Immunovant (IMVT) 10-Q 14 Feb 20 2019 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2019	Feb. 14, 2020
Document Information [Line Items]
Entity Registrant Name	Immunovant, Inc.
Entity Central Index Key	0001764013
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Type	10-Q
Document Period End Date	Dec. 31, 2019
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Shell Company	false
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		56,455,376
Entity File Number	001-38906
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Tax Identification Number	83-2771572
Entity Incorporation, State or Country Code	DE
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
Entity Address, Address Line One	320 West 37th Street, 3RD FL
Entity Address, City or Town	NY
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	IMVT
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock
Warrant [Member]
Document Information [Line Items]
Trading Symbol	IMVTW
Security Exchange Name	NASDAQ
Title of 12(b) Security	Warrants to receive one half of one share of Common Stock
Capital Unit [Member]
Document Information [Line Items]
Trading Symbol	IMVTU
Security Exchange Name	NASDAQ
Title of 12(b) Security	Units, each consisting of one share of Common Stock and one Warrant to receive one half of one share of Common Stock

Condensed Combined and Consolid

Condensed Combined and Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Dec. 31, 2019	Mar. 31, 2019
Current assets:
Cash		$ 123,530	$ 6,985
Prepaid expenses		44	2,632
Income tax receivable			49
Value-added tax receivable		2,996	2,913
Total current assets		126,570	12,579
Property and equipment, net		49	54
Deferred offering costs			1,195
Total assets		126,619	13,828
Current liabilities:
Accounts payable		2,812	206
Accrued expenses		8,705	6,225
Due to Roivant Sciences Ltd.		3,134	58
Income tax payable		106
Total liabilities		14,757	6,489
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock value	[1]
Common stock, par value $0.0001 per share, 500,000,000 shares authorized, 56,455,376 shares issued and 54,655,376 shares outstanding at December 31, 2019 and 489,066,238 shares authorized, 38,590,381 shares issued and outstanding at March 31, 2019	[1]	5	4
Common stock subscribed	[1]		(3)
Additional paid-in capital	[1]	182,679	31,830
Accumulated other comprehensive (loss) income	[1]	(147)	346
Accumulated deficit	[1]	(70,675)	(24,838)
Total stockholders' equity	[1]	111,862	7,339
Total liabilities and stockholders' equity	[1]	126,619	$ 13,828
Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock value	[1]
[1]	Retroactively restated for the reverse recapitalization as described in Note 1.

Condensed Combined and Consol_2

Condensed Combined and Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Mar. 31, 2019
Common share, par value	$ 0.0001	$ 0.0001
Common share, shares authorized	500,000,000	489,066,238
Common share, shares issued	56,455,376	38,590,381
Common share, shares outstanding	54,655,376	38,590,381
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000	0
Preferred stock, shares issued	10,000
Preferred stock, shares outstanding	10,000

Condensed Combined and Consol_3

Condensed Combined and Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Operating expenses:
Research and development (includes share-based compensation expense)	[1]	$ 4,953	$ 7,683	$ 33,759	$ 17,763
General and administrative (includes share-based compensation expense)	[2]	6,088	1,201	11,836	1,729
Total operating expenses		11,041	8,884	45,595	19,492
Interest expense		376		625
Other (income)/expense, net		(221)	(43)	(539)	63
Loss before provision for income taxes		(11,196)	(8,841)	(45,681)	(19,555)
Income tax expense		100	8	156	12
Net loss		$ (11,296)	$ (8,849)	$ (45,837)	$ (19,567)
Net loss per common share - basic and diluted	[3]	$ (0.28)	$ (0.24)	$ (1.16)	$ (1.16)
Weighted-average common shares outstanding – basic and diluted	[3]	41,035,055	36,735,341	39,408,236	16,815,727
[1]	Includes $0 and $152 of costs allocated from Roivant Sciences Ltd. for the three and nine months ended December 31, 2019, respectively, and $475 and $3,209 of costs allocated from Roivant Sciences Ltd. for the three and nine months ended December 31, 2018, respectively.
[2]	Includes $487 and $1,001 of costs allocated from Roivant Sciences Ltd. for the three and nine months ended December 31, 2019, respectively, and $637 and $930 of costs allocated from Roivant Sciences Ltd. for the three and nine months ended December 31, 2018, respectively.
[3]	Retroactively restated for the reverse recapitalization as described in Note 1.

Condensed Combined and Consol_4

Condensed Combined and Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Research and Development Expense [Member]
Share-based compensation expense	$ 311	$ 198	$ 2,683	$ 997
Research and Development Expense [Member] | Roivant Sciences Ltd. (RSL) [Member]
Costs allocated from related party	0	475	152	3,209
General and Administrative Expense [Member]
Share-based compensation expense	1,103	39	2,440	78
General and Administrative Expense [Member] | Roivant Sciences Ltd. (RSL) [Member]
Costs allocated from related party	$ 487	$ 637	$ 1,001	$ 930

Condensed Combined and Consol_5

Condensed Combined and Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,296)	$ (8,849)	$ (45,837)	$ (19,567)
Other comprehensive (loss)/income:
Foreign currency translation adjustment	(148)	(62)	(493)	79
Total other comprehensive (loss)/income	(148)	(62)	(493)	79
Comprehensive loss	$ (11,444)	$ (8,911)	$ (46,330)	$ (19,488)

