Immunovant (IMVT) 10-Q 16 Feb 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2020	Feb. 16, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-38906
Entity Registrant Name	IMMUNOVANT, INC.
Entity Central Index Key	0001764013
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2771572
Entity Address, Address Line One	320 West 37th Street
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	917
Local Phone Number	580-3099
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	IMVT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		97,971,243

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2020	Mar. 31, 2020
Current assets:
Cash		$ 421,974	$ 100,571
Prepaid expenses		6,973	5,460
Income tax receivable		481	36
Value-added tax receivable		0	3,009
Total current assets		429,428	109,076
Operating lease right-of-use assets		3,469	0
Property and equipment, net		132	65
Deferred offering costs		0	246
Total assets		433,029	109,387
Current liabilities:
Accounts payable		2,100	1,190
Accrued expenses		13,281	10,938
Current portion of operating lease liabilities		1,104	0
Due to Roivant Sciences Ltd.		0	3,190
Total current liabilities		16,485	15,318
Operating lease liabilities, net of current portion		2,392	0
Total liabilities		18,877	15,318
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock value	[1]	0	0
Common stock, par value $0.0001 per share, 500,000,000 shares authorized, 97,971,243 shares issued and outstanding at December 31, 2020 and 500,000,000 shares authorized, 56,455,376 shares issued and 54,655,376 shares outstanding at March 31, 2020	[1]	10	5
Additional paid-in capital	[1]	584,174	185,306
Accumulated other comprehensive income (loss)	[1]	467	(16)
Accumulated deficit	[1]	(170,499)	(91,226)
Total stockholders’ equity	[1],[2]	414,152	94,069
Total liabilities and stockholders’ equity		433,029	109,387
Series A  preferred stock
Stockholders' equity:
Preferred stock value	[1]	$ 0	$ 0
[1]	Retroactively restated for the reverse recapitalization as described in Note 1.
[2]	Retroactively restated for reverse recapitalization as described in Note 1.

Condensed Combined and Consolid

Condensed Combined and Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Mar. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common share, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common share, authorized (in shares)	500,000,000	500,000,000
Common share, outstanding (in shares)	97,971,243	54,655,376
Common share, issued (in shares)	97,971,243	56,455,376
Series A  preferred stock
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000	10,000
Preferred stock, issued (in shares)	10,000	10,000
Preferred stock, outstanding (in shares)	10,000	10,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2020	Dec. 31, 2019
Operating expenses:
Research and development	[1]	$ 21,091	$ 4,953		$ 49,989	$ 33,759
General and administrative	[2]	10,549	6,088		29,211	11,836
Total operating expenses		31,640	11,041		79,200	45,595
Interest expense		0	376		0	625
Other expense (income), net		503	(221)		352	(539)
Loss before (benefit) provision for income taxes		(32,143)	(11,196)		(79,552)	(45,681)
(Benefit) provision for income taxes		(367)	100		(279)	156
Net loss		$ (31,776)	$ (11,296)	[3]	$ (79,273)	$ (45,837)
Net loss per common share - basic and diluted (in dollars per share)	[4]	$ (0.32)	$ (0.28)		$ (0.94)	$ (1.16)
Weighted-average common shares outstanding – basic and diluted	[4]	97,920,460	41,035,055		84,413,511	39,408,236
[1]	Includes $0 and $176 of costs allocated from Roivant Sciences Ltd. for the three and nine months ended December 31, 2020, respectively, and $0 and $152 of costs allocated from Roivant Sciences Ltd. for the three and nine months ended December 31, 2019, respectively.
[2]	Includes $185 and $522 of costs allocated from Roivant Sciences Ltd. for the three and nine months ended December 31, 2020, respectively, and $487 and $1,001 of costs allocated from Roivant Sciences Ltd. for the three and nine months ended December 31, 2019, respectively.
[3]	Retroactively restated for reverse recapitalization as described in Note 1.
[4]	Retroactively restated for the reverse recapitalization as described in Note 1.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Research and Development Expense
Share based compensation expense	$ 2,549	$ 311	$ 4,025	$ 2,683
Research and Development Expense | Roivant Sciences Ltd. (RSL)
Costs allocated from related party	0	0	176	152
General and Administrative Expense
Share based compensation expense	3,443	1,103	9,309	2,440
General and Administrative Expense | Roivant Sciences Ltd. (RSL)
Costs allocated from related party	$ 185	$ 487	$ 522	$ 1,001

