Urovant Sciences (UROV) 10-Q 13 Nov 18 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Nov. 12, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Trading Symbol	UROV
Entity Registrant Name	Urovant Sciences Ltd.
Entity Central Index Key	1,740,547
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		30,322,911

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Mar. 31, 2018
Current assets:
Cash	$ 1,659	$ 7,194
Prepaid expenses and other current assets	11,757	5,196
Deferred initial public offering costs	2,201
Total current assets	15,617	12,390
Property and equipment, net	587	510
Other assets	84	84
Total assets	16,288	12,984
Current liabilities:
Accounts payable	5,084	833
Accrued expenses	9,875	3,595
Due to Roivant Sciences Ltd.	8,056	1,482
Total liabilities	23,015	5,910
Commitments and contingencies (Note 8)
Shareholder's (deficit) equity
Common shares, par value $0.000037453 per share, 267,001,308 shares authorized, 20,025,098 issued and outstanding at September 30, 2018 and March 31, 2018, respectively	1	1
Common shares subscribed	(1)	(1)
Shareholder receivable	(1,310)	(1,310)
Accumulated other comprehensive income	104	7
Additional paid-in capital	114,601	72,562
Accumulated deficit	(120,122)	(64,185)
Total shareholder's (deficit) equity	(6,727)	7,074
Total liabilities and shareholder's (deficit) equity	$ 16,288	$ 12,984

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Mar. 31, 2018
Statement Of Financial Position [Abstract]
Common shares, par value	$ 0.000037453	$ 0.000037453
Common shares, authorized	267,001,308	267,001,308
Common shares, issued	20,025,098	20,025,098
Common shares, outstanding	20,025,098	20,025,098

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating expenses:
Research and development	[1]	$ 20,664	$ 4,751	$ 48,009	$ 7,883
General and administrative	[2]	3,664	219	7,788	553
Total operating expenses		24,328	4,970	55,797	8,436
Other income (expense):
Other income (expense)		(309)	59	(80)	(88)
Loss before provision for income taxes		(24,637)	(4,911)	(55,877)	(8,524)
Provision for income taxes		5	2	60	4
Net loss		$ (24,642)	$ (4,913)	$ (55,937)	$ (8,528)
Net loss per common share—basic and diluted		$ (1.23)	$ (0.25)	$ (2.79)	$ (0.60)
Weighted average common shares outstanding—basic and diluted		20,025,098	20,025,098	20,025,098	14,240,070
[1]	Includes $48 and $2,230 and $2,094 and $4,381 of costs allocated from RSL during the three and six months ended September 30, 2018 and 2017, respectively. Also includes share-based compensation expense (see Note 7).
[2]	Includes $537 and $1,679 and $149 and $370 of costs allocated from RSL during the three and six months ended September 30, 2018 and 2017, respectively. Also includes share-based compensation expense (see Note 7).

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - RSL - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Research and Development
Costs allocated from related party	$ 48	$ 2,094	$ 2,230	$ 4,381
General and Administrative
Costs allocated from related party	$ 537	$ 149	$ 1,679	$ 370

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (24,642)	$ (4,913)	$ (55,937)	$ (8,528)
Other comprehensive income (loss):
Foreign currency translation adjustment	317	(63)	97	81
Total other comprehensive income (loss)	317	(63)	97	81
Comprehensive loss	$ (24,325)	$ (4,976)	$ (55,840)	$ (8,447)

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholder's Equity (Deficit) (Unaudited) - 6 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	Common Shares	Common Shares Subscribed	Shareholder Receivable	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Mar. 31, 2018	$ 7,074	$ 1	$ (1)	$ (1,310)	$ 72,562	$ (64,185)	$ 7
Beginning balance (in shares) at Mar. 31, 2018	20,025,098	20,025,098
Capital contributions	$ 40,244				40,244
Share-based compensation expense	1,215				1,215
Capital contribution – share-based compensation expense	580				580
Foreign currency translation adjustment	97						97
Net loss	(55,937)					(55,937)
Ending balance at Sep. 30, 2018	$ (6,727)	$ 1	$ (1)	$ (1,310)	$ 114,601	$ (120,122)	$ 104
Ending balance (in shares) at Sep. 30, 2018	20,025,098	20,025,098

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net loss	$ (55,937)	$ (8,528)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	85
Share-based compensation expense	1,795	1,771
Unrealized foreign currency translation adjustment	97	81
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(6,561)	4
Due to Roivant Sciences Ltd.	6,574	169
Accounts payable	3,801	18
Accrued expenses	5,802	1,322
Net cash used in operating activities	(44,344)	(5,163)
Cash flows from investing activities:
Purchases of property and equipment	(162)
Net cash used in investing activities	(162)
Cash flows from financing activities:
Proceeds from capital contributions from Roivant Sciences Ltd.	40,244	5,035
Initial public offering costs paid	(1,273)
Net cash provided by financing activities	38,971	5,035
Net change in cash	(5,535)	(128)
Cash—beginning of period	7,194	4,767
Cash—end of period	1,659	4,639
Non-cash financing activities:
Shareholder receivable for the sale of intellectual property rights in China recorded as a deemed capital contribution (see Note 5[B])		$ 1,310
Unpaid initial public offering costs included in accounts payable and accrued expenses	928
Supplemental disclosure of cash paid:
Income taxes	$ 155

