreement. The Company did not record any costs as an offset to research and development expenses during the three months ended June 30, 2023 and 2022. During the three months ended June 30, 2023 and 2022, the Company received payments under the terms of the agreement from Regeneron of $0.0 million and $2.0 million, respectively. No receivables from Regeneron were booked in connection with this agreement as of June 30, 2023 or March 31, 2023.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Leases The table below presents the lease-related costs which are included in the consolidated statements of operations for the three months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 2022 Lease cost Finance lease costs: Amortization of right-to-use asset $ 607 $ 607 Interest on lease liabilities 544 552 Operating lease costs 280 259 Total lease cost $ 1,431 $ 1,418 The following table summarizes the classification of lease costs in the consolidated statement of operations for the three months ended June 30, 2023 and 2022 as follows: Three Months Ended June 30, 2023 2022 Finance Lease Costs Research and development $ 607 $ 518 Selling, general and administrative — 89 Other income (expense) 544 552 Operating Lease Costs Research and development 229 110 Selling, general and administrative 51 149 Total lease cost $ 1,431 $ 1,418 The following table summarizes the maturity of the Company's lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating and financing lease liabilities recognized on its balance sheet as of June 30, 2023: June 30, 2023 Operating leases Financing lease Total 2024 (remaining nine months) $ 848 $ 1,990 $ 2,838 2025 1,170 2,718 3,888 2026 1,179 2,799 3,978 2027 1,144 2,883 4,027 2028 1,093 2,969 4,062 Thereafter 1,943 35,054 36,997 Total lease payments 7,377 48,413 55,790 Less: interest 1,943 21,913 23,856 Total lease liabilities $ 5,434 $ 26,500 $ 31,934 The following table provides lease disclosure as of June 30, 2023 and March 31, 2023: June 30, 2023 March 31, 2023 Leases Right-to-use operating lease asset $ 5,137 $ 5,208 Right-to-use finance lease asset 39,058 39,665 Total lease assets $ 44,195 $ 44,873 Operating lease liabilities, current $ 1,139 $ 1,118 Finance lease liabilities, current 2,658 2,639 Operating lease liabilities, non-current 4,295 4,389 Finance lease liabilities, non-current 23,842 23,965 Total lease liabilities $ 31,934 $ 32,111 The following table provides lease disclosure for the three months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 2022 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 263 $ 261 Operating cash flows from finance leases $ 544 $ 552 Financing cash flows from finance leases $ 104 $ 77 Right-to-use asset obtained in exchange for new operating lease liabilities $ — $ — Weighted-average remaining lease term - operating leases 6.3 years 7.6 years Weighted-average remaining lease term - financing leases 16.1 years 17.3 years Weighted-average discount rate - operating leases 10.3 % 10.0 % Weighted-average discount rate - financing leases 8.3 % 8.3 % The variable lease costs and short-term lease costs were insignificant for the three months ended June 30, 2023 and 2022. Manufacturing commitments The Company has entered into an agreement with a contract manufacturing organization to provide clinical trial products. As of June 30, 2023 and March 31, 2023, the Company had committed to minimum payments under these arrangements totaling $0.9 million and $1.0 million, respectively. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its executive management team and its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and therefore it has not accrued any liabilities related to such obligations in its consolidated financial statements as of June 30, 2023 or March 31, 2023. Legal proceedings The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities.

Income taxes

Income taxes	3 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes During the three months ended June 30, 2023 and 2022, the Company recorded no income tax benefits for the net operating losses incurred in the United Kingdom in each period due to its uncertainty of realizing a benefit from those items. During the three months ended June 30, 2023, the Company recorded a tax expense of $0.2 million primarily related to the Company’s interest income in the United States, partially offset by discrete share-based compensation items. The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate (“AETR”), adjusted for the effect of discrete items arising in that quarter. The impact of such inclusions could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual tax rate changes, a cumulative adjustment is made in that quarter. For the three months ended June 30, 2023 and 2022, the Company excluded the United Kingdom from the calculation of the AETR as the Company anticipates an ordinary loss in this jurisdiction for which no tax benefit can be recognized.

Geographic information

Geographic information	3 Months Ended
	Jun. 30, 2023
Segments, Geographical Areas [Abstract]
Geographic information	Geographic information The Company operates in two geographic regions: the United States (Massachusetts) and the United Kingdom (Oxfordshire). Information about the Company’s long-lived assets held in different geographic regions is presented in the tables below: June 30, 2023 March 31, 2023 United States $ 5,835 $ 5,836 United Kingdom 1,781 1,643 $ 7,616 $ 7,479