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (31,776)	$ (11,296)	[1]	$ (79,273)	$ (45,837)
Other comprehensive income (loss):
Foreign currency translation adjustments	689	(149)		483	(493)
Total other comprehensive income (loss)	689	(149)		483	(493)
Comprehensive loss	$ (31,087)	$ (11,445)		$ (78,790)	$ (46,330)
[1]	Retroactively restated for reverse recapitalization as described in Note 1.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total		Underwritten Public Offering	[1]	Warrant Redemption	[1]	Roivant Sciences Ltd. (RSL)		Series A  preferred stock	Common stock		Common stockUnderwritten Public Offering		Common stockUpon Achievement of Earnout Shares Milestone		Common stockWarrant Redemption		Common stock subscribed	Additional paid-in capital		Additional paid-in capitalUnderwritten Public Offering	[1]	Additional paid-in capitalUpon Achievement of Earnout Shares Milestone	[1]	Additional paid-in capitalWarrant Redemption	[1]	Additional paid-in capitalRoivant Sciences Ltd. (RSL)	Accumulated other comprehensive income (loss)		Accumulated deficit
Beginning balance (in shares) at Mar. 31, 2019	[1]										38,590,381
Beginning balance at Mar. 31, 2019	[1]	$ 7,339									$ 4								$ (3)	$ 31,830									$ 346		$ (24,838)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution – stock-based compensation	[1]	35																		35
Capital contribution – expenses allocated from Roivant Sciences Ltd.	[1]							$ 331																				$ 331
Stock-based compensation	[1]	537																		537
Foreign currency translation adjustments	[1]	(291)																											(291)
Net loss	[1]	(20,059)																													(20,059)
Ending balance (in shares) at Jun. 30, 2019	[1]										38,590,381
Ending balance at Jun. 30, 2019	[1]	(12,108)									$ 4								(3)	32,733									55		(44,897)
Beginning balance (in shares) at Mar. 31, 2019	[1]										38,590,381
Beginning balance at Mar. 31, 2019	[1]	7,339									$ 4								(3)	31,830									346		(24,838)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(45,837)
Ending balance (in shares) at Dec. 31, 2019	[1]									10,000,000	54,655,376
Ending balance at Dec. 31, 2019	[1]	111,862									$ 5								0	182,679									(147)		(70,675)
Beginning balance (in shares) at Jun. 30, 2019	[1]										38,590,381
Beginning balance at Jun. 30, 2019	[1]	(12,108)									$ 4								(3)	32,733									55		(44,897)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of common share subscription	[1]	3																	3
Capital contribution – stock-based compensation	[1]	18																		18
Capital contribution – expenses allocated from Roivant Sciences Ltd.	[1]							220																				220
Stock-based compensation	[1]	3,119																		3,119
Foreign currency translation adjustments	[1]	(53)																											(53)
Net loss	[1]	(14,482)																													(14,482)
Ending balance (in shares) at Sep. 30, 2019	[1]										38,590,381
Ending balance at Sep. 30, 2019	[1]	(23,283)									$ 4								0	36,090									2		(59,379)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible promissory notes, shares	[1]									10,000,000	3,499,995
Conversion of convertible promissory notes	[1]	35,587																		35,587
Issuance of preferred and common stock, net of deferred offering costs (in shares)	[1]										12,565,000
Issuance of preferred and common stock, net of deferred offering costs	[1]	109,277																		109,276
Capital contribution – stock-based compensation		82	[1]																	82
Capital contribution – expenses allocated from Roivant Sciences Ltd.								312	[1]																			312
Stock-based compensation		1,332	[1]																	1,332
Foreign currency translation adjustments		(149)	[1]																										(149)
Net loss	[1]	(11,296)
Ending balance (in shares) at Dec. 31, 2019	[1]									10,000,000	54,655,376
Ending balance at Dec. 31, 2019	[1]	111,862									$ 5								0	182,679									(147)		(70,675)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred and common stock, net of deferred offering costs											$ 1
Ending balance (in shares) at Mar. 31, 2020	[1]									10,000	54,655,376
Ending balance at Mar. 31, 2020		94,069	[1],[2]								$ 5	[1]							0	185,306	[1]								(16)	[1]	(91,226)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	[1]												9,613,365		10,000,000		5,719,145
Issuance of common stock		0		$ 130,428		$ 65,752							$ 1	[1]	$ 1	[1]	$ 1	[1]				$ 130,427		$ (1)		$ 65,751
Vesting of sponsor restricted shares (in shares)	[1]										900,000
Stock options exercised (in shares)	[1]										23,841
Stock options exercised	[1]	63																		63
Capital contribution – stock-based compensation	[1]	63																		63
Capital contribution – expenses allocated from Roivant Sciences Ltd.	[1]							164																				164
Stock-based compensation	[1]	3,918																		3,918
Foreign currency translation adjustments	[1]	26																											26
Net loss	[1]	(26,708)																													(26,708)
Ending balance (in shares) at Jun. 30, 2020	[1]									10,000	80,911,727
Ending balance at Jun. 30, 2020		267,775	[1]								$ 8	[1]							0	385,691	[1]								10	[1]	(117,934)	[1]
Beginning balance (in shares) at Mar. 31, 2020	[1]									10,000	54,655,376
Beginning balance at Mar. 31, 2020		$ 94,069	[1],[2]								$ 5	[1]							0	185,306	[1]								(16)	[1]	(91,226)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)		114,084
Net loss		$ (79,273)
Ending balance (in shares) at Dec. 31, 2020	[1]									10,000	97,971,243
Ending balance at Dec. 31, 2020	[1]	414,152	[2]								$ 10								0	584,174									467		(170,499)
Beginning balance (in shares) at Jun. 30, 2020	[1]									10,000	80,911,727
Beginning balance at Jun. 30, 2020		267,775	[1]								$ 8	[1]							0	385,691	[1]								10	[1]	(117,934)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	[1]												6,060,606		10,000,000
Issuance of common stock		0		$ 188,119									$ 1	[1]	$ 1	[1]						$ 188,118		$ (1)
Vesting of sponsor restricted shares (in shares)	[1]										900,000
Stock options exercised (in shares)	[1]										18,372
Stock options exercised	[1]	119																		119
Capital contribution – stock-based compensation	[1]	54																		54
Capital contribution – expenses allocated from Roivant Sciences Ltd.	[1]							53																				53
Stock-based compensation	[1]	3,307																		3,307
Foreign currency translation adjustments	[1]	(232)																											(232)
Net loss	[1]	(20,789)																													(20,789)
Ending balance (in shares) at Sep. 30, 2020	[1]									10,000	97,890,705
Ending balance at Sep. 30, 2020	[1]	438,406									$ 10								0	577,341									(222)		(138,723)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)											80,538
Stock options exercised		725																		725
Capital contribution – stock-based compensation																				116
Capital contribution – expenses allocated from Roivant Sciences Ltd.								$ 116																				$ 5,992
Stock-based compensation		5,992																											689
Foreign currency translation adjustments		689																													(31,776)
Net loss		(31,776)																													(11,296)
Ending balance (in shares) at Dec. 31, 2020	[1]									10,000	97,971,243
Ending balance at Dec. 31, 2020	[1]	$ 414,152	[2]								$ 10								$ 0	$ 584,174									$ 467		$ (170,499)
[1]	Retroactively restated for reverse recapitalization as described in Note 1.
[2]	Retroactively restated for the reverse recapitalization as described in Note 1.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (79,273)	$ (45,837)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	13,334	5,123
Depreciation on property and equipment	43	15
Foreign currency translation adjustments	483	(493)
Loss on disposal of property and equipment	0	13
Gain on extinguishment of convertible notes payable	0	(38)
Non-cash lease expense	714
Write-off of deferred offering costs	0	1,628
Changes in operating assets and liabilities:
Prepaid expenses	(1,513)	2,591
Income tax receivable	(445)	49
Value-added tax receivable	3,009	(83)
Accounts payable	914	2,604
Accrued expenses	2,590	3,827
Due to Roivant Sciences Ltd.	0	188
Income tax payable	0	106
Operating lease liabilities	(687)
Net cash used in operating activities	(60,831)	(30,307)
Cash flows from investing activities
Purchase of property and equipment	(115)	(21)
Net cash used in investing activities	(115)	(21)
Cash flows from financing activities
Capital contributions	333	867
Proceeds from stock options exercised	907	0
Payment of deferred offering costs	(1,236)	(2,917)
Proceeds from notes payable	0	7,907
Repayment of convertible promissory note payable to Roivant Sciences Ltd.	0	(2,500)
Recapitalization transaction	0	111,016
Net cash provided by financing activities	382,349	146,873
Net change in cash	321,403	116,545
Cash – beginning of period	100,571	6,985
Cash – end of period	421,974	123,530
Non-cash operating activity
Operating lease right-of-use assets obtained and exchanged for operating lease liabilities	4,183	0
Non-cash financing activity
Deferred offering costs in accrued expenses	0	574
Conversion of convertible promissory notes to common stock	0	35,000
Cancellation of interest on convertible promissory notes recorded in equity	0	587
Total non-cash financing activity	0	36,161
Supplemental disclosure of cash paid:
Income taxes	166	0
Underwritten Public Offering
Cash flows from financing activities
Proceeds from issuance of common stock	319,783	0
Warrant Redemption
Cash flows from financing activities
Proceeds from issuance of common stock	65,752	0
Roivant Sciences Ltd. (RSL)
Cash flows from financing activities
Proceeds from notes payable	0	35,000
Repayment of convertible promissory notes payable	$ (3,190)	$ (2,500)