Description of Business and Liq

Description of Business and Liquidity	6 Months Ended
	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business and Liquidity	Note 1—Description of business and liquidity [A] Description of business: Urovant Sciences Ltd. and its subsidiaries (collectively, the “Company”) is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for urologic conditions. The Company’s lead product candidate, vibegron, is an oral, once-daily, small molecule beta-3 agonist. The Company is currently developing vibegron for the treatment of overactive bladder, or OAB. The Company is also developing vibegron for the treatment of two additional potential indications: OAB in men with benign prostatic hyperplasia and pain associated with irritable bowel syndrome. The Company’s second product candidate, hMaxi-K, is a novel gene therapy that the Company is developing for patients with OAB who have failed oral pharmacological therapy. There are no currently available FDA-approved gene therapy treatments for OAB. The Company was founded on January 27, 2016 as a Bermuda Exempted Limited Company and a wholly owned subsidiary of Roivant Sciences Ltd. In November 2016, the Company incorporated as its wholly owned subsidiaries (1) Urovant Holdings Ltd. (“UHL”), a private limited company incorporated under the laws of England and Wales, (2) Urovant Sciences GmbH (“USG”), a company with limited liability formed under the laws of Switzerland and the Company’s principal operating subsidiary and (3) Urovant Sciences, Inc. (“USI”), a Delaware corporation based in the United States of America. Since its inception, the Company has devoted substantially all of its efforts to organizing and staffing the Company, acquiring its product candidates, vibegron and hMaxi-K, and preparing for and advancing vibegron into clinical development. Vibegron was licensed from Merck Sharp & Dohme Corp. (“Merck”), a subsidiary of Merck & Co., in February 2017. hMaxi-K was licensed from Ion Channel Innovations, LLC (“ICI”) in August 2018. The Company has determined that it has one operating and reporting segment as it allocates resources and assesses financial performance on a consolidated basis. [B] Liquidity: The Company has not historically been capitalized with sufficient funding to conduct its operations. Certain other costs of conducting the Company’s operations through September 30, 2018 were paid by Roivant Sciences Ltd., inclusive of its wholly owned subsidiaries (“RSL”), and will be reimbursed by the Company including amounts pursuant to services agreements with Roivant Sciences, Inc. (“RSI”) and Roivant Sciences GmbH (“RSG”). The Company has incurred and expects to continue to incur significant and increasing operating losses and negative cash flows for at least the next several years. To date, t he Company has not generated any revenues and does not anticipate generating any revenues unless and until it successfully completes development and obtains regulatory approval for one of its product candidates. he Company will seek to obtain additional capital through equity financings, the sale of debt or other arrangements. However, there can be no assurance that the Company will be able to raise additional capital when needed or under acceptable terms, if at all. The sale of additional equity may dilute existing shareholders and newly issued shares may contain senior rights and preferences compared to currently outstanding common shares. Issued debt securities may contain covenants and limit the Company’s ability to pay dividends or make other distributions to shareholders. If the Company is unable to obtain such additional financing, operations would need to be scaled back or discontinued. The Company’s future operations are highly dependent on a combination of factors, including (1) the timely and successful completion of any additional financing; (2) the success of its research and development programs; (3) the development of competitive therapies by other biotechnology and pharmaceutical companies, (4) the Company’s ability to manage growth of the organization; (5) the Company’s ability to protect its technology and products; and, ultimately (6) regulatory approval and market acceptance of vibegron, hMaxi-K or any future product candidate.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of significant accounting policies [A] Basis of presentation: The Company’s fiscal year ends on March 31. The accompanying interim condensed consolidated balance sheet as of September 30, 2018, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended September 30, 2018 and 2017, the condensed consolidated statements of cash flows for the six months ended September 30, 2018 and 2017 and the condensed consolidated statement of shareholder’s equity (deficit) for the six months ended September 30, 2018 are unaudited. The accompanying interim unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted . The condensed consolidated balance sheet at March 31, 2018 has been derived from the audited consolidated financial statements at that date. In the opinion of management, the interim consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position and its results of operations and cash flows for the interim periods presented. The results for the three and six months ended September 30, 2018 are not necessarily indicative of the results to be expected for the year ending March 31, 2019 or for any future period. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The consolidated financial statements include the accounts of USL and UHL, USG, and USI, USL’s wholly owned subsidiaries. USL has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. On September 11, 2018, the Company’s board of directors approved a 1-for-3.7453 reverse share split of the Company’s authorized and issued and outstanding common shares. The reverse share split increased par value to $0.000037453. The reverse split became effective on September 13, 2018. The accompanying unaudited condensed consolidated financial statements and notes to the condensed consolidated financial statements give retroactive effect to the reverse share split for all periods presented. There have been no significant changes in the Company's accounting policies from those disclosed in its final prospectus filed with the SEC on September 27, 2018. [B] Use of estimates: The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, costs, expenses and compensation expense allocated to the Company under its services agreements with RSI and RSG, as well as share-based compensation, research and development costs and income taxes. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. [C] Financial instruments: The Company applies a fair value framework in order to measure and disclose its financial assets and liabilities. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Fair values are determined by utilizing quoted prices for similar assets and liabilities in active markets or other market observable inputs such as interest rates and yield curves. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments consist of cash, accounts payable, accrued expenses and amounts due to and from RSL. These financial instruments are stated at their respective historical carrying amounts, which approximates fair value due to their short-term nature. [D] : Deferred offering costs, which consisted of direct costs related to the Company’s initial public offering of its common shares, were capitalized in other current assets until the consummation of the initial public offering. These offering costs were reclassified to additional paid-in capital upon the closing of the Company’s initial public offering on October 1, 2018. [E] : Basic net loss per common share is computed by dividing net loss applicable to common shareholder by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss applicable to common shareholder by the diluted weighted-average number of common shares outstanding during the period calculated in accordance with the treasury stock method. For the three and six months ended September 30, 2018 and 2017, there were 2,554,875 and 1,201,504 options to purchase common shares, respectively, that were not included in the calculation of diluted weighted-average number of common shares outstanding because they were anti-dilutive given the net loss of the Company. [F] Recently issued accounting pronouncements : In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income : Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In June 2018, the FASB issued ASU No. 2018-07, C ompensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting Entities must apply the guidance retrospectively with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification

