0001140361-25-020715 | 10-K | XBRL Viewer

$ 48,174

$ 21,503

$ 4,082

Total income tax expense

48,174

21,503

4,082

Bermuda [Member]

United States [Member]

^[1]

48,174

21,813

4,204

Switzerland [Member]

Other [Member]

(310)

(122)

$ 0

[1]	Inclusive of the state and local income taxes.

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Share-Based Compensation and Other Compensation Plans [Abstract]

Share-Based Compensation and Other Compensation Plans (Tables)

12 Months Ended

Mar. 31, 2025

Activity for Stock Options and Performance Stock Options

Activity for stock options and performance stock options under the RSL Equity Plans for the year ended March 31, 2025 was as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at March 31, 2024		147,068,607		$	8.03		5.70	$	499,487
Granted		4,815,932		$	10.76
Exercised		(12,207,713	)	$	4.11
Forfeited/Canceled		(264,728	)	$	6.90
Options outstanding at March 31, 2025		139,412,098		$	8.46		4.69	$	384,006
Options exercisable at March 31, 2025		110,692,263		$	9.16		4.00	$	256,167

Schedule of Fair Value Assumptions

The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes closed form option-pricing model applying the weighted average assumptions in the following table. No performance stock options were granted during the years ended March 31, 2025, 2024 and 2023.

	Years Ended March 31,
Assumptions	2025			2024			2023
Expected stock price volatility		70.52	%		72.22	%		85.95	%
Expected risk free interest rate		4.52	%		3.72	%		2.89	%
Expected term, in years		6.21			6.21			6.25
Expected dividend yield		—	%		—	%		—	%

Summary of Fair Value of Vested Stock Option

Additional information regarding stock options and performance stock options is set forth below (in thousands, except per share data).

	Years Ended March 31,
	2025		2024		2023
Intrinsic value of options exercised	$	90,542	$	68,673	$	972
Grant date fair value of options vested	$	100,639	$	157,359	$	165,702
Weighted-average grant date fair value per share of stock options granted	$	7.22	$	5.98	$	2.86

Activity for RSUs

Activity for RSUs under the RSL Equity Plans for the year ended March 31, 2025 was as follows:

	Number of RSUs			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2024		11,355,746		$	7.50
Granted		9,789,877		$	10.90
Vested		(6,085,404	)	$	8.11
Forfeited		(940,270	)	$	6.95
Non-vested balance at March 31, 2025		14,119,949		$	9.63

Activity for PSUs

Activity for PSUs under the RSL Equity Plans for the year ended March 31, 2025 was as follows:

	Number of PSUs		Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2024		5,422,465	$	12.25
Granted		31,450,000	$	8.85
Vested		—	$	—
Forfeited		—	$	—
Non-vested balance at March 31, 2025		36,872,465	$	9.35

Summary of Long-Term Equity Incentive Awards Approved

A summary of the long-term equity incentive awards approved is as follows:

Executive	Title	Performance Restricted Stock Units (at max)		Restricted Stock Units		Stock Options

Matthew Gline	Chief Executive Officer		14,450,000		2,754,821		—
Mayukh Sukhatme	President and Chief Investment Officer		17,000,000		1,836,547		—
Eric Venker	President and Chief Operating Officer		*		204,000		409,000

* The Company entered into a letter agreement pursuant to which Dr. Venker may be granted up to 11,900,000 PSUs in the future, in the sole discretion of the Compensation Committee of the board of directors.

Activity of PSU's Performance Condition

The “Performance Condition” will be deemed satisfied for each tranche on the first date, during the performance period ending on the five-year anniversary of the grant date (the “Performance Period”), when the Company’s trailing 30-day volume weighted average trading price per share (“30-Day VWAP”) for trading days during the Performance Period exceeds the specified share price hurdle set forth in the table below:

Tranche	% of PSUs			Share Price
First Tranche		14.71	%	$	15.00
Second Tranche		7.35	%	$	17.50
Third Tranche		8.82	%	$	20.00
Fourth Tranche		11.77	%	$	22.50
Fifth Tranche		22.06	%	$	25.00
Sixth Tranche		35.29	%	$	30.00

Schedule of Fair Value Assumptions

The Company estimated the fair value of the PSUs on the date of grant using a Monte Carlo simulation applying the assumptions in the following table:

Assumptions
Expected stock price volatility		70.0	%
Expected risk free interest rate		4.1	%
Stock price on date of grant	$	10.80

Activity for Capped Value Appreciation Rights

Activity for CVARs under the RSL 2021 EIP for the year ended March 31, 2025 was as follows:

	Number of CVARs			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2024		1,782,078		$	4.89
Granted		—		$	—
Vested		(1,186,418	)	$	4.99
Forfeited		(247,133	)	$	4.38
Non-vested balance at March 31, 2025		348,527		$	4.89

One-time Cash Retention Awards

Pursuant to the 2024 Senior Executive Compensation Program, the Compensation Committee of the board of directors approved the following one-time cash retention awards in July 2024:

Executive	Title	Cash Awards (in thousands)
Matthew Gline	Chief Executive Officer	$	5,725
Mayukh Sukhatme	President and Chief Investment Officer	$	80,550
Eric Venker	President and Chief Operating Officer	$	7,465

Share-Based Compensation and Other Compensation Plans, Subsidiary Equity Incentive Plans (Details) - Subsidiary Equity Incentive Plans [Member] - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Subsidiary Equity Incentive Plans [Abstract]
Share-based compensation expense	$ 56.1	$ 54.9	$ 36.5
Unrecognized compensation expense	$ 109.1

Cash, Cash Equivalents, and Marketable Securities, Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Cash and cash equivalents [Abstract]
Cash	$ 93,954	$ 182,665
Money market funds	2,621,457	6,312,288
Total cash and cash equivalents	2,715,411	6,494,953
Marketable securities [Abstract]
U.S. Treasury securities	2,171,480	0
Marketable securities	2,171,480	0
Total cash, cash equivalents and marketable securities	$ 4,886,891	$ 6,494,953

Summary of Significant Accounting Policies [Abstract]

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2025

Basis of Presentation

The Company’s fiscal year ends on March 31, and its fiscal quarters end on June 30, September 30 and December 31.

The accompanying audited consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Any references in these notes to applicable accounting guidance are meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The consolidated financial statements include the accounts of RSL and the subsidiaries in which it has a controlling financial interest, most often through a majority voting interest. All intercompany balances and transactions have been eliminated in consolidation.

Principles of Consolidation

For consolidated entities where the Company owns or is exposed to less than 100% of the economics, the Company records net loss attributable to noncontrolling interests in its consolidated statements of operations equal to the noncontrolling interest’s proportionate share of the respective operations. The Company presents noncontrolling interests as a component of shareholders’ equity on its consolidated balance sheets.

The Company accounts for changes in its ownership interest in its subsidiaries while control is retained as equity transactions. The carrying amount of the noncontrolling interest is adjusted to reflect the change in RSL’s ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted is recognized within shareholders’ equity attributable to RSL.

In September 2024, the Company’s subsidiary, Dermavant Sciences Ltd. (“Dermavant”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Organon & Co. (“Organon”), Organon Bermuda Ltd., an indirect wholly owned subsidiary of Organon (“Merger Sub”), and the Company, solely in its capacity as the representative of the securityholders of Dermavant, pursuant to which Organon agreed to acquire Dermavant (the “Dermavant Transaction”). The Dermavant Transaction was completed in October 2024. The Company determined that the acquisition of Dermavant by Organon met the held for sale and discontinued operations accounting criteria in the second fiscal quarter of 2024. Accordingly, the Company classified the results of Dermavant as discontinued operations in its consolidated statements of operations for all periods presented. Additionally, Dermavant’s assets and liabilities are classified as held for sale and discontinued operations in the consolidated balance sheets for March 31, 2024. The cash flows related to discontinued operations have not been segregated and are included in the consolidated statements of cash flows. The discussions in these notes to the consolidated financial statements relate solely to the Company’s continuing operations, unless otherwise noted. For further discussion of the discontinued operations related to Dermavant, refer to Note 6, “Discontinued Operations.”

Use of Estimates

(B) Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, costs, expenses, contingent liabilities, share-based compensation and research and development costs. 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.

Concentrations

Financial instruments that potentially subject the Company to concentration of credit risk include cash, cash equivalents and marketable securities. The Company maintains cash deposits and cash equivalents in, and invests in marketable securities through, highly-rated, federally-insured financial institutions in excess of federally insured limits. The Company has established guidelines regarding diversification and maturities to maintain safety and liquidity. The Company has not experienced any credit losses related to these financial instruments and does not believe that it is exposed to any significant credit risk related to these instruments.

Segment Reporting

(D) Segment Reporting

Operating segments are defined as components of an entity about which separate, discrete information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker views the operations and manages the business in a single operating and reportable segment focused on the discovery, development and commercialization of medicines and technologies. The accounting policies of the segment are the same as those described in this Note 2, “Summary of Significant Accounting Policies.” See Note 16, “Segment Information” for further detail.

Cash, Cash Equivalents, and Restricted Cash

(E) Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash deposits in banks and all highly liquid investments that are readily convertible to cash. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash equivalents consist of amounts invested in money market funds.

Cash as reported in the accompanying consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash as presented on the accompanying consolidated balance sheets as follows (in thousands):

	March 31, 2025		March 31, 2024

Cash and cash equivalents	$	2,715,411	$	6,494,953
Restricted cash (included in “Other current assets”)		2,358		3,067
Restricted cash (included in “Other assets”)		7,892		8,169
Cash, cash equivalents and restricted cash	$	2,725,661	$	6,506,189

Cash and restricted cash held by Dermavant are included in assets of discontinued operations at March 31, 2024 and as such are not reported in the table above. Refer to Note 6, “Discontinued Operations” for further details.