Condensed Combined and Consol_6

Condensed Combined and Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total		Series A Preferred Stock [Member]	Roivant Sciences Ltd. (RSL) [Member]	Common Stock [Member]	Common Stock Subscribed	Additional Paid-In- Capital	Additional Paid-In- CapitalRoivant Sciences Ltd. (RSL) [Member]	Net Parent Investment	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Mar. 31, 2018	$ (1,497)								$ (1,658)	$ 161
Beginning Balance,Shares at Mar. 31, 2018
Net transfers from parent	5,419								5,419
Foreign currency translation adjustment	35									35
Net loss	(4,368)								(4,368)
Ending Balance at Jun. 30, 2018	(411)								(607)	196
Ending Balance,Shares at Jun. 30, 2018					0
Beginning Balance at Mar. 31, 2018	(1,497)								(1,658)	161
Beginning Balance,Shares at Mar. 31, 2018
Net loss	(19,567)
Ending Balance at Dec. 31, 2018	7,962				$ 4	(3)	$ 23,527			240	$ (15,806)
Ending Balance,Shares at Dec. 31, 2018					37,953,576
Beginning Balance at Jun. 30, 2018	(411)								(607)	196
Beginning Balance,Shares at Jun. 30, 2018					0
Common share subscription, shares					4,890,662
Ending Balance at Jul. 06, 2018	(411)				$ 0	0			(607)	196
Ending Balance,Shares at Jul. 06, 2018					4,890,662
Common share subscription					$ 3	(3)
Common share subscription, shares					31,789,305
Transfer to Accumulated Deficit									$ 607		(607)
Cash contribution	7,021						7,021
Capital contribution - stock-based compensation	481						481
Capital contribution - expenses allocated from Roivant Sciences Ltd.				$ 1,472				$ 1,472
Stock-based compensation	1						1
Foreign currency translation adjustment	106									106
Net loss	(6,350)										(6,350)
Ending Balance at Sep. 30, 2018	2,320				$ 3	(3)	8,975			302	(6,957)
Ending Balance,Shares at Sep. 30, 2018					36,679,967
Issuance of common shares, net	9,768				$ 1		9,767
Issuance of common shares, net, shares					1,273,609
Cash contribution	3,973						3,973
Capital contribution - stock-based compensation	225						225
Capital contribution - expenses allocated from Roivant Sciences Ltd.				575				575
Stock-based compensation	12						12
Foreign currency translation adjustment	(62)									(62)
Net loss	(8,849)										(8,849)
Ending Balance at Dec. 31, 2018	7,962				$ 4	(3)	23,527			240	(15,806)
Ending Balance,Shares at Dec. 31, 2018					37,953,576
Beginning Balance at Mar. 31, 2019	7,339	[1]			$ 4	(3)	31,830			346	(24,838)
Beginning Balance,Shares at Mar. 31, 2019					38,590,381
Capital contribution - stock-based compensation	35						35
Capital contribution - expenses allocated from Roivant Sciences Ltd.				331				331
Stock-based compensation	537						537
Foreign currency translation adjustment	(291)									(291)
Net loss	(20,059)										(20,059)
Ending Balance at Jun. 30, 2019	(12,108)				$ 4	(3)	32,733			55	(44,897)
Ending Balance,Shares at Jun. 30, 2019					38,590,381
Beginning Balance at Mar. 31, 2019	7,339	[1]			$ 4	(3)	31,830			346	(24,838)
Beginning Balance,Shares at Mar. 31, 2019					38,590,381
Net loss	(45,837)
Ending Balance at Dec. 31, 2019	111,862	[1]			$ 5		182,679			(147)	(70,675)
Ending Balance,Shares at Dec. 31, 2019			10,000		54,655,376
Beginning Balance at Jun. 30, 2019	(12,108)				$ 4	(3)	32,733			55	(44,897)
Beginning Balance,Shares at Jun. 30, 2019					38,590,381
Settlement of common share subscription	1					$ 3	(2)
Capital contribution - stock-based compensation	18						18
Capital contribution - expenses allocated from Roivant Sciences Ltd.				220				220
Stock-based compensation	3,119						3,119
Foreign currency translation adjustment	(54)									(54)
Net loss	(14,482)										(14,482)
Ending Balance at Sep. 30, 2019	(23,286)				$ 4		36,088			1	(59,379)
Ending Balance,Shares at Sep. 30, 2019					38,590,381
Conversion of convertible promissory notes	35,587						35,587
Conversion of convertible promissory notes, shares					3,499,995
Issuance of preferred and common stock, net of deferred offering costs upon Business Combination & Recapitalization	109,276		$ 0		$ 1		109,275
Issuance of preferred and common stock, net of deferred offering costs upon Business Combination & Recapitalization, shares			10,000		12,565,000
Capital contribution - stock-based compensation	82						82
Capital contribution - expenses allocated from Roivant Sciences Ltd.				$ 315				$ 315
Stock-based compensation	1,332						1,332
Foreign currency translation adjustment	(148)									(148)
Net loss	(11,296)										(11,296)
Ending Balance at Dec. 31, 2019	$ 111,862	[1]			$ 5		$ 182,679			$ (147)	$ (70,675)
Ending Balance,Shares at Dec. 31, 2019			10,000		54,655,376
[1]	Retroactively restated for the reverse recapitalization as described in Note 1.

Condensed Combined and Consol_7

Condensed Combined and Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net loss	$ (45,837)	$ (19,567)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,123	1,074
Depreciation expense	15	5
Unrealized currency translation adjustment	(493)	79
Loss on disposal of property and equipment	13
Gain on extinguishment of convertible notes payable	(38)
Write-off of deferred offering costs	1,628
Changes in operating assets and liabilities:
Prepaid expenses	2,591	(579)
Income tax receivable	49	(56)
Value-added tax receivable	(83)	(2,943)
Accounts payable	2,604	(816)
Accrued expenses	3,827	3,935
Due to Roivant Sciences Ltd.	188	2,970
Income tax payable	106
Net cash used in operating activities	(30,307)	(15,898)
Cash flows from investing activities
Purchase of property and equipment	(21)	(52)
Net cash used in investing activities	(21)	(52)
Cash flows from financing activities
Capital contributions	866	13,041
Net parent investment		5,064
Proceeds from issuance of common stock		10,000
Payment of deferred offering costs	(2,917)	(52)
Proceeds from notes payable to Roivant Sciences Ltd.	35,000
Repayment of convertible promissory notes payable	(2,500)
Settlement of common stock subscribed	1
Recapitalization transaction	111,016
Net cash provided by financing activities	146,873	28,053
Net change in cash	116,545	12,103
Cash - beginning of period	6,985
Cash - end of period	123,530	12,103
Non-cash investing and financing activities:
Purchase of property and equipment in accounts payable and amounts due to Roivant Sciences Ltd.	3	13
Reclassification of net parent investment to accumulated deficit		607
Conversion of convertible promissory notes to common stock	35,000
Common stock issuance costs in accrued expenses		232
Deferred offering costs in accrued expenses	574	$ 590
Cancellation of interest on convertible promissory notes recorded in equity	587
Roivant Sciences Ltd. (RSL) [Member]
Cash flows from financing activities
Proceeds from notes payable to Roivant Sciences Ltd.	7,907
Repayment of convertible promissory notes payable	$ (2,500)