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	3 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of consolidation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and its direct and indirect wholly owned subsidiaries, Replimune UK, Replimune US, Replimune Securities Corporation and Replimune (Ireland) Limited after elimination of all intercompany accounts and transactions.
Use of estimates	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances.
Unaudited interim financial information	The accompanying consolidated balance sheet as of June 30, 2023, the consolidated statements of operations, of comprehensive loss and of stockholders’ equity for the three months ended June 30, 2023 and 2022 and the consolidated statements of cash flows for the three months ended June 30, 2023 and 2022 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2023 and the results of its operations for the three months ended June 30, 2023 and 2022 and its cash flows for the three months ended June 30, 2023 and 2022. The financial data and other information disclosed in these consolidated notes related to the three months ended June 30, 2023 and 2022 are unaudited. The results for the three months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending March 31, 2024, any other interim periods or any future year or period. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's Annual Report on Form 10-K for the year ended March 31, 2023, which was filed with the Securities and Exchange Commission on May 18, 2023 (the "Annual Report"). During the three months ended June 30, 2023, there have been no changes to the Company’s significant accounting policies as described in the Annual Report, except as described below.

Fair value of financial asset_2

Fair value of financial assets and liabilities (Tables)	3 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of company's financial assets and liabilities measured at fair value on a recurring basis	The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ — $ 26,928 $ — $ 26,928 US Government Agency bonds — 15,928 — 15,928 Short-term investments US Government Agency bonds — 307,583 — 307,583 US Treasury bonds — 125,036 — 125,036 $ — $ 475,475 $ — $ 475,475 Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ — $ 121,455 $ — $ 121,455 Short-term investments US Government Agency bonds — 240,355 — 240,355 US Treasury bonds — 196,441 — 196,441 $ — $ 558,251 $ — $ 558,251

Short-term investments (Tables)

Short-term investments (Tables)	3 Months Ended
	Jun. 30, 2023
Short-Term Investments [Abstract]
Schedule of short-term investments	As of June 30, 2023 and March 31, 2023, the Company's available-for-sale investments by type consisted of the following: June 30, 2023 Amortized Gross unrealized Gross unrealized Credit Losses Fair value US Government agency bonds $ 307,935 $ 84 $ (436) $ — $ 307,583 US Treasury bonds 125,205 3 (172) — 125,036 Total $ 433,140 $ 87 $ (608) $ — $ 432,619 March 31, 2023 Amortized cost Gross unrealized gains Gross unrealized losses Credit Losses Fair value US Government agency bonds 240,371 187 (203) $ — 240,355 US Treasury bonds 196,488 77 (124) — 196,441 Total $ 436,859 $ 264 $ (327) $ — $ 436,796

Property, plant and equipment_2

Property, plant and equipment, net (Tables)	3 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment, net	Property, plant and equipment, net consisted of the following: June 30, 2023 March 31, 2023 Office equipment $ 1,245 $ 1,240 Computer equipment 1,806 1,806 Plant and laboratory equipment 9,337 9,186 Leasehold improvements 1,706 1,706 Construction in progress 1,385 783 Total property, plant and equipment 15,479 14,721 Less: Accumulated depreciation (7,863) (7,242) Property, plant and equipment, net $ 7,616 $ 7,479

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	3 Months Ended
	Jun. 30, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following: June 30, 2023 March 31, 2023 Accrued research and development costs $ 14,959 $ 11,261 Accrued compensation and benefits costs 5,204 9,909 Accrued professional fees 402 540 Other 2,997 2,994 Total accrued expenses and other current liabilities $ 23,562 $ 24,704

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt	The summary of obligations under the term loan as of June 30, 2023 and March 31, 2023 consisted of the following (in thousands): June 30, 2023 March 31, 2023 Principal loan balance $ 30,337 $ 30,222 Facility charge and diligence fee (304) (315) Unamortized issuance costs (1,358) (1,410) Accumulated end of term fee 230 151 Long term debt, net $ 28,905 $ 28,648
Schedule of maturities of long-term debt	The annual principal payments due under the Loan Agreement as of June 30, 2023 and March 31, 2023 were as follows: June 30, 2023 March 31, 2023 2024 — — 2025 — — 2026 — — 2027 13,438 13,438 Thereafter 18,701 18,701 Total $ 32,139 $ 32,139

Stockholders' equity (Tables)

Stockholders' equity (Tables)	3 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of stockholders equity	The Company had reserved for common stock for the exercise of outstanding stock options and the vesting of restricted share units, the number of shares remaining available for grant under the Company’s 2018 Omnibus Incentive Compensation Plan and the Company’s Employee Stock Purchase Plan (see Note 10) and the exercise of the outstanding warrants to purchase shares of common stock as follows: June 30, 2023 March 31, 2023 Stock options, issued and outstanding 9,067,305 7,454,828 Restricted stock units 2,069,415 1,351,280 Stock options and restricted stock units, future issuance 2,148,050 2,209,597 Employee stock purchase plan, available for future grants 2,738,208 2,076,603 Pre-IPO warrants to purchase common stock 497,344 497,344 Pre-funded warrants 7,561,583 9,484,238 Total shares of common stock reserved for future issuance 24,081,905 23,073,890