Marketable Securities

(F) Marketable Securities

The Company considers all highly liquid investments in securities with original maturities of greater than three months at the time of purchase to be marketable securities. Marketable securities consist of amounts invested in United States (“U.S.”) Treasury securities. As of March 31, 2025, all of the Company’s marketable securities had maturities less than one year from the date of purchase. All of the Company’s marketable securities are classified as held-to-maturity as the Company has the ability and intent to hold to maturity and are reported at amortized cost. Interest income is recorded as earned within “Interest income” in the consolidated statements of operations.

Contingencies

(G) Contingencies

The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company continually assesses any litigation or other claims it may confront to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss which could be estimated. The Company accrues for all contingencies at the earliest date at which the Company deems it probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely than another, the Company accrues the minimum of the range. In the cases where the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the contingent loss, including an estimable range, if possible.

Property and Equipment

(H) Property and Equipment

Property and equipment, consisting primarily of computers, laboratory and other equipment, furniture and fixtures, software and leasehold improvements, is recorded at cost, less accumulated depreciation. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed to operations as incurred. Upon disposal, retirement or sale, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in the results of operations. Depreciation of property and equipment is recorded using the straight-line method over the estimated useful lives of the related assets once the asset has been placed in service. Leasehold improvements are amortized using the straight-line method over the estimated useful life or remaining lease term, whichever is shorter. The following table provides the range of estimated useful lives used for each asset type:

Property and Equipment		Estimated Useful Life
Computers		3 years
Laboratory and other equipment		5 - 10 years
Furniture and fixtures		7 years
Software		3 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term

The Company reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. Recoverability is measured by comparison of the book values of the assets to the future net undiscounted cash flows that the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the book value of the assets exceed their fair value, which is measured based on the projected discounted future net cash flows arising from the assets.

Investments in Equity Securities

(I) Investments in Equity Securities

Investments in equity securities for which the Company does not have control or significant influence may be accounted for using (i) the fair value option, if elected, (ii) fair value through earnings, if fair value is readily determinable or (iii) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. The election to use the measurement alternative is made for each eligible investment.

The Company has elected the fair value option to account for certain investments over which the Company has significant influence. The Company believes the fair value option best reflects the underlying economics of these investments. See Note 4, “Equity Method Investments.”

Fair Value Measurements

(J) Fair Value Measurements

The Company utilizes fair value measurement guidance prescribed by U.S. GAAP to value its financial instruments. The guidance establishes a fair value hierarchy for financial instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. Fair value is defined as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a three-tier fair value hierarchy that distinguishes among the following:

•

Level 1-Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

•

Level 2-Valuations are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly.

•

Level 3-Valuations are based on inputs that are unobservable (supported by little or no market activity) and significant to the overall fair value measurement.

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 include shares of common stock of Arbutus Biopharma Corporation (“Arbutus”) and Class A units of Heracles Parent, L.L.C. (“Datavant”). The Company’s financial instruments also include liability instruments issued, including the earn-out share liabilities issued in connection with the Company’s business combination (the “Business Combination”) with Montes Archimedes Corp. (“MAAC”) (as discussed in Note 13, “Earn-Out Shares, Public Warrants and Private Placement Warrants”); its investments in other entities; cash; cash equivalents, consisting of money market funds; marketable securities, consisting of U.S. Treasury securities; and accounts payable.

The shares of Arbutus common stock and investments in common stock with a readily determinable fair value are classified as Level 1, and their fair value is determined based upon quoted market prices in an active market. The Class A units of Datavant and liability instruments issued are classified as Level 3 within the fair value hierarchy as the assumptions and estimates used in the valuations are unobservable in the market. Cash and accounts payable are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. Money market funds are included in Level 1 of the fair value hierarchy and are valued at the closing price reported by an actively traded exchange. Held-to-maturity securities are recorded at amortized cost.

Research and Development Expenses

(K) Research and Development Expenses

Research and development (“R&D”) costs are expensed as incurred. R&D expenses primarily consist of costs associated with preclinical studies and clinical trials as well as employee-related expenses, such as salaries, share-based compensation and benefits, for employees engaged in R&D activities. The Company records accruals for estimated costs of R&D activities, including preclinical studies, clinical trials and contract manufacturing, conducted by third-party service providers. The Company determines the estimates by reviewing open contracts, vendor agreements and purchase orders; communicating with internal personnel and external service providers to understand the progress or stage of completion of services performed on its behalf; and estimating the associated costs for these services that have not yet been invoiced. If the actual timing of the performance of services or the level of effort varies from the estimate, the accrual or prepaid expense is adjusted accordingly.

Acquired In-Process Research and Development Expenses

(L) Acquired In-Process Research and Development Expenses

Acquired in-process research and development (“IPR&D”) expenses include consideration for the purchase of IPR&D through asset acquisitions and license agreements as well as payments made in connection with asset acquisitions and license agreements upon the achievement of development milestones.

The Company evaluates in-licensed agreements for IPR&D projects to determine if the acquired set meets the definition of a business and thus should be accounted for as a business combination. If the acquired set does not meet the definition of a business and the assets have not reached technological feasibility and have no alternative future use, the Company expenses payments made under such license agreements as acquired in-process research and development expense in its consolidated statements of operations. In those cases, 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 are capitalized and amortized to cost of revenues.

General and Administrative Expenses

(M) General and Administrative Expenses

General and administrative (“G&A”) expenses consist primarily of employee-related expenses, such as salaries, share-based compensation and benefits for employees engaged in G&A activities. G&A employees include those responsible for the identification and acquisition or in-license of new drug candidates as well as for managing Vant operations and facilitating the use of the Company’s platform and technologies at the Vants. G&A expenses also consist of legal and accounting fees, consulting services and other operating costs relating to corporate matters and daily operations. Additionally, G&A expenses include costs incurred relating to the identification, acquisition or in-license and technology transfer of promising drug candidates.

Leases

(N) Leases

The Company determines if an arrangement includes a lease at the inception of the agreement. Leases are classified at lease commencement as either operating leases or finance leases. Operating leases are included in “Operating lease right-of-use assets,” “Operating lease liabilities” and “Operating lease liabilities, noncurrent” on the accompanying consolidated balance sheets. Commitments under finance leases are not significant and are included in “Property and equipment, net,” “Other current liabilities” and “Other liabilities” on the accompanying consolidated balance sheets. For each of the Company’s lease arrangements, the Company records a right-of-use asset representing the Company’s right to use an underlying asset for the lease term and a lease liability representing the Company’s obligation to make lease payments. Lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the expected lease term. If the interest rate implicit in the Company’s leases is not readily determinable, in determining the weighted-average discount rate used to calculate the net present value of lease payments, the Company utilizes an estimate of its incremental borrowing rate. The Company’s incremental borrowing rates are determined based on the term of the lease, the economic environment of the lease, and the effect of collateralization. Lease expense for the Company’s leases is recognized on a straight-line basis over the lease term and variable lease costs are expensed as incurred.

The Company elected the practical expedient not to apply the recognition and measurement requirements to short-term leases, which are any leases with a term of one year or less as of the lease commencement date. Leases may require the Company to pay additional amounts for taxes, insurance, maintenance and other expenses, which are generally referred to as non-lease components. The Company has elected the practical expedient to combine lease and non-lease components. If a lease includes options to extend the lease term, the Company does not assume the option will be exercised in its initial lease term assessment unless there is reasonable certainty that the Company will renew based on an assessment of relevant factors present as of the lease commencement date.

Income Taxes

(O) Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded when, after consideration of all positive and negative evidence, it is not more likely than not that the Company’s deferred tax assets will be realizable. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company’s policy is to recognize interest and/or penalties related to income tax matters in provision for income taxes.

Share-Based Compensation

(P) Share-Based Compensation

Share-based awards to employees, directors and consultants, including stock options, restricted stock units (“RSUs”), performance options, performance restricted stock units (“PSUs”) and capped value appreciation rights (“CVARs”), are measured at fair value on the date of the grant and that fair value is recognized as share-based compensation expense in the Company’s consolidated statements of operations over the requisite service period of the respective award. The estimated fair value of awards that contain performance conditions is expensed when the Company concludes that it is probable that the performance condition will be achieved. The Company may grant awards with graded-vesting features. When such awards have only service vesting requirements, the Company elected to record share-based compensation expense on a straight-line basis. If awards with graded-vesting features contain performance or market conditions, then the Company records share-based compensation expense using the accelerated attribution method.

The Company measures the fair value of its stock options that only have service vesting requirements or performance-based options without market conditions using the Black-Scholes option pricing model. For performance-based awards with market conditions, the Company determines the fair value of the awards as of the grant date using a Monte Carlo simulation model. 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 and the fair value of the Company’s shares of 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 the Company has sufficient exercise history. 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. The expected share price volatility for the Company’s common shares is estimated by taking the average historical price volatility for industry peers. The Company accounts for pre-vesting award forfeitures when they occur.One of the inputs to the Black-Scholes option pricing model is the fair value of the Company’s common shares. As RSL’s common shares are publicly traded, the Company determines the fair value of each common share underlying share-based awards based on the closing price of its common shares as reported by Nasdaq on the date of grant.

The Company applies similar methodology to measure the fair value of share-based awards issued by its Vants. Certain assumptions vary based on circumstances specific to each Vant. For privately held Vants, the fair value of the shares of common stock underlying share-based awards on each grant date is estimated, given the absence of a public trading market.

