Immunovant (IMVT) 10-Q 6 Feb 25 2025 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-38906
Entity Registrant Name	IMMUNOVANT, INC.
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		169,860,683
Entity Central Index Key	0001764013
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 374,685	$ 635,365
Accounts receivable	2,224	5,337
Prepaid expenses and other current assets	35,632	25,068
Total current assets	412,541	665,770
Operating lease right-of-use assets	22	133
Other assets	7,617	0
Property and equipment, net	752	462
Total assets	420,932	666,365
Current liabilities:
Accounts payable	19,816	7,155
Accrued expenses	48,476	41,315
Current portion of operating lease liabilities	23	138
Total current liabilities	68,315	48,608
Total liabilities	68,315	48,608
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, par value $0.0001 per share, 500,000,000 shares authorized, 147,203,565 shares issued and outstanding at December 31, 2024 and 500,000,000 shares authorized, 145,582,999 shares issued and outstanding at March 31, 2024	14	14
Additional paid-in capital	1,483,198	1,441,518
Accumulated other comprehensive income	2,479	1,908
Accumulated deficit	(1,133,074)	(825,683)
Total stockholders’ equity	352,617	617,757
Total liabilities and stockholders’ equity	420,932	666,365
Series A  preferred stock
Stockholders’ equity:
Preferred stock	0	0
Preferred Stock
Stockholders’ equity:
Preferred stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Mar. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.0001
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	147,203,565	145,582,999
Common stock, outstanding (in shares)	147,203,565	145,582,999
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
Preferred Stock
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development	$ 94,520	$ 48,338	$ 267,266	$ 146,872
Acquired in-process research and development	0	0	0	12,500
General and administrative	19,782	13,215	57,061	42,458
Total operating expenses	114,302	61,553	324,327	201,830
Interest income	(4,590)	(8,933)	(17,844)	(16,569)
Other expense (income), net	1,258	(1,094)	600	(1,579)
Loss before provision (benefit) for income taxes	(110,970)	(51,526)	(307,083)	(183,682)
Provision (benefit) for income taxes	152	(108)	308	335
Net loss	$ (111,122)	$ (51,418)	$ (307,391)	$ (184,017)
Net loss per common share - basic (in dollars per share)	$ (0.76)	$ (0.36)	$ (2.10)	$ (1.36)
Net loss per common share - diluted (in dollars per share)	$ (0.76)	$ (0.36)	$ (2.10)	$ (1.36)
Weighted-average common shares outstanding – basic (in shares)	146,922,338	144,523,034	146,560,414	135,577,267
Weighted-average common shares outstanding – diluted (in shares)	146,922,338	144,523,034	146,560,414	135,577,267

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (111,122)	$ (51,418)	$ (307,391)	$ (184,017)
Other comprehensive income (loss):
Foreign currency translation adjustments	569	(1,113)	571	(1,452)
Total other comprehensive income (loss)	569	(1,113)	571	(1,452)
Comprehensive loss	$ (110,553)	$ (52,531)	$ (306,820)	$ (185,469)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Series A  preferred stock Series A  preferred stock	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Mar. 31, 2023		10,000	130,329,863
Beginning balance at Mar. 31, 2023	$ 362,494	$ 0	$ 13	$ 927,976	$ 852	$ (566,347)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised and restricted stock units vested and settled (in shares)			235,566
Stock options exercised and restricted stock units vested and settled	890			890
Capital contribution – stock-based compensation	35			35
Stock-based compensation	10,653			10,653
Foreign currency translation adjustments	(270)				(270)
Net loss	(73,937)					(73,937)
Ending balance (in shares) at Jun. 30, 2023		10,000	130,565,429
Ending balance at Jun. 30, 2023	299,865	$ 0	$ 13	939,554	582	(640,284)
Beginning balance (in shares) at Mar. 31, 2023		10,000	130,329,863
Beginning balance at Mar. 31, 2023	362,494	$ 0	$ 13	927,976	852	(566,347)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(184,017)
Ending balance (in shares) at Dec. 31, 2023		10,000	145,094,052
Ending balance at Dec. 31, 2023	679,344	$ 0	$ 14	1,430,294	(600)	(750,364)
Beginning balance (in shares) at Jun. 30, 2023		10,000	130,565,429
Beginning balance at Jun. 30, 2023	299,865	$ 0	$ 13	939,554	582	(640,284)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised and restricted stock units vested and settled (in shares)			876,595
Stock options exercised and restricted stock units vested and settled	148			148
Capital contribution – stock-based compensation	28			28
Stock-based compensation	10,501			10,501
Foreign currency translation adjustments	(69)				(69)
Net loss	(58,662)					(58,662)
Ending balance (in shares) at Sep. 30, 2023		10,000	131,442,024
Ending balance at Sep. 30, 2023	251,811	$ 0	$ 13	950,231	513	(698,946)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon underwritten public offering and private placement (in shares)			12,949,184
Issuance of common stock upon underwritten public offering and private placement	466,733		$ 1	466,732
Stock options exercised and restricted stock units vested and settled (in shares)			702,844
Stock options exercised and restricted stock units vested and settled	3,111			3,111
Capital contribution – stock-based compensation	23			23
Stock-based compensation	10,197			10,197
Foreign currency translation adjustments	(1,113)				(1,113)
Net loss	(51,418)					(51,418)
Ending balance (in shares) at Dec. 31, 2023		10,000	145,094,052
Ending balance at Dec. 31, 2023	679,344	$ 0	$ 14	1,430,294	(600)	(750,364)
Beginning balance (in shares) at Mar. 31, 2024		10,000	145,582,999
Beginning balance at Mar. 31, 2024	617,757	$ 0	$ 14	1,441,518	1,908	(825,683)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised and restricted stock units vested and settled (in shares)			612,674
Stock options exercised and restricted stock units vested and settled	686			686
Capital contribution – stock-based compensation	12			12
Stock-based compensation	13,443			13,443
Foreign currency translation adjustments	(88)				(88)
Net loss	(87,150)					(87,150)
Ending balance (in shares) at Jun. 30, 2024		10,000	146,195,673
Ending balance at Jun. 30, 2024	544,660	$ 0	$ 14	1,455,659	1,820	(912,833)
Beginning balance (in shares) at Mar. 31, 2024		10,000	145,582,999
Beginning balance at Mar. 31, 2024	617,757	$ 0	$ 14	1,441,518	1,908	(825,683)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(307,391)
Ending balance (in shares) at Dec. 31, 2024		10,000	147,203,565
Ending balance at Dec. 31, 2024	352,617	$ 0	$ 14	1,483,198	2,479	(1,133,074)
Beginning balance (in shares) at Jun. 30, 2024		10,000	146,195,673
Beginning balance at Jun. 30, 2024	544,660	$ 0	$ 14	1,455,659	1,820	(912,833)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised and restricted stock units vested and settled (in shares)			369,376
Stock options exercised and restricted stock units vested and settled	730			730
Capital contribution – stock-based compensation	8			8
Stock-based compensation	12,685			12,685
Foreign currency translation adjustments	90				90
Net loss	(109,119)					(109,119)
Ending balance (in shares) at Sep. 30, 2024		10,000	146,565,049
Ending balance at Sep. 30, 2024	449,054	$ 0	$ 14	1,469,082	1,910	(1,021,952)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised and restricted stock units vested and settled (in shares)			638,516
Stock options exercised and restricted stock units vested and settled	2,464		$ 0	2,464
Capital contribution – stock-based compensation	3			3
Stock-based compensation	11,649			11,649
Foreign currency translation adjustments	569				569
Net loss	(111,122)					(111,122)
Ending balance (in shares) at Dec. 31, 2024		10,000	147,203,565
Ending balance at Dec. 31, 2024	$ 352,617	$ 0	$ 14	$ 1,483,198	$ 2,479	$ (1,133,074)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (307,391)	$ (184,017)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	37,800	31,437
Depreciation on property and equipment	268	167
Non-cash lease expense	111	878
Changes in operating assets and liabilities:
Accounts receivable	3,147	(437)
Prepaid expenses and other current assets	(11,780)	10,076
Other assets	(7,541)	0
Accounts payable	12,988	2,392
Accrued expenses	7,276	(14,110)
Operating lease liabilities	(115)	(914)
Net cash used in operating activities	(265,237)	(154,528)
Cash flows from investing activities
Purchase of property and equipment	(558)	(210)
Net cash used in investing activities	(558)	(210)
Cash flows from financing activities
Payment of offering and private placement costs	0	(6,012)
Proceeds from stock options exercised	3,880	4,149
Net cash provided by financing activities	3,880	470,882
Effect of exchange rate changes on cash and cash equivalents	1,235	(1,739)
Net change in cash and cash equivalents	(260,680)	314,405
Cash and cash equivalents – beginning of period	635,365	376,532
Cash and cash equivalents – end of period	374,685	690,937
Supplemental disclosure of cash paid:
Income taxes	301	0
Underwritten Offering
Cash flows from financing activities
Proceeds from issuance of common stock upon underwritten public offering and private placement	$ 0	$ 472,745