Stock-based compensation (Table

Stock-based compensation (Tables)	3 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	Stock-based compensation expense was classified in the consolidated statements of operations as follows: Three Months Ended 2023 2022 Research and development $ 3,298 $ 2,614 Selling, general and administrative 5,548 4,580 $ 8,846 $ 7,194 The following table summarizes stock-based compensation expense by award type for the three months ended June 30, 2023 and 2022: Three Months Ended 2023 2022 Stock options $ 5,614 $ 5,159 Restricted stock units 3,232 2,035 $ 8,846 $ 7,194
Schedule of assumptions used to determine the grant-date fair value of stock options granted	The following table presents, on a weighted-average basis, the assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and directors: Three Months Ended 2023 2022 Risk-free interest rate 3.60 % 2.59 % Expected term (in years) 6.0 6.0 Expected volatility 74.1 % 75.6 % Expected dividend yield 0 % 0 %
Summary of stock option activity	The following table summarizes the Company’s stock option activity: Number of Weighted Weighted Aggregate Outstanding as of March 31, 2023 7,454,828 $ 17.24 6.88 $ 31,244 Granted 1,802,406 $ 17.94 Exercised (96,146) $ 12.58 Cancelled (93,783) $ 24.80 Outstanding as of June 30, 2023 9,067,305 $ 17.35 6.94 $ 69,685 Options exercisable as of June 30, 2023 5,254,968 $ 15.03 5.77 $ 52,342 Options vested and expected to vest as of June 30, 2023 9,067,305 $ 17.35 6.94 $ 69,685
Share-based payment arrangement, restricted stock and restricted stock unit, activity	A summary of the changes in the Company's RSUs during the three months ended June 30, 2023 is as follows: Number of Restricted Shares Weighted Outstanding as of March 31, 2023 1,351,280 24.38 Granted 1,041,856 17.96 Vested (281,211) 25.36 Cancelled (42,510) 21.98 Outstanding as of June 30, 2023 2,069,415 21.06

Net loss per share (Tables)

Net loss per share (Tables)	3 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of calculation of basic and diluted net loss per share attributable to common stockholders	Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended June 30, 2023 2022 Numerator: Net loss $ (49,555) $ (42,253) Denominator: Weighted average common shares outstanding, basic and diluted 66,367,702 54,211,446 Net loss per share, basic and diluted $ (0.75) $ (0.78)
Schedule of anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended June 30, 2023 2022 Options to purchase common stock 9,067,305 7,511,559 Unvested restricted stock units 2,069,415 1,256,123 Warrants to purchase common stock 497,344 497,344 11,634,064 9,265,026

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of variable lease components	The table below presents the lease-related costs which are included in the consolidated statements of operations for the three months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 2022 Lease cost Finance lease costs: Amortization of right-to-use asset $ 607 $ 607 Interest on lease liabilities 544 552 Operating lease costs 280 259 Total lease cost $ 1,431 $ 1,418 The following table summarizes the classification of lease costs in the consolidated statement of operations for the three months ended June 30, 2023 and 2022 as follows: Three Months Ended June 30, 2023 2022 Finance Lease Costs Research and development $ 607 $ 518 Selling, general and administrative — 89 Other income (expense) 544 552 Operating Lease Costs Research and development 229 110 Selling, general and administrative 51 149 Total lease cost $ 1,431 $ 1,418 The following table provides lease disclosure for the three months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 2022 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 263 $ 261 Operating cash flows from finance leases $ 544 $ 552 Financing cash flows from finance leases $ 104 $ 77 Right-to-use asset obtained in exchange for new operating lease liabilities $ — $ — Weighted-average remaining lease term - operating leases 6.3 years 7.6 years Weighted-average remaining lease term - financing leases 16.1 years 17.3 years Weighted-average discount rate - operating leases 10.3 % 10.0 % Weighted-average discount rate - financing leases 8.3 % 8.3 %
Summary of the maturity of company's lease liabilities	The following table summarizes the maturity of the Company's lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating and financing lease liabilities recognized on its balance sheet as of June 30, 2023: June 30, 2023 Operating leases Financing lease Total 2024 (remaining nine months) $ 848 $ 1,990 $ 2,838 2025 1,170 2,718 3,888 2026 1,179 2,799 3,978 2027 1,144 2,883 4,027 2028 1,093 2,969 4,062 Thereafter 1,943 35,054 36,997 Total lease payments 7,377 48,413 55,790 Less: interest 1,943 21,913 23,856 Total lease liabilities $ 5,434 $ 26,500 $ 31,934
Schedule of additional information related to leases	The following table provides lease disclosure as of June 30, 2023 and March 31, 2023:

Geographic information (Tables)