Stock options may be settled in cash or in shares of common stock, including a net issuance using shares otherwise purchasable under the option to pay the exercise price.

Foreign Currency

(Q) Foreign Currency

Assets and liabilities of foreign operations are translated into U.S. dollars using exchange rates in effect at the balance sheet date and their results of operations are translated using average exchange rates for the year. Adjustments resulting from the translation of the financial statements of the Company’s foreign functional currency subsidiaries into U.S. dollars are excluded from the determination of net loss and are accumulated in a separate component of shareholders’ equity. Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign exchange transaction gains and losses are included in “Other expense, net” in the Company’s statements of operations.

Revenue Recognition

(R) Revenue Recognition

The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for its arrangements, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation.

The Company applies significant judgment when evaluating whether contractual obligations represent distinct performance obligations, allocating the transaction price to performance obligations within a contract, determining when performance obligations have been satisfied, assessing the recognition and likelihood of reversal of variable consideration and determining and applying appropriate methods of measuring progress for performance obligations satisfied over time. These judgments are discussed in more detail below.

•

Licenses of intellectual property: If a license to intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from the portion of the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are not distinct from other promises, the Company applies judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the related revenue recognition accordingly.

•

Milestone payments: At the inception of each arrangement that includes research, development or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative standalone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price on a cumulative catch-up basis in earnings in the period of the adjustment.

•

Royalties and commercial milestone payments: For arrangements that include sales-based royalties, including commercial milestone payments based on a pre-specified level of sales, the Company recognizes revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Achievement of these royalties and commercial milestones may solely depend upon performance of the licensee.

Revenue is also generated from certain technology-focused contracts from subscription and service-based fees recognized for the use of certain internally developed technology. Subscription revenue is recognized ratably over the contract period.

Trade Receivables, Net

The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in customer credit profiles. The Company reserves against trade receivables for estimated losses that may arise from a customer’s inability to pay, and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated losses was de minimis as of March 31, 2025 and 2024. Trade receivables, net is included in “Other current assets” on the accompanying consolidated balance sheets.

Recently Adopted/ Issued Accounting Pronouncements

(S) Recently Adopted Accounting Pronouncements

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. These amendments should be applied retrospectively to all prior periods presented in the financial statements. Beginning with this Annual Report on Form 10-K, the Company adopted this standard, which resulted in incremental segment disclosures. Refer to Note 16, “Segment Information” for disclosure of the information required under ASU 2023-07.

(T) Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which includes updates to the income tax disclosures related to the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024 and are applicable to the Company’s fiscal year beginning April 1, 2025, with early adoption permitted. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. The amendments are effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. This ASU is applicable to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2028, and subsequent interim periods, with early adoption permitted. The amendments can be adopted either (i) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (ii) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.

Cash, Cash Equivalents and Marketable Securities

12 Months Ended

Mar. 31, 2025

Cash, Cash Equivalents and Marketable Securities [Abstract]

Cash, Cash Equivalents and Marketable Securities

Note 3—Cash, Cash Equivalents and Marketable Securities

Cash, cash equivalents and marketable securities consisted of the following (in thousands):

	March 31, 2025		March 31, 2024
Cash and cash equivalents
Cash	$	93,954	$	182,665
Money market funds		2,621,457		6,312,288
Total cash and cash equivalents	$	2,715,411	$	6,494,953
Marketable securities
U.S. Treasury securities	$	2,171,480	$	—
Total marketable securities	$	2,171,480	$	—

Total cash, cash equivalents and marketable securities	$	4,886,891	$	6,494,953

Cash that was held by Dermavant is included in assets of discontinued operations at March 31, 2024. Refer to Note 6, “Discontinued Operations” for further details.

The following table summarizes the unrealized positions for the Company’s held-to-maturity securities (in thousands):

	As of March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	$	2,171,480	$	1,267	$	(463	)	$	2,172,284

The Company classified its marketable securities as Level 2 measurements within the fair value hierarchy. As of March 31, 2025, the contractual maturities of all marketable securities were less than 12 months.

Share-Based Compensation and Other Compensation Plans, Employee Stock Purchase Plan (Details) - RSL ESPP [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Purchase Plan [Abstract]
Percentage of stock purchase price equal to lower of closing price under ESPP	85.00%
Percentage of maximum contribution of base salary	15.00%
Maximum amount of contribution of base salary	$ 25
Issuance of the Company's common shares under employee stock purchase plan (in shares)	118,640	140,227	111,519
Share-based compensation expense	$ 500	$ 500	$ 300

Cash, Cash Equivalents, and Marketable Securities, Unrealized Positions for Held-to-Maturity Securities (Details) - US Treasury Securities [Member] $ in Thousands	Mar. 31, 2025 USD ($)
Marketable Securities [Abstract]
Amortized cost	$ 2,171,480
Gross unrealized gains	1,267
Gross unrealized losses	(463)
Fair value	$ 2,172,284

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2025

Income Taxes [Abstract]

(Loss) Income Before Income Taxes and Related Expense (Benefit)

The (loss) income before income taxes and the related expense (benefit) are as follows (in thousands):

	Years Ended March 31,
	2025				2024				2023
(Loss) income before income taxes:
Bermuda⁽¹⁾		$	(80,590	)		$	5,189,812			$	(40,738	)
United States			(174,763	)			(232,592	)			(437,944	)
Switzerland			(426,478	)			(389,948	)			(402,611	)
Other			241				584				(3,697	)
Total (loss) income from continuing operations before income taxes		$	(681,590	)		$	4,567,856			$	(884,990	)

⁽¹⁾	Primarily entities which are centrally managed and controlled in the U.K. and are subject to U.K. taxes.

Income Tax Expense

	Years Ended March 31,
	2025		2024			2023
Current taxes:
Bermuda	$	—	$	—		$	—
United States⁽¹⁾		48,174		21,813			4,204
Switzerland		—		—			—
Other		—		(310	)		(122	)
Total current tax expense	$	48,174	$	21,503		$	4,082
Deferred taxes:
Bermuda	$	—	$	—		$	—
United States		—		—			—
Switzerland		—		—			—
Other		—		—			—
Total deferred tax benefit	$	—	$	—		$	—
Total income tax expense	$	48,174	$	21,503		$	4,082

⁽¹⁾	Inclusive of the state and local income taxes.

Reconciliation of Income Tax Expense

A reconciliation of income tax expense computed at the Bermuda statutory rate to income tax expense reflected in the consolidated financial statements is as follows (in thousands, except percentages):

	Year Ended					Year Ended					Year Ended
	March 31, 2025					March 31, 2024					March 31, 2023
Income tax expense at Bermuda statutory tax rate	$	—		—	%	$	—		—	%	$	—		—	%
Foreign rate differential⁽¹⁾		(112,413	)	16.49	%		1,196,877		26.20	%		(163,093	)	18.43	%
Permanent disallowed IPR&D		—		—	%		—		—	%		17,714		(2.00	)%
Tax effect of changes in the fair value of investments and loss from equity method investments		(12,813	)	1.88	%		15,431		0.34	%		4,118		(0.47	)%
Substantial shareholding exemption		(27,597	)	4.05	%		(1,337,102	)	(29.27	)%		—		—	%
Nondeductible executive compensation		54,558		(8.00	)%		19,727		0.43	%		20,558		(2.32	)%
Tax deficiencies (excess tax benefits) from stock-based compensation		(16,676	)	2.45	%		(21,668	)	(0.47	)%		3,311		(0.37	)%
Other permanent adjustments		37,096		(5.44	)%		40,085		0.88	%		12,065		(1.36	)%
Research tax credits		(31,840	)	4.67	%		(22,863	)	(0.50	)%		(12,217	)	1.38	%
Valuation allowance		134,855		(19.79	)%		43,754		0.96	%		108,000		(12.20	)%
Reversal of certain deferred tax assets⁽²⁾		25,062		(3.68	)%		87,262		1.90	%		11,630		(1.32	)%
Other		(2,058	)	0.30	%		—		—	%		1,996		(0.23	)%
Total income tax expense	$	48,174		(7.07	)%	$	21,503		0.47	%	$	4,082		(0.46	)%

⁽¹⁾	Primarily related to operations in the U.S., Switzerland, the U.K., and other jurisdictions with statutory tax rates different than the Bermuda rate.

⁽²⁾	Primarily relates to deferred tax assets associated with entities no longer included in the consolidated financial statements (i.e., sold, deconsolidated or liquidated) and Switzerland expiring net operating losses.