Description of Business and Liq

Description of Business and Liquidity	9 Months Ended
	Dec. 31, 2024
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”) is a clinical-stage immunology company dedicated to enabling normal lives for people with autoimmune diseases. The Company’s innovative product pipeline includes its product candidates, IMVT-1402 and batoclimab, (formerly referred to as IMVT-1401), both of which are novel, fully human, monoclonal antibodies that target the neonatal fragment crystallizable receptor (“FcRn”). Designed to be optimized as simple, subcutaneous injections with dosing that the Company believes can be tailored based on disease stage and severity, IMVT-1402 and batoclimab have been observed to reduce immunoglobulin G (“IgG”) antibody levels, which has provided evidence supporting the use of an anti-FcRn antibody in disease areas associated with high levels of pathogenic IgG antibodies. The Company has determined that it has one operating and reporting segment. [B] Liquidity The Company has incurred significant losses and negative cash flows from operations since its inception. As of December 31, 2024, the Company’s cash and cash equivalents totaled $374.7 million and its accumulated deficit was $1,133.1 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-1402, batoclimab 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 and cash equivalents as of December 31, 2024 will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from the date these unaudited condensed consolidated financial statements are issued. In January 2025, the Company received gross proceeds of $450.0 million from a private placement (see Note 10 – Subsequent Events).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2024
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, respectively. 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 U.S. 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 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. Certain amounts in the consolidated financial statements of the prior year have been reclassified to conform to current year presentation. 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, 2024 are not necessarily indicative of those expected for the year ending March 31, 2025 or for any future period. The condensed consolidated balance sheet as of March 31, 2024 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on May 29, 2024. [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, litigation accruals, clinical trial accruals, 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 of macroeconomic and geopolitical factors on its operations and financial results as of December 31, 2024 and through the issuance of these unaudited condensed consolidated financial statements. The Company’s analysis was informed by the facts and circumstances as they were known to the Company. This assessment considered the impact that these uncertainties 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 clinical effectiveness of products, commercialization of products, regulatory approvals, dependence on key products, key personnel and third-party service providers such as contract research organizations (“CROs”), protection of intellectual property rights, the need and ability to obtain additional financing 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 and cash equivalents. As of December 31, 2024, the cash and cash equivalents balance is kept in banking institutions that the Company believes are of high credit quality and are in excess of federally insured levels. The Company maintains its cash and cash equivalents with accredited financial institutions and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash and cash equivalents. [E] Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. As of December 31, 2024 and March 31, 2024, cash and cash equivalents included $356.9 million and $607.7 million, respectively, of money market funds invested in high-quality, short-term securities that are issued and guaranteed by the U.S. government and its agencies that are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. [F] Research and Development Expenses Research and development costs with no alternative future use are expensed as incurred. Research and development expenses primarily consist of employee-related costs and expenses from third parties who conduct research and development activities (including manufacturing) on behalf of the Company. The Company accrues costs for clinical trial activities based upon estimates of the services received and related expenses incurred that have yet to be invoiced by CROs. In making these estimates, the Company considers various factors, including status and timing of services performed, the number of patients enrolled and the rate of patient enrollment. The Company accrues costs for non-clinical studies and contract manufacturing activities over the service periods specified in the contracts and are 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. The Company participates in cost-sharing arrangements with third parties, whereby the third parties have agreed to share a portion of the costs incurred by the Company, related to batoclimab drug manufacturing and clinical trials. The Company records the third parties’ share of the costs as a reduction of research and development expenses and an increase to accounts receivable in the accompanying unaudited condensed consolidated financial statements based on actual amounts incurred by the Company and billable to the third parties. These cost-sharing arrangements do not contemplate any future revenue-generating activity or global commercialization efforts of batoclimab benefiting any of the parties. [G] Acquired In-Process Research and Development Expenses Acquired in-process research and development (“IPR&D”) expenses include payments made or due in connection with license agreements upon the achievement of development and regulatory milestones. The Company evaluates in-licensed agreements for IPR&D projects to determine if any such in-licensed agreement meets the definition of a business and thus should be accounted for as a business combination. If the in-licensed agreement for IPR&D does not meet the definition of a business and the assets have not reached technological feasibility and therefore have no alternative future use, the Company expenses payments made under such license agreements as acquired in-process research and development expenses in its unaudited condensed consolidated statements of operations. Payments for milestones achieved and payments for a product license prior to regulatory approval of the product are expensed in the period incurred. Payments made in connection with regulatory and sales-based milestones will be capitalized and amortized to cost of product sales over the remaining useful life of the asset. [H] Stock-based Compensation Stock-based awards to employees and directors are valued at fair value on the date of the grant and that fair value is recognized as stock-based compensation expense over the requisite service period. The grant date fair value of the stock-based awards with graded vesting