Geographic information (Tables)	3 Months Ended
	Jun. 30, 2023
Segments, Geographical Areas [Abstract]
Summary of company's long-lived assets held in different geographic regions	The Company operates in two geographic regions: the United States (Massachusetts) and the United Kingdom (Oxfordshire). Information about the Company’s long-lived assets held in different geographic regions is presented in the tables below: June 30, 2023 March 31, 2023 United States $ 5,835 $ 5,836 United Kingdom 1,781 1,643 $ 7,616 $ 7,479

Nature of the business (Details

Nature of the business (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (49,555)	$ (42,253)
Accumulated deficit	$ (535,043)		$ (485,488)

Fair value of financial asset_3

Fair value of financial assets and liabilities (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Fair value of financial assets and liabilities
Short-term investments	$ 475,475	$ 558,251
Money market funds
Fair value of financial assets and liabilities
Cash equivalents	26,928	121,455
US Government Agency bonds
Fair value of financial assets and liabilities
Cash equivalents	15,928
Short-term investments	307,583	240,355
US Treasury bonds
Fair value of financial assets and liabilities
Short-term investments	125,036	196,441
Level 1
Fair value of financial assets and liabilities
Short-term investments	0	0
Level 1 | Money market funds
Fair value of financial assets and liabilities
Cash equivalents	0	0
Level 1 | US Government Agency bonds
Fair value of financial assets and liabilities
Cash equivalents	0
Short-term investments	0	0
Level 1 | US Treasury bonds
Fair value of financial assets and liabilities
Short-term investments	0	0
Level 2
Fair value of financial assets and liabilities
Short-term investments	475,475	558,251
Level 2 | Money market funds
Fair value of financial assets and liabilities
Cash equivalents	26,928	121,455
Level 2 | US Government Agency bonds
Fair value of financial assets and liabilities
Cash equivalents	15,928
Short-term investments	307,583	240,355
Level 2 | US Treasury bonds
Fair value of financial assets and liabilities
Short-term investments	125,036	196,441
Level 3
Fair value of financial assets and liabilities
Short-term investments	0	0
Level 3 | Money market funds
Fair value of financial assets and liabilities
Cash equivalents	0	0
Level 3 | US Government Agency bonds
Fair value of financial assets and liabilities
Cash equivalents	0
Short-term investments	0	0
Level 3 | US Treasury bonds
Fair value of financial assets and liabilities
Short-term investments	$ 0	$ 0

Short-term investments (Details

Short-term investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
US Government Agency bonds
Short-term investments
Amortized cost	$ 307,935	$ 240,371
Gross unrealized gains	84	187
Gross unrealized losses	(436)	(203)
Credit Losses	0	0
Fair value	307,583	240,355
US Treasury bonds
Short-term investments
Amortized cost	125,205	196,488
Gross unrealized gains	3	77
Gross unrealized losses	(172)	(124)
Credit Losses	0	0
Fair value	125,036	196,441
Short-term investments
Short-term investments
Amortized cost	433,140	436,859
Gross unrealized gains	87	264
Gross unrealized losses	(608)	(327)
Credit Losses	0	0
Fair value	$ 432,619	436,796
Securities with maturities between one to two years		$ 15,100

Property, plant and equipment_3

Property, plant and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Property, plant and equipment, net
Property, plant and equipment , gross	$ 15,479		$ 14,721
Less: Accumulated depreciation	(7,863)		(7,242)
Property, plant and equipment , net	7,616		7,479
Depreciation and amortization expense	621	$ 620
Office equipment
Property, plant and equipment, net
Property, plant and equipment , gross	1,245		1,240
Computer equipment
Property, plant and equipment, net
Property, plant and equipment , gross	1,806		1,806
Plant and laboratory equipment
Property, plant and equipment, net
Property, plant and equipment , gross	9,337		9,186
Leasehold improvements
Property, plant and equipment, net
Property, plant and equipment , gross	1,706		1,706
Construction in progress
Property, plant and equipment, net
Property, plant and equipment , gross	$ 1,385		$ 783

Accrued expenses and other cu_3

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued research and development costs	$ 14,959	$ 11,261
Accrued compensation and benefits costs	5,204	9,909
Accrued professional fees	402	540
Other	2,997	2,994
Total accrued expenses and other current liabilities	$ 23,562	$ 24,704

Debt - Narrative (Details)