Components of Deferred Tax Assets (Liabilities)

Significant components of the deferred tax assets (liabilities) at March 31, 2025 and 2024 are as follows (in thousands):

	March 31, 2025			March 31, 2024
Deferred tax assets
Research tax credits	$	54,101		$	39,536
Intangible assets		16,939			18,167
Capitalized research and development		41,387			32,124
Net operating loss		469,339			359,971
Share-based compensation		103,515			95,624
Lease liabilities		21,687			12,229
Other assets		18,001			14,256
Subtotal		724,969			571,907
Valuation allowance		(701,219	)		(558,868	)

Deferred tax liabilities
Depreciation		(561	)		(645	)
Right-of-use assets		(19,270	)		(10,008	)
Other liabilities		(3,919	)		(2,386	)
Total deferred tax assets/(liabilities)	$	—		$	—

Share-Based Compensation and Other Compensation Plans, CVARs (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation [Abstract]
Award modification expense				$ 20,800
CVARs [Member]
Share-Based Compensation [Abstract]
Hurdle price (in dollars per share)		$ 11.5
CVARs [Member] \| March 2020 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Number of shares outstanding (in shares)		17,548,368
CVARs [Member] \| November 2021 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Fair value of CVARs that service-vested		$ 5,900	$ 6,200	13,000
CVARs [Member] \| RSL 2015 EIP [Member]
Share-Based Compensation [Abstract]
Fair value of CVARs that service-vested			$ 2,100	$ 16,700
CVARs [Member] \| RSL 2015 EIP [Member] \| March 2020 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Number of service-vested shares (in shares)		0
Equity instruments vested and settled (in shares)			14,482,570
Number of shares issued (in shares)			5,366,815
CVARs [Member] \| RSL 2021 EIP [Member]
Share-Based Compensation [Abstract]
Unrecognized compensation expense		$ 44
Remaining weighted-average service period		1 month 13 days
Capped Value Appreciation Rights [Abstract]
Non-vested balance, beginning (in shares)		1,782,078
Granted (in shares)	6,317,350	0
Service-vested (in shares)		(1,186,418)
Forfeited (in shares)		(247,133)
Non-vested balance, ending (in shares)		348,527	1,782,078
Weighted Average Grant Date Fair Value [Abstract]
Non-vested balance, beginning (in dollars per share)		$ 4.89
Granted (in dollars per share)		0
Service-vested (in dollars per share)		4.99
Forfeited (in dollars per share)		4.38
Non-vested balance, ending (in dollars per share)		$ 4.89	$ 4.89
CVARs [Member] \| RSL 2021 EIP [Member] \| November 2021 CVAR Grants [Member]
Share-Based Compensation [Abstract]
Number of shares issued (in shares)		1,186,418

Net (Loss) Income per Common Share (Details) - shares

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Stock Options and Performance Stock Options [Member]

Restricted Stock Units and Performance Restricted Stock Units (Non-vested) [Member]

139,412,098

54,648,258

154,271,791

March 2020 CVARs [Member]

50,992,414

5,422,465

20,700,788

November 2021 CVARs (Non-vested) [Member]

^[1]

17,548,368

32,011,996

Restricted Common Stock (Non-vested) [Member]

348,527

249,120

3,222,645

Earn-Out Shares (Non-vested) [Member]

255,911

689,026

Private Placement Warrants [Member]

3,080,387

10,214,265

Public Warrants [Member]

Other Stock Based Awards and Instruments Issued [Member]

20,475,875

Certain Balance Sheet Components [Abstract]

4,731,198

3,924,305

6,122,842

[1]	Refer to Note 9, “Share-Based Compensation and Other Compensation Plans” for details regarding settlement of CVARs.

Fair Value Measurements, Changes in Fair Value of the Level 3 Assets (Details) - Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 147,526	$ 178,579
Changes in fair value of investment in Datavant, included in net (income) loss	$ 19,835	$ (31,053)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Fair Value of Debt and Liability Instruments	Gain (Loss) on Fair Value of Debt and Liability Instruments
Ending Balance	$ 167,361	$ 147,526

Certain Balance Sheet Components (Tables)

12 Months Ended

Mar. 31, 2025

Accrued Expenses

Accrued expenses at March 31, 2025 and 2024 consisted of the following (in thousands):

	March 31, 2025		March 31, 2024

Research and development expenses	$	45,813	$	37,712
Compensation-related expenses		53,928		49,890
Other expenses		14,553		31,815
Total accrued expenses	$	114,294	$	119,417

Other Current Liabilities

Other current liabilities at March 31, 2025 and 2024 consisted of the following (in thousands):

	March 31, 2025		March 31, 2024

Deferred revenue	$	1,168	$	4,168
Income tax payable		416		9,773
Total other current liabilities	$	1,584	$	13,941

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Mar. 31, 2025	May 21, 2025	Sep. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Mar. 31, 2025
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-40782
Entity Registrant Name	ROIVANT SCIENCES LTD.
Entity Central Index Key	0001635088
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1173944
Entity Address, Address Line One	7th Floor
Entity Address, Address Line Two	50 Broadway
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	SW1H 0DB
Country Region	44
City Area Code	207
Local Phone Number	400 3347
Title of 12(b) Security	Common Shares, $0.0000000341740141 per share
Trading Symbol	ROIV
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 8.1
Entity Common Stock, Shares Outstanding		679,806,070
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Iselin, New Jersey

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets and Liabilities are Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and 2024, by level, within the fair value hierarchy (in thousands):

	As of March 31, 2025								As of March 31, 2024
	Level 1		Level 2		Level 3		Balance as of March 31, 2025		Level 1		Level 2		Level 3		Balance as of March 31, 2024
Assets:
Money market funds	$	2,621,457	$	—	$	—	$	2,621,457	$	6,312,288	$	—	$	—	$	6,312,288
Investment in Datavant Class A units		—		—		167,361		167,361		—		—		147,526		147,526
Investment in Arbutus common shares		135,578		—		—		135,578		100,227		—		—		100,227
Total assets at fair value	$	2,757,035	$	—	$	167,361	$	2,924,396	$	6,412,515	$	—	$	147,526	$	6,560,041
Liabilities:
Liability instruments measured at fair value⁽¹⁾		—		—		9,981		9,981		—		—		25,737		25,737
Total liabilities at fair value	$	—	$	—	$	9,981	$	9,981	$	—	$	—	$	25,737	$	25,737

⁽¹⁾	At March 31, 2025, Level 3 includes the fair value of the Earn-Out Shares of $10.0 million. At March 31, 2024, Level 3 includes the fair value of the Earn-Out Shares of $22.0 million and other liability instruments issued of $3.7 million.

Changes in Fair Value of the Level 3 Assets

The changes in fair value of the Level 3 assets during the years ended March 31, 2025 and 2024 were as follows (in thousands):

Balance at March 31, 2023	$	178,579
Changes in fair value of investment in Datavant, included in net income		(31,053	)
Balance at March 31, 2024		147,526
Changes in fair value of investment in Datavant, included in net loss		19,835
Balance at March 31, 2025	$	167,361

Changes in Fair Value of the Level 3 Liabilities

The changes in fair value of the Level 3 liabilities during the years ended March 31, 2025 and 2024 were as follows (in thousands):

Balance at March 31, 2023	$	33,651
Exercise of Private Placement Warrants		(28,090	)
Changes in fair value of liability instruments, included in net income		20,176
Balance at March 31, 2024		25,737
Changes in fair value of liability instruments, included in net loss		(15,756	)
Balance at March 31, 2025	$	9,981

Earn-Out Shares [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Calculation Using Significant Unobservable Inputs

Significant unobservable inputs used to calculate the fair value of the Earn-Out Shares included the following:

	Point Estimate Used
Input	As of March 31, 2025		As of March 31, 2024
Volatility		38.4%		63.2%
Risk-free rate		3.96%		4.50%

Datavant [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Calculation Using Significant Unobservable Inputs

The fair value was calculated using significant unobservable inputs including the following:

	Point Estimate Used
Input	As of March 31, 2025		As of March 31, 2024
Volatility		110.0%		90.0%
Discount rate		13.0%		13.0%

Equity Method Investments [Abstract]

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Description of Business and Liquidity	12 Months Ended
Description of Business and Liquidity	Mar. 31, 2025
Description of Business and Liquidity [Abstract]
Description of Business and Liquidity	Note 1—Description of Business and Liquidity (A) Description of Business Roivant Sciences Ltd. (inclusive of its consolidated subsidiaries, the “Company” or “RSL”) aims to improve the lives of patients by accelerating the development and commercialization of medicines that matter. The Company does this by creating nimble subsidiaries or “Vants” to develop and commercialize its medicines and technologies. Beyond therapeutics, the Company also incubates discovery-stage companies and health technology startups complementary to its biopharmaceutical business. The Company was founded on April 7, 2014 as a Bermuda exempted limited company. The Company’s subsidiaries are wholly owned subsidiaries and majority-owned or controlled subsidiaries. Refer to Note 4, “Equity Method Investments” for further discussion of the Company’s investments in unconsolidated entities. (B) Liquidity Historically, the Company has incurred significant operating losses and negative cash flows from operations since its inception. In December 2023, the Company sold its entire equity interest in its majority-owned subsidiary Telavant Holdings, Inc. (“Telavant”). At closing, the Company received approximately $5.2 billion in cash. As of March 31, 2025, the Company had cash, cash equivalents and marketable securities of approximately $4.9 billion and retained earnings of $116.1 million. For the years ended March 31, 2025, 2024 and 2023, the Company had a net loss from continuing operations of $729.8 million, net income from continuing operations of approximately $4.5 billion, and a net loss from continuing operations of $889.1 million, respectively. The Company has historically financed its operations primarily through the sale of equity securities, sale of subsidiary interests, debt financings and revenue generated from licensing and collaboration arrangements. The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals to market its product candidates, dependence on key products, dependence on third-party service providers, such as contract research organizations, and protection of intellectual property rights. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and may require additional capital to fully implement its business plan.