License Agreement

License Agreement	6 Months Ended
	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
License Agreement	Note 3—License agreement On August 24, 2018, the Company’s wholly owned subsidiary, USG, entered into an exclusive license agreement with ICI (the “ICI Agreement”) for the development and commercialization of hMaxi-K in exchange for the following consideration: • An initial one-time, non-refundable, non-creditable payment of $0.25 million; • Up to an aggregate of $35.0 million upon the achievement of certain development and regulatory milestones; • Up to an aggregate of $60.0 million upon the achievement of certain annual sales-based milestones; and • An escalating mid-to-high single-digit royalty on annual net sales of licensed products made by the Company, its affiliates or its sublicensees, subject to certain reductions as set forth in the ICI Agreement. The Company’s royalty obligations apply on a product-by-product and country-by-country basis and end upon the date on which the last valid claim of the licensed patents expires with respect to a given product in a given country. The exclusive license under the ICI Agreement extends to all countries and territories worldwide. For the consideration above, the Company received certain research and development historical records. The Company did not receive any material inventory of hMaxi-K, did not hire, or receive, any ICI employees working on hMaxi-K, and did not receive any research, clinical or manufacturing equipment. Additionally, the Company did not assume from ICI any contracts, licenses or agreements between ICI and any third party with respect to hMaxi-K. The Company will need to develop independently all clinical processes and procedures for its clinical trials through the use of internal and external resources once appropriate and acceptable resources have been identified and obtained. The Company has evaluated the in-license agreement of hMaxi-K from ICI based on the applicable guidance in ASC No. 805, Business Combinations Research and Development

Accrued Expenses

Accrued Expenses	6 Months Ended
	Sep. 30, 2018
Payables And Accruals [Abstract]
Accrued Expenses	Note 4—Accrued expenses Accrued expenses at September 30, 2018 and March 31, 2018 consist of the following (in thousands): September 30, 2018 March 31, 2018 Research and development expenses $ 7,751 $ 2,482 General and administrative expenses 616 429 Bonuses and other compensation expenses 1,150 549 Professional services expenses 287 90 Other expenses 71 45 Total accrued expenses $ 9,875 $ 3,595

Related Party Transactions

Related Party Transactions	6 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 5—Related party transactions [A] Services agreements: In May 2017, the Company entered into a formal services agreement with RSI effective January 17, 2017, as amended and restated on July 9, 2018, under which RSI agreed to provide certain administrative and research and development services to the Company during its formative period. Under this services agreement, the Company will pay or reimburse RSI for any expenses it, or third parties acting on its behalf, incurs for the Company. For any general and administrative and research and development activities performed by RSI employees, RSI will charge back the employee compensation expense plus a pre-determined markup. RSI also provided such services prior to the formalization of this services agreement, and such costs have been recognized by the Company in the period in which the services were rendered. Employee compensation expense, inclusive of base salary and fringe benefits, is determined based upon the relative percentage of time utilized on Company matters. All other costs will be billed back at cost. The condensed consolidated financial statements also include third-party expenses that have been paid by RSI and RSL since the inception of the Company. During the three and six months ended September 30, 2018 and 2017, RSL and RSI provided certain administrative and research and development services on behalf of the Company. Total compensation expense, inclusive of base salary, fringe benefits and share-based compensation, is proportionately allocated to the Company based upon the relative percentage of time utilized on the Company’s matters. A significant component of total compensation expense allocated back to the Company relates to the RSL common share awards and RSL options issued by RSL to RSL and RSI employees. The term of the RSI services agreement will continue until terminated upon 90 days’ written notice by RSI or by either USI or USG with respect to the services either such party receives thereunder. In May 2017, USG entered into a separate services agreement with RSG effective as of January 17, 2017 , as amended and restated on July 9, 2018, The term of the RSG services agreement will continue until terminated by RSG or USG upon 90 days’ written notice. Under the RSI and RSG services agreements, for the three and six months ended September 30, 2018 and 2017, the Company incurred expenses of $0.5 million and $3.3 million and $1.4 million and $3.0 million, respectively, inclusive of the mark-up. Based upon the service performed under the services agreements, amounts included in research and development expenses totaled $0.2 million and $2.1 million and $1.3 million and $2.7 million, and amounts included in general and administrative expenses totaled $0.3 million and $1.2 million and $0.1 million and $0.3 million during the three and six months ended September 30, 2018 and 2017, respectively. [B] China intellectual property purchase agreement: On June 12, 2017, USG and RSG entered into an intellectual property purchase agreement, as amended on May 22, 2018, pursuant to which USG assigned to RSG all of its rights, titles, claims and interests in and to all intellectual property rights under the Merck license agreement, solely as it relates to USG’s rights and obligations in China. The assignment is subject to the terms of the Merck license agreement, and RSG is obligated to make royalty and milestone payments owed under the Merck license agreement to USG, to the extent such payment obligations arise from the development, regulatory approval or sales of any vibegron product in China. In connection with this assignment, the Company also entered into a separate collaboration agreement with RSG on June 1, 2018, setting forth the parties’ respective rights and obligations to each other in connection with the development of vibegron in their respective territories. The consideration for the assignment of the rights to China under the Merck license agreement was $1.8 million plus applicable Swiss VAT and was determined based on an independent third-party valuation. Since the in-process research and development asset acquired from Merck was expensed during the year ended March 31, 2017, the carrying value of the intellectual property rights transferred to RSG was $0. Since the assignment of such intellectual property rights from USG to RSG were between entities under common control with no carrying value, the Company accounted for the consideration of $1.8 million as a deemed capital contribution from its parent, RSL. In July 2017, the Company received payment of $0.5 million under such agreement and the remaining consideration due of $1.3 million was classified within equity as a shareholder receivable in the accompanying condensed consolidated balance sheets as of September 30, 2018 and March 31, 2018. The remaining consideration of $1.3 million was received in October 2018. [C] Information sharing and cooperation agreement: On July 9, 2018, the Company entered into an information sharing and cooperation agreement (the “Cooperation Agreement”) with RSL. The Cooperation Agreement, among other things: (1) obligates the Company to deliver to RSL periodic financial statements and other information upon reasonable request and to comply with other specified financial reporting requirements; (2) requires the Company to supply certain material information to RSL to assist it in preparing any future SEC filings; and (3) requires the Company to implement and observe certain policies and procedures related to applicable laws and regulations. The Company agreed to indemnify RSL and its affiliates and their respective officers, employees and directors against all losses arising out of, due to or in connection with RSL’s status as a shareholder under the Cooperation Agreement and the operations of or services provided by RSL or its affiliates or their respective officers, employees or directors to the Company or any of the Company’s subsidiaries, subject to certain limitations set forth in the Cooperation Agreement. No amounts have been paid or received under this agreement; however, the Company believes this agreement is material to its business and operations. [D] Data sharing agreement: On May 22, 2018, USG entered into a data sharing agreement (the “Data Sharing Agreement”) with Datavant, Inc. (“Datavant”), a subsidiary of the Company’s parent company, RSL. Pursuant to this Data Sharing Agreement, USG granted to Datavant a royalty-free, worldwide (excluding jurisdictions prohibited by the United States government), non-exclusive, irrevocable license to all data, subject to certain exceptions set forth in the Data Sharing Agreement, collected as part of clinical trials (but not prior to completion of such clinical trials and the publication or presentation of the data generated in connection with such clinical trials) or other patient-level data that is owned or licensed by USG and all other data mutually agreed by USG and Datavant, solely for Datavant to (1) use such data to develop its data or other analytics products (the “Datavant Products”), or (2) provide such data to third parties, subject to the limitations and conditions set forth in the Data Sharing Agreement, including limitations on providing such data to any third party that competes with USG. Pursuant to the Data Sharing Agreement, Datavant granted to USG a royalty-free, worldwide (excluding jurisdictions prohibited by the United States government), nonexclusive, irrevocable license to use all data, subject to certain exceptions set forth in the Data Sharing Agreement, owned or licensed by Datavant and applicable Datavant Products for such specified purposes as set forth in the Data Sharing Agreement. The Data Sharing Agreement has an initial term of two years and will automatically renew annually thereafter, subject to 30 days’ written notice of termination by either party. In addition, either party may terminate (1) upon a change of control of either party upon 60 days’ written notice or (2) upon 90 days’ written notice for an uncured material breach by the other party. No amounts have been paid or received under this agreement, however, the Company believes this agreement is material to its business and operations.