Debt - Narrative (Details)			3 Months Ended
	Jun. 28, 2023 USD ($)	Oct. 06, 2022 USD ($) advance	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 27, 2023 USD ($)	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Unrestricted cash percentage			35%
Interest expense on debt obligations			$ 1,115,000	$ 0
Secured Debt | Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 200,000,000
Additional rate (as a percent)		1.75%
Stated interest rate (as a percent)		1.50%
Prepayment fee, first 12 months (as a percent)		3%
Prepayment fee, After first 12 months before 36 months (as a percent)		2%
Prepayment fee, after 36 months (as a percent)		1%
Maximum amount outstanding for covenant		$ 100,000,000
Minimum market capitalization		$ 1,200,000,000
Minimum restricted cash (as a percent)		50%
Minimum unrestricted cash (as a percent)		85%
Facility charge		$ 500,000
Payment of issuance costs		$ 1,500,000
Repayment Fee (as a percent)		4.95%
Accrued for final payment on debt			200,000			$ 200,000
Unamortized deferred financing costs			100,000
Interest expense on debt obligations			$ 1,100,000
Secured Debt | Line of Credit | Term Loan Facility | Prime Rate
Debt Instrument [Line Items]
Variable rate (as a percent)		7.25%
Secured Debt | Line of Credit | Term Loan Facility | Maximum | Prime Rate
Debt Instrument [Line Items]
Variable rate (as a percent)		7.25%
Secured Debt | Line of Credit | Term Loan Facility, Tranche One
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 30,000,000
Secured Debt | Line of Credit | Term Loan Facility, Tranche Two
Debt Instrument [Line Items]
Maximum borrowing capacity		30,000,000			$ 15,000,000
Secured Debt | Line of Credit | Term Loan Facility, Tranche Three
Debt Instrument [Line Items]
Maximum borrowing capacity		115,000,000
Secured Debt | Line of Credit | Term Loan Facility, Tranche Four
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 25,000,000
Number of term loan advances | advance		2
Secured Debt | Line of Credit | Term Loan Facility, Tranche Five
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 25,000,000
Number of term loan advances | advance		2
Secured Debt | Line of Credit | Term Loan Facility, Tranche One and Two
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 60,000,000
Increase (decrease) in borrowing capacity	$ (30,000,000)
Secured Debt | Line of Credit | Term Loan Facility, Tranche Two, Amendment
Debt Instrument [Line Items]
Maximum borrowing capacity	45,000,000
Increase (decrease) in borrowing capacity	$ 30,000,000

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Long term debt, net	$ 28,905	$ 28,648
Secured Debt | Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Principal loan balance	30,337	30,222
Facility charge and diligence fee	(304)	(315)
Unamortized issuance costs	(1,358)	(1,410)
Accumulated end of term fee	230	151
Long term debt, net	$ 28,905	$ 28,648

Debt - Maturity of Debt (Detail

Debt - Maturity of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
End of term charge			$ 1,500
Line of Credit | Term Loan Facility | Secured Debt
Debt Instrument [Line Items]
2024	$ 0	$ 0
2025	0	0
2026	0	0
2027	13,438	13,438
Thereafter	18,701	18,701
Total	$ 32,139	$ 32,139

Stockholders' equity - Common S

Stockholders' equity - Common Stock and Undesignated Preferred Stock (Details) - $ / shares	Jun. 30, 2023	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Undesignated preferred stock, authorized (in shares)	10,000,000
Preferred stock, Par Value (in dollars per share)	$ 0.001
Undesignated preferred shares issued (in shares)	0

Stockholders' equity - Schedule

Stockholders' equity - Schedule of Pre-funded Warrants (Details) - shares	Jun. 30, 2023	Mar. 31, 2023	Dec. 01, 2022	Oct. 31, 2020	Jun. 30, 2020	Nov. 30, 2019
Stock options, issued and outstanding
Class of Warrant or Right [Line Items]
Issuance of pre-funded warrants (in shares)	9,067,305	7,454,828
Restricted stock units
Class of Warrant or Right [Line Items]
Issuance of pre-funded warrants (in shares)	2,069,415	1,351,280
Stock options and restricted stock units, future issuance
Class of Warrant or Right [Line Items]
Issuance of pre-funded warrants (in shares)	2,148,050	2,209,597
Employee stock purchase plan, available for future grants
Class of Warrant or Right [Line Items]
Issuance of pre-funded warrants (in shares)	2,738,208	2,076,603
Pre-IPO warrants to purchase common stock
Class of Warrant or Right [Line Items]
Issuance of pre-funded warrants (in shares)	497,344	497,344
Pre-funded warrants
Class of Warrant or Right [Line Items]
Issuance of pre-funded warrants (in shares)	7,561,583	9,484,238	4,200,000,000	1,562,500	1,521,738	2,200,000
Total shares of common stock reserved for future issuance
Class of Warrant or Right [Line Items]
Issuance of pre-funded warrants (in shares)	24,081,905	23,073,890