Fair Value Measurements, Fair Value of Significant Unobservable Inputs (Details) $ in Millions	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Liabilities at fair value	$ 10.0	$ 22.0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liability Instruments Measured at Fair Value	Liability Instruments Measured at Fair Value
Volatility [Member] \| Datavant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investment in equity securities, measurement input	1.10	0.90
Volatility [Member] \| Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Earn-out share, measurement input	38.40%	63.20%
Discount Rate [Member] \| Datavant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investment in equity securities, measurement input	0.13	0.13
Risk-free Rate [Member] \| Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Earn-out share, measurement input	3.96%	4.50%
Historical Volatility [Member] \| Earn-Out Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Earn-out share, measurement input	35.80%

Equity Method Investments, Investment in Arbutus (Details) - shares	Mar. 31, 2025	Mar. 31, 2024
Investments [Abstract]
Number of shares acquired (in shares)	695,938,323	806,677,954
Arbutus Biopharma Corporation [Member] \| Common Shares [Member]
Investments [Abstract]
Number of shares acquired (in shares)	38,847,462

Fair Value Measurements, Changes in Fair Value of the Level 3 Liabilities (Details) - Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 25,737	$ 33,651
Exercise of Private Placement Warrants		(28,090)
Changes in fair value of liability instruments, included in net income (loss)	$ (15,756)	$ 20,176
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Fair Value of Debt and Liability Instruments	Gain (Loss) on Fair Value of Debt and Liability Instruments
Balance at end of period	$ 9,981	$ 25,737

Share-Based Compensation and Other Compensation Plans, Restricted Stock Units and Performance Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units [Member]
Weighted Average Grant Date Fair Value [Abstract]
Fair value of stock options vested	$ 49.3	$ 49.1	$ 67.6
Unrecognized compensation expense	$ 115.4
Remaining weighted-average service period	3 years 3 months 7 days
Restricted Stock Units [Member] \| RSL Equity Plans [Member]
Number of Shares [Roll Forward]
Non-vested balance, beginning (in shares)	11,355,746
Granted (in shares)	9,789,877
Vested (in shares)	(6,085,404)
Forfeited (in shares)	(940,270)
Non-vested balance, ending (in shares)	14,119,949	11,355,746
Weighted Average Grant Date Fair Value [Abstract]
Non-vested balance, beginning (in dollars per share)	$ 7.5
Granted (in dollars per share)	10.9
Vested (in dollars per share)	8.11
Forfeited (in dollars per share)	6.95
Non-vested balance, ending (in dollars per share)	$ 9.63	$ 7.5
Performance Restricted Stock Units [Member]
Weighted Average Grant Date Fair Value [Abstract]
Fair value of stock options vested	$ 0.0	$ 0.0	$ 0.0
Unrecognized compensation expense	$ 259.7
Remaining weighted-average service period	2 years 2 months 15 days
Performance Restricted Stock Units [Member] \| RSL Equity Plans [Member]
Number of Shares [Roll Forward]
Non-vested balance, beginning (in shares)	5,422,465
Granted (in shares)	31,450,000
Vested (in shares)	0
Forfeited (in shares)	0
Non-vested balance, ending (in shares)	36,872,465	5,422,465
Weighted Average Grant Date Fair Value [Abstract]
Non-vested balance, beginning (in dollars per share)	$ 12.25
Granted (in dollars per share)	8.85
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Non-vested balance, ending (in dollars per share)	$ 9.35	$ 12.25

Share-Based Compensation and Other Compensation Plans, Fair Value Assumptions of PSUs (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Jul. 31, 2024 USD ($) $ / shares
Assumptions [Abstract]
Average of historical and implied volatility	55.80%
Performance Restricted Stock Units [Member]
Assumptions [Abstract]
Expected stock price volatility	70.00%
Expected risk free interest rate	4.10%
Stock price (in dollars per share) \| $ / shares	$ 10.8
Higher estimated volatility	80.00%
Lower estimated volatility	41.60%
Performance Restricted Stock Units [Member] \| Maximum [Member]
Assumptions [Abstract]
Aggregate grant date fair value	$ 292.9
Performance Restricted Stock Units [Member] \| Minimum [Member]
Assumptions [Abstract]
Aggregate grant date fair value	202.4
Performance Restricted Stock Units [Member] \| Weighted Average [Member]
Assumptions [Abstract]
Aggregate grant date fair value	$ 247.3

Equity Method Investments (Tables)

12 Months Ended

Mar. 31, 2025

Significant Equity Method Investments

Details regarding significant equity method investments are as follows:

	Ownership (%)						Aggregate Fair Value (in millions)
	March 31, 2025			March 31, 2024			March 31, 2025			March 31, 2024
Datavant⁽¹⁾		9	%		9	%		$	167.4		$	147.5
Arbutus		20	%		22	%		$	135.6		$	100.2

⁽¹⁾

The ownership percentage represents the Company’s equity interest in the outstanding Class A units of Datavant. Datavant’s capital structure includes several classes of preferred units that, among other features, have liquidation preferences and conversion features. Upon conversion of such preferred units into Class A units, the Company’s ownership interest would be diluted. Refer above for additional information regarding investment.

Unrealized Losses (Gains) on Significant Equity Method Investments

The Company recognized unrealized (gains) losses on its significant equity method investments in the accompanying consolidated statements of operations as follows:

	Unrealized (Gain) Loss on Investment (in millions)
	Years Ended March 31,
	2025				2024			2023
Datavant		$	(19.8	)		$	31.1		$	15.4
Arbutus		$	(35.4	)		$	17.5		$	(1.9	)

Datavant Merger [Member]

Schedule of Equity Method Investments [Line Items]

Consolidated Financial Information

Summarized consolidated financial information of Datavant, reported on a one quarter lag, is as follows (in thousands):

	Twelve Months Ended December 31,
	2024				2023			2022
Revenue		$	1,128,005		$	991,107			$	873,435
Gross profit		$	461,521		$	376,593			$	354,561
Net loss		$	(105,025	)	$	(395,195	)		$	(190,243	)

	As of December 31,
	2024		2023
Current assets	$	656,803	$	635,653
Noncurrent assets	$	2,340,701	$	1,988,138
Current liabilities	$	329,614	$	311,074
Noncurrent liabilities	$	1,237,271	$	668,642
Redeemable preferred units	$	1,267,290	$	1,366,654

Arbutus Biopharma Corporation [Member]

Schedule of Equity Method Investments [Line Items]

Consolidated Financial Information

Summarized consolidated financial information of Arbutus is as follows (in thousands):

	Twelve Months Ended March 31,
	2025				2024			2023
Revenue		$	6,403		$	12,986		$	33,125
Loss from operations		$	(82,655	)	$	(80,053	)	$	(71,895	)
Net loss		$	(76,571	)	$	(74,385	)	$	(70,030	)

	As of March 31,
	2025		2024
Current assets	$	116,808	$	135,872
Noncurrent assets	$	202	$	14,418
Current liabilities	$	19,431	$	20,296
Noncurrent liabilities	$	18,422	$	15,357

Leases, Operating Lease Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Operating Leases [Abstract]
Cash paid for operating lease liabilities	$ 10,263	$ 11,561	$ 11,684
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 51,364	$ 719	$ 4,224
Weighted average remaining lease term (in years)	11 years 8 months 12 days	8 years	8 years 8 months 12 days
Weighted average discount rate	7.40%	7.10%	7.70%

Leases (Tables)

12 Months Ended

Mar. 31, 2025

Leases [Abstract]

Components of Operating Lease Expense

The components of operating lease expense for the Company were as follows (in thousands):

	Years Ended March 31,
	2025		2024		2023
Operating lease cost	$	11,632	$	10,648	$	10,879
Short-term lease cost		514		64		193
Variable lease cost		1,344		1,107		2,099
Total operating lease cost	$	13,490	$	11,819	$	13,171

Operating Lease Right-of-use Assets and Lease Liabilities

Information related to the Company’s operating lease right-of-use assets and lease liabilities was as follows (in thousands, except periods and percentages):

	Years Ended March 31,
	2025		2024		2023
Cash paid for operating lease liabilities	$	10,263	$	11,561	$	11,684
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	51,364	$	719	$	4,224

	March 31, 2025			March 31, 2024			March 31, 2023
Weighted average remaining lease term (in years)		11.7			8.0			8.7
Weighted average discount rate		7.4	%		7.1	%		7.7	%

Maturities of Operating Lease Liabilities

As of March 31, 2025, maturities of operating lease liabilities were as follows (in thousands):

Years Ending March 31,
2026	$	10,321
2027		11,345
2028		15,140
2029		15,564
2030		14,834
Thereafter		109,402
Total lease payments		176,606
Less: present value adjustment		(67,119	)
Less: tenant improvement allowance		(9,317	)
Total lease liabilities	$	100,170

Segment Information (Tables)

12 Months Ended

Mar. 31, 2025

Segment Information [Abstract]

Significant Segment Expenses

The Company’s significant segment expenses are as follows:

	Years Ended March 31,
	2025			2024			2023

Revenue	$	29,053		$	32,713		$	31,530
Less:
Cost of revenues		911			1,599			3,034
Program-specific research and development expenses:
Anti-FcRn franchise—neurological diseases		93,224			41,060			52,100
Anti-FcRn franchise—endocrine diseases		63,073			33,205			26,377
Anti-FcRn franchise—rheumatology diseases		23,897			—			—
Anti-FcRn franchise—dermatology diseases		15,633			—			—
Anti-FcRn franchise—other clinical and nonclinical		9,327			39,811			5,553
Brepocitinib		45,125			38,563			38,627
Mosliciguat		19,746			4,307			—
Other development and discovery programs		57,729			92,270			159,893
Research and development share-based compensation		39,780			32,400			28,669
Research and development personnel-related expenses		146,162			123,283			118,523
Other research and development expenses		36,717			35,010			24,320
Acquired in-process research and development		—			26,450			97,749
General and administrative share-based compensation		239,505			154,873			175,019
General and administrative personnel-related expenses		205,737			126,163			99,141
Other general and administrative expenses		146,168			135,097			109,288
Gain on sale of Telavant net assets		(110,387	)		(5,348,410	)		—
Change in fair value of investments		(55,186	)		47,973			20,815
Change in fair value of liability instruments		(15,756	)		46,838			18,386
Gain on deconsolidation of subsidiaries		(3,108	)		(32,772	)		(29,276	)
Interest income		(258,375	)		(146,425	)		(32,184	)
Other expense, net		10,721			13,562			486
Income tax expense		48,174			21,503			4,082
(Income) loss from discontinued operations, net of tax		(373,030	)		315,147			226,391
Net (loss) income	$	(356,734	)	$	4,231,206		$	(1,115,463	)

Recent Transactions and Developments (Tables)

12 Months Ended

Mar. 31, 2025

Recent Transactions and Developments [Abstract]

Calculation of Gain

The table below summarizes the calculation of the gain recognized during the year ended March 31, 2024.