Description of Business and Liq

Description of Business and Liquidity	9 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Liquidity	Description of Business and Liquidity [A] Description of Business Immunovant, Inc. together with its wholly owned subsidiaries (the “Company” or “Immunovant”) (formerly known as Health Sciences Acquisitions Corporation) is a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases. The Company is developing a novel, fully human monoclonal antibody, IMVT-1401 (formerly referred to as “RVT-1401” ) , that selectively binds to and inhibits the neonatal fragment crystallizable receptor. The Company intends to develop IMVT-1401 for indications in which there is robust evidence that pathogenic immunoglobulin G antibodies drive disease manifestation and for which reduction of these antibodies should lead to clinical benefit for patients with autoimmune diseases. The Company has determined that it has one operating and reporting segment. Reverse Recapitalization On December 18, 2019, Health Sciences Acquisitions Corporation (“HSAC”) completed the acquisition of Immunovant Sciences Ltd. (“ISL”) pursuant to the share exchange agreement dated as of September 29, 2019 (the “Share Exchange Agreement”), by and among HSAC, ISL, the stockholders of ISL (the “Sellers”), and Roivant Sciences Ltd. (“RSL”), as representative of the Sellers (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. 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 purposes. The Business Combination was accounted as the equivalent of ISL issuing stock for the net assets of HSAC, accompanied by a recapitalization. Accordingly, all historical financial information presented in these unaudited condensed consolidated financial statements represents the accounts of ISL and its wholly owned subsidiaries “as if” ISL is the predecessor to the Company. 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 Immunovant, Inc. shares for 1 ISL Share). One of the primary purposes of the Business Combination was to provide a platform for ISL to gain access to the U.S. capital markets. See Note 3 – Business Combination and Recapitalization for additional details. [B] Liquidity The Company has incurred significant losses and negative cash flows from operations since its inception. As of December 31, 2020, the Company’s cash totaled $422.0 million and its accumulated deficit was $170.5 million. 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. The Company currently expects that its existing cash as of December 31, 2020, will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of calendar year 2023 from the date the unaudited condensed consolidated financial statements are issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies [A] Basis of Presentation The Company’s fiscal year ends on March 31 and its first three fiscal quarters end on June 30, September 30, and December 31. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial 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 condensed consolidated financial statements have been prepared on the same basis as the audited combined and consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. 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 condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three and nine months ended December 31, 2020 are not necessarily indicative of those expected for the year ending March 31, 2021 or for any future period. The condensed consolidated balance sheet as of March 31, 2020 included herein was derived from the audited combined and consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited combined and consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on June 29, 2020. All share and per-share data reported in the unaudited condensed consolidated financial statements herein have been retroactively restated to reflect the effect of the Business Combination (as discussed in Note 3). [B] Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, operating leases, 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. Additionally, the Company assessed the impact that the COVID-19 pandemic has had on its operations and financial results as of December 31, 2020 and through the issuance of this report. The Company’s analysis was informed by the facts and circumstances as they were known to the Company. This assessment considered the impact COVID-19 may have on financial estimates and assumptions that affect the reported amounts of assets and liabilities and expenses. [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, key personnel, 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. As of December 31, 2020, the cash balance is kept 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. [E] 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. [F] Leases The Company's operating leases primarily relate to its three subleased premises, two in New York and one in North Carolina. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are initially recognized based on the present value of the future fixed lease payments over the expected lease term at commencement date calculated using the Company’s incremental borrowing rate applicable to the lease asset, unless the implicit rate is readily determinable. Operating lease ROU assets also include any lease payments made at or before lease commencement, adjusted by any initial direct costs and exclude any lease incentives received. The Company determines the lease term as the non-cancelable period of the lease and may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of 12 months or less are not recognized on the unaudited condensed consolidated balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease costs such as common area costs and other operating costs are expensed as incurred. The Company accounts for lease and non-lease components as a single lease component for all its facilities leases. [G] Fair Value of 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 RSL. These financial instruments are stated at their respective historical carrying amounts, which approximates fair value due to their short-term nature. There were no Level 2 or Level 3 financial instruments as of December 31, 2020 or March 31, 2020. [H] 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 stock 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 stock 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 stock 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 stock 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: Nine Months Ended December 31, 2020 2019 Preferred stock as converted 10,000 10,000 Options 5,757,732 4,209,573 Restricted stock units (unvested) 214,980 1,800,000 Warrants — 5,750,000 Total 5,982,712 11,769,573 In addition, the convertible promissory notes issued in the nine months ended December 31, 2019 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. [I] Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 removes, modifies, and adds certain recurring and nonrecurring fair value measurement disclosures, including removing disclosures around the amount(s) of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation process for Level 3 fair value measurements, among other things. ASU 2018-13 adds disclosure requirements around changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and a narrative description of measurement uncertainty. The amendments in ASU 2018-13 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company has adopted this ASU as of April 1, 2020, with no impact to the Company’s unaudited condensed consolidated financial statements from the adoption of this new standard. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company has adopted this ASU as of April 1, 2020, with no impact to the Company’s unaudited condensed consolidated financial statements from the adoption of this new standard. Recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s consolidated financial statements and related disclosures.

Business Combination and Recapi

Business Combination and Recapitalization	9 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Business Combination and Recapitalization	Business Combination and Recapitalization As discussed in Note 1, on December 18, 2019, HSAC completed the acquisition of ISL and acquired 100% of the ISL Shares for total consideration of $420.9 million, consisting of 42,080,376 shares of HSAC’s common stock and 10,000 shares of HSAC’s Series A preferred stock, in each case, valued at $10.00 per share (the deemed value of the shares issued pursuant to the Share Exchange Agreement). The Business Combination was accounted for as a reverse recapitalization whereby HSAC was treated as the “acquired” company for accounting purposes. This determination was primarily based on the fact that subsequent to the Business Combination, the Sellers have a majority of the voting power of the combined company, ISL will comprise all of the ongoing operations of the combined entity, a majority of the governing body of the combined company, and ISL’s senior management will comprise all of the senior management of the combined company. The Business Combination was accounted as the equivalent of ISL issuing stock for the net assets of HSAC, accompanied by a recapitalization. The net assets of HSAC were stated at historical cost with no goodwill or other intangible assets recorded. Reported amounts from operations included herein prior to the Business Combination are those of ISL. The shares, options and net loss per share available to holders of the Company’s common stock, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination (0.48906624 Immunovant, Inc. shares for 1 ISL Share). In connection with the Business Combination, the Company incurred direct and incremental costs of $2.8 million, consisting of legal, accounting, financial advisory and other professional fees, which are included in additional paid-in capital in the consolidated balance sheets as of December 31, 2020. The Company incurred additional financial advisory fees related to the Business Combination of $2.3 million, which are included in accumulated deficit within the consolidated balance sheets as of December 31, 2020. Earnout Shares Pursuant to the Share Exchange Agreement, the Sellers were entitled to receive up to an aggregate of 20,000,000 additional 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 period (the “Trading Period”) following December 18, 2019, the date of the closing of the Business Combination: (i) during any Trading Period prior to March 31, 2023, 10,000,000 Earnout Shares upon the achievement of a volume-weighted average price of at least $17.50 per share (the “First Earnout Milestone”); and (ii) during any Trading Period prior to March 31, 2025, 10,000,000 Earnout Shares upon the achievement of a volume-weighted average price of at least $31.50 per share (the “Second Earnout Milestone”). On May 12 and September 17, 2020, the Company achieved the First Earnout Milestone and the Second Earnout Milestone, respectively. Accordingly, the Company issued all of the 20,000,000 Earnout Shares to the Sellers (including 17,547,938 Earnout Shares issued to RSL) in the six months ended September 30, 2020. See Note 8 – Stockholders’ Equity for additional details. Sponsor Restricted Stock Agreement