Stockholders' equity - ATM Prog

Stockholders' equity - ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended				3 Months Ended	12 Months Ended
	Jun. 23, 2022	Aug. 11, 2020	Dec. 31, 2022	Oct. 31, 2020	Jun. 30, 2020	Nov. 30, 2019	Jun. 30, 2022	Mar. 31, 2023	Jun. 30, 2023
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share)								$ 0.001	$ 0.001
Number of shares issued (in shares)			6,810,658,000	5,625,000,000	3,478,261	4,516,561
Shares issued during period (in shares)								340,000
Proceeds from issuance of common stock through ATM sales, net of offering costs			$ 242,600	$ 270,000	$ 107,800	$ 85,600		$ 6,700
Issuance costs and underwriter fees								$ 300
Common stock
Class of Warrant or Right [Line Items]
Shares issued during period (in shares)							1,686,438
ATM Program
Class of Warrant or Right [Line Items]
Securities issued	$ 400,000
Percentage of commission		3%
ATM Program | Common stock
Class of Warrant or Right [Line Items]
Aggregate offering amount							$ 32,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Number of shares issued (in shares)							1,686,438
Underwriting discounts, commissions and other offering expenses							$ 1,000
Maximum received on transaction	$ 93,300
ATM Program | Maximum | Common stock
Class of Warrant or Right [Line Items]
Aggregate offering amount		$ 62,500

Stockholders' equity - Equity o

Stockholders' equity - Equity offerings (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2022	Oct. 31, 2020	Jun. 30, 2020	Nov. 30, 2019	Mar. 31, 2023	Jun. 30, 2023	Dec. 01, 2022
Class of Warrant or Right [Line Items]
Number of shares issued (in shares)	6,810,658,000	5,625,000,000	3,478,261	4,516,561
Proceeds from issuance of common stock, net of underwriting fees and discounts	$ 242,600	$ 270,000	$ 107,800	$ 85,600	$ 6,700
Shares issued during period (in shares)					340,000
Underwriter rights
Class of Warrant or Right [Line Items]
Number of shares issued (in shares)				838,530
Underwriting discounts, commissions and other offering expenses	$ 16,100	$ 17,500	$ 7,200	$ 5,800
Shares issued during period (in shares)	1,436,172,000		652,173
Pre-funded warrants
Class of Warrant or Right [Line Items]
Price per share (in USD per share)	$ 23.50	$ 40	$ 23	$ 13.61
Issuance of pre-funded warrants (in shares)		1,562,500	1,521,738	2,200,000	9,484,238	7,561,583	4,200,000,000
Pre-funded warrants exercise price (in dollars per share)			$ 22.9999	$ 13.6099
Number of days to purchase additional shares	30 days	30 days	30 days
Shares issued during period (in shares)		937,500
Share price (in dollars per share)	$ 23.4999	$ 39.9999

Pre-funded Warrants - Narrative

Pre-funded Warrants - Narrative (Details) - shares	1 Months Ended	3 Months Ended
	Oct. 31, 2020	Jun. 30, 2023	Mar. 31, 2023	Dec. 01, 2022	Jun. 30, 2020	Nov. 30, 2019	Jul. 09, 2018
Class of Warrant or Right [Line Items]
Number of stock warrants issued (in shares)							7,561,583
Pre-funded warrants
Class of Warrant or Right [Line Items]
Number of stock warrants issued (in shares)		1,922,655
Common stock
Class of Warrant or Right [Line Items]
Shares issued during period (in shares)		1,922,655
Pre-funded warrants
Class of Warrant or Right [Line Items]
Maximum percentage of holding for exercise warrants (as a percent)	9.99%
Maximum percentage of increase (decrease) of holding for exercise warrants (as a percent)	19.99%
Prior notice period to change percentage of holding (in days)	61 days
Issuance of pre-funded warrants (in shares)	1,562,500	7,561,583	9,484,238	4,200,000,000	1,521,738	2,200,000

Stock-based compensation - Clas

Stock-based compensation - Classification of expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation
Stock-based compensation expense	$ 8,846	$ 7,194
Stock options
Share-Based Compensation
Stock-based compensation expense	5,614	5,159
Restricted stock units
Share-Based Compensation
Stock-based compensation expense	3,232	2,035
Research and development
Share-Based Compensation
Stock-based compensation expense	3,298	2,614
Selling, general and administrative
Share-Based Compensation
Stock-based compensation expense	$ 5,548	$ 4,580