is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The Company values its stock options that only have service vesting requirements using the Black-Scholes option pricing model. Stock-based compensation related to restricted stock awards is based on the fair value of the Company’s common stock on the grant date. When determining the grant-date fair value of stock-based awards, management further considers whether an adjustment is required to the observable market price or volatility of the Company’s common stock that is used in the valuation as a result of material non-public information, if that information is expected to result in a material increase in share price. Certain assumptions need to be made with respect to utilizing the Black-Scholes option pricing model, including the expected life of the award, volatility of the underlying shares, the risk-free interest rate, expected dividend yield and the fair value of the Company’s common stock. Since the Company has limited option exercise history, it has generally elected to estimate the expected life of an award based upon the “simplified method” with the continued use of this method extended until such time as the Company has sufficient exercise history. In prior fiscal years, because the Company did not have sufficient trading history to rely on the volatility of its common stock, volatility was estimated by taking the average historical price volatility for comparable publicly traded peer companies. Beginning on April 1, 2024, the Company determined that its common stock had sufficient trading activity to utilize company-specific trading data within the assumption of volatility of the underlying shares. The expected share price volatility for the Company’s common stock is estimated using a weighted blend of the Company’s historical price volatility and the average historical price volatility for comparable publicly traded peer companies. The risk-free interest rate is based on the rates paid on securities issued by the U.S. Treasury with a term approximating the expected life of the equity award. As the Company has never paid and does not anticipate paying cash dividends on its common stock, the expected dividend yield is assumed to be zero . The Company accounts for pre-vesting award forfeitures when they occur. [I] Net Loss per Common Share Basic net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted-average number of common 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 has 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, 2024 2023 Preferred stock as converted 10,000 10,000 Stock options 13,197,741 13,103,933 Restricted stock units 3,537,920 3,782,938 Total 16,745,661 16,896,871 [J] Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. This ASU is applicable to the Company’s Annual Report on Form 10-K for the fiscal year ending March 31, 2025, and subsequent interim periods, with early adoption permitted. These amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company expects adoption of this ASU will result in additional disclosures in line with the requirements of ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated information on the effective rate reconciliation as well as information on income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024 for public entities, with early adoption permitted, and will be applicable to the Company’s fiscal year beginning April 1, 2025. The amendments will be applied prospectively, with the option to apply them retrospectively. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. Other recent authoritative guidance issued by the FASB (including technical corrections to the ASC), 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 unaudited condensed consolidated financial statements and related disclosures.

Material Agreements

Material Agreements	9 Months Ended
	Dec. 31, 2024
Material Agreements [Abstract]
Material Agreements	Material Agreements License Agreement On December 19, 2017, Roivant Sciences GmbH (“RSG”), a wholly-owned subsidiary of Roivant Sciences Ltd. (“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 batoclimab and certain back-up and next-generation antibodies (including IMVT-1402), and products containing such antibodies, in the United States of America (the “U.S.”), 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%) research, development, and out-of-pocket costs incurred by HanAll, which obligation has since expired; • Up to an aggregate of $420.0 million (after an aggregate amount of $32.5 million paid for milestone events achieved as of December 31, 2024) upon the achievement of certain regulatory and sales milestones; and • Tiered royalties ranging from the mid-single digits to mid-teens percentage of net sales of licensed products, subject to standard offsets and 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. 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 know-how and patents necessary for the development, manufacture or commercialization of any compound or product that pertains 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 of the rights, title, interest, and future obligations under the HanAll Agreement from RSG, including all rights to IMVT-1402 and batoclimab in the Licensed Territory, for an aggregate purchase price of $37.8 million. Each party to the HanAll Agreement has agreed that neither it nor certain of its affiliates will clinically develop or commercialize certain competitive products in the Licensed Territory. During the quarter ended June 30, 2023 , the Company achieved its third and fourth development and regulatory milestone events under the HanAll Agreement of $12.5 million, combined, which was paid in the quarter ended September 30, 2023 and recorded as acquired in-process research and development expenses in the accompanying unaudited condensed consolidated statement of operations for the nine months ended December 31, 2023. Product Service Agreement and Master Services Agreement On November 17, 2021, ISG entered into a Product Service Agreement (“PSA”) with Samsung Biologics Co., Ltd. (“Samsung”), pursuant to which Samsung will manufacture and supply the Company with batoclimab drug substance for commercial sale, if approved, and perform other manufacturing-related services with respect to batoclimab. The Company previously entered in a Master Services Agreement (“MSA”) with Samsung, dated April 30, 2021, which governs certain terms of the Company’s relationship with Samsung. Upon execution of the PSA, the Company committed to purchase process performance qualification batches of batoclimab and pre-approval inspection batches of batoclimab which may be used for regulatory submissions and, pending regulatory approval, commercial sale. In addition, the Company has a minimum obligation to purchase further batches of batoclimab in the four-year period of 2026 through 2029.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consist of the following (in thousands): December 31, 2024 March 31, 2024 Research and development expenses $ 35,583 $ 24,634 Accrued bonuses 11,253 14,744 Legal and other professional fees 118 465 Other expenses 1,522 1,472 Total accrued expenses $ 48,476 $ 41,315