Shareholder's Equity (Deficit)

Shareholder's Equity (Deficit)	6 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Shareholder's Equity (Deficit)	Note 6—Shareholder's equity (deficit) For the three and six months ended September 30, 2018 and 2017, RSL made cash capital contributions of $21.7 million and $40.2 million and $4.5 million and $4.5 million, respectively. In connection with the China intellectual property purchase agreement with RSG, USG assigned all of its rights, titles, claims and interests in and to all intellectual property rights under the Merck license agreement, solely as it relates to USG’s rights and obligations in China to RSG for cash consideration of $1.8 million. As RSG and USG are under common control, the consideration was recorded as a capital contribution from the Company’s parent, RSL (see Note 5[B]).

Share-based Compensation

Share-based Compensation	6 Months Ended
	Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 7—Share-based compensation Equity Incentive Plan: On June 1, 2017, the Company adopted its 2017 Equity Incentive Plan (the “2017 Plan”), under which 2,002,509 common shares are reserved for grant. On June 15, 2018, the Board of Directors approved an increase in the common shares reserved for grant under the 2017 Plan of 1,068,006 common shares. The 2017 Plan was approved by the Company’s shareholders in September 2018. In connection with the Company’s initial public offering, the 2017 Plan was amended effective upon the execution of the underwriting agreement related to the offering. All references herein to our 2017 Plan will be deemed to refer to the 2017 Plan, as amended and restated, unless context otherwise requires. Share-based awards under the 2017 Plan are subject to terms and conditions established by the Compensation Committee of the Company’s Board of Directors. The 2017 Plan provides for the grant of incentive options within the meaning of Section 422 of the Internal Revenue Code to the Company’s employees and its parent and subsidiary corporations’ employees, and for the grant of nonstatutory options, restricted share awards, restricted share unit awards, share appreciation rights, performance share awards and other forms of share compensation to its employees, including officers, consultants and directors. The 2017 Plan also provides for the grant of performance cash awards to the Company’s employees, consultants and directors. The Company’s policy is to issue new common shares upon the exercise of stock options, conversion of share units or purchase of restricted shares. Pursuant to the “evergreen” provision contained in the 2017 Plan, the number of common shares reserved for issuance under the 2017 Plan will automatically increase on November 1, 2018 by 4% of the total number of common shares outstanding on October 31, 2018, and annually thereafter, for a period of ten years, from November 1, 2019 continuing through November 1, 2028, by 4% of the total number of the Company’s common shares outstanding on the last day of the preceding month, or by a lesser number of common shares as may be determined by the Company’s Board of Directors prior to any such increase date. At September 30, 2018, a total of 515,640 common shares were available for future issuance under the 2017 Plan. Stock options: The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model applying the range of assumptions in the following table: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Six Months Ended September 30, 2018 Six Months Ended September 30, 2017 Risk-free interest rate 2.77% - 2.99% 2.01% 2.73% - 2.99% 2.01% Expected term, in years 6.11 6.25 6.00 - 6.25 6.25 Expected volatility 67.2% - 67.9% 69.9% 67.2% - 68.4% 69.9% Expected dividend yield —% —% —% —% The following table presents a summary of stock option activity and data under the Company’s 2017 Plan through September 30, 2018 (in thousands, except share and per share data): Number of Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Options outstanding at March 31, 2018 1,737,838 $ 3.84 $ 2.46 — $ — Granted 817,571 $ 7.73 $ 5.24 Forfeited (534 ) $ 4.01 $ 2.48 Options outstanding at September 30, 2018 2,554,875 $ 5.08 $ 3.35 9.27 $ 17,767 Options exercisable at September 30, 2018 250,314 $ 3.86 $ 2.47 8.98 $ 2,038 The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable stock options and the quoted market price of our common shares at September 30, 2018. At September 30, 2018, there were 250,314 vested or exercisable options outstanding. Share-based compensation was as follows (in thousands): Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Six Months Ended September 30, 2018 Six Months Ended September 30, 2017 Share-based compensation recognized as: Research and development $ 293 $ 854 $ 565 $ 1,693 General and administrative 696 33 1,230 78 Total $ 989 $ 887 $ 1,795 $ 1,771 Share-based compensation expense is included in research and development and general and administrative expenses in the accompanying interim condensed consolidated statements of operations consistent with the grantee’s salary classification. Share-based compensation expense presented in the table above includes share-based compensation expense allocated to the Company by RSL as described below in Note 7[B]. Of the total share-based compensation expense, amounts recognized for options granted to non-employees were immaterial for all periods presented. In connection with the Company’s initial public offering, the Company reassessed the fair value of: (1) 88,096 common shares underlying stock options granted in July 2018; and (2) 5,340 common shares underlying stock options granted in August 2018 to the Company’s employees with a weighted-average exercise price of $10.61 per common share. As a result, the Company determined that the reassessed fair value of the common shares underlying the stock options granted in July and August 2018 was $14.00 per common share, which was the initial public offering price of the Company’s common shares. Management believes the initial public offering price was a better reflection of the fair value of the common shares underlying these stock options based on market participants. The use of this higher fair value per common share increased the weighted-average fair value of the stock options granted in July and August 2018 to $9.58 per common share. Prior to