	(in thousands)
Consideration:
Upfront cash payment	$	5,234,373
Carrying amount of noncontrolling interest derecognized		87,500
Total consideration		5,321,873

Assets sold		3,253
Liabilities transferred		29,790
Net liabilities sold		(26,537	)

Gain on sale of Telavant net assets	$	5,348,410

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2025 USD ($)
HanAll Biopharma Co., Ltd. (Immunovant) [Member]
Commitments [Abstract]
Potential material future milestone payments	$ 420.0
Bayer AG (Pulmovant, Inc.) [Member]
Commitments [Abstract]
Potential material future milestone payments	$ 280.0
Samsung [Member]
Commitments [Abstract]
Period to purchase additional batches of batoclimab	4 years
Remaining minimum purchase commitment related to agreement	$ 43.6
Purchase commitment to be paid during fiscal year ending March 31, 2026	5.5
Purchase commitment to be paid during fiscal year ending March 31, 2028	10.1
Purchase commitment to be paid during fiscal year ending March 31, 2029	14.0
Purchase commitment to be paid during fiscal year ending March 31, 2030	$ 14.0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2025	Mar. 31, 2024
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0.0000000341740141	$ 0.0000000341740141
Common stock, shares authorized (in shares)	7,000,000,000	7,000,000,000
Common stock, shares issued (in shares)	695,938,323	806,677,954
Common stock, shares outstanding (in shares)	695,938,323	806,677,954

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended						12 Months Ended
	Jul. 31, 2022	Jan. 31, 2025	Oct. 31, 2023	Sep. 30, 2023	Feb. 28, 2023	Nov. 30, 2022	Oct. 31, 2022	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Apr. 30, 2024	Sep. 19, 2022
Shareholders' Equity Description [Abstract]
Gross proceeds from sale of common stock								$ 0	$ 199,822	$ 311,981
Gain on deconsolidation of subsidiaries								3,108	$ 32,772	$ 29,276
Immunovant, Inc. [Member]
Shareholders' Equity Description [Abstract]
Ownership of subsidiary		57.00%
Common Stock [Member]
Shareholders' Equity Description [Abstract]
Share price (in dollars per share)						$ 5
Common shares issued (in shares)						30,000,000
Common Stock [Member] \| Investor [Member]
Shareholders' Equity Description [Abstract]
Common shares issued (in shares)				19,600,685
Purchase price (in dollars per share)				$ 10.21
Net proceeds from sale of common stock				$ 199,800
Stock Repurchase Program [Member]
Shareholders' Equity Description [Abstract]
Common stock repurchase authorized amount								$ 1,300,000			$ 1,500,000
Number of shares repurchased (in shares)								57,110,703
Aggregate purchase price								$ 644,800
Stock Repurchase Program [Member] \| Sumitomo Pharma Co. Ltd. [Member]
Shareholders' Equity Description [Abstract]
Number of shares repurchased (in shares)											71,251,083
Share price (in dollars per share)											$ 9.1
Aggregate purchase price											$ 648,400
Underwritten Public Offering [Member] \| Immunovant, Inc. [Member]
Shareholders' Equity Description [Abstract]
Net proceeds from sale of common stock			$ 466,700
Underwritten Public Offering [Member] \| Common Stock [Member]
Shareholders' Equity Description [Abstract]
Share price (in dollars per share)					$ 7.5
Common shares issued (in shares)					30,666,665
Gross proceeds from sale of common stock					$ 216,900	$ 94,700
Common stock, shares issued upon exercise of underwriter's options (in shares)					3,999,999
Common shares purchased by RSL (in shares)							416,667
Underwritten Public Offering [Member] \| Common Stock [Member] \| Immunovant, Inc. [Member]
Shareholders' Equity Description [Abstract]
Share price (in dollars per share)							$ 6
Common shares issued (in shares)			8,475,500				12,500,000
Gross proceeds from sale of common stock							$ 70,200
Sold by RSL [Member] \| Common Stock [Member]
Shareholders' Equity Description [Abstract]
Common shares issued (in shares)						20,000,000
Sold by Selling Shareholders [Member] \| Common Stock [Member]
Shareholders' Equity Description [Abstract]
Stock sold during period by selling shareholders (in shares)						10,000,000
Roivant Participation of Immunovant Stock offering [Member] \| Common Stock [Member]
Shareholders' Equity Description [Abstract]
Purchase price (in dollars per share)			$ 38
Common shares purchased by RSL (in shares)			1,526,316
Option purchase additional shares of common stock (in shares)			1,105,500
Roivant Participation of Immunovant Stock offering [Member] \| Common Stock [Member] \| Immunovant, Inc. [Member]
Shareholders' Equity Description [Abstract]
Gross proceeds from sale of common stock		$ 336,900
Common shares purchased by RSL (in shares)		16,845,010
Private Placement [Member] \| Common Stock [Member] \| Immunovant, Inc. [Member]
Shareholders' Equity Description [Abstract]
Common shares issued (in shares)		22,500,000
Gross proceeds from sale of common stock		$ 450,000
Purchase price (in dollars per share)		$ 20	$ 38
Common shares purchased by RSL (in shares)			4,473,684
Cowen [Member] \| At-the-Market Equity Offering Program[Member]
Shareholders' Equity Description [Abstract]
Common shares aggregate offering price authorized												$ 400,000
Common shares aggregate offering price authorized, remaining capacity available								$ 400,000
Cytovant [Member]
Shareholders' Equity Description [Abstract]
Gain on deconsolidation of subsidiaries	$ 16,800

Equity Method Investments

12 Months Ended

Mar. 31, 2025

Equity Method Investments [Abstract]

Equity Method Investments

Note 4—Equity Method Investments

The Company maintains equity method investments in certain entities. As of March 31, 2025 and 2024, the most significant of these were the Company’s investments in Arbutus and Datavant, which are accounted for using the fair value option.

The Company determined that it does not control these entities and as a result does not consolidate these entities. Due to the Company’s significant influence over operating and financial policies of these entities, the entities are considered related parties of the Company.

The Company holds an investment in Arbutus in the form of 38,847,462 common shares of Arbutus.

The Company additionally holds an investment in Class A units of Datavant. The fair value of the Company’s investment in Datavant was determined using valuation models that incorporate significant unobservable inputs and is classified as a Level 3 measurement within the fair value hierarchy. Refer to Note 14, “Fair Value Measurements” for more information.

Summarized Equity Method Investment Details

Details regarding significant equity method investments are as follows:

	Ownership (%)						Aggregate Fair Value (in millions)
	March 31, 2025			March 31, 2024			March 31, 2025			March 31, 2024
Datavant⁽¹⁾		9	%		9	%		$	167.4		$	147.5
Arbutus		20	%		22	%		$	135.6		$	100.2

⁽¹⁾

The Company recognized unrealized (gains) losses on its significant equity method investments in the accompanying consolidated statements of operations as follows:

	Unrealized (Gain) Loss on Investment (in millions)
	Years Ended March 31,
	2025				2024			2023
Datavant		$	(19.8	)		$	31.1		$	15.4
Arbutus		$	(35.4	)		$	17.5		$	(1.9	)

Summarized consolidated financial information of Datavant, reported on a one quarter lag, is as follows (in thousands):

	Twelve Months Ended December 31,
	2024				2023			2022
Revenue		$	1,128,005		$	991,107			$	873,435
Gross profit		$	461,521		$	376,593			$	354,561
Net loss		$	(105,025	)	$	(395,195	)		$	(190,243	)

	As of December 31,
	2024		2023
Current assets	$	656,803	$	635,653
Noncurrent assets	$	2,340,701	$	1,988,138
Current liabilities	$	329,614	$	311,074
Noncurrent liabilities	$	1,237,271	$	668,642
Redeemable preferred units	$	1,267,290	$	1,366,654

Summarized consolidated financial information of Arbutus is as follows (in thousands):

	Twelve Months Ended March 31,
	2025				2024			2023
Revenue		$	6,403		$	12,986		$	33,125
Loss from operations		$	(82,655	)	$	(80,053	)	$	(71,895	)
Net loss		$	(76,571	)	$	(74,385	)	$	(70,030	)

	As of March 31,
	2025		2024
Current assets	$	116,808	$	135,872
Noncurrent assets	$	202	$	14,418
Current liabilities	$	19,431	$	20,296
Noncurrent liabilities	$	18,422	$	15,357

Equity Method Investments, Summarized Equity Method Investment (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Significant Equity Method Investments [Abstract]

Aggregate Fair Value

$ 302,939

$ 247,753

Datavant Merger [Member]

Significant Equity Method Investments [Abstract]

Ownership percentage

^[1]

9.00%

Aggregate Fair Value

^[1]