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Roivant Sciences, Inc. (“RSI”) and RSG Services Agreements In August 2018, the Company entered into amended and restated 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. 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. 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, 2024, the Company incurred $0.3 million and $0.7 million, respectively, under the Services Agreements, which is included in the accompanying unaudited condensed consolidated statements of operations. For the three and nine months ended December 31, 2023, the Company incurred $0.5 million under the Services Agreements. 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. 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 In June 2020, the Company entered into two sublease agreements with RSI for two floors of office space in New York, which expired on February 27, 2024 and April 29, 2024, respectively. There was no rent expense under these operating leases for the three months ended December 31, 2024 and rent expense under these operating leases was de minimis for the nine months ended December 31, 2024. For the three and nine months ended December 31, 2023, the Company incurred $0.3 million and $0.9 million, respectively, in rent expense under these operating leases. RSL Share Purchases In January 2025, RSL purchased 16,845,010 shares of the Company’s common stock pursuant to a private placement. See Note 10 – Subsequent Events.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rates were (0.14)% and 0.21% for the three months ended December 31, 2024 and 2023, respectively, and (0.10)% and (0.18)% for the nine months ended December 31, 2024 and 2023, 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, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Series A Preferred Stock As of December 31, 2024, 10,000 shares of Series A preferred stock, par value $0.0001 per share, were outstanding and held by RSL. 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 As of December 31, 2024, the Company has 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, 2024. Common Stock As of December 31, 2024, the Company has authorized 500,000,000 shares of common stock, par value $0.0001 per share and has 147,203,565 shares of common stock issued and outstanding. See Note 10 - Subsequent Events regarding the Company’s completion of a private placement in January 2025. In October 2023, the Company completed an underwritten public offering of 8,475,500 shares of its common stock (including 1,526,316 shares of common stock purchased by RSL on the same terms as other investors in the offering and the full exercise of the underwriters’ option to purchase 1,105,500 additional shares of common stock) at a price to the public of $38.00 per share. Concurrent with the public offering, RSL purchased 4,473,684 shares of the Company’s common stock in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), at the same price per share as investors in the public offering. The net proceeds to the Company were $466.7 million after deducting underwriting discounts and commissions, placement agent fees and offering expenses. The Company has reserved the following shares of common stock for issuance: December 31, 2024 March 31, 2024 Conversion of Series A preferred stock 10,000 10,000 Stock options outstanding 13,197,741 13,050,172 Restricted stock units outstanding 4,307,275 4,099,279 Equity awards available for future grants 5,937,555 2,090,367 Total 23,452,571 19,249,818 The reserved shares underlying restricted stock units above include 769,355 restricted stock units that vested but were not settled as of December 31, 2024. In addition, the Company has reserved 5,000,000 shares of its common stock that may be issued under its 2023 Inducement Plan as of December 31, 2024. See Note 8 – Stock-Based Compensation for further details.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2019 Equity Incentive Plan In December 2019, 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 maximum number of shares of common stock that may be issued pursuant to the exercise of incentive options under the 2019 Plan is 16,500,000. The number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on April 1 of each year, continuing through April 1, 2029, by 4.0% of the total number of shares of common stock outstanding on the last day of the preceding month, or a lesser number of shares as may be determined by the board of directors on or prior to March 31 of such year. On April 1, 2024, 5,823,319 shares of common stock were added to the 2019 Plan pool in accordance with the evergreen provision of the 2019 Plan. As of December 31, 2024, options to purchase 10,590,968 shares of common stock and 3,537,920 restricted stock units (“RSUs”) were outstanding under the 2019 Plan and 5,937,555 s hares of common stock remained available for future grant under the 2019 Plan. 2018 Equity Incentive Plan As of the effective date of the 2019 Plan, no further stock awards have been or will be made under the 2018 Equity Incentive Plan (the “2018 Plan”). As of December 31, 2024, options to purchase 2,606,773 shares of common stock were outstanding under the 2018 Plan. 2023 Inducement Plan On February 1, 2023, the Company’s board of directors approved the adoption of the 2023 Inducement Plan (the “Inducement Plan”), which is to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company (or following a bona fide period of non-employment) as a material inducement to such individuals’ entry into employment with the Company, pursuant to Nasdaq Listing Rule 5635(c)(4). The Company has reserved 5,000,000 shares of its common stock that may be issued under the Inducement Plan. The terms and conditions of the Inducement Plan are substantially similar to those of the 2019 Plan. As of December 31, 2024, no awards were granted or outstanding under the Inducement Plan. Stock Option Activity A summary of the stock option activity under the Company’s equity incentive plans is as follows: Number of Stock Weighted- Remaining Aggregate Balance - March 31, 2024 13,026,329 $ 9.85 7.51 $ 293,920 Granted 1,581,823 29.65 Exercised (477,761) 7.87 Forfeited (923,526) 14.43 Expired (9,124) 15.73 Balance - December 31, 2024 13,197,741 $ 11.97 6.50 $ 178,900 Exercisable - December 31, 2024 9,121,704 $ 8.92 5.63 $ 144,877 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, 2024 2023 2024 2023 Risk-free interest rate 4.11% - 4.48% 3.90% - 4.94% 3.59% - 4.71% 3.45% - 4.94% Expected term, in years 6.11 6.11 6.11 6.11 Expected volatility 78.64% - 79.44% 96.54% - 97.68% 78.64% - 83.31% 93.66% - 98.15% 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 Nonvested as of March 31, 2024 3,466,057 $ 12.32 Issued 2,006,217 29.38 Vested (1,255,095) 12.17 Forfeited (679,259) 16.90 Nonvested as of December 31, 2024 3,537,920 $ 21.17 Stock-based Compensation Expense For the three and nine months ended December 31, 2024 and 2023, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Research and development expenses $ 6,604 $ 5,145 $ 20,545 $ 15,205 General and administrative expenses 5,045 5,052 17,232 16,146 Total stock-based compensation $ 11,649 $ 10,197 $ 37,777 $ 31,351 As of December 31, 2024, total unrecognized compensation expense related to nonvested stock options and RSUs was $50.4 million and $64.5 million, respectively, which is expected to be recognized over the remaining weighted-average service period of 2.32 years and 2.62 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 Roivant and the Company, the Company did not have any stock-based compensation expense for the three and nine months ended December 31, 2024 and 2023 in the accompanying unaudited condensed consolidated statements of operations. RSL RSUs