the initial public offering, the fair value of the common shares underlying the Company’s stock options was estimated on each grant date by the Board of Directors. In order to determine the fair value of the Company’s common shares underlying granted stock options, the Board of Directors considered, among other things, timely valuations of the common shares prepared by an unrelated independent third-party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. The use of this higher share price increased both recognized and unrecognized share-based compensation expense and thus the total fair value of the stock options granted in July and August 2018 increased by $0.3 million. During the three and six months ended September 30, 2018, the incremental fair value recognized was approximately $18,000. Total unrecognized share-based compensation expense was approximately $7.3 million at September 30, 2018 and is expected to be recognized over a weighted-average period of 3.34 years. [A] Stock options granted to employees and non-employees: During the three and six months ended September 30, 2018, the Company granted options to purchase 133,251 common shares and 817,571 common shares, respectively, to certain employees and directors of the Company with a weighted-average exercise price of $11.62 and $7.73, respectively, under the 2017 Plan. For the three and six months ended September 30, 2018 and 2017, the Company recorded share-based compensation expense related to stock options issued to employees, directors and consultants of $0.9 million and $1.2 million and approximately $7,000 and $7,000, respectively. This share-based compensation expense is included in general and administrative expenses and research and development expenses in the accompanying condensed consolidated statements of operations. [B] Share-based compensation allocated to the Company by RSL: In relation to the RSL common share awards and options issued by RSL to RSL, RSI and RSG employees, the Company recorded share-based compensation expense of $0.1 million and $0.6 million and $0.9 million and $1.8 million for the three and six months ended September 30, 2018 and 2017, respectively. Share-based compensation expense is allocated to the Company by RSL based upon the relative percentage of time utilized by RSL, RSI and RSG employees on Company matters. The RSL common share awards and RSL options are valued at fair value on the date of grant and that fair value is recognized over the requisite service period. Significant judgment and estimates were used to estimate the fair value of these RSL awards and RSL options, as they are not publicly traded. RSL common share awards and RSL options are subject to specified vesting schedules and requirements (a mix of time-based and performance-based events). The fair value of each RSL common share award is based on various corporate event-based considerations, including targets for RSL’s post-IPO market capitalization and future financing events. The fair value of each RSL option on the date of grant is estimated using the Black-Scholes option-pricing model. Compensation expense will be allocated to the Company over the required service period over which these RSL common share awards and RSL options would vest and is based upon the relative percentage of time utilized by RSL, RSI and RSG employees on Company matters. RSL restricted stock unit (“RSUs”): In connection with his employment agreement, the Company’s Principal Executive Officer was granted 66,845 RSUs of the Company’s parent company, RSL, during the year ended March 31, 2018. The RSUs have a requisite service period of eight years and have no dividend rights. The RSUs will vest upon the achievement of both a performance and liquidity condition, if both are achieved within the requisite service period. As of September 30, 2018, the performance condition had not been met and was deemed not probable of being met. For the three and six months ended September 30, 2018 and 2017, the Company recorded no share-based compensation expense related to the RSUs that were issued. At September 30, 2018, there was $0.9 million of unrecognized compensation expense related to non-vested RSUs. The Company will recognize the expense upon the probable achievement of the performance condition through the requisite service period.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8—Commitments and contingencies The Company entered into certain commitments under the Merck license agreement, the ICI license agreement (see Note 3), the Codexis enzyme supply agreement, the Kyorin information sharing collaboration agreement, and the services agreements with RSI and RSG (see Note 5[A]). In addition, the Company has entered into services agreements with third parties for pharmaceutical research and development and manufacturing activities and has a lease agreement for office space located in Irvine, California that expires in February 2020. Expenditures to contract research organizations, or CROs, and contract manufacturing organizations, or CMOs, represent significant costs in the Company’s clinical development of its product candidates. Subject to required notice periods, a nominal early termination fee, in certain cases, and the Company’s remaining obligations under binding purchase orders, the Company can elect to discontinue the work under these agreements at any time. The Company expects to enter into additional commitments as the business further develops. As of September 30, 2018, the Company did not have any additional ongoing material financial commitments. The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company accrues for loss contingencies when available information indicates that it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated. In the cases where the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the loss contingency, including an estimable range, if possible. During the three and six months ended September 30, 2018, there were no other material changes outside the ordinary course of business to the specified contractual obligations set forth in the commitments and contingencies footnote disclosure in the Company’s audited consolidated financial statements for the year ended March 31, 2018 included in the Company’s final prospectus dated September 26, 2018 filed with the SEC on September 27, 2018.