Material Agreements

Material Agreements	9 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Material Agreements	Material Agreements License Agreement On December 19, 2017, Roivant Sciences GmbH (“RSG”), a wholly owned subsidiary of RSL, entered into a license agreement (the “HanAll Agreement”) with HanAll Biopharma Co., Ltd. (“HanAll”). Under the HanAll Agreement, RSG received (1) the non-exclusive right to manufacture and (2) the exclusive, royalty-bearing right to develop, import, use and commercialize the antibody referred to as IMVT-1401 and certain back-up and next-generation antibodies, and products containing such antibodies, in the United States, Canada, Mexico, the European Union, the United Kingdom, Switzerland, the Middle East, North Africa and Latin America (the “Licensed Territory”). In exchange for this license, RSG provided or agreed to provide the following consideration: • Upfront, non-refundable payment of $30.0 million; • Up to $20.0 million in shared (50/50)% research, development, and out-of-pocket costs incurred by HanAll; • Up to an aggregate of $442.5 million (after $10.0 million of milestone payment) upon the achievement of certain development, regulatory and sales milestones; and • Tiered royalties ranging from the mid-single digits to mid-teens on net product sales subject to reduction on a product-by-product and country-by-country basis, until the later of (1) expiration of patent and regulatory exclusivity or (2) the 11th anniversary of the first commercial sale of such product in such country. Since the acquisition of IMVT-1401, RSL and the Company have performed all the development associated with IMVT-1401 and no amounts were incurred by HanAll and reported to the Company, to research or develop the technology for the three and nine months ended December 31, 2020 and December 31, 2019, respectively. On August 18, 2018, RSG entered into a sublicense agreement (the “Sublicense Agreement”) with Immunovant Sciences GmbH (“ISG”), a wholly-owned subsidiary of the Company, to sublicense this technology, as well as RSG’s knowhow 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 an 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. As a result of the assignment of IMVT-1401 by RSG to ISG, the Company recorded a Swiss value-added tax receivable of $3.0 million which was reflected as a capital contribution from RSL as of March 31, 2020. In April 2020, the Company received the payment related to this receivable. 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 a research and development expense in the period incurred.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consist of the following (in thousands): December 31, 2020 March 31, 2020 Research and development expenses $ 9,527 $ 8,332 Accrued bonuses 2,085 859 Legal and other professional fees 1,445 1,231 Other expenses 224 516 Total accrued expenses $ 13,281 $ 10,938

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Roivant Sciences Inc. (“RSI”) and RSG Services Agreements 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. RSI and RSG also provided such services prior to the formalization of the Services Agreements, 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 term of the Services Agreements will continue until terminated by the Company, RSI or RSG, as applicable, upon 90 days’ written notice. For the three and nine months ended December 31, 2020, the Company was charged $0.2 million and $0.7 million, respectively, by RSI, RSG and RSL, of which $0.1 million and $0.4 million, respectively, were treated as capital contributions and $0.1 million and $0.3 million, respectively, were treated as amounts due to RSL in the accompanying unaudited condensed consolidated financial statements. For the three and nine months ended December 31, 2019, the Company was charged $0.4 million and $1.0 million, respectively, by RSI, RSG, and RSL, of which $0.3 million and $0.9 million, respectively, were treated as capital contributions. The remaining amount of $0.1 million for the nine months ended December 31, 2019 was treated as an amount due to RSL in the accompanying unaudited condensed consolidated financial statements. RSL Promissory Note In June 2019, the Company entered into an interest-free promissory note payable to RSL in the amount of $5.0 million (the “June Promissory Note”). The June Promissory Note was due and payable at the earlier of December 12, 2019 or upon demand by RSL. Subsequently, in August 2019, the Company cancelled the June Promissory Note and entered into a convertible promissory note with RSL in the amount of $5.0 million (the “RSL Convertible Promissory Note”) under the same terms as other convertible promissory notes entered into with RTW Master Fund, Ltd. and RTW Innovation Master Fund, Ltd. (the “RTW Entities”). In September 2019, the Company repaid $2.5 million aggregate principal amount of the RSL Convertible Promissory Note, and accrued interest on such amount was forgiven. The remaining aggregate principal balance of the RSL Convertible Note of $2.5 million automatically converted immediately prior to the closing of the Business Combination into shares of ISL exchangeable for an aggregate of 250,000 shares of the Company’s common stock upon the closing of the Business Combination. All interest under the RSL Convertible Promissory Note was waived and cancelled immediately prior to the closing of the Business Combination. In July 2019, the Company entered into an interest-free promissory note payable to RSL in the amount of $2.9 million (the “July Promissory Note”). The July Promissory Note had a 180-day term and was payable on demand upon the expiration of the term. In May 2020, the Company paid and settled the July Promissory Note. RSL Information Sharing and Cooperation Agreement In December 2018, the Company entered into an amended and restated 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 has 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 stockholder 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 its 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. Subject to specified exceptions, the Cooperation Agreement will terminate upon the earlier of (1) the mutual written consent of the parties or (2) the later of when RSL no longer (a) is required by U.S. GAAP to consolidate the Company’s results of operations and financial position, account for its investment in the Company under the equity method of accounting or, by any rule of the SEC, include the Company’s separate financial statements in any filings it may make with the SEC and (b) has the right to elect directors constituting a majority of the Company’s board of directors. RSI Subleases See Note 10 for a discussion of the subleases the Company has entered into with RSI.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rates were 1.14% and 0.35% for the three and nine months ended December 31, 2020, respectively and (0.90)% and (0.34)% for the three and nine months ended December 31, 2019, respectively. The Company's effective rate is primarily driven by its jurisdictional earnings by location and a valuation allowance that eliminates the Company’s global net deferred tax assets. The Company assesses the realizability of its deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and records a valuation allowance as necessary.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Series A Preferred Stock In connection with the closing of the Business Combination, the Company designated and issued 10,000 shares of Series A preferred stock, par value $0.0001 per share, to RSL, all of which shares are outstanding as of December 31, 2020. 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. 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 and then will be entitled to share ratably in the assets legally available for distribution to all stockholders. Preferred Stock In connection with the closing of the Business Combination, the Company authorized 10,010,000 shares of preferred stock par value $0.0001 per share. Other than the 10,000 shares of preferred stock designated as Series A preferred stock, there were no issued and outstanding shares of preferred stock as of December 31, 2020. Common Stock In connection with the closing of the Business Combination, the Company authorized 500,000,000 shares of common stock, par value $0.0001 per share. Immediately after giving effect to the Business Combination, there were 56,455,376 shares of common stock issued and 54,655,376 shares of common stock outstanding. In April 2020, the Company completed an underwritten public offering of 9,613,365 shares of its common stock (including 1,034,483 shares of common stock purchased by RSL and the full exercise of the underwriters’ option to purchase 1,253,917 additional shares of common stock) at a price to the public of $14.50 per share, for net proceeds to the Company of approximately $131.0 million, after deducting underwriting discounts and commissions and offering expenses. On May 12 and September 17, 2020, the Company achieved the First Earnout Milestone and the Second Earnout Milestone, respectively, under the Share Exchange Agreement (See Note 3). As a result, the Company issued all of the 20,000,000 Earnout Shares to the Sellers, (including 17,547,938 Earnout Shares issued to RSL) in the six months ended September 30, 2020. In addition, upon the achievement of the First Earnout Milestone and the Second Earnout Milestone and pursuant to the Sponsor Restricted Stock Agreement, all of the 1,800,000 Sponsor Restricted Shares vested and are no longer subject to forfeiture. In September 2020, the Company completed an underwritten public offering of 6,060,606 shares of its common stock (including 380,000 shares of common stock purchased by RSL and the full exercise of the underwriters’ option to purchase 790,513 additional shares of common stock) at a price to the public of $33.00 per share, for net proceeds to the Company of approximately $188.1 million after deducting underwriting discounts and commissions and offering expenses. The Company has reserved the following shares of common stock for issuance: December 31, 2020 March 31, 2020 Conversion of Series A preferred stock 10,000 10,000 Options outstanding 5,757,732 3,873,888 Restricted stock units outstanding 214,980 — Options available for future option grants 4,893,006 5,283,520 Common stock warrants — 5,750,000 Earnout shares — 20,000,000 Total 10,875,718 34,917,408 Common Stock Warrants In connection with HSAC’s initial public offering in May 2019, HSAC issued 11,500,000 warrants for the purchase of one-half of one share of common stock (an aggregate of 5,750,000 shares) at a price of $11.50 per whole share, subject to adjustment. The warrants were classified as equity. All of the warrants remained outstanding as of and were exercisable commencing on May 14, 2020. The warrants were set to expire in December 2024 or earlier upon redemption or liquidation. The warrants were redeemable, at the Company’s option, in whole and not in part, at a price of $0.01 per warrant, upon a minimum of 30 days’ prior written notice of redemption, and if, and only if, the last sale price of the Company’s common stock equaled or exceeded $16.50 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends a notice of redemption to the warrant holders. In May 2020, the Company delivered a notice of the redemption to the warrant holders, and an aggregate of 11,438,290 outstanding warrants were subsequently exercised for an aggregate of 5,719,145 shares of the Company’s common stock at a price of $11.50 per share, for net proceeds of approximately $65.8 million. The remaining 61,710 warrants were cancelled, and the holders thereof paid $0.01 per cancelled warrant. No warrants remain outstanding as of December 31, 2020.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	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 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. On April 1, 2020, the number of common shares reserved for issuance increased automatically by 4.0% of the total number of shares of common stock outstanding on the last day of the preceding month (i.e. 2,186,215 shares of common stock) in accordance with the evergreen provision of the 2019 Plan. As of December 31, 2020, options to purchase 2,546,580 shares of common stock and 214,980 restricted stock units (“RSUs”) were outstanding under the 2019 Plan and 4,893,006 shares of common stock remained available for future grant under the 2019 Plan. 2018 Equity Incentive Plan Pursuant to the Share Exchange Agreement, upon the closing of the Business Combination, all vested or unvested outstanding options to purchase common shares of ISL under its 2018 Equity Incentive Plan (the “2018 Plan”) were automatically assumed by the Company and converted into options to purchase 4,408,287 shares of the Company’s common stock with no changes to the 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, 2020, 3,211,152 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 Balance - March 31, 2020 3,873,888 $ 8.33 9.37 $ 28,029 Granted 2,602,268 25.92 Exercised (114,084) 8.57 Forfeited (378,107) 16.94 Canceled (226,233) 7.86 Balance - December 31, 2020 5,757,732 $ 15.73 8.99 $ 175,578 Exercisable - December 31, 2020 1,372,915 $ 8.44 8.60 $ 51,828 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 as of December 31, 2020. The options granted during the three and nine months ended December 31, 2020 had a weighted-average fair value of $30.65 and $17.81 per share, respectively, at the grant date. 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, 2020 2019 2020 2019 Risk-free interest rate 0.38% - 0.56% 1.61% - 1.78% 0.30% - 0.56% 1.61% - 2.25% Expected term, in years 6.08 - 6.11 5.97 - 6.11 5.56 - 6.11 5.75 - 6.11 Expected volatility 83.40% - 83.80% 75.55% - 76.01% 78.16% - 84.05% 74.69% - 76.01% Expected dividend yield —% —% —% —% Restricted Stock Unit Awards A summary of RSUs activity under the Company’s equity incentive plans is as follows: Number of RSUs Weighted- Average Grant Date Fair Value Unvested as of March 31, 2020 — $ — Issued 224,980 30.38 Vested (10,000) 44.60 Outstanding, non-vested as of December 31, 2020 214,980 $ 29.72 Stock-based Compensation Expense For the three and nine months ended December 31, 2020 and 2019, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Research and development expenses $ 2,549 $ 311 $ 3,919 $ 2,680 General and administrative expenses 3,443 1,021 9,298 2,308 Total stock-based compensation $ 5,992 $ 1,332 $ 13,217 $ 4,988 As of December 31, 2020, total unrecognized compensation expense related to non-vested stock options and RSUs was $48.9 million and $5.2 million, respectively, which is expected to be recognized over the remaining weighted-average service period of 2.95 years and 1.59 years, respectively. 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 was recorded for the nine months ended December 31, 2020, and $0.1 million for the three and nine months ended December 31, 2019, respectively in the accompanying unaudited condensed consolidated statements of operations. There were no allocations related to stock-based compensation expense for the three months ended December 31, 2020.