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company may be subject to various lawsuits, claims and other legal matters from time to time that arise in the ordinary course of conducting business. The Company records a liability when a particular contingency is probable and estimable. As of December 31, 2024, the Company was not party to any material legal proceedings and thus no contingent liabilities were recorded. In February 2021, a putative securities class action complaint was filed against the Company and certain of its current and former officers in the U.S. District Court for the Eastern District of New York alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Following appointment of lead plaintiff and extensive briefing by the parties, including multiple amendments to the complaint and motions to dismiss, on March 29, 2024, the court dismissed the operative complaint with prejudice. On April 5, 2024, the Court entered judgment in favor of defendants. Plaintiffs did not appeal the Court’s judgment, so the litigation is now concluded. The Company has not recorded a liability related to this lawsuit. Commitments During the year ended March 31, 2022, ISG entered into the PSA with Samsung to manufacture a certain quantity of batoclimab drug substance for, among other things, commercial sale, if approved. As of December 31, 2024, in connection with this agreement, the Company has a remaining minimum obligation to Samsung of approximately $43.6 million, of which $1.7 million, $13.5 million, $14.4 million and $14.0 million is expected to be paid during the remainder of the fiscal year ending March 31, 2025, and for the fiscal years ending March 31, 2026, 2027, and 2029, respectively. During the three and nine months ended December 31, 2024, the Company recorded $1.0 million and $1.2 million, respectively, of research and development expenses related to the PSA. During the three and nine months ended December 31, 2023, the Company recorded $0.3 million and $1.7 million, respectively, of research and development expenses related to the PSA. The Company made cash payments of $2.6 million related to the PSA during the nine months ended December 31, 2024 and recorded $2.7 million in accrued expenses in the accompanying unaudited condensed consolidated balance sheet as of December 31, 2024. As of December 31, 2024, the Company did not have any other ongoing material contractual obligations for which cash flows were fixed and determinable. In the normal course of business, the Company enters into agreements with CROs for clinical trials and with vendors for nonclinical studies, manufacturing and other services and products for operating purposes, which agreements are generally cancellable by the Company at any time, subject to payment of remaining obligations under binding purchase orders and, in certain cases, nominal early-termination fees. These commitments are not deemed significant. There are certain contracts wherein the Company has a minimum purchase commitment, however, most of it is due and payable within one year. Contingencies The extent of the impact of geopolitical tensions, changes in inflation and interest rates, changes in trade policy and any resulting economic slowdown or recession on the Company’s future operational and financial performance will depend on certain developments, including the potential impact on the Company’s clinical trial plans and timelines, such as the enrollment, activation and initiation of additional clinical trial sites, and the results of the Company’s clinical trials, all of which are uncertain and cannot be predicted. At this point, the extent to which these events may impact the Company’s future financial condition or results of operations is uncertain.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2025, the Company entered into a share purchase agreement pursuant to which the Company issued 22,500,000 shares of the Company's common stock, par value $0.0001 per share, to certain institutional accredited investors (including 16,845,010 shares of common stock to RSL), at a price of $20.00 per share in a private placement exempt from the registration requirements of the Securities Act. The gross proceeds to the Company were approximately $450.0 million. Pursuant to a registration rights agreement with certain of the investors, the Company subsequently filed with the SEC a prospectus supplement to its registration statement on Form S-3 (File No. 333-275419), which automatically became effective upon its filing on November 9, 2023, covering the resale of 5,654,990 shares of common stock issued in the private placement. The Company has agreed to use reasonable best efforts to keep such registration statement effective until the date the shares described above have been sold or may be resold pursuant to Rule 144 under the Securities Act without restriction.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (111,122)	$ (109,119)	$ (87,150)	$ (51,418)	$ (58,662)	$ (73,937)	$ (307,391)	$ (184,017)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Andrew Fromkin [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 6, 2024, Andrew Fromkin, a member of our Board of Directors, adopted a trading plan for the sale of a maximum of 36,761 shares of our common stock (the “Trading Plan”) for the purpose of satisfying applicable tax obligations arising in connection with the vesting and settlement of restricted stock units. The Trading Plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act and is expected to remain in effect until December 15, 2026, or upon the earlier completion of all authorized transactions thereunder.
Name	Andrew Fromkin
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 6, 2024
Expiration Date	December 15, 2026
Arrangement Duration	739 days
Aggregate Available	36,761	36,761