Description of Business and Liq

Description of Business and Liquidity	9 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Description of Business and Liquidity	Note 1 — Description of Business and Liquidity [A] Description of Business Immunovant, Inc. together with its wholly owned subsidiaries ( (formerly known as Health Sciences Acquisitions Corporation) The Company has determined that it has one operating and reporting segment. Reverse Recapitalization On December 18, 2019, Hea lth Sciences Acquisitions Corpor ation (" ") the (the “Business Combination”). As of immediately prior to the closing of the Business Combination, the Sellers owned 100% of the issued and outstanding common shares of ISL (“ISL Shares”). At the closing of the Business Combination, HSAC acquired 100% of the issued and outstanding ISL Shares, in exchange for 42,080,376 shares of HSAC’s common stock issued to the Sellers and 10,000 shares of HSAC Series A preferred stock issued to RSL (the “Business Combination”). Upon the closing of the Business Combination, ISL became a wholly owned subsidiary of HSAC and HSAC was renamed “Immunovant, Inc.” The Business Combination was accounted for as a reverse recapitalization and HSAC was treated as the “acquired” company for accounting condensed “as if” ISL is the predecessor to the Company. 0.48906624 ISL was founded on July 6, 2018 as a Bermuda exempted limited company and a wholly owned subsidiary of RSL. In July and August 2018, ISL incorporated as its wholly owned subsidiaries, Immunovant Sciences Holdings Ltd. (“ISHL”), a private limited company incorporated under the laws of England and Wales, IMVT Corporation (formerly, Immunovant , the Company’s Prior to the closing of the Business Combination, HSAC common stock, units and warrants were traded on The Nasdaq Capital Market (“Nasdaq”) under the ticker symbols “HSAC,” “HSACU” and “HSACW , respectively. , respectively. [B] Liquidity The Company has incurred significant losses and negative cash flows from operations since its inception. As of December 31, 2019, the Company’s cash totaled $123.5 million million Prior to the Business Combination, ISL’s operations were financed through capital contributions from RSL or RSL’s wholly owned subsidiaries, Roivant Sciences, Inc. (“RSI”) and Roivant Sciences GmbH (“RSG”), the issuance of equity instruments, and the issuance of notes payable. The Company has not generated any revenues to date and does not anticipate generating any revenues unless and until it successfully completes development and obtains regulatory approval for IMVT-1401 or any future product candidate. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. The Company intends to raise such additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidates. Based on anticipated spend and timing of expenditure assumptions, the Company currently expects that its existing cash will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date the unaudited condensed combined and consolidated financial statements are issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2019
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 combined and consolidated balance sheet as of December 31, 2019 and the interim condensed combined and consolidated statements of operations, comprehensive loss, cash flows and stockholders’ equity for the three and nine months ended December 31, 2019 and 2018 are unaudited. The unaudited interim condensed combined and consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited interim condensed combined and consolidated financial statements have been prepared on the same basis as the audited combined and consolidated financial statements. 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”). In the opinion of management, the unaudited interim condensed combined and consolidated financial statements include all the adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position and the combined and consolidated results of its operations and cash flows for the Prior to July 6, 2018 (date of formation), the Company’s financial statements were derived by carving out the historical results of operations and historical cost basis of the assets and liabilities associated with product candidate IMVT-1401, that have been contributed to the Company by RSL, from RSL’s financial statements. Because the transfer of assets and liabilities in the formation of the Company were between entities under the common control of RSL and/or its wholly owned subsidiaries , The Company believes that the assumptions underlying the allocations of expenses as well as assets and liabilities in the carve-out The Company has calculated its income tax amounts using a separate return methodology and it has presented these amounts as if it were a separate taxpayer from RSL. In April 2012, the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) was enacted. Section 107(b) of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has irrevocably elected not to avail itself of this extended transition period, and, as a result, the Company will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. All share and per-share [B] Use of Estimates The preparation of condensed combined and consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed combined and consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-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] Risks and Uncertainties The Company is subject to risks common to early stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key products, third-party service providers such as contract research organizations, protection of intellectual property rights and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements. [D] Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk include cash. At December 31, 2019, the cash balance is deposited in one banking institution that the Company believes is of high credit quality and is in excess of federally insured levels. The Company maintains its cash with an accredited financial institution and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash deposits. [E] Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. At December 31, 2019, cash consisted of cash in bank deposits held at a financial institution. There were no cash equivalents as of December 31, 2019 or March 31, 2019. [F] Research and Development Expense Research and development costs with no alternative future use are expensed as incurred. Payments for a product license prior to regulatory approval of the product and payments for milestones achieved prior to regulatory approval of the product are expensed in the period incurred as research and development. Milestone payments made in connection with regulatory approvals are capitalized and amortized to cost of product sales over the remaining useful life of the asset. Research and development expenses primarily consist of employee-related costs and expenses from third parties who conduct research and development activities on behalf of the Company. The estimated costs of research and development activities conducted by third-party service providers, which primarily include the conduct of clinical trials and contract manufacturing activities, are accrued over the service periods specified in the contracts and adjusted as necessary based upon an ongoing review of the level of effort and costs actually incurred. The estimate of the work completed is developed through discussions with internal personnel and external services providers as to the progress toward completion of the services and the agreed-upon fee to be paid for such services. As actual costs become known, the accrued estimates are adjusted. Such estimates are not expected to be materially different from amounts actually incurred, however the Company’s understanding of the status and timing of services performed, the number of subjects enrolled, and the rate of subject enrollment may vary from estimates and could result in reporting amounts that are higher or lower than incurred in any particular period. The estimate of accrued research and development expense is dependent, in part, upon the receipt of timely and accurate reporting from clinical research organizations and other third-party service providers. [G] 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 Roivant Sciences Ltd. These financial instruments are stated at their respective historical carrying amounts, which approximates fair value due to their short-term nature. [H] Foreign Currency The Company has operations in the United States, the United Kingdom, Bermuda, and Switzerland. The results of its non-U.S. (income)/ [I] Net Loss per Common Share Basic net loss per common share is computed by dividing net loss applicable to common stockholders 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 stockholders by the diluted weighted-average number of common shares outstanding during the period. In periods in which the Company reports a net loss, all common stock equivalents are deemed anti-dilutive such that basic net loss per common share and diluted net loss per common share are equivalent. Potentially dilutive common shares have been excluded from the diluted net loss per common share computations in all periods presented because such securities have an anti-dilutive effect on net loss per common share due to the Company’s net loss. There are no reconciling items used to calculate the weighted-average number of total common shares outstanding for basic and diluted net loss per common share data. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Preferred stock as converted 10,000 — 10,000 — Restricted stock (unvested) (See Note 3) 1,800,000 — 1,800,000 — Options 4,209,573 118,843 4,209,573 118,843 Warrants 5,750,000 — 5,750,000 — Total 11,769,573 118,843 11,769,573 118,843 The Company was formed on July , and basic and diluted net loss per common share was calculated assuming the shares issued at formation were outstanding for the period prior to incorporation adjusted for subsequent share issuances during the period. The shares and net loss per common share, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination ( 0.48906624 [J] Deferred Offering Costs Offering costs comprised of legal, and accounting (“IPO”) b d d etermined suspend IPO to [K] Common Stock Warrants The Company accounts for the issuance of common stock warrants based on the terms of the contract and whether there are any requirements for the Company to net cash settle the contract under any terms or conditions. Warrants for the purchase of 5,750,000 shares of common stock were issued by HSAC as part of the units sold in its IPO in May 2019. Each unit was comprised of one share of common stock and a warrant to purchase one half of one share of common stock upon the consummation of a business combination by HSAC. None of the terms of the warrants were modified as a result of the Business Combination. The warrants are freestanding financial instruments that are legally detachable from the shares of common stock that were issued at the same time. The warrants are redeemable at the Company’s option in certain conditions. The warrants require settlement to be in physical shares of common stock only. The terms of all of the outstanding warrant contracts expressly state there are no requirements for the Company to net cash settle the warrants under any circumstances. Accordingly , t [L] Recently In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) No. 2016-02”), No. 2016-02 No. 2016-02 right-of-use non-lease