Leases

Leases	9 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	LeasesIn June 2020, the Company entered into two sublease agreements with RSI, for two floors of the building the Company currently occupies as its headquarters in New York. The subleases will expire on February 27, 2024 and April 29, 2024, respectively, and have scheduled rent increases each year. In April 2020, the Company entered into a sublease agreement with an unrelated party for one floor of a building in North Carolina. The sublease will expire on February 28, 2022 and has no scheduled rent increases. These leases are classified as operating leases. Operating lease ROU assets of $4.2 million and lease liabilities of $4.2 million, were recognized based on the present value of remaining fixed lease payments over the expected lease term using an incremental borrowing rate of 3.9%. As the Company’s operating leases do not provide an implicit rate, estimated incremental borrowing rates were used based on the information available at the time of execution of sublease agreement in determining the present value of lease payments. The aggregate weighted-average remaining lease term were 3.2 years as of December 31, 2020. Variable lease costs such as common area costs and other operating costs are expensed as incurred and were minimal for the three and nine months ended December 31, 2020. During the three and nine months ended December 31, 2020, the Company incurred $0.2 million and $0.7 million, respectively, in rent expense and paid $0.5 million and $0.7 million, respectively, in cash related to contractual rent obligations under the operating leases. The following table provides a reconciliation of the Company’s remaining undiscounted contractual rent obligations due within each respective fiscal year ending March 31 to the operating lease liabilities recognized as of December 31, 2020 (in thousands): Years Ending March 31, Operating Leases 2021 $ 295 2022 1,198 2023 1,152 2024 1,132 2025 47 Thereafter — Total undiscounted payments 3,824 Less: present value adjustment (328) Present value of future payments 3,496 Less: current portion of operating lease liabilities (1,104) Operating lease liabilities, net of current portion $ 2,392