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 9—Subsequent events The Company has evaluated subsequent events through and determined that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosures in the notes thereto other than as disclosed in the accompanying notes to the condensed consolidated financial statements [A] Initial public offering: On September 26, 2018, the Company’s registration statement on Form S-1 relating to its initial public offering of its common shares was declared effective by the SEC. In the initial public offering, which closed on October 1, 2018, the Company issued and sold 10,000,000 common shares at a price to the public of $14.00 per share. On October 18, 2018, the Company issued and sold an additional 297,813 common shares at the public offering price of $14.00 per share pursuant to the partial exercise of the underwriters’ over-allotment option in the initial public offering. Our sole shareholder prior to the initial public offering, RSL, purchased 2,678,571 shares in the initial public offering at the public offering price of $14.00. The aggregate net proceeds to the Company from the initial public offering, inclusive of the proceeds from the partial over-allotment exercise, were $131.8 million after deducting underwriting discounts and commissions of $10.1 million and offering related expenses of approximately $2.3 million. [B] Share-based compensation: In October 2018, the Company granted options to purchase 130,967 common shares to certain employees of the Company, with a weighted-average exercise price of $13.65 under the 2017 Plan.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of presentation	[A] Basis of presentation: The Company’s fiscal year ends on March 31. The accompanying interim condensed consolidated balance sheet as of September 30, 2018, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended September 30, 2018 and 2017, the condensed consolidated statements of cash flows for the six months ended September 30, 2018 and 2017 and the condensed consolidated statement of shareholder’s equity (deficit) for the six months ended September 30, 2018 are unaudited. The accompanying interim unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted . The condensed consolidated balance sheet at March 31, 2018 has been derived from the audited consolidated financial statements at that date. In the opinion of management, the interim consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position and its results of operations and cash flows for the interim periods presented. The results for the three and six months ended September 30, 2018 are not necessarily indicative of the results to be expected for the year ending March 31, 2019 or for any future period. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The consolidated financial statements include the accounts of USL and UHL, USG, and USI, USL’s wholly owned subsidiaries. USL has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. On September 11, 2018, the Company’s board of directors approved a 1-for-3.7453 reverse share split of the Company’s authorized and issued and outstanding common shares. The reverse share split increased par value to $0.000037453. The reverse split became effective on September 13, 2018. The accompanying unaudited condensed consolidated financial statements and notes to the condensed consolidated financial statements give retroactive effect to the reverse share split for all periods presented. There have been no significant changes in the Company's accounting policies from those disclosed in its final prospectus filed with the SEC on September 27, 2018.
Use of estimates	[B] Use of estimates: The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, costs, expenses and compensation expense allocated to the Company under its services agreements with RSI and RSG, as well as share-based compensation, research and development costs and income taxes. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
Financial instruments	[C] Financial instruments: The Company applies a fair value framework in order to measure and disclose its financial assets and liabilities. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Fair values are determined by utilizing quoted prices for similar assets and liabilities in active markets or other market observable inputs such as interest rates and yield curves. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments consist of cash, accounts payable, accrued expenses and amounts due to and from RSL. These financial instruments are stated at their respective historical carrying amounts, which approximates fair value due to their short-term nature.
Deferred initial public offering costs	[D] : Deferred offering costs, which consisted of direct costs related to the Company’s initial public offering of its common shares, were capitalized in other current assets until the consummation of the initial public offering. These offering costs were reclassified to additional paid-in capital upon the closing of the Company’s initial public offering on October 1, 2018.
Net loss per common share	[E] : Basic net loss per common share is computed by dividing net loss applicable to common shareholder by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss applicable to common shareholder by the diluted weighted-average number of common shares outstanding during the period calculated in accordance with the treasury stock method. For the three and six months ended September 30, 2018 and 2017, there were 2,554,875 and 1,201,504 options to purchase common shares, respectively, that were not included in the calculation of diluted weighted-average number of common shares outstanding because they were anti-dilutive given the net loss of the Company.
Recently issued accounting pronouncements	[F] Recently issued accounting pronouncements : In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income : Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In June 2018, the FASB issued ASU No. 2018-07, C ompensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting Entities must apply the guidance retrospectively with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Sep. 30, 2018
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses at September 30, 2018 and March 31, 2018 consist of the following (in thousands): September 30, 2018 March 31, 2018 Research and development expenses $ 7,751 $ 2,482 General and administrative expenses 616 429 Bonuses and other compensation expenses 1,150 549 Professional services expenses 287 90 Other expenses 71 45 Total accrued expenses $ 9,875 $ 3,595