Business Combination and Recapi

Business Combination and Recapitalization	9 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Business Combination and Recapitalization	Note 3 — Business Combination and Recapi talization As discussed in Note 1, on December 18, 2019, HSAC completed the acquisition of ISL and acquired 100% of the ISL Shares in exchange for 42,080,376 shares of HSAC common stock issued to the Sellers and 10,000 shares of HSAC Series A preferred stock issued to RSL. The Business Combination was accounted for as a reverse recapitalization whereby HSAC was treated as the “acquired” company for accounting 0.48906624 The aggregate value of the consideration paid by HSAC in the Business Combination was $420.9 million the terms of the awards In connection with the Business Combination, the Company incurred direct and incremental costs of $2.8 million paid-in million Immediately after giving effect to the Business Combination, there were 56,455,376 shares of common stock issued, 54,655,376 shares outstanding, 10,000 shares of Series A preferred stock and warrants to purchase 5,750,000 shares of common stock issued and outstanding. Earnout Shares The Sellers are entitled to receive up to an additional 20,000,000 shares of the Company’s common stock (the “Earnout Shares”) if the volume-weighted average price of the Company’s shares equals or exceeds the following prices for any 20 trading days within any 30 trading-day (i) during any Trading Period prior to March 31, 2023, 10,000,000 17.50 (ii) during any Trading Period prior to March 31, 2025, 10,000,000 31.50 If prior to March 31, 2025, (i) there is a change of control of the Company, (ii) any liquidation, dissolution or winding up of the Company is initiated, (iii) any bankruptcy, dissolution or liquidation proceeding is instituted by or against the Company, or (iv) the Company makes an assignment for the benefit of creditors or consents to the appointment of a custodian, receiver or trustee for all or substantial part of its assets or properties (each, an “Acceleration Event”), then any Earnout Shares that have not been previously issued by the Company (whether or not previously earned) shall be deemed earned and due by the Company to the Sellers, unless in a change of control, the value of the consideration to be received in exchange for a share of the Company’s common stock is lower than the share price thresholds described above. Sponsor Restricted Stock Agreement In accordance with that certain restricted stock agreement, dated September 29, 2019, by and between HSAC and Health Sciences Holdings, LLC (the “Sponsor”), the Sponsor subjected 1,800,000 shares of its common stock based on the vesting of 900,000 shares for each milestone (“Sponsor Restricted Shares”) For accounting purposes, the Sponsor Restricted Shares are considered issued but not outstanding as of December 31, 2019. Registration Rights In May 2019, HSAC entered into a registration rights agreement with the Sponsor, pursuant to which the Sponsor was granted certain rights relating to the registration of securities of HSAC held by the Sponsor. In September 2019, concurrent with the execution of the Share Exchange Agreement, HSAC, the Sponsor and the Sellers entered into an amended and restated registration rights agreement (the “Registration Rights Agreement”), which became effective as of the closing of the Business Combination. Under the Registration Rights Agreement, the Sponsor and the Sellers hold registration rights that obligate the Company to register for resale under the Securities Act of 1933, as amended (the “Securities Act”) all or any portion of the Registrable Securities (as defined in the Registration Rights Agreement) held by the Sponsor and the Sellers. Each of the Sponsor, Roivant and stockholders holding a majority-in-interest lock-up S-3 The Registration Rights do not meet the definition of a registration payment arrangement as there are no terms that require the Company to transfer consideration to the various securityholders if a registration statement is not declared effective or effectiveness is not maintained See Note 8 – Stockholders’ Equity for details of the Company’s c apital

Material Agreements

Material Agreements	9 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Material Agreements	Note 4 — Material Agreements License Agreement On December 19, 2017, RSG, a wholly owned subsidiary of RSL, entered into a license agreement (the “HanAll Agreement”) with HanAll. Under the HanAll Agreement, RSG received (1) the non-exclusive back-up In exchange for this license, RSG provided or agreed to provide the following consideration: • Upfront, non-refundable 30.0 • Up to $ 20.0 50 out-of-pocket • Up to an aggregate of $ 452.5 • Tiered royalties ranging from the mid-single mid-teens product-by-product country-by-country Since acquisition of IMVT-1401, RSL and the Company have performed all the development associated with IMVT-1401 and no amounts were incurred by HanAll to research or develop the technology for the nine months ended December 31, 2018 and 2019. On August 18, 2018, RSG entered into a sublicense agreement (the “Sublicense Agreement”) with ISG to sublicense this technology, as well as RSG’s know how and patents necessary for the development, manufacture or commercialization of any compound or product that pertain to immunology. On December 7, 2018, RSG issued a notice to terminate the Sublicense Agreement with ISG and entered into the Assignment and Assumption Agreement to assign to ISG all the rights, title, interest, and future obligations under the HanAll Agreement from RSG, including all rights to IMVT-1401 from RSG in the Licensed Territory, for an aggregate purchase price of $37.8 million million and March 31, 2019, respectively, In May 2019, the Company achieved its first development and regulatory milestone under the HanAll Agreement which resulted in a $10.0 million milestone payment that the Company subsequently paid in August 2019. The milestone payment was recorded as research and development expense in the accompanying condensed combined and consolidated statements of operations for the nine months ended December 31, 2019.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued Expenses	Note 5 — Accrued Expenses Accrued expenses consist of the following (in thousands) December 31, 2019 March 31, 2019 Research and development expenses $ 4,136 $ 4,815 Legal and other professional fees 3,592 1,106 Other expenses 977 304 Total accrued expenses $ 8,705 $ 6,225

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 6 — Related Party Transactions In addition to the agreements discussed in Note 4, in August 2018, the Company entered into services agreements (the “Services Agreements”) with RSI and RSG, under which RSI and RSG agreed to provide services related to development, administrative and financial activities to the Company during its formative period. Under each Services Agreement, the Company will pay or reimburse RSI or RSG, as applicable, 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 or RSG employees, RSI or RSG, as applicable, will charge back the employee compensation expense plus a pre-determined mark-up. million million million million million million , million million On June 11, 2019, the Company entered into an interest-free promissory note payable with RSL in the amount of $5.0 million .0 million milli on million Immediately prior to the closing of the Business Combination, the remaining $2.5 million In accordance with the terms of the RSL Convertible P romissory Note, all On July 17, 2019, the Company entered into an interest-free promissory note payable with RSL in the amount of $2.9 million 180-day million

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 — Income Taxes The Company’s effective tax rates for the three and nine months ended December 31, 2018 were ( 0.09) (0.06) ( 0. 9 0 (0.34) .