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In February 2021, the Company voluntarily paused dosing in its clinical trials for IMVT-1401 due to elevated total cholesterol and low-density lipoprotein (LDL) levels observed in patients treated with IMVT-1401. The Company has informed its regulators and investigators of this voluntary pause of dosing in ASCEND GO-2, a Phase 2b trial in Thyroid Eye Disease and ASCEND-WAIHA, a Phase 2 trial in Warm Autoimmune Hemolytic Anemia. In order to better characterize the observed lipid findings, the Company has begun to conduct a program-wide data review (including both nonclinical and clinical data) with input from external scientific experts. The Company also plans to progress discussions with regulatory authorities to align on the next steps in the continued development of IMVT-1401. At this time, the extent of the impact of this event on the Company’s future operational and financial performance is uncertain and cannot be predicted. The ongoing COVID-19 pandemic has resulted in transitions to remote workforces, business closures and disruptions and a slowdown of economic activity across the globe. Prior to the previously disclosed voluntary pause of clinical trials for IMVT-1401 in February 2021, the COVID-19 pandemic had a variable impact on the Company’s clinical trials. Some of the Company’s clinical trial sites closed enrollment for new patients in early March 2020 due to COVID-19, whereas other sites remained partially open for new patient enrollment until the voluntary pause of clinical dosing. These impacts have resulted in slower than projected patient enrollment of our trials. The Company has not experienced material financial impacts as a result of the COVID-19 pandemic. However, the extent of the impact of COVID-19 on the Company’s future operational and financial performance will depend on certain developments related to COVID-19 that are uncertain and cannot be predicted, including the ultimate duration and spread of the outbreak, the continuing impact of the pandemic on financial markets and the global economy, and the impact of the outbreak on the Company’s employees and vendors.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	[A] Basis of Presentation The Company’s fiscal year ends on March 31 and its first three fiscal quarters end on June 30, September 30, and December 31. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial 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 condensed consolidated financial statements have been prepared on the same basis as the audited combined and consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. 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 condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three and nine months ended December 31, 2020 are not necessarily indicative of those expected for the year ending March 31, 2021 or for any future period. The condensed consolidated balance sheet as of March 31, 2020 included herein was derived from the audited combined and consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited combined and consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on June 29, 2020. All share and per-share data reported in the unaudited condensed consolidated financial statements herein have been retroactively restated to reflect the effect of the Business Combination (as discussed in Note 3).
Use of Estimates	[B] Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, operating leases, 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. Additionally, the Company assessed the impact that the COVID-19 pandemic has had on its operations and financial results as of December 31, 2020 and through the issuance of this report. The Company’s analysis was informed by the facts and circumstances as they were known to the Company. This assessment considered the impact COVID-19 may have on financial estimates and assumptions that affect the reported amounts of assets and liabilities and expenses.
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, key personnel, 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 RiskFinancial instruments that potentially subject the Company to concentration of credit risk include cash. As of December 31, 2020, the cash balance is kept 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.
Research and Development Expense	[E] 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.
Leases	[F] Leases The Company's operating leases primarily relate to its three subleased premises, two in New York and one in North Carolina. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are initially recognized based on the present value of the future fixed lease payments over the expected lease term at commencement date calculated using the Company’s incremental borrowing rate applicable to the lease asset, unless the implicit rate is readily determinable. Operating lease ROU assets also include any lease payments made at or before lease commencement, adjusted by any initial direct costs and exclude any lease incentives received. The Company determines the lease term as the non-cancelable period of the lease and may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of 12 months or less are not recognized on the unaudited condensed consolidated balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease costs such as common area costs and other operating costs are expensed as incurred. The Company accounts for lease and non-lease components as a single lease component for all its facilities leases.
Fair Value of Financial Instruments	[G] Fair Value of 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 RSL. These financial instruments are stated at their respective historical carrying amounts, which approximates fair value due to their short-term nature. There were no Level 2 or Level 3 financial instruments as of December 31, 2020 or March 31, 2020.
Net Loss Per Common Share	[H] 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 stock 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 stock 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 stock 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 stock outstanding for basic and diluted net loss per common share data.
Recently Adopted Accounting Pronouncements	[I] Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 removes, modifies, and adds certain recurring and nonrecurring fair value measurement disclosures, including removing disclosures around the amount(s) of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation process for Level 3 fair value measurements, among other things. ASU 2018-13 adds disclosure requirements around changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and a narrative description of measurement uncertainty. The amendments in ASU 2018-13 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company has adopted this ASU as of April 1, 2020, with no impact to the Company’s unaudited condensed consolidated financial statements from the adoption of this new standard. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company has adopted this ASU as of April 1, 2020, with no impact to the Company’s unaudited condensed consolidated financial statements from the adoption of this new standard.
Recently Issued Accounting Pronouncements	Recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Potentially Dilutive Securities that 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: Nine Months Ended December 31, 2020 2019 Preferred stock as converted 10,000 10,000 Options 5,757,732 4,209,573 Restricted stock units (unvested) 214,980 1,800,000 Warrants — 5,750,000 Total 5,982,712 11,769,573

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following (in thousands): December 31, 2020 March 31, 2020 Research and development expenses $ 9,527 $ 8,332 Accrued bonuses 2,085 859 Legal and other professional fees 1,445 1,231 Other expenses 224 516 Total accrued expenses $ 13,281 $ 10,938

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	The Company has reserved the following shares of common stock for issuance: December 31, 2020 March 31, 2020 Conversion of Series A preferred stock 10,000 10,000 Options outstanding 5,757,732 3,873,888 Restricted stock units outstanding 214,980 — Options available for future option grants 4,893,006 5,283,520 Common stock warrants — 5,750,000 Earnout shares — 20,000,000 Total 10,875,718 34,917,408

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2020
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 Balance - March 31, 2020 3,873,888 $ 8.33 9.37 $ 28,029 Granted 2,602,268 25.92 Exercised (114,084) 8.57 Forfeited (378,107) 16.94 Canceled (226,233) 7.86 Balance - December 31, 2020 5,757,732 $ 15.73 8.99 $ 175,578 Exercisable - December 31, 2020 1,372,915 $ 8.44 8.60 $ 51,828
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, 2020 2019 2020 2019 Risk-free interest rate 0.38% - 0.56% 1.61% - 1.78% 0.30% - 0.56% 1.61% - 2.25% Expected term, in years 6.08 - 6.11 5.97 - 6.11 5.56 - 6.11 5.75 - 6.11 Expected volatility 83.40% - 83.80% 75.55% - 76.01% 78.16% - 84.05% 74.69% - 76.01% Expected dividend yield —% —% —% —%
Schedule of Restricted Stock Unit Awards Activity	A summary of RSUs activity under the Company’s equity incentive plans is as follows: Number of RSUs Weighted- Average Grant Date Fair Value Unvested as of March 31, 2020 — $ — Issued 224,980 30.38 Vested (10,000) 44.60 Outstanding, non-vested as of December 31, 2020 214,980 $ 29.72
Summary of Stock-based Compensation Expense	For the three and nine months ended December 31, 2020 and 2019, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Research and development expenses $ 2,549 $ 311 $ 3,919 $ 2,680 General and administrative expenses 3,443 1,021 9,298 2,308 Total stock-based compensation $ 5,992 $ 1,332 $ 13,217 $ 4,988

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Remaining Undiscounted Contractual Rent Obligations	The following table provides a reconciliation of the Company’s remaining undiscounted contractual rent obligations due within each respective fiscal year ending March 31 to the operating lease liabilities recognized as of December 31, 2020 (in thousands): Years Ending March 31, Operating Leases 2021 $ 295 2022 1,198 2023 1,152 2024 1,132 2025 47 Thereafter — Total undiscounted payments 3,824 Less: present value adjustment (328) Present value of future payments 3,496 Less: current portion of operating lease liabilities (1,104) Operating lease liabilities, net of current portion $ 2,392

Description of Business and L_2

Description of Business and Liquidity - Additional Information (Detail) $ in Thousands		Dec. 18, 2019shares	Dec. 31, 2020USD ($)segment	Mar. 31, 2020USD ($)	Dec. 17, 2019
Business Acquisition [Line Items]
Number of operating segments | segment			1
Number of reportable segments | segment			1
Cash | $			$ 421,974	$ 100,571
Accumulated deficit | $	[1]		$ 170,499	$ 91,226
Common stock
Business Acquisition [Line Items]
Number of shares issued in business combination		42,080,376
Series A  preferred stock | Roivant Sciences Ltd. (RSL)
Business Acquisition [Line Items]
Number of shares issued in business combination		10,000
Immunovant Sciences Ltd
Business Acquisition [Line Items]
Percentage of business acquisition		100.00%
Number of shares issued in business combination		42,080,376
Immunovant Sciences Ltd | Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Shares exchange ratio		0.48907%
Immunovant Sciences Ltd | Sellers
Business Acquisition [Line Items]
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 - Summary of potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (Detail)	3 Months Ended
	Dec. 31, 2020subleaseAgreementshares	Dec. 31, 2019shares	Jun. 30, 2020subleaseAgreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,982,712	11,769,573
Number of sublease agreements | subleaseAgreement	3		2
Preferred stock as converted
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10,000	10,000
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,757,732	4,209,573
Restricted stock units (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	214,980	1,800,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	5,750,000