$ 167,400

$ 147,500

Unrealized (Gains) Losses on Significant Equity Method Investments [Abstract]

Unrealized (Gain) Loss on Investment

$ (19,800)

$ 31,100

$ 15,400

Arbutus Biopharma Corporation [Member]

Significant Equity Method Investments [Abstract]

Ownership percentage

20.00%

22.00%

Aggregate Fair Value

$ 135,600

$ 100,200

Unrealized (Gains) Losses on Significant Equity Method Investments [Abstract]

Unrealized (Gain) Loss on Investment

$ (35,400)

$ 17,500

$ (1,900)

[1]

Fair Value Measurements, Assets and Liabilities are Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands

Mar. 31, 2025

Mar. 31, 2024

Recurring Fair Value Measurements [Abstract]

$ 302,939

$ 247,753

Earn-Out Shares [Member]

Liabilities at fair value

10,000

22,000

Arbutus Biopharma Corporation [Member]

Level 3 [Member] | Earn-Out Shares [Member]

135,600

100,200

Recurring Fair Value Measurements [Abstract]

Liabilities at fair value

10,000

22,000

Level 3 [Member] | Liability Instruments Measured at Fair Value [Member]

Recurring Fair Value Measurements [Abstract]

Other liability instruments

3,700

Recurring [Member]

2,924,396

6,560,041

^[1]

9,981

25,737

Recurring [Member] | Money Market Funds [Member]

9,981

25,737

Recurring [Member] | Common Shares [Member] | Datavant [Member]

2,621,457

6,312,288

Recurring [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]

167,361

147,526

Recurring [Member] | Level 1 [Member]

135,578

100,227

2,757,035

6,412,515

^[1]

Recurring [Member] | Level 1 [Member] | Money Market Funds [Member]

Recurring [Member] | Level 1 [Member] | Common Shares [Member] | Datavant [Member]

2,621,457

6,312,288

Recurring [Member] | Level 1 [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]

Recurring [Member] | Level 2 [Member]

135,578

100,227

^[1]

Recurring [Member] | Level 2 [Member] | Money Market Funds [Member]

Recurring [Member] | Level 2 [Member] | Common Shares [Member] | Datavant [Member]

Recurring [Member] | Level 2 [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]

Recurring [Member] | Level 3 [Member]

167,361

147,526

^[1]

9,981

25,737

Recurring [Member] | Level 3 [Member] | Money Market Funds [Member]

9,981

25,737

Recurring [Member] | Level 3 [Member] | Common Shares [Member] | Datavant [Member]

Recurring [Member] | Level 3 [Member] | Common Shares [Member] | Arbutus Biopharma Corporation [Member]

167,361

147,526

Disposal Group Discontinued Operation Disposal Disclosures [Abstract]

$ 0

[1]	At March 31, 2025, Level 3 includes the fair value of the Earn-Out Shares of $10.0 million. At March 31, 2024, Level 3 includes the fair value of the Earn-Out Shares of $22.0 million and other liability instruments issued of $3.7 million.

Discontinued Operations, Dermavant Transaction (Details) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

Oct. 28, 2024

Jan. 31, 2025

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Gain on deconsolidation

$ 3,108

$ 32,772

$ 29,276

Operating expenses:

Income (loss) from discontinued operations, net of tax

(376,506)

373,030

(315,147)

(226,391)

Income (loss) from discontinued operations before income taxes attributable to Roivant Sciences Ltd.

373,185

(313,777)

(224,679)

Non-Cash Operating and Investing from Discontinued Operations [Abstract]

(8,848)

(376,506)

Dermavant [Member] | Discontinued Operations, Disposed of by Sale [Member]

(8,848)

Disposal Group Discontinued Operation Disposal Disclosures [Abstract]

Receivable from sale of discontinued operations

$ 175,000

Milestone Receivable from Sale of Discontinued Operations

75,000

Sale Milestone Receivable from Sale of Discontinued Operations

950,000

Net sales

$ 1,000,000

Percentage of annual net sales

30.00%

Percentage of liquidation preference receivable

100.00%

Consideration receivable under liquidation preference

$ 270,000

Cash received

183,600

Milestone received from sale of discontinued operations

$ 75,000

Gain on deconsolidation

301,500

Income (Loss) from Discontinued Operations, Net of Tax [Abstract]

Revenue, net

75,437

92,082

29,750

Operating expenses:

Cost of revenues

12,116

13,961

10,094

Research and development

24,307

61,827

71,153

Selling, general and administrative

119,879

271,310

217,058

Total operating expenses

156,302

347,098

298,305

Loss from operations

(80,865)

(255,016)

(268,555)

Change in fair value of debt

^[1]

(376,506)

(97,322)

32,105

59,615

Interest expense

^[2]

30,556

34,778

27,968

Other income, net

(11,257)

(7,473)

(16,294)

Income (loss) from discontinued operations before income taxes

373,664

(314,426)

(339,844)

Income tax expense

634

721

1,108

Income (loss) from discontinued operations, net of tax

373,030

(315,147)

(340,952)

Loss from discontinued operations before income taxes attributable to noncontrolling interests

(155)

(1,367)

(1,707)

Income (loss) from discontinued operations before income taxes attributable to Roivant Sciences Ltd.

373,819

(313,059)

(338,137)

Loss on sale of business, accumulated other comprehensive loss

(19,900)

Cash and cash equivalents

8,848

Assets:

^[3]

40,753

Property and equipment, net

^[3]

3,736

Operating lease right-of-use assets

^[3]

2,890

Intangible assets, net

^[3]

137,842

Other assets

^[3]

116,925

Total assets of discontinued operations

^[3]

302,146

Liabilities:

Accounts payable

^[3]

39,196

Accrued expenses

^[3]

56,169

Operating lease liabilities

^[3]

3,172

Long-term debt

^[3]

442,591

Other liabilities

^[3]

3,222

Total liabilities of discontinued operations

^[3]

544,350

Non-Cash Operating and Investing from Discontinued Operations [Abstract]

Change in fair value of debt

^[1]

(376,506)

Share-based compensation

9,666

12,163

13,829

(97,322)

32,105

59,615

Depreciation and amortization

8,848

6,739

11,457

8,021

Dermavant [Member] | Discontinued Operations, Disposed of by Sale [Member] | Product revenue, net [Member]

Income (Loss) from Discontinued Operations, Net of Tax [Abstract]

Revenue, net

41,599

75,057

28,011

Dermavant [Member] | Discontinued Operations, Disposed of by Sale [Member] | License, milestone and other revenue [Member]

Income (Loss) from Discontinued Operations, Net of Tax [Abstract]

Revenue, net

$ 33,838

$ 17,025

$ 1,739

Dermavant [Member] | Discontinued Operations, Disposed of by Sale [Member] | Maximum [Member]

Disposal Group Discontinued Operation Disposal Disclosures [Abstract]

Net sales

$ 1,000,000

[1]	Gain on sale of subsidiary interests includes the release of accumulated other comprehensive loss of $19.9 million, primarily associated with the realization of Dermavant’s cumulative translation adjustments.
[2]	Interest expense consists of interest payments related to outstanding debt held by Dermavant as well as the associated non-cash amortization of debt discounts and issuance costs. Additionally, for the year ended March 31, 2025, interest expense includes an $8.8 million loss on extinguishment of the Credit Facility.
[3]	Includes both current and non-current assets and liabilities of discontinued operations.

Leases, Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Maturities of Operating Lease Liabilities [Abstract]
2026	$ 10,321
2027	11,345
2028	15,140
2029	15,564
2030	14,834
Thereafter	109,402
Total lease payments	176,606
Less: present value adjustment	(67,119)
Less: tenant improvement allowance	(9,317)
Total lease liabilities	$ 100,170

Fair Value Measurements

12 Months Ended

Mar. 31, 2025

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 14—Fair Value Measurements

Recurring Fair Value Measurements

	As of March 31, 2025								As of March 31, 2024
	Level 1		Level 2		Level 3		Balance as of March 31, 2025		Level 1		Level 2		Level 3		Balance as of March 31, 2024
Assets:
Money market funds	$	2,621,457	$	—	$	—	$	2,621,457	$	6,312,288	$	—	$	—	$	6,312,288
Investment in Datavant Class A units		—		—		167,361		167,361		—		—		147,526		147,526
Investment in Arbutus common shares		135,578		—		—		135,578		100,227		—		—		100,227
Total assets at fair value	$	2,757,035	$	—	$	167,361	$	2,924,396	$	6,412,515	$	—	$	147,526	$	6,560,041
Liabilities:
Liability instruments measured at fair value⁽¹⁾		—		—		9,981		9,981		—		—		25,737		25,737
Total liabilities at fair value	$	—	$	—	$	9,981	$	9,981	$	—	$	—	$	25,737	$	25,737

⁽¹⁾	At March 31, 2025, Level 3 includes the fair value of the Earn-Out Shares of $10.0 million. At March 31, 2024, Level 3 includes the fair value of the Earn-Out Shares of $22.0 million and other liability instruments issued of $3.7 million.

There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy that occurred during the years ended March 31, 2025 and 2024.

Level 3 Disclosures

The Company measures its Level 3 assets and liabilities at fair value based on significant inputs not observable in the market, which causes them to be classified as a Level 3 measurement within the fair value hierarchy. The valuation of the Level 3 assets and liabilities uses assumptions and estimates the Company believes would be made by a market participant in making the same valuation. The Company assesses these assumptions and estimates on an ongoing basis as additional data impacting the assumptions and estimates are obtained. Changes in the fair value related to updated assumptions and estimates are recorded within the consolidated statements of operations at the end of each reporting period.