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Dec. 31, 2019
Equity [Abstract]
STOCKHOLDERS' EQUITY	Note 8 — Stockholders’ Equity Series A Preferred Stock In connection with the closing of the Business Combination, the Company designated and issued 10,000 0.0001 The holder(s) of the Series A preferred stock are entitled to cast the number of votes equal to the number of whole shares of common stock into which the shares of Series A preferred stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter, and do not have cumulative voting rights. The holder(s) of a majority of outstanding shares of Series A preferred stock, exclusively and as a separate class, are entitled to elect: ( i 50 ii 40 50 iii d 25 40 Each share of Series A preferred stock is convertible at any time at the option of the holder into one share of common stock. On any transfer of shares of Series A preferred stock, whether or not for value, each such transferred share will automatically convert into one share of common stock, except for certain transfers described in the amended and restated certificate of incorporation. Each share of Series A preferred stock will automatically convert into one share of common stock at such time as the holder(s) of Series A preferred stock hold less than 25% of the total voting power of the Company’s outstanding shares. The Company shall not without the consent of the holder(s) of at least a majority of Series A preferred stock alter or repeal any provisions of the Company’s amended and restated certificate of incorporation or bylaws that adversely affect the powers, preferences or rights of the Series A preferred stock. In the event of the Company’s liquidation, dissolution, or winding up, the holder(s) of the Series A preferred stock will receive first an amount per share equal to $ 0.01 Preferred Stock In connection with the closing of the Business Combination, the Company authorized 10,010,000 0.0001 e 10,000 no Common Stock In connection with the closing of the Business Combination, the Company authorized 500,000,000 0.0001 The Company has reserved the following shares of common stock for issuance: December 31, 2019 March 31, 2019 Conversion of Series A preferred stock 10,000 — Options outstanding 4,209,573 189,269 Options available for future option grants 5,478,728 3,478,728 Common stock warrants 5,750,000 — Total 15,448,301 3,667,997 Common Stock Warrants In May 2019, the Sponsor purchased from HSAC an aggregate of 10,000,000 0.50 5.0 million 11.50 simultaneously We did not recognize any expense on the cancellation of the private warrants. As of December 31, 2019, 11,500,000 one-half 5,750,000 and are classified in equity expire in December 2024 0.01 16.50 30-trading See Note 3 – Business Combination and Recapitalization description E S S R S

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Note 9 — Stock-Based Compensation 2019 Equity Incentive Plan In December 2019, in connection with the Business Combination, the Company’s stockholders approved the 2019 Equity Incentive Plan (the “2019 Plan”) and reserved 5,500,000 shares of common stock for issuance thereunder. The 2019 Plan became effective immediately upon the closing of the Business Combination. The number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on April 1 of each year, beginning on April 1, 2020 and continuing through April 1, 2029, by 4.0% of the total number of shares of common stock outstanding on the last day of the preceding month, or a lesser number of shares as may be determined by the board of directors. The maximum number of shares of common stock that may be issued pursuant to the exercise of incentive options under the 2019 Plan is 16,500,000. The Company’s employees, directors and consultants are eligible to receive non-qualified ten-year 2018 Equity Incentive Plan In September 2018, ISL adopted its 2018 Equity Incentive Plan (the “2018 Plan”), under which 3,667,997 common shares were reserved for grant. In July 2019, the 2018 Plan was amended and restated to increase the number of common shares reserved for grant to 4,768,396. As discussed in Note 3, upon the closing of the Business Combination, the Company assumed all outstanding options, whether or not vested, under the 2018 Plan, with such options henceforth representing the right to purchase a number of shares of the Company’s common stock equal to approximately 0.48906624 multiplied by the number of shares of ISL common stock previously represented by such options. For accounting purposes, however, the Company is deemed to have assumed the 2018 Plan. The exchange of the stock options did not result in any incremental compensation expense, since there were no changes to the vesting terms of the awards. As of the effective date of the 2019 Plan, no further stock awards have been or will be made under 2018 Plan. As of December 31, 2019, 4,188,301 stock options were outstanding under the 2018 Plan. Stock Option Activity A summary of the stock option activity under the Company’s equity incentive plans is as follows: Options Outstanding Number of Weighted- Remaining Aggregate (in thousands) Balance – March 31, 2019 189,269 $ 4.12 9.64 $ 707 Granted 4,590,731 $ 8.04 Cancelled (570,427 ) $ 7.13 Balance – December 31, 2019 4,209,573 $ 7.86 9.50 $ 33,177 Exercisable – December 31, 2019 169,275 $ 6.93 7.40 $ 1,514 The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable stock options and the fair value of the Company’s common stock at December 31, 2019. There were no options exercised during the nine months ended December 31, 2019. The options granted during the three and nine months ended December 31, 2019 had a weighted-average fair value of $5.70 and $3.02 per share, respectively, at the grant date. The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table: Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Risk-free interest rate 1.61% – 1.78 % 2.97 % 1.61% – 2.25 % 2.97 % Expected term, in years 5.97 – 6.11 6.04 5.75 – 6.11 6.04 Expected volatility 75.55% – 76.01 % 74.79 % 74.69% – 76.01 % 74.79 % Expected dividend yield — % — % — % — % For the three and nine months ended December 31, 2019 and 2018, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands): Three Months December 31, Nine Months December 31, 2019 2018 2019 2018 Research and development expenses $ 311 $ 10 $ 2,680 $ 11 General and administrative expenses 1,021 2 2,308 2 Total stock-based compensation $ 1,332 $ 12 $ 4,988 $ 13 At December 31, 2019, total unrecognized compensation expense related to non-vested Stock-based Compensation Allocated to the Company by RSL In relation to the RSL common share awards and options issued by RSL to employees of RSL, RSI, RSG and the Company, stock-based compensation expense of $0.1 million and $0.1 million was recorded for the three and nine months ended December 31, 2019, respectively, in the accompanying combined and consolidated statements of operations. Stock-based compensation expense of $0.2 million and $1.1 million was recorded for the three and nine months ended December 31, 2018, respectively, in the accompanying combined and consolidated statements of operations. The RSL common share awards 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 awards, as they are not publicly traded. RSL common share awards 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 Stock-based compensation expense is 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.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 — Commitments and Contingencies As of December 31, 2019, the Company did not have any ongoing material financial commitments. The Company expects to enter into other commitments as the business further develops. In the normal course of business, the Company enters into agreements with contract service providers to assist in the performance of its R&D activities. Expenditures to contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”) represent significant costs in the Company’s clinical development of its product candidates. Subject to required notice periods and the Company’s obligations under binding purchase orders, the Company can elect to discontinue the work under these agreements at any time. The Company expects to enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of capital resources.