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	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, respectively. 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 U.S. 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 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. Certain amounts in the consolidated financial statements of the prior year have been reclassified to conform to current year presentation. 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, 2024 are not necessarily indicative of those expected for the year ending March 31, 2025 or for any future period. The condensed consolidated balance sheet as of March 31, 2024 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on May 29, 2024.
Use of Estimates	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, litigation accruals, clinical trial accruals, 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 of macroeconomic and geopolitical factors on its operations and financial results as of December 31, 2024 and through the issuance of these unaudited condensed consolidated financial statements. The Company’s analysis was informed by the facts and circumstances as they were known to the Company. This assessment considered the impact that these uncertainties may have on financial estimates and assumptions that affect the reported amounts of assets and liabilities and expenses.
Risks and Uncertainties	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 clinical effectiveness of products, commercialization of products, regulatory approvals, dependence on key products, key personnel and third-party service providers such as contract research organizations (“CROs”), protection of intellectual property rights, the need and ability to obtain additional financing and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk include cash and cash equivalents. As of December 31, 2024, the cash and cash equivalents balance is kept in banking institutions that the Company believes are of high credit quality and are in excess of federally insured levels. The Company maintains its cash and cash equivalents with accredited financial institutions and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash and cash equivalents.
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. As of December 31, 2024 and March 31, 2024, cash and cash equivalents included $356.9 million and $607.7 million, respectively, of money market funds invested in high-quality, short-term securities that are issued and guaranteed by the U.S. government and its agencies that are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.
Research and Development Expenses	Research and Development Expenses Research and development costs with no alternative future use are expensed as incurred. Research and development expenses primarily consist of employee-related costs and expenses from third parties who conduct research and development activities (including manufacturing) on behalf of the Company. The Company accrues costs for clinical trial activities based upon estimates of the services received and related expenses incurred that have yet to be invoiced by CROs. In making these estimates, the Company considers various factors, including status and timing of services performed, the number of patients enrolled and the rate of patient enrollment. The Company accrues costs for non-clinical studies and contract manufacturing activities over the service periods specified in the contracts and are 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. The Company participates in cost-sharing arrangements with third parties, whereby the third parties have agreed to share a portion of the costs incurred by the Company, related to batoclimab drug manufacturing and clinical trials. The Company records the third parties’ share of the costs as a reduction of research and development expenses and an increase to accounts receivable in the accompanying unaudited condensed consolidated financial statements based on actual amounts incurred by the Company and billable to the third parties. These cost-sharing arrangements do not contemplate any future revenue-generating activity or global commercialization efforts of batoclimab benefiting any of the parties.
Acquired In-Process Research and Development Expenses	Acquired In-Process Research and Development Expenses Acquired in-process research and development (“IPR&D”) expenses include payments made or due in connection with license agreements upon the achievement of development and regulatory milestones. The Company evaluates in-licensed agreements for IPR&D projects to determine if any such in-licensed agreement meets the definition of a business and thus should be accounted for as a business combination. If the in-licensed agreement for IPR&D does not meet the definition of a business and the assets have not reached technological feasibility and therefore have no alternative future use, the Company expenses payments made under such license agreements as acquired in-process research and development expenses in its unaudited condensed consolidated statements of operations. Payments for milestones achieved and payments for a product license prior to regulatory approval of the product are expensed in the period incurred. Payments made in connection with regulatory and sales-based milestones will be capitalized and amortized to cost of product sales over the remaining useful life of the asset.
Stock-based Compensation	Stock-based Compensation Stock-based awards to employees and directors are valued at fair value on the date of the grant and that fair value is recognized as stock-based compensation expense over the requisite service period. The grant date fair value of the stock-based awards with graded vesting is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The Company values its stock options that only have service vesting requirements using the Black-Scholes option pricing model. Stock-based compensation related to restricted stock awards is based on the fair value of the Company’s common stock on the grant date. When determining the grant-date fair value of stock-based awards, management further considers whether an adjustment is required to the observable market price or volatility of the Company’s common stock that is used in the valuation as a result of material non-public information, if that information is expected to result in a material increase in share price. Certain assumptions need to be made with respect to utilizing the Black-Scholes option pricing model, including the expected life of the award, volatility of the underlying shares, the risk-free interest rate, expected dividend yield and the fair value of the Company’s common stock. Since the Company has limited option exercise history, it has generally elected to estimate the expected life of an award based upon the “simplified method” with the continued use of this method extended until such time as the Company has sufficient exercise history. In prior fiscal years, because the Company did not have sufficient trading history to rely on the volatility of its common stock, volatility was estimated by taking the average historical price volatility for comparable publicly traded peer companies. Beginning on April 1, 2024, the Company determined that its common stock had sufficient trading activity to utilize company-specific trading data within the assumption of volatility of the underlying shares. The expected share price volatility for the Company’s common stock is estimated using a weighted blend of the Company’s historical price volatility and the average historical price volatility for comparable publicly traded peer companies. The risk-free interest rate is based on the rates paid on securities issued by the U.S. Treasury with a term approximating the expected life of the equity award. As the Company has never paid and does not anticipate paying cash dividends on its common stock, the expected dividend yield is assumed to be zero . The Company accounts for pre-vesting award forfeitures when they occur.
Net Loss per Common Share	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 has 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 Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. This ASU is applicable to the Company’s Annual Report on Form 10-K for the fiscal year ending March 31, 2025, and subsequent interim periods, with early adoption permitted. These amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company expects adoption of this ASU will result in additional disclosures in line with the requirements of ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated information on the effective rate reconciliation as well as information on income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024 for public entities, with early adoption permitted, and will be applicable to the Company’s fiscal year beginning April 1, 2025. The amendments will be applied prospectively, with the option to apply them retrospectively. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. Other recent authoritative guidance issued by the FASB (including technical corrections to the ASC), 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 unaudited condensed consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule 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, 2024 2023 Preferred stock as converted 10,000 10,000 Stock options 13,197,741 13,103,933 Restricted stock units 3,537,920 3,782,938 Total 16,745,661 16,896,871

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following (in thousands): December 31, 2024 March 31, 2024 Research and development expenses $ 35,583 $ 24,634 Accrued bonuses 11,253 14,744 Legal and other professional fees 118 465 Other expenses 1,522 1,472 Total accrued expenses $ 48,476 $ 41,315