Business Combination and Reca_2

Business Combination and Recapitalization - Additional Information (Detail)		Sep. 17, 2020shares	Dec. 18, 2019USD ($)tradingDay$ / sharesshares	Sep. 29, 2019shares	Sep. 30, 2020USD ($)shares	Jun. 30, 2020shares	Dec. 31, 2020USD ($)shares	Mar. 31, 2025$ / sharesshares	Mar. 31, 2023$ / sharesshares	Mar. 31, 2020shares
Business Acquisition [Line Items]
Business combination consideration | $			$ 420,900,000
Business acquisition price per share (in dollars per share) | $ / shares			$ 10
Acquisition related costs | $							$ 2,800,000
Financial advisory fees | $							$ 2,300,000
Earnout shares reserved for issuance (in shares)							0			20,000,000
Number of trading days | tradingDay			20
Number of days within a trading period | tradingDay			30
Common stock to potential forfeiture in the event that the milestones are not achieved (in shares)				1,800,000
Vesting of sponsor restricted shares (in shares)		1,800,000
Sponsor
Business Acquisition [Line Items]
Vesting of sponsor restricted shares (in shares)				900,000
Forecast | Milestone Achievement One
Business Acquisition [Line Items]
Volume-weighted average price (in dollars per share) | $ / shares								$ 31.50	$ 17.50
Common stock
Business Acquisition [Line Items]
Number of shares issued in business combination			42,080,376
Earnout shares reserved for issuance (in shares)			20,000,000
Vesting of sponsor restricted shares (in shares)	[1]				900,000	900,000
Common stock | Forecast | Milestone Achievement One
Business Acquisition [Line Items]
Earnout shares reserved for issuance (in shares)								10,000,000	10,000,000
Immunovant Sciences Ltd
Business Acquisition [Line Items]
Percentage of business acquisition			100.00%
Number of shares issued in business combination			42,080,376
Immunovant Sciences Ltd | Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Shares exchange ratio			0.48907%
Immunovant Sciences Ltd | Common stock
Business Acquisition [Line Items]
Earnout shares for issuance (in shares) | $					$ 20,000,000
Roivant Sciences Ltd. (RSL) | Common stock
Business Acquisition [Line Items]
Earnout shares for issuance (in shares) | $					$ 17,547,938
Series A  preferred stock | Roivant Sciences Ltd. (RSL)
Business Acquisition [Line Items]
Number of shares issued in business combination			10,000
[1]	Retroactively restated for reverse recapitalization as described in Note 1.

Material Agreements - Additiona

Material Agreements - Additional Information (Detail) - USD ($)		Dec. 07, 2018	Dec. 19, 2017	May 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront, non-refundable payment			$ 30,000,000
Research and development and out-of-pocket			50.00%
Costs incurred and reported to the company	[1]				$ 21,091,000	$ 4,953,000	$ 49,989,000	$ 33,759,000
Purchase price		$ 37,800,000
Swiss value-added tax receivable									$ 3,000,000
Milestone payments			$ 10,000,000
HanAll Biopharma Co., Ltd
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Costs incurred and reported to the company					$ 0	$ 0	$ 0	$ 0
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consideration paid			20,000,000
Maximum | Upon Achievement Of Development Regulatory And Sales Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contingent milestone payments			$ 442,500,000
Achievement of Development and Regulatory
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments				$ 10,000,000
[1]	Includes $0 and $176 of costs allocated from Roivant Sciences Ltd. for the three and nine months ended December 31, 2020, respectively, and $0 and $152 of costs allocated from Roivant Sciences Ltd. for the three and nine months ended December 31, 2019, respectively.

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Payables and Accruals [Abstract]
Research and development expenses	$ 9,527	$ 8,332
Accrued bonuses	2,085	859
Legal and other professional fees	1,445	1,231
Other expenses	224	516
Total accrued expenses	$ 13,281	$ 10,938

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended											9 Months Ended
	Sep. 30, 2019	Jul. 31, 2019	Dec. 31, 2020	Sep. 30, 2020	[1]	Jun. 30, 2020	[1]	Dec. 31, 2019		Sep. 30, 2019		Jun. 30, 2019		Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Aug. 31, 2019
Related Party Transaction [Line Items]
Related party transaction, amounts			$ 200					$ 400						$ 700	$ 1,000
Due to related parties			0											0		$ 3,190
Business combination number of shares exchanged	250,000
Roivant Sciences Ltd. (RSL)
Related Party Transaction [Line Items]
Related party transaction, amounts			100											300	100
Capital contribution – expenses allocated from Roivant Sciences Ltd.			116	$ 53		$ 164		312	[1]	$ 220	[1]	$ 331	[1]
Due to related parties	$ 2,500	$ 2,900								$ 2,500		$ 5,000					$ 5,000
Promissory note term		180 days
Roivant Sciences Ltd. (RSL) | Capital Contributions
Related Party Transaction [Line Items]
Capital contribution – expenses allocated from Roivant Sciences Ltd.			$ 100					$ 300						$ 400	$ 900
[1]	Retroactively restated for reverse recapitalization as described in Note 1.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	1.14%	(0.90%)	0.35%	(0.34%)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail)		Sep. 17, 2020shares	May 14, 2020tradingDay$ / shares	Sep. 30, 2020USD ($)shares	May 31, 2020USD ($)$ / sharesshares	Apr. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)shares	Jun. 30, 2020shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Mar. 31, 2020$ / sharesshares	May 31, 2019$ / sharesshares
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, issued (in shares)									0		0
Preferred stock, outstanding (in shares)									0		0
Preferred stock, par value (in dollars per share) | $ / shares									$ 0.0001		$ 0.0001
Preferred stock, authorized (in shares)									10,000,000		10,000,000
Common share, authorized (in shares)									500,000,000		500,000,000
Common share, issued (in shares)									97,971,243		56,455,376
Common share, outstanding (in shares)									97,971,243		54,655,376
Vesting of sponsor restricted shares (in shares)		1,800,000
Number of warrants outstanding					11,438,290				0
Number of securities called by warrants (in shares)									0		5,750,000
Exercise price of warrant (in dollars per share) | $ / shares					$ 11.50
Number of shares exercised					5,719,145
Proceeds from warrant exercises | $					$ 65,800,000
Warrants canceled (in shares)					61,710
Series A  preferred stock
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, issued (in shares)									10,000		10,000
Preferred stock, outstanding (in shares)									10,000		10,000
Preferred stock, par value (in dollars per share) | $ / shares									$ 0.0001		$ 0.0001
Percentage of voting power of outstanding shares									25.00%
Liquidation amount per share (in dollars per share) | $ / shares									$ 0.01
Preferred stock, authorized (in shares)									10,000		10,000
Two Series A Preferred Stock | Minimum
Subsidiary or Equity Method Investee [Line Items]
Percentage of voting power of outstanding shares									25.00%
Roivant Sciences Ltd. (RSL) | Series A  preferred stock
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, issued (in shares)									10,000
Preferred stock, outstanding (in shares)									10,000
Preferred stock, par value (in dollars per share) | $ / shares									$ 0.0001
Underwritten Public Offering
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued in transaction				6,060,606		9,613,365
Common stock, sale price (in dollars per share) | $ / shares						$ 14.50			$ 33
Proceeds from issuance of common stock | $				$ 188,100,000		$ 131,000,000			$ 319,783,000	$ 0
Underwritten Public Offering | Roivant Sciences Ltd. (RSL)
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued in transaction				380,000		1,034,483
Over-Allotment Option
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued in transaction				790,513		1,253,917
IPO
Subsidiary or Equity Method Investee [Line Items]
Common stock, sale price (in dollars per share) | $ / shares			$ 16.50
Number of warrants outstanding												11,500,000
Exercise price of warrant (in dollars per share) | $ / shares												$ 11.50
Redemption price per warrant (in dollars per share) | $ / shares					$ 0.01
Required number of trading days | tradingDay			20
Consecutive number of trading days | tradingDay			30
Series A  preferred stock
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, authorized (in shares)									10,010,000
Common stock
Subsidiary or Equity Method Investee [Line Items]
Common share, authorized (in shares)									500,000,000
Common stock, par value (in dollars per share) | $ / shares									$ 0.0001
Common share, issued (in shares)									56,455,376
Common share, outstanding (in shares)									54,655,376
Vesting of sponsor restricted shares (in shares)	[1]						900,000	900,000
Common stock | Roivant Sciences Ltd. (RSL)
Subsidiary or Equity Method Investee [Line Items]
Earnout shares for issuance (in shares) | $				$ 17,547,938			$ 17,547,938
Common stock | Immunovant Sciences Ltd
Subsidiary or Equity Method Investee [Line Items]
Earnout shares for issuance (in shares) | $				$ 20,000,000			$ 20,000,000
Warrants | IPO
Subsidiary or Equity Method Investee [Line Items]
Number of securities called by each warrant (in shares)												0.5
Number of securities called by warrants (in shares)												5,750,000
[1]	Retroactively restated for reverse recapitalization as described in Note 1.