Stock-based compensation - Addi

Stock-based compensation - Additional Information (Details) $ in Millions					1 Months Ended	3 Months Ended
	Apr. 01, 2023 shares	Apr. 01, 2022 shares	May 31, 2021 shares	Jul. 09, 2018 shares	Dec. 31, 2022 shares	Jun. 30, 2023 USD ($) shares	Jul. 31, 2017
Stock-Based Compensation
Conversion ratio							1
Number of stock warrants issued (in shares)				7,561,583
Granted (in shares)			125,000,000		82,500,000	1,802,406
Value of stock options exercised | $						$ 0.5
Pre-funded warrants
Stock-Based Compensation
Number of stock warrants issued (in shares)						1,922,655
2017 Plan
Stock-Based Compensation
Shares authorized (in shares)						2,659,885
Number of shares available for grant				2,520,247		0
2018 Plan
Stock-Based Compensation
Shares authorized (in shares)				3,617,968
Number of shares available for grant						2,148,050
Additional shares authorized (in shares)	2,646,422	2,104,915
Share based payment award percentage of outstanding shares				4%
2018 Plan | Pre-funded warrants
Stock-Based Compensation
Common stock reserved for issuance (in shares)				9,484,238
ESPP
Stock-Based Compensation
Additional shares authorized (in shares)	661,605	526,228		697,224
Share based payment award percentage of outstanding shares				1%
Common stock reserved for issuance (in shares)	2,738,208	2,738,208		348,612
Stock options
Stock-Based Compensation
Exercise price for persons holding ten percent of voting power (as a percent)						100%
Exercise price for persons holding more than ten percent of voting power (as a percent)						110%
Share based payment award expiration period						10 years
Share based payment award vesting period						4 years
Stock options | Maximum
Stock-Based Compensation
Expiration period for persons holding ten percent of voting power						5 years
Stock options | Minimum
Stock-Based Compensation
Expiration period for persons holding more than ten percent of voting power						10 years
Restricted stock units
Stock-Based Compensation
Share based payment award vesting period						4 years
Restricted stock unit grant (in shares)						1,041,856
Restricted stock units | Newly-Hired Executive
Stock-Based Compensation
Restricted stock unit grant (in shares)			88,333,000		55,000,000
Restricted stock units | Share-based Payment Arrangement, Tranche One
Stock-Based Compensation
Share based payment award vesting period						1 year

Stock-based compensation - Assu

Stock-based compensation - Assumptions to determine grant-date fair value of stock options (Details) - Stock options	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock-Based Compensation
Risk-free interest rate	3.60%	2.59%
Expected term (in years)	6 years	6 years
Expected volatility	74.10%	75.60%
Expected dividend yield	0%	0%

Stock-based compensation - Stoc

Stock-based compensation - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
	May 31, 2021	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Number of Shares
Outstanding at beginning of the period (in shares)			7,454,828
Granted (in shares)	125,000,000	82,500,000	1,802,406
Exercised (in shares)			(96,146)
Cancelled (in shares)			(93,783)
Outstanding at end of the period (in shares)			9,067,305		7,454,828
Options exercisable (in shares)			5,254,968
Options vested and expected to vest (in shares)			9,067,305
Weighted Average Exercise Price
Outstanding at beginning of the period (in dollars per share)			$ 17.24
Granted (in dollars per share)			17.94
Exercised (in dollars per share)			12.58
Cancelled (in dollars per share)			24.80
Outstanding at end of the period (in dollars per share)			17.35		$ 17.24
Options exercisable (in dollars per share)			15.03
Options vested and expected to vest (in dollars per share)			$ 17.35
Weighted Average Contractual Term (Years)
Outstanding (years)			6 years 11 months 8 days		6 years 10 months 17 days
Options exercisable (years)			5 years 9 months 7 days
Options vested and expected to vest (years)			6 years 11 months 8 days
Aggregate Intrinsic Value
Outstanding			$ 69,685		$ 31,244
Options exercisable			52,342
Options vested and expected to vest			$ 69,685
Stock-Based Compensation
Weighted average grant-date fair value per share of stock options granted			$ 12.09	$ 12.15
Stock options
Stock-Based Compensation
Total unrecognized compensation cost			$ 49,600
Expenses expected to be recognized over a weighted average remaining period			2 years 8 months 12 days

Stock-based compensation - Summ

Stock-based compensation - Summary of RSU Activity (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Restricted stock units
Number of Restricted Shares
Outstanding as of March 31, 2021 (in shares) | shares	1,351,280
Granted (in shares) | shares	1,041,856
Vested (in shares) | shares	(281,211)
Cancelled (in shares) | shares	(42,510)
Outstanding as of June 30, 2021 (in shares) | shares	2,069,415
Weighted Average Grant Date Fair Value
Outstanding as of March 31, 2021 (in dollars per share) | $ / shares	$ 24.38
Granted (in dollars per share) | $ / shares	17.96
Vested (in dollars per share) | $ / shares	25.36
Cancelled (in dollars per share) | $ / shares	21.98
Outstanding as of June 30, 2021 (in dollars per share) | $ / shares	$ 21.06
Total unrecognized compensation cost | $	$ 40.3
Expenses expected to be recognized over a weighted average remaining period	3 years 2 months 12 days
Stock options
Weighted Average Grant Date Fair Value
Total unrecognized compensation cost | $	$ 49.6
Expenses expected to be recognized over a weighted average remaining period	2 years 8 months 12 days