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	The Company has reserved the following shares of common stock for issuance: December 31, 2024 March 31, 2024 Conversion of Series A preferred stock 10,000 10,000 Stock options outstanding 13,197,741 13,050,172 Restricted stock units outstanding 4,307,275 4,099,279 Equity awards available for future grants 5,937,555 2,090,367 Total 23,452,571 19,249,818

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of the stock option activity under the Company’s equity incentive plans is as follows: Number of Stock Weighted- Remaining Aggregate Balance - March 31, 2024 13,026,329 $ 9.85 7.51 $ 293,920 Granted 1,581,823 29.65 Exercised (477,761) 7.87 Forfeited (923,526) 14.43 Expired (9,124) 15.73 Balance - December 31, 2024 13,197,741 $ 11.97 6.50 $ 178,900 Exercisable - December 31, 2024 9,121,704 $ 8.92 5.63 $ 144,877
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, 2024 2023 2024 2023 Risk-free interest rate 4.11% - 4.48% 3.90% - 4.94% 3.59% - 4.71% 3.45% - 4.94% Expected term, in years 6.11 6.11 6.11 6.11 Expected volatility 78.64% - 79.44% 96.54% - 97.68% 78.64% - 83.31% 93.66% - 98.15% 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 Nonvested as of March 31, 2024 3,466,057 $ 12.32 Issued 2,006,217 29.38 Vested (1,255,095) 12.17 Forfeited (679,259) 16.90 Nonvested as of December 31, 2024 3,537,920 $ 21.17
Schedule of Stock-based Compensation Expense	For the three and nine months ended December 31, 2024 and 2023, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Research and development expenses $ 6,604 $ 5,145 $ 20,545 $ 15,205 General and administrative expenses 5,045 5,052 17,232 16,146 Total stock-based compensation $ 11,649 $ 10,197 $ 37,777 $ 31,351

Description of Business and L_2

Description of Business and Liquidity (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) segment	Mar. 31, 2024 USD ($)
Subsequent Event [Line Items]
Operating segments (in segments) | segment		1
Reportable segments (in segments) | segment		1
Cash and cash equivalents		$ 374,685	$ 635,365
Accumulated deficit		$ 1,133,074	$ 825,683
Subsequent Event | Private Placement
Subsequent Event [Line Items]
Proceeds from issuance of common stock upon private placement	$ 450,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 374,685		$ 374,685		$ 635,365
Expected dividend yield	0%	0%	0%	0%
Money Market Funds | Fair Value, Inputs, Level 1
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 356,900		$ 356,900		$ 607,700

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities that Have Been Excluded from the Calculation of Diluted Net Loss Per Share Due to their Anti-Dilutive Effect (Details) - shares	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	16,745,661	16,896,871
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
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	13,197,741	13,103,933
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,537,920	3,782,938

Material Agreements (Details)

Material Agreements (Details) - USD ($) $ in Millions				3 Months Ended
	Nov. 17, 2021	Dec. 07, 2018	Dec. 19, 2017	Sep. 30, 2023	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront, non-refundable payment			$ 30
Research and development and out-of-pocket			50%
Cumulative milestone payments					$ 32.5
Purchase price		$ 37.8
Acquired in-process research and development				$ 12.5
Samsung Biologics Co., Ltd
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase obligation, additional purchases, period	4 years
Purchase obligation					$ 43.6
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consideration paid			$ 20
Maximum | Upon Achievement Of Development Regulatory And Sales Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contingent milestone payments			$ 420

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Research and development expenses	$ 35,583	$ 24,634
Accrued bonuses	11,253	14,744
Legal and other professional fees	118	465
Other expenses	1,522	1,472
Total accrued expenses	$ 48,476	$ 41,315

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	1 Months Ended			3 Months Ended		9 Months Ended
	Jan. 31, 2025 shares	Oct. 31, 2023 shares	Aug. 31, 2018	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2020 agreement floor
Related Party Transaction [Line Items]
Related party transaction, amounts | $				$ 0.3	$ 0.5	$ 0.7	$ 0.5
Private Placement
Related Party Transaction [Line Items]
Issued in transaction (in shares)		4,473,684
Private Placement | Subsequent Event
Related Party Transaction [Line Items]
Issued in transaction (in shares)	22,500,000
Related Party
Related Party Transaction [Line Items]
Purchase obligation, termination notice period			90 days
Sublease agreements (in agreements) | agreement								2
Floors occupied (in floors) | floor								2
Operating lease rent expense | $				$ 0	$ 0.3	$ 0	$ 0.9
Related Party | Private Placement | Subsequent Event
Related Party Transaction [Line Items]
Issued in transaction (in shares)	16,845,010

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.14%)	0.21%	(0.10%)	(0.18%)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2023	Dec. 31, 2024	Mar. 31, 2024
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, par value (in dollars per share)		$ 0.0001
Common stock, authorized (in shares)		500,000,000	500,000,000
Common stock, issued (in shares)		147,203,565	145,582,999
Common stock, outstanding (in shares)		147,203,565	145,582,999
Equity Inducement Plan 2023
Subsidiary or Equity Method Investee [Line Items]
Issued in transaction (in shares)		5,000,000
Restricted Stock Units Vested And Not Settled (Not Unvested)
Subsidiary or Equity Method Investee [Line Items]
Units outstanding (in shares)		769,355
Public Stock Offering
Subsidiary or Equity Method Investee [Line Items]
Issued in transaction (in shares)	8,475,500
Public share price (in dollars per share)	$ 38
Consideration received from sale of stock	$ 466.7
Public Stock Offering | Related Party
Subsidiary or Equity Method Investee [Line Items]
Issued in transaction (in shares)	1,526,316
Over-Allotment Option
Subsidiary or Equity Method Investee [Line Items]
Issued in transaction (in shares)	1,105,500
Private Placement
Subsidiary or Equity Method Investee [Line Items]
Issued in transaction (in shares)	4,473,684
Preferred Stock
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, issued (in shares)		0
Preferred stock, outstanding (in shares)		0
Preferred stock, authorized (in shares)		10,010,000
Common stock
Subsidiary or Equity Method Investee [Line Items]
Common stock, authorized (in shares)		500,000,000
Common stock, par value (in dollars per share)		$ 0.0001
Common stock, issued (in shares)		147,203,565
Common stock, outstanding (in shares)		147,203,565
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)		$ 0.0001	$ 0.0001
Share of common stock (in shares)		1
Liquidation amount per share (in dollars per share)		$ 0.01
Preferred stock, authorized (in shares)		10,000	10,000
Series A  preferred stock | Maximum
Subsidiary or Equity Method Investee [Line Items]
Percentage of voting power of outstanding shares		25%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2024	Apr. 01, 2024	Mar. 31, 2024
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Conversion of Series A preferred stock (in shares)	10,000		10,000
Stock options outstanding (in shares)	13,197,741		13,026,329
Equity awards available for future grants (in shares)	5,937,555		2,090,367
Total (in shares)	23,452,571	5,823,319	19,249,818
Stock options outstanding
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Stock options outstanding (in shares)	13,197,741		13,050,172
Restricted stock units outstanding
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Units outstanding (in shares)	4,307,275		4,099,279