Convertible Notes Payable

Convertible Notes Payable	9 Months Ended
	Dec. 31, 2019
Text Block [Abstract]
Convertible Notes Payable	Note 11 — Convertible Notes Payable On August 1, 2019, the Company issued two million million million On September 26, 2019, the Company issued four milli o ” ) under the same terms as the RTW Convertible Promissory Notes. The RSL Convertible Promissory Note (see Note 5), RTW Convertible Promissory Notes and BVF Convertible Promissory Notes (together, the “Convertible Promissory Notes”) included various conversion and redemption rights upon merger, certain financing events, change in control or maturity. Immediately prior to the closing of the Business Combination, the Convertible Promissory Notes were automatically converted into an aggregate of 7,156,495 ISL Shares, which were then exchanged for an aggregate of 3,500,000 shares of the Company’s common stock upon the closing of the Business Combination. Accrued interest of $0.6 million cancelled immediately prior to the closing of the Business Combination in accordance with the terms of the Conve rtible Promissory Notes paid-in capital on the accompanying condensed combined and consolidated statement of stockholders’ equity upon conversion of the underlying notes.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	[A] Basis of Presentation The Company’s fiscal year ends on March 31. The accompanying interim condensed combined and consolidated balance sheet as of December 31, 2019 and the interim condensed combined and consolidated statements of operations, comprehensive loss, cash flows and stockholders’ equity for the three and nine months ended December 31, 2019 and 2018 are unaudited. The unaudited interim condensed combined and consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited interim condensed combined and consolidated financial statements have been prepared on the same basis as the audited combined and consolidated financial statements. 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”). In the opinion of management, the unaudited interim condensed combined and consolidated financial statements include all the adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position and the combined and consolidated results of its operations and cash flows for the Prior to July 6, 2018 (date of formation), the Company’s financial statements were derived by carving out the historical results of operations and historical cost basis of the assets and liabilities associated with product candidate IMVT-1401, that have been contributed to the Company by RSL, from RSL’s financial statements. Because the transfer of assets and liabilities in the formation of the Company were between entities under the common control of RSL and/or its wholly owned subsidiaries , The Company believes that the assumptions underlying the allocations of expenses as well as assets and liabilities in the carve-out The Company has calculated its income tax amounts using a separate return methodology and it has presented these amounts as if it were a separate taxpayer from RSL. In April 2012, the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) was enacted. Section 107(b) of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has irrevocably elected not to avail itself of this extended transition period, and, as a result, the Company will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. All share and per-share
Use of Estimates	[B] Use of Estimates The preparation of condensed combined and consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed combined and consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-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.
Risks and Uncertainties	[C] Risks and Uncertainties The Company is subject to risks common to early stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key products, third-party service providers such as contract research organizations, protection of intellectual property rights and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements.
Concentrations of Credit Risk	[D] Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk include cash. At December 31, 2019, the cash balance is deposited in one banking institution that the Company believes is of high credit quality and is in excess of federally insured levels. The Company maintains its cash with an accredited financial institution and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash deposits.
Cash and Cash Equivalents	[E] Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. At December 31, 2019, cash consisted of cash in bank deposits held at a financial institution. There were no cash equivalents as of December 31, 2019 or March 31, 2019.
Research and Development Expense	[F] Research and Development Expense Research and development costs with no alternative future use are expensed as incurred. Payments for a product license prior to regulatory approval of the product and payments for milestones achieved prior to regulatory approval of the product are expensed in the period incurred as research and development. Milestone payments made in connection with regulatory approvals are capitalized and amortized to cost of product sales over the remaining useful life of the asset. Research and development expenses primarily consist of employee-related costs and expenses from third parties who conduct research and development activities on behalf of the Company. The estimated costs of research and development activities conducted by third-party service providers, which primarily include the conduct of clinical trials and contract manufacturing activities, are accrued over the service periods specified in the contracts and adjusted as necessary based upon an ongoing review of the level of effort and costs actually incurred. The estimate of the work completed is developed through discussions with internal personnel and external services providers as to the progress toward completion of the services and the agreed-upon fee to be paid for such services. As actual costs become known, the accrued estimates are adjusted. Such estimates are not expected to be materially different from amounts actually incurred, however the Company’s understanding of the status and timing of services performed, the number of subjects enrolled, and the rate of subject enrollment may vary from estimates and could result in reporting amounts that are higher or lower than incurred in any particular period. The estimate of accrued research and development expense is dependent, in part, upon the receipt of timely and accurate reporting from clinical research organizations and other third-party service providers.
Financial Instruments	[G] 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 Roivant Sciences Ltd. These financial instruments are stated at their respective historical carrying amounts, which approximates fair value due to their short-term nature.
Foreign Currency	[H] Foreign Currency The Company has operations in the United States, the United Kingdom, Bermuda, and Switzerland. The results of its non-U.S. (income)/
Net Loss Per Common Share	[I] Net Loss per Common Share Basic net loss per common share is computed by dividing net loss applicable to common stockholders 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 stockholders by the diluted weighted-average number of common shares outstanding during the period. In periods in which the Company reports a net loss, all common stock equivalents are deemed anti-dilutive such that basic net loss per common share and diluted net loss per common share are equivalent. Potentially dilutive common shares have been excluded from the diluted net loss per common share computations in all periods presented because such securities have an anti-dilutive effect on net loss per common share due to the Company’s net loss. There are no reconciling items used to calculate the weighted-average number of total common shares outstanding for basic and diluted net loss per common share data. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Preferred stock as converted 10,000 — 10,000 — Restricted stock (unvested) (See Note 3) 1,800,000 — 1,800,000 — Options 4,209,573 118,843 4,209,573 118,843 Warrants 5,750,000 — 5,750,000 — Total 11,769,573 118,843 11,769,573 118,843 The Company was formed on July , and basic and diluted net loss per common share was calculated assuming the shares issued at formation were outstanding for the period prior to incorporation adjusted for subsequent share issuances during the period. The shares and net loss per common share, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination ( 0.48906624
Deferred Offering Costs	[J] Deferred Offering Costs Offering costs comprised of legal, and accounting (“IPO”) b d d etermined suspend IPO to
Common Stock Purchase Warrants	[K] Common Stock Warrants The Company accounts for the issuance of common stock warrants based on the terms of the contract and whether there are any requirements for the Company to net cash settle the contract under any terms or conditions. Warrants for the purchase of 5,750,000 shares of common stock were issued by HSAC as part of the units sold in its IPO in May 2019. Each unit was comprised of one share of common stock and a warrant to purchase one half of one share of common stock upon the consummation of a business combination by HSAC. None of the terms of the warrants were modified as a result of the Business Combination. The warrants are freestanding financial instruments that are legally detachable from the shares of common stock that were issued at the same time. The warrants are redeemable at the Company’s option in certain conditions. The warrants require settlement to be in physical shares of common stock only. The terms of all of the outstanding warrant contracts expressly state there are no requirements for the Company to net cash settle the warrants under any circumstances. Accordingly , t
Recently Adopted Accounting Pronouncements	[L] Recently In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) No. 2016-02”), No. 2016-02 No. 2016-02 right-of-use non-lease

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect	The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Preferred stock as converted 10,000 — 10,000 — Restricted stock (unvested) (See Note 3) 1,800,000 — 1,800,000 — Options 4,209,573 118,843 4,209,573 118,843 Warrants 5,750,000 — 5,750,000 — Total 11,769,573 118,843 11,769,573 118,843

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following (in thousands) December 31, 2019 March 31, 2019 Research and development expenses $ 4,136 $ 4,815 Legal and other professional fees 3,592 1,106 Other expenses 977 304 Total accrued expenses $ 8,705 $ 6,225

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Dec. 31, 2019
Schedule Of Common Stock Reserved For Future Issuance [Abstract]
Schedule of common stock reserved for future issuance	The Company has reserved the following shares of common stock for issuance: December 31, 2019 March 31, 2019 Conversion of Series A preferred stock 10,000 — Options outstanding 4,209,573 189,269 Options available for future option grants 5,478,728 3,478,728 Common stock warrants 5,750,000 — Total 15,448,301 3,667,997