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of common stock reserved for future issuance (Detail) - shares	Dec. 31, 2020	Apr. 01, 2020	Mar. 31, 2020
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Conversion of Series A preferred stock (in shares)	10,000		10,000
Options outstanding (in shares)	5,757,732		3,873,888
Options available for future option grants (in shares)	4,893,006		5,283,520
Common stock warrants (in shares)	0		5,750,000
Earnout shares reserved for issuance (in shares)	0		20,000,000
Total (in shares)	10,875,718	2,186,215	34,917,408
Restricted stock units outstanding
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Restricted stock units outstanding (in shares)	214,980		0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	Apr. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Dec. 18, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available for future issuance	2,186,215	10,875,718		10,875,718		34,917,408
Common shares reserved for grant (in shares)		4,893,006		4,893,006		5,283,520
Weighted average fair value at the grant date (in dollars per share)		$ 30.65	$ 5.70	$ 17.81	$ 3.02
Unrecognized equity-based compensation related to unvested stock options		$ 48,900,000		$ 48,900,000
Remaining weighted average service period for recognition		2 years 11 months 12 days
Share based compensation expense		$ 5,992,000	$ 1,332,000	13,217,000	$ 4,988,000
Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense		$ 2,549,000	311,000	$ 3,919,000	2,680,000
Restricted stock units (unvested)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, outstanding (in shares)		214,980		214,980		0
Unrecognized equity-based compensation related to unvested stock options		$ 5,200,000		$ 5,200,000
Remaining weighted average service period for recognition		1 year 7 months 2 days
Roivant Sciences Ltd. (RSL) | Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense		$ 0	$ 100,000	$ 100,000	$ 100,000
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available for future issuance		4,893,006	5,500,000	4,893,006	5,500,000
Maximum number of shares issued			16,500,000		16,500,000
Percentage of common stock outstanding	4.00%
Common shares reserved for grant (in shares)		2,546,580		2,546,580
2019 Equity Incentive Plan | Restricted stock units (unvested)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, outstanding (in shares)		214,980		214,980
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant (in shares)		3,211,152		3,211,152
Number of shares assumed and converted into options to purchase shares (in shares)							4,408,287

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of stock option activity (Detail) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares
Number of options
Number of options, beginning balance | shares	3,873,888
Number of options, granted | shares	2,602,268
Number of options, exercised | shares	(114,084)
Number of options, forfeited | shares	(378,107)
Number of options, canceled | shares	(226,233)
Number of options, ending balance | shares	5,757,732	3,873,888
Weighted- Average Exercise Price
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares	$ 8.33
Weighted average exercise price, granted (in dollars per share) | $ / shares	25.92
Weighted average exercise price, exercised (in dollars per share) | $ / shares	8.57
Weighted average exercise price, forfeited (in dollars per share) | $ / shares	16.94
Weighted average exercise price, canceled (in dollars per share) | $ / shares	7.86
Weighted average exercise price, ending balance (in dollars per share) | $ / shares	$ 15.73	$ 8.33
Additional Disclosures
Remaining contractual term	8 years 11 months 26 days	9 years 4 months 13 days
Aggregate intrinsic value | $	$ 175,578	$ 28,029
Number of options, exercisable | shares	1,372,915
Weighted average exercise price, exercisable (in dollars per share) | $ / shares	$ 8.44
Remaining contractual term, exercisable	8 years 7 months 6 days
Aggregate intrinsic value, exercisable | $	$ 51,828

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of fair value assumptions (Detail)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.38%	1.61%	0.30%	1.61%
Expected term, in years	6 years 29 days	5 years 11 months 19 days	5 years 6 months 21 days	5 years 9 months
Expected volatility	83.40%	75.55%	78.16%	74.69%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.56%	1.78%	0.56%	2.25%
Expected term, in years	6 years 1 month 9 days	6 years 1 month 9 days	6 years 1 month 9 days	6 years 1 month 9 days
Expected volatility	83.80%	76.01%	84.05%	76.01%

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Unit Awards (Details) - Restricted stock units (unvested)	9 Months Ended
	Dec. 31, 2020$ / sharesshares
Unvested Restricted Stock Outstanding
Outstanding, beginning balance (in shares) | shares	0
Restricted stock units, issued in period (in shares) | shares	224,980
Restricted stock units, exercised in period (in shares) | shares	(10,000)
Outstanding, ending balance (in shares) | shares	214,980
Weighted Average Grant Date Fair Value
Outstanding, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 0
Issued, weighted average grant date fair value (in dollars per share) | $ / shares	30.38
Exercised, weighted average grant date fair value (in dollars per share) | $ / shares	44.60
Outstanding, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 29.72

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of share based compensation expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5,992	$ 1,332	$ 13,217	$ 4,988
Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	2,549	311	3,919	2,680
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,443	$ 1,021	$ 9,298	$ 2,308

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2020USD ($)subleaseAgreement	Dec. 31, 2020USD ($)subleaseAgreement	Jun. 30, 2020subleaseAgreement	Apr. 30, 2020USD ($)	Mar. 31, 2020USD ($)
Leases [Abstract]
Number of sublease agreements | subleaseAgreement	3	3	2
Operating lease right-of-use assets	$ 3,469	$ 3,469		$ 4,200	$ 0
Present value of future payments	$ 3,496	$ 3,496		$ 4,200
Incremental borrowing rate				3.90%
Operating lease, weighted average remaining lease term	3 years 2 months 12 days	3 years 2 months 12 days
Operating lease rent expense	$ 200	$ 700
Operating lease payments	$ 500	$ 700

Leases - Schedule of Remaining

Leases - Schedule of Remaining Undiscounted Contractual Rent Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Apr. 30, 2020	Mar. 31, 2020
Leases [Abstract]
2021	$ 295
2022	1,198
2023	1,152
2024	1,132
2025	47
Thereafter	0
Total undiscounted payments	3,824
Less: present value adjustment	(328)
Present value of future payments	3,496	$ 4,200
Less: current portion of operating lease liabilities	(1,104)		$ 0
Operating lease liabilities, net of current portion	$ 2,392		$ 0