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 31, 2021	Dec. 31, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Apr. 01, 2024	Mar. 31, 2024	Feb. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for future issuance (in shares)			23,452,571		23,452,571		5,823,319	19,249,818
Common shares outstanding (in shares)			5,937,555		5,937,555			2,090,367
Options, granted (in shares)					1,581,823
Share based compensation expense			$ 11,649,000	$ 10,197,000	$ 37,777,000	$ 31,351,000
Related Party
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense			$ 0	$ 0	$ 0	$ 0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)			3,537,920		3,537,920			3,466,057
Unrecognized equity-based compensation related to unvested stock options and restricted stock units			$ 64,500,000		$ 64,500,000
Remaining weighted average service period for recognition					2 years 7 months 13 days
Restricted stock units, grants in period (in shares)					2,006,217
Restricted stock units | Related Party
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, grants in period (in shares)	73,155
Award vesting period	4 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized equity-based compensation related to unvested stock options and restricted stock units			$ 50,400,000		$ 50,400,000
Remaining weighted average service period for recognition					2 years 3 months 25 days
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for future issuance (in shares)		5,500,000	5,937,555		5,937,555
Maximum number of shares issued (in shares)		16,500,000
Percentage of common stock outstanding		4%
Common shares outstanding (in shares)			10,590,968		10,590,968
2019 Equity Incentive Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)			3,537,920		3,537,920
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares outstanding (in shares)			2,606,773		2,606,773
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for future issuance (in shares)									5,000,000
Options, granted (in shares)					0

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Number of Stock Options
Beginning balance (in shares)	13,026,329
Granted (in shares)	1,581,823
Exercised (in shares)	(477,761)
Forfeited (in shares)	(923,526)
Expired (in shares)	(9,124)
Ending balance (in shares)	13,197,741	13,026,329
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 9.85
Granted (in dollars per share)	29.65
Exercised (in dollars per share)	7.87
Forfeited (in dollars per share)	14.43
Expired (in dollars per share)	15.73
Ending balance (in dollars per share)	$ 11.97	$ 9.85
Additional Disclosures
Remaining contractual term	6 years 6 months	7 years 6 months 3 days
Aggregate intrinsic value	$ 178,900	$ 293,920
Options, exercisable (in shares)	9,121,704
Weighted-average exercise price, exercisable (in dollars per share)	$ 8.92
Remaining contractual term, exercisable	5 years 7 months 17 days
Aggregate intrinsic value, exercisable	$ 144,877

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Fair Value Assumptions (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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 dividend yield	0%	0%	0%	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.11%	3.90%	3.59%	3.45%
Expected volatility	78.64%	96.54%	78.64%	93.66%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.48%	4.94%	4.71%	4.94%
Expected volatility	79.44%	97.68%	83.31%	98.15%

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Restricted Stock Unit Awards Activity (Details) - Restricted stock units - $ / shares	9 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Number of RSUs
Nonvested, beginning balance (in shares)	3,466,057
Issued (in shares)	2,006,217
Vested (in shares)	(1,255,095)
Forfeited (in shares)	(679,259)
Nonvested, ending balance (in shares)	3,537,920
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value (in dollars per share)	$ 21.17	$ 12.32
Weighted-average grant date fair value, issued (in dollars per share)	29.38
Weighted-average grant date fair value, vested (in dollars per share)	12.17
Weighted-average grant date fair value, forfeited (in dollars per share)	$ 16.90

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 11,649	$ 10,197	$ 37,777	$ 31,351
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	6,604	5,145	20,545	15,205
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5,045	$ 5,052	$ 17,232	$ 16,146

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Long-term Purchase Commitment [Line Items]
Purchase commitment, period (within)			1 year
Samsung Biologics Co., Ltd
Long-term Purchase Commitment [Line Items]
Purchase obligation	$ 43.6		$ 43.6
Purchase obligation, to be paid remainder of 2025	1.7		1.7
Purchase obligation, to be paid in 2026	13.5		13.5
Purchase obligation, to be paid in 2027	14.4		14.4
Purchase obligation, to be paid in 2029	14		14
Research and development expense	$ 1	$ 0.3	1.2	$ 1.7
Payments for purchase commitments			2.6
Purchase obligation, accrued			$ 2.7

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 31, 2025	Oct. 31, 2023
Private Placement
Subsequent Event [Line Items]
Issued in transaction (in shares)		4,473,684
Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001
Subsequent Event | Private Placement
Subsequent Event [Line Items]
Issued in transaction (in shares)	22,500,000
Sale of stock, price (in dollars per share)	$ 20
Proceeds from issuance of common stock upon private placement	$ 450
Subsequent Event | Private Placement - Shares Excluding Related Party
Subsequent Event [Line Items]
Issued in transaction (in shares)	5,654,990
Subsequent Event | Related Party | Private Placement
Subsequent Event [Line Items]
Issued in transaction (in shares)	16,845,010