Net loss per share - Computatio

Net loss per share - Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss	$ (49,555)	$ (42,253)
Denominator:
Weighted average common shares outstanding, basic (in shares)	66,367,702	54,211,446
Weighted average common shares outstanding, diluted (in shares)	66,367,702	54,211,446
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.75)	$ (0.78)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.75)	$ (0.78)

Net loss per share - Narrative

Net loss per share - Narrative (Details)	Jul. 09, 2018 shares
Earnings Per Share [Abstract]
Number of stock warrants issued (in shares)	7,561,583

Net loss per share - Computat_2

Net loss per share - Computation of diluted net loss per share attributable to common stockholders (Details) - shares	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Diluted net loss per share attributable to common stockholders
Antidilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	11,634,064	9,265,026
Options to purchase common stock
Diluted net loss per share attributable to common stockholders
Antidilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	9,067,305	7,511,559
Restricted stock units
Diluted net loss per share attributable to common stockholders
Antidilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	2,069,415	1,256,123
Warrants to purchase common stock
Diluted net loss per share attributable to common stockholders
Antidilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	497,344	497,344

Significant agreements (Details

Significant agreements (Details) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2020 patient	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Bristol-Myers Squibb Company
Significant agreements
Number of patients | patient	125
Regeneron Pharmaceuticals, Inc | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Significant agreements
Proceeds from collaborators | $		$ 0	$ 2

Commitments and contingencies -

Commitments and contingencies - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Finance Lease Costs	$ 607	$ 607
Operating lease costs	280	259
Minimum payments committed to manufacturing organization	900		$ 1,000
Research and development
Lessee, Lease, Description [Line Items]
Finance Lease Costs	607	518
Operating lease costs	229	110
Selling, general and administrative
Lessee, Lease, Description [Line Items]
Finance Lease Costs	0	89
Operating lease costs	$ 51	$ 149

Commitments and contingencies_2

Commitments and contingencies - Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Finance lease costs:
Amortization of right-to-use asset	$ 607	$ 607
Interest on lease liabilities	544	552
Operating lease costs	280	259
Total lease cost	$ 1,431	$ 1,418

Commitments and contingencies_3

Commitments and contingencies - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Finance Lease Costs	$ 607	$ 607
Interest on lease liabilities	544	552
Operating Lease Costs	280	259
Total lease cost	1,431	1,418
Research and development
Lessee, Lease, Description [Line Items]
Finance Lease Costs	607	518
Operating Lease Costs	229	110
Total lease cost	1,431	1,418
Selling, general and administrative
Lessee, Lease, Description [Line Items]
Finance Lease Costs	0	89
Operating Lease Costs	$ 51	$ 149

Commitments and contingencies_4

Commitments and contingencies - Balance sheet disclosures (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Operating leases
2022 (remaining three months)	$ 848
2025	1,170
2026	1,179
2027	1,144
2028	1,093
Thereafter	1,943
Total lease payments	7,377
Less: interest	1,943
Total lease liabilities	5,434
Financing lease
2022 (remaining three months)	1,990
2025	2,718
2026	2,799
2027	2,883
2028	2,969
Thereafter	35,054
Total lease payments	48,413
Less: interest	21,913
Total lease liabilities	26,500
Total
2022 (remaining three months)	2,838
2025	3,888
2026	3,978
2027	4,027
2028	4,062
Thereafter	36,997
Total lease payments	55,790
Less: interest	23,856
Total lease liabilities	$ 31,934

Commitments and contingencies_5

Commitments and contingencies - Other information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Leases
Right-to-use operating lease asset	$ 5,137		$ 5,208
Right-to-use finance lease asset	39,058		39,665
Total lease assets	44,195		44,873
Operating lease liabilities, current	1,139		1,118
Finance lease liabilities, current	2,658		2,639
Operating lease liabilities, non-current	4,295		4,389
Financing lease liabilities, non-current	23,842		23,965
Total lease liabilities	31,934		$ 32,111
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	263	$ 261
Operating cash flows from finance leases	544	552
Financing cash flows from finance leases	104	77
Right-to-use asset obtained in exchange for new operating lease liabilities	$ 0	$ 0
Weighted-average remaining lease term - operating leases	6 years 3 months 18 days	7 years 7 months 6 days
Weighted-average remaining lease term - financing leases	16 years 1 month 6 days	17 years 3 months 18 days
Weighted-average discount rate - operating leases	10.30%	10%
Weighted-average discount rate - financing leases	8.30%	8.30%

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 201	$ 0

Geographic information (Details

Geographic information (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($) region	Mar. 31, 2023 USD ($)
Segments, Geographical Areas [Abstract]
Number of operating geographic regions | region	2
Geographic information
Long-lived assets	$ 7,616	$ 7,479
United States
Geographic information
Long-lived assets	5,835	5,836
United Kingdom
Geographic information
Long-lived assets	$ 1,781	$ 1,643