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Summary of stock option activity	A summary of the stock option activity under the Company’s equity incentive plans is as follows: Options Outstanding Number of Weighted- Remaining Aggregate (in thousands) Balance – March 31, 2019 189,269 $ 4.12 9.64 $ 707 Granted 4,590,731 $ 8.04 Cancelled (570,427 ) $ 7.13 Balance – December 31, 2019 4,209,573 $ 7.86 9.50 $ 33,177 Exercisable – December 31, 2019 169,275 $ 6.93 7.40 $ 1,514
Schedule of fair value assumptions	The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table: Three Months Ended December 31, Nine Months Ended December 31, 2019 2018 2019 2018 Risk-free interest rate 1.61% – 1.78 % 2.97 % 1.61% – 2.25 % 2.97 % Expected term, in years 5.97 – 6.11 6.04 5.75 – 6.11 6.04 Expected volatility 75.55% – 76.01 % 74.79 % 74.69% – 76.01 % 74.79 % Expected dividend yield — % — % — % — %
Summary of stock-based compensation expense	For the three and nine months ended December 31, 2019 and 2018, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands): Three Months December 31, Nine Months December 31, 2019 2018 2019 2018 Research and development expenses $ 311 $ 10 $ 2,680 $ 11 General and administrative expenses 1,021 2 2,308 2 Total stock-based compensation $ 1,332 $ 12 $ 4,988 $ 13

Description of Business and L_2

Description of Business and Liquidity - Additional Information (Detail) - USD ($) $ in Thousands		Dec. 18, 2019	Dec. 31, 2019	Dec. 17, 2019	Mar. 31, 2019
Cash			$ 123,530		$ 6,985
Accumulated deficit	[1]		$ (70,675)		$ (24,838)
Series A Preferred Stock [Member]
Number of shares issued in business combination		10,000
Roivant Sciences Ltd. [Member] | Series A Preferred Stock [Member]
Number of shares issued in business combination		10,000
Immunovant Sciences Ltd [Member]
Percentage of business acquisition		100.00%
Number of shares issued in business combination		42,080,376
Shares exchange ratio		0.48907%
Immunovant Sciences Ltd [Member] | Sellers [Member]
Ownership percentage				100.00%
[1]	Retroactively restated for the reverse recapitalization as described in Note 1.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Additional information (Detail) - USD ($)	May 31, 2019	Dec. 31, 2019	Dec. 18, 2019	Mar. 31, 2019
Number of securities called by warrants or rights	5,750,000	5,750,000
Cash equivalents		$ 0		$ 0
IPO [Member]
Number of securities called by warrants or rights		5,750,000
Warrant [Member] | IPO [Member]
Number of securities called by warrants or rights	5,750,000
Initial public offering terms and conditions of unit	one share of common stock and a warrant to purchase one half of one share of common stock
Immunovant Sciences Ltd [Member]
Shares exchange ratio			0.48907%
Immunovant Sciences Ltd [Member] | Restatement Adjustment [Member]
Shares exchange ratio			0.48907%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (Detail) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	11,769,573	118,843	11,769,573	118,843
Preferred stock as converted [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,000		10,000
Restricted stock (unvested) (See Note 3) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,800,000		1,800,000
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,209,573	118,843	4,209,573	118,843
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,750,000		5,750,000

Business Combination and Reca_2

Business Combination and Recapitalization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Dec. 18, 2019	Sep. 29, 2019	Dec. 31, 2019	Dec. 31, 2019	Mar. 31, 2025	Mar. 31, 2023	May 31, 2019	Mar. 31, 2019
Business Acquisition [Line Items]
Business combination consideration	$ 420.9
Business acquisition price per share	$ 10
Closing of Share Price	13.88
Business combination per share disclosed in fair value	$ 10
Number of securities called by warrants or rights			5,750,000	5,750,000			5,750,000
Common stock to potential forfeiture in the event that the milestones are not achieved		1,800,000
Preferred Stock, Shares Issued			0	0
Business combination costs				$ 2.8
Common share, shares outstanding			54,655,376	54,655,376				38,590,381
Common Stock, Shares, Issued			56,455,376	56,455,376				38,590,381
Preferred stock, shares outstanding			0	0
Sponsor [Member]
Business Acquisition [Line Items]
Restricted Share For Each Milestone		900,000
General and Administrative Expense [Member]
Business Acquisition [Line Items]
Additional Financial Advisory Fees			$ 2.3	$ 2.3
Forecast [Member] | Milestone Achievement One [Member]
Business Acquisition [Line Items]
Volume-weighted average price					$ 31.50	$ 17.50
2018 Equity Incentive Plan [Member]
Business Acquisition [Line Items]
Options outstanding number	4,408,287		4,188,301	4,188,301
Common Stock [Member]
Business Acquisition [Line Items]
Number of shares issued in business combination	42,080,376			3,500,000
Earnout shares reserved for issuance	20,000,000
Common Stock [Member] | Forecast [Member] | Milestone Achievement One [Member]
Business Acquisition [Line Items]
Earnout shares reserved for issuance					10,000,000	10,000,000
Immunovant Sciences Ltd [Member]
Business Acquisition [Line Items]
Percentage of business acquisition	100.00%
Number of shares issued in business combination	42,080,376
Shares exchange ratio	0.48907%
Series A Preferred Stock [Member]
Business Acquisition [Line Items]
Number of shares issued in business combination	10,000
Preferred Stock, Shares Issued			10,000	10,000
Preferred stock, shares outstanding			10,000	10,000
Series A Preferred Stock [Member] | Roivant Sciences Ltd. (RSL) [Member]
Business Acquisition [Line Items]
Number of shares issued in business combination	10,000

Material Agreements - Additiona

Material Agreements - Additional Information (Detail) - USD ($) $ / shares in Millions, $ in Millions	May 31, 2019	Dec. 07, 2018	Dec. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront, non-refundable payment			$ 30
Research and development and out-of-pocket			50.00%
Purchase price		$ 37.8
Swiss value-added tax receivable			$ 2.9
Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
consideration paid			$ 20
Maximum [Member] | Upon Achievement Of Development Regulatory And Sales Milestones [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contingent milestone payments			$ 452.5
Achievement of Development and Regulatory [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Payments	$ 10

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Payables and Accruals [Abstract]
Research and development expenses	$ 4,136	$ 4,815
Legal and other professional fees	3,592	1,106
Other expenses	977	304
Total accrued expenses	$ 8,705	$ 6,225

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 26, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jul. 17, 2019	Jun. 11, 2019	Mar. 31, 2019
Related Party Transaction [Line Items]
Due to related parties		$ 3,134		$ 3,134				$ 58
Roivant Sciences Ltd. (RSL) [Member]
Related Party Transaction [Line Items]
Due to related parties	$ 2,500					$ 2,900	$ 5,000
Prepayment of related party debt	$ 2,500
Due to related parties Other payables		200		200
Convertible Promissory note converted, principal balance				$ 2,500
Convertible Promissory note converted, shares issued				511,178
Business combination shares exchanged				250,000
Service Agreements [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts		400	$ 600	$ 1,000	$ 2,000
Partners capital contributions				100
Service Agreements [Member] | Roivant Sciences Ltd. (RSL) [Member]
Related Party Transaction [Line Items]
Partners capital contributions		300		900
Due to related parties		$ 200		$ 200