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Estimated Fair Value of Each Stock Option on Date of Grant Using Black-Scholes Option Pricing Model	The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model applying the range of assumptions in the following table: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Six Months Ended September 30, 2018 Six Months Ended September 30, 2017 Risk-free interest rate 2.77% - 2.99% 2.01% 2.73% - 2.99% 2.01% Expected term, in years 6.11 6.25 6.00 - 6.25 6.25 Expected volatility 67.2% - 67.9% 69.9% 67.2% - 68.4% 69.9% Expected dividend yield —% —% —% —%
Summary of Option Activity	The following table presents a summary of stock option activity and data under the Company’s 2017 Plan through September 30, 2018 (in thousands, except share and per share data): Number of Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Options outstanding at March 31, 2018 1,737,838 $ 3.84 $ 2.46 — $ — Granted 817,571 $ 7.73 $ 5.24 Forfeited (534 ) $ 4.01 $ 2.48 Options outstanding at September 30, 2018 2,554,875 $ 5.08 $ 3.35 9.27 $ 17,767 Options exercisable at September 30, 2018 250,314 $ 3.86 $ 2.47 8.98 $ 2,038
Schedule of Share-based Compensation	Share-based compensation was as follows (in thousands): Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Six Months Ended September 30, 2018 Six Months Ended September 30, 2017 Share-based compensation recognized as: Research and development $ 293 $ 854 $ 565 $ 1,693 General and administrative 696 33 1,230 78 Total $ 989 $ 887 $ 1,795 $ 1,771

Description of Business and L_2

Description of Business and Liquidity - Additional Information (Details) $ in Millions	Oct. 01, 2018USD ($)	Sep. 30, 2018Segment
Description Of Business And Liquidity [Line Items]
Number of operating segments		1
Number of reportable segments		1
Subsequent Event
Description Of Business And Liquidity [Line Items]
Net cash proceeds received from initial public offering | $	$ 131.8

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Sep. 11, 2018$ / shares	Sep. 30, 2018$ / sharesshares	Sep. 30, 2017shares	Sep. 30, 2018$ / sharesshares	Sep. 30, 2017shares	Mar. 31, 2018$ / shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share split of authorized, issued and outstanding shares	0.2670
Common stock par value | $ / shares	$ 0.000037453	$ 0.000037453		$ 0.000037453		$ 0.000037453
Options to Purchase Common Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of dilutive weighted-average common shares outstanding | shares		2,554,875	1,201,504	2,554,875	1,201,504

License Agreement - Additional

License Agreement - Additional Information (Details) - License Agreement - Ion Channel Innovations, LLC - USD ($) $ in Thousands	Aug. 24, 2018	Sep. 30, 2018	Sep. 30, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Initial one time non-refundable and non-creditable payment	$ 250
Aggregate payment to be made upon achievement of certain development and regulatory milestone	35,000
Aggregate payment to be made upon achievement of certain annual sales-based milestones	$ 60,000
Research and Development
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Initial one time non-refundable and non-creditable payment		$ 250	$ 250

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Mar. 31, 2018
Payables And Accruals [Abstract]
Research and development expenses	$ 7,751	$ 2,482
General and administrative expenses	616	429
Bonuses and other compensation expenses	1,150	549
Professional services expenses	287	90
Other expenses	71	45
Total accrued expenses	$ 9,875	$ 3,595

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)

Jul. 09, 2018

May 22, 2018

Jun. 12, 2017

May 31, 2017

Jul. 31, 2017

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

Oct. 31, 2018

Mar. 31, 2018

Mar. 31, 2017

Related Party Transaction [Line Items]

Deemed capital contribution receivable

$ 1,310,000

$ 1,310,000

$ 1,310,000

Services Agreement | RSI

Related Party Transaction [Line Items]

Agreement written notice of termination period

90 days

Services Agreement | RSG

Related Party Transaction [Line Items]

Agreement written notice of termination period

90 days

Services Agreement | RSI and RSG

Related Party Transaction [Line Items]

Costs allocated from related party

500,000

$ 1,400,000

3,300,000

$ 3,000,000

Related party transaction expenses, amount included in research and development expenses

200,000

1,300,000

2,100,000

2,700,000

Related party transaction expenses, amount included in general and administrative Expense

300,000

$ 100,000

1,200,000

$ 300,000

China Intellectual Property Purchase Agreement | USG and RSG

Related Party Transaction [Line Items]

Amounts of transactions with related party

$ 1,800,000

Carrying value of the intellectual property rights

$ 0

Deemed capital contribution received

$ 500,000

Deemed capital contribution receivable

$ 1,300,000

$ 1,300,000

$ 1,300,000

$ 1,300,000

Cooperation Agreement | RSL

Related Party Transaction [Line Items]

Amounts of transactions with related party

$ 0

Data Sharing Agreement | USG

Related Party Transaction [Line Items]

Agreement written notice of termination period

30 days

Amounts of transactions with related party

$ 0

Agreement term

2 years

Data Sharing Agreement | USG | Upon Change Of Control Of Either Party

Related Party Transaction [Line Items]

Agreement written notice of termination period

60 days

Data Sharing Agreement | USG | For Uncured Material Breach By Other Party

Related Party Transaction [Line Items]

Agreement written notice of termination period

90 days

Shareholder's Equity (Deficit)

Shareholder's Equity (Deficit) - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Subsidiary Sale Of Stock [Line Items]
Capital contributions			$ 40,244
RSL
Subsidiary Sale Of Stock [Line Items]
Capital contributions	$ 21,700	$ 4,500	$ 40,200	$ 4,500
Capital contributions, additional common shares issued			0
Ownership percentage of shares issued and outstanding	100.00%		100.00%
RSG | China Intellectual Property Purchase Agreement
Subsidiary Sale Of Stock [Line Items]
Assigned rights, titles, claims interests and obligations for cash consideration			$ 1,800