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Effective income tax rate	(0.90%)	(0.09%)	(0.34%)	(0.06%)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Mar. 31, 2019
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, par value			$ 0.0001	$ 0.0001
Preferred stock, shares authorized			10,000,000	0
Preferred stock, shares issued			0
Preferred stock, shares outstanding			0
Common Stock, Shares Authorized			500,000,000	489,066,238
Number of securities called by warrants or rights	5,750,000		5,750,000
IPO [Member]
Subsidiary or Equity Method Investee [Line Items]
Exercise price of warrant			$ 11.50
Warrants Outstanding			11,500,000
Common stock, sale price			$ 16.50
Number of securities called by warrants or rights			5,750,000
Redemption price per warrant			$ 0.01
Private Placement [Member]
Subsidiary or Equity Method Investee [Line Items]
Issuance of common shares, net, shares	10,000,000
Exercise price of warrant	$ 11.50
Generating gross proceeds of private placement warrants	$ 5
Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, par value			$ 0.0001
Preferred stock, shares authorized			10,010,000
Common Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Common Stock, Shares Authorized			500,000,000
Common stock par value			$ 0.0001
Issuance of common shares, net, shares		1,273,609
Warrant [Member]
Subsidiary or Equity Method Investee [Line Items]
Warrants expiration date			Dec. 31, 2024
Warrant [Member] | IPO [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of securities called by warrants or rights	5,750,000
Minimum [Member] | IPO [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, sale price	$ 0.50
Series A Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, par value			$ 0.0001	$ 0.0001
Preferred stock, shares authorized			10,000	0
Preferred stock, shares issued			10,000
Preferred stock, shares outstanding			10,000
Percentage of voting power of outstanding shares			25.00%
Liquidation Amount Per Share			$ 0.01
Series A Preferred Stock [Member] | Roivant Sciences Ltd. [Member]
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, par value			$ 0.0001
Preferred stock, shares issued			10,000
Two Series A Preferred Stock [Member] | Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage of voting power of outstanding shares			25.00%
Two Series A Preferred Stock [Member] | Maximum [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage of voting power of outstanding shares			40.00%
Three Series A Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage of voting power of outstanding shares			40.00%
Four Series A Preferred Stock Member [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage of voting power of outstanding shares			50.00%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of common stock reserved for future issuance (Detail) - shares	Dec. 31, 2019	May 31, 2019	Mar. 31, 2019
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Conversion of Series A preferred stock	10,000
Options outstanding	4,209,573		189,269
Options available for future option grants	5,478,728		3,478,728
Common stock purchase warrants	5,750,000	5,750,000
Total	15,448,301		3,667,997

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Apr. 01, 2029	Dec. 01, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 18, 2019	Jul. 31, 2019	Mar. 31, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant			5,478,728	5,478,728		5,478,728				3,478,728
Common shares available for future issuance			15,448,301	15,448,301		15,448,301				3,667,997
Weighted average fair value at the grant date				$ 5.70		$ 3.02
Unrecognized equity-based compensation related to unvested stock options			$ 20,500	$ 20,500		$ 20,500
Remaining weighted average service period for recognition				3 years 4 months 24 days
Share based compensation expense				$ 1,332	$ 12	$ 4,988	$ 13
Stock options exercised						0
Roivant Sciences Ltd. (RSL) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense				$ 100	$ 200	$ 100	$ 1,100
2018 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant									4,768,396		3,667,997
Share based compensation, description		For grants of incentive stock options, if the grantee owns, or is deemed to own, 10% or more of the total voting power of the Company, then the exercise price shall be 110% of the fair market value of the Company’s common shares on the date of grant and the option will have a five-year contractual term.
Share based compensation arrangement by share based payment award number of shares assumed and converted into options to purchase shares			4,188,301	4,188,301		4,188,301		4,408,287
2019 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant			21,272	21,272		21,272
Share based compensation, contractual term			ten-year
Common shares available for future issuance		5,500,000	5,478,728	5,478,728		5,478,728
Percentage of common stock outstanding	4.00%
Option to Purchase of common stock						0
Maximum number of shares issued		16,500,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of stock option activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Number of options, beginning balance	189,269
Number of options, granted	4,590,731
Number of options, Cancelled	(570,427)
Number of options, ending balance	4,209,573	189,269
Number of options, Exercisable	169,275
Weighted average exercise price, beginning balance	$ 4.12
Weighted average exercise price, granted	8.04
Weighted average exercise price, forfeited	7.13
Weighted average exercise price, ending balance	7.86	$ 4.12
Weighted average exercise price, exercisable	$ 6.93
Remaining contractual term	9 years 6 months	9 years 7 months 20 days
Remaining contractual term, exercisable	7 years 4 months 24 days
Aggregate Intrinsic Value, beginning balance	$ 707
Aggregate Intrinsic Value, ending balance	33,177	$ 707
Aggregate Intrinsic Value, exercisable	$ 1,514

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of fair value assumptions (Detail)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		2.97%		2.97%
Expected term, in years		6 years 14 days		6 years 14 days
Expected volatility		74.79%		74.79%
Expected dividend yield
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.61%		1.61%
Expected term, in years	5 years 11 months 19 days		5 years 9 months
Expected volatility	75.55%		74.69%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.78%		2.25%
Expected term, in years	6 years 1 month 9 days		6 years 1 month 9 days
Expected volatility	76.01%		76.01%

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of share based compensation expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,332	$ 12	$ 4,988	$ 13
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	311	10	2,680	11
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,021	$ 2	$ 2,308	$ 2

Convertible Notes Payable - Add

Convertible Notes Payable - Additional Information (Detail) $ in Millions	Dec. 18, 2019shares	Dec. 31, 2019USD ($)shares	Sep. 26, 2019USD ($)Promissory_Notes	Aug. 01, 2019USD ($)Promissory_Notes
Accrued Interest [Member]
Convertible Notes Payable [Line Items]
Accrued interest waived		$ 0.6
Common Stock [Member]
Convertible Notes Payable [Line Items]
Exchange of Common Stock | shares	42,080,376	3,500,000
RTW Convertible Promissory Notes [Member]
Convertible Notes Payable [Line Items]
Number of promissory notes issued | Promissory_Notes				2
Debt face amount			$ 22.5	$ 25
Debt instrument, interest rate				5.00%
Prepayment			$ 2.5
BVF Convertible Promissory Notes [Member]
Convertible Notes Payable [Line Items]
Number of promissory notes issued | Promissory_Notes			4
Debt face amount			$ 10
Convertible Promissory Notes [Member]
Convertible Notes Payable [Line Items]
Conversion of convertible notes into common stock | shares		7,156,495