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($)	Nov. 01, 2018	Jun. 15, 2018	Aug. 31, 2018	Jul. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018	Oct. 01, 2018	Jun. 01, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested							250,314
Number of shares exercisable					250,314		250,314
Unrecognized compensation expense related to non-vested options					$ 7,300,000		$ 7,300,000
Share-based compensation expense					989,000	$ 887,000	1,795,000	$ 1,771,000
RSL to RSL, RSI and RSG Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					100,000	900,000	600,000	1,800,000
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted			5,340	88,096
Weighted-average exercise price			$ 10.61	$ 10.61
Weighted-average fair value of stock options granted			9.58	9.58
Increase in fair value of the stock options granted			300,000	300,000
Incremental fair value recognized					$ 18,000		$ 18,000
Common Shares | Initial Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial public offering price of the common shares			$ 14	$ 14
Common Shares | Subsequent Event | Initial Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial public offering price of the common shares										$ 14
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of common shares reserved for issuance period, description							The number of common shares reserved for issuance under the 2017 Plan will automatically increase on November 1, 2018 by 4% of the total number of common shares outstanding on October 31, 2018, and annually thereafter, for a period of ten years, from November 1, 2019 continuing through November 1, 2028, by 4% of the total number of the Company’s common shares outstanding on the last day of the preceding month, or by a lesser number of common shares as may be determined by the Company’s Board of Directors prior to any such increase date.
Increase in number of common shares reserved for issuance period							10 years
Number of shares exercisable					250,314		250,314
Number of options granted							817,571
Weighted-average exercise price							$ 7.73
Weighted-average fair value of stock options granted							$ 5.24
2017 Equity Incentive Plan | Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted					133,251		817,571
Weighted-average exercise price					$ 11.62		$ 7.73
2017 Equity Incentive Plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares for grant, approved	1,212,916
Increase in common shares reserved for future issuance, percentage of outstanding common stock annually for ten years	4.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested options, weighted-average service period							3 years 4 months 2 days
Stock Options | Employees, Directors and Consultants | General and Administrative Expenses and Research and Development Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 900,000	7,000	$ 1,200,000	7,000
Stock Options | 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant											2,002,509
Common shares available for future issuance					515,640		515,640
Stock Options | 2017 Equity Incentive Plan | Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares for grant, approved		1,068,006
Restricted Stock Units | Principal Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 0	$ 0	$ 0	$ 0
Shares granted									66,845
Awards requisite service period									8 years
Unrecognized compensation expense					$ 900,000		$ 900,000

Share-based Compensation - Sche

Share-based Compensation - Schedule of Estimated Fair Value of Each Stock Option on Date of Grant Using Black-Scholes Option Pricing Model (Details) - Stock Options	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		2.01%		2.01%
Risk-free interest rate, Minimum	2.77%		2.73%
Risk-free interest rate, Maximum	2.99%		2.99%
Expected term, in years	6 years 1 month 9 days	6 years 3 months		6 years 3 months
Expected volatility		69.90%		69.90%
Expected volatility, Minimum	67.20%		67.20%
Expected volatility, Maximum	67.90%		68.40%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term, in years			6 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term, in years			6 years 3 months

Share-based Compensation - Summ

Share-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Options exercisable at September 30, 2018	250,314
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Options outstanding at March 31, 2018	1,737,838
Number of Options, Granted	817,571
Number of Options, Forfeited	(534)
Number of Options, Options outstanding at September 30, 2018	2,554,875
Number of Options, Options exercisable at September 30, 2018	250,314
Weighted Average Exercise Price, Options outstanding at March 31, 2018	$ 3.84
Weighted Average Exercise Price, Granted	7.73
Weighted Average Exercise Price, Forfeited	4.01
Weighted Average Exercise Price, Options outstanding at September 30, 2018	5.08
Weighted Average Exercise Price, Options exercisable at September 30, 2018	3.86
Weighted Average Grant Date Fair Value, Options outstanding at March 31, 2018	2.46
Weighted Average Grant Date Fair Value, Granted	5.24
Weighted Average Grant Date Fair Value, Forfeited	2.48
Weighted Average Grant Date Fair Value, Options outstanding at September 30, 2018	3.35
Weighted Average Grant Date Fair Value, Options exercisable at September 30, 2018	$ 2.47
Weighted Average Remaining Contractual Life, Options outstanding at September 30, 2018	9 years 3 months 7 days
Weighted Average Remaining Contractual Life, Options exercisable at September 30, 2018	8 years 11 months 23 days
Aggregate Intrinsic Value, Options outstanding	$ 17,767
Aggregate Intrinsic Value, Options exercisable at September 30, 2018	$ 2,038

Share-based Compensation - Sc_2

Share-based Compensation - Schedule of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation recognized	$ 989	$ 887	$ 1,795	$ 1,771
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation recognized	293	854	565	1,693
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation recognized	$ 696	$ 33	$ 1,230	$ 78

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	6 Months Ended
	Sep. 30, 2018
Irvine, California
Commitments And Contingencies [Line Items]
Lease agreement, expiration date	Feb. 29, 2020

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 31, 2018	Oct. 18, 2018	Oct. 01, 2018	Aug. 31, 2018	Jul. 31, 2018	Sep. 30, 2018
Subsequent Event
Subsequent Event [Line Items]
Net proceeds from initial public offering, inclusive of over-allotment exercise			$ 131.8
Underwriting discounts and commissions			10.1
Offering expenses			$ 2.3
Subsequent Event | 2017 Plan
Subsequent Event [Line Items]
Number of options granted to purchase common shares	130,967
Weighted Average Exercise Price, Granted	$ 13.65
Common Shares
Subsequent Event [Line Items]
Number of options granted to purchase common shares				5,340	88,096
Weighted Average Exercise Price, Granted				$ 10.61	$ 10.61
Initial Public Offering | Common Shares
Subsequent Event [Line Items]
Shares issued, price per share				$ 14	$ 14
Initial Public Offering | Common Shares | Subsequent Event
Subsequent Event [Line Items]
Shares issued			10,000,000
Shares issued, price per share			$ 14
Over-allotment option | Common Shares | Subsequent Event
Subsequent Event [Line Items]
Shares issued		297,813
Shares issued, price per share		$ 14
RSL
Subsequent Event [Line Items]
Shares issued						0
RSL | Initial Public Offering | Subsequent Event
Subsequent Event [Line Items]
Shares issued			2,678,571
Shares issued, price per share			$ 14