The fair value of Level 3 assets and liabilities may change significantly as additional data are obtained, impacting the Company’s assumptions regarding probabilities of potential scenarios used to estimate fair value. In evaluating this information, considerable judgment is required to interpret the data used to develop the assumptions and estimates. Accordingly, the use of different market assumptions and/or different valuation techniques may have a material effect on the estimated fair value amounts, and such changes could materially impact the Company’s results of operations in future periods.

The changes in fair value of the Level 3 assets during the years ended March 31, 2025 and 2024 were as follows (in thousands):

Balance at March 31, 2023	$	178,579
Changes in fair value of investment in Datavant, included in net income		(31,053	)
Balance at March 31, 2024		147,526
Changes in fair value of investment in Datavant, included in net loss		19,835
Balance at March 31, 2025	$	167,361

The changes in fair value of the Level 3 liabilities during the years ended March 31, 2025 and 2024 were as follows (in thousands):

Balance at March 31, 2023	$	33,651
Exercise of Private Placement Warrants		(28,090	)
Changes in fair value of liability instruments, included in net income		20,176
Balance at March 31, 2024		25,737
Changes in fair value of liability instruments, included in net loss		(15,756	)
Balance at March 31, 2025	$	9,981

Investment in Datavant

The Company elected the fair value option to account for the investment in Datavant. The estimate of fair value for this investment was determined using the income approach, market approach and implementation of the option pricing method (“OPM”). The income approach is based on the future expected cash flows, which are derived from certain assumptions attributable to Datavant including estimates of revenue growth rate, earnings before interest, taxes, depreciation and amortization and terminal growth rate. These expected cash flows are then discounted to their present value using a discount rate that reflects the risk and time value of money. The market approach estimates value by using valuation multiples derived from the stock prices of comparable publicly traded companies to determine the company’s equity value. The OPM allows for the allocation of a company’s equity value among the various equity capital owners (preferred and common shareholders). The OPM uses the preferred shareholders’ liquidation preferences, participation rights, dividend policy, and conversion rights to determine how proceeds from a liquidity event shall be distributed among the various ownership classes at a future date. The fair value was calculated using significant unobservable inputs including the following:

	Point Estimate Used
Input	As of March 31, 2025		As of March 31, 2024
Volatility		110.0%		90.0%
Discount rate		13.0%		13.0%

Earn-Out Shares

The fair value of the Earn-Out Shares issued as part of the Business Combination was calculated using the Monte Carlo simulation method under the income approach. Refer to Note 13, “Earn-Out Shares, Public Warrants and Private Placement Warrants” for additional details. Significant unobservable inputs used to calculate the fair value of the Earn-Out Shares included the following:

	Point Estimate Used
Input	As of March 31, 2025		As of March 31, 2024
Volatility		38.4%		63.2%
Risk-free rate		3.96%		4.50%

As of March 31, 2025, the Company began using a blend of its historical and implied volatility, rather than exclusively relying on historical volatility, to estimate the expected volatility assumption of various equity instruments issued by the Company. Due to changes in the Company’s capital position, the Company believes this methodology better reflects its expected future volatility. Historical volatility was 35.8% based on the remaining term of the Earn-Out Shares as of March 31, 2025.

As of March 31, 2025 and 2024, the fair value of the Earn-Out Shares was $10.0 million and $22.0 million, respectively. Earn-Out Shares were included in “Liability instruments measured at fair value” in the accompanying consolidated balance sheets.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Share-Based Compensation and Other Compensation Plans, Cash Bonus Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Cash Bonus Program [Abstract]
General and administrative expense	$ 591,410	$ 416,133	$ 383,448
Research and development expense	550,413	439,909	$ 454,062
Cash Bonus Program [Member]
Cash Bonus Program [Abstract]
Compensation-related expenses		79,700
General and administrative expense	21,200	35,600
Research and development expense	$ 5,800	$ 9,900

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Share-based compensation	$ 289,029	$ 199,627	$ 217,781
Research and Development Expense [Member]
Share-based compensation	39,780	32,400	28,669
General and Administrative Expense [Member]
Share-based compensation	$ 239,505	$ 154,873	$ 175,019

Summary of Significant Accounting Policies, Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Cash and cash equivalents	$ 2,715,411	$ 6,494,953
Restricted cash (included in "Other current assets")	2,358	3,067
Restricted cash (included in "Other assets")	7,892	8,169
Cash, cash equivalents and restricted cash	$ 2,725,661	$ 6,506,189

Segment Information

12 Months Ended

Mar. 31, 2025

Segment Information [Abstract]

Segment Information

Note 16—Segment Information

The Company is operated and managed as a single operating and reportable segment which focuses on the discovery, development and commercialization of medicines and technologies. The Company’s Chief Operating Decision Maker (“CODM”) is its chief executive officer.

The CODM assesses performance for the Company based on net (loss) income, which is reported on the consolidated statements of operations and comprehensive (loss) income as net (loss) income. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval. As such, the CODM uses cash forecast models and budgeted versus actual results to assess performance, make operating decisions and allocate resources across the Company including to various Vants and research and development projects.

The Company’s significant segment expenses are as follows:

	Years Ended March 31,
	2025			2024			2023

Revenue	$	29,053		$	32,713		$	31,530
Less:
Cost of revenues		911			1,599			3,034
Program-specific research and development expenses:
Anti-FcRn franchise—neurological diseases		93,224			41,060			52,100
Anti-FcRn franchise—endocrine diseases		63,073			33,205			26,377
Anti-FcRn franchise—rheumatology diseases		23,897			—			—
Anti-FcRn franchise—dermatology diseases		15,633			—			—
Anti-FcRn franchise—other clinical and nonclinical		9,327			39,811			5,553
Brepocitinib		45,125			38,563			38,627
Mosliciguat		19,746			4,307			—
Other development and discovery programs		57,729			92,270			159,893
Research and development share-based compensation		39,780			32,400			28,669
Research and development personnel-related expenses		146,162			123,283			118,523
Other research and development expenses		36,717			35,010			24,320
Acquired in-process research and development		—			26,450			97,749
General and administrative share-based compensation		239,505			154,873			175,019
General and administrative personnel-related expenses		205,737			126,163			99,141
Other general and administrative expenses		146,168			135,097			109,288
Gain on sale of Telavant net assets		(110,387	)		(5,348,410	)		—
Change in fair value of investments		(55,186	)		47,973			20,815
Change in fair value of liability instruments		(15,756	)		46,838			18,386
Gain on deconsolidation of subsidiaries		(3,108	)		(32,772	)		(29,276	)
Interest income		(258,375	)		(146,425	)		(32,184	)
Other expense, net		10,721			13,562			486
Income tax expense		48,174			21,503			4,082
(Income) loss from discontinued operations, net of tax		(373,030	)		315,147			226,391
Net (loss) income	$	(356,734	)	$	4,231,206		$	(1,115,463	)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Compensation and Other Compensation Plans, Summary of Long-Term Equity Incentive Awards Approved (Details)
$ in Millions

1 Months Ended

Jul. 31, 2024

Tranche

Jul. 31, 2024

USD ($)

Tranche

Performance of grant date

5 years

Term of trailing trading days, weighted average price use to calculate performance condition of PSUs

30 days

Performance Restricted Stock Units [Member]

Number of tranches available for vesting | Tranche

PSUs holding period before common shares may be sold by executive

2 years

Performance Restricted Stock Units [Member] | Chief Executive Officer [Member]

Performance Restricted Stock Units [Member] | CEO and CIO [Member]

14,450,000

Aggregate grant date fair value | $

$ 278.2

Performance Restricted Stock Units [Member] | President and Chief Investment Officer [Member]

Performance Restricted Stock Units [Member] | President and Chief Operating Officer [Member]

17,000,000

Restricted Stock Units [Member] | Chief Executive Officer [Member]

^[1]

Authorized (in shares)

11,900,000

Restricted Stock Units [Member] | CEO and CIO [Member]

2,754,821

Aggregate grant date fair value | $

$ 51.8

Restricted Stock Units [Member] | President and Chief Investment Officer [Member]

Restricted Stock Units [Member] | President and Chief Operating Officer [Member]

1,836,547

Stock Options [Member] | Chief Executive Officer [Member]

204,000

Stock Options [Member] | President and Chief Investment Officer [Member]

Stock Options [Member] | President and Chief Operating Officer [Member]

Aggregate grant date fair value | $

409,000

$ 2.9

[1]	The Company entered into a letter agreement pursuant to which Dr. Venker may be granted up to 11,900,000 PSUs in the future, in the sole discretion of the Compensation Committee of the board of directors.

Share-Based Compensation and Other Compensation Plans, Stock Options and Performance Stock Options under RSL Equity Plans (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2025 USD ($) Plan $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Compensation [Abstract]
Number of equity incentive plans \| Plan	3
RSL 2021 EIP [Member]
Share-Based Compensation [Abstract]
Common shares reserved for future issuance (in shares)	182,389,866
Equity incentive plan term	10 years
Common shares available for future grants (in shares)	41,801,628
Stock Options and Performance Stock Options [Member] \| RSL Equity Plans [Member]
Number of Shares [Roll Forward]
Options outstanding, beginning balance (in shares)	147,068,607
Granted (in shares)	4,815,932
Exercised (in shares)	(12,207,713)
Forfeited/Canceled (in shares)	(264,728)
Options outstanding, ending balance (in shares)	139,412,098	147,068,607
Options exercisable at September 30, 2023 (in shares)	110,692,263
Average Exercise Price [Roll Forward]
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 8.03
Granted (in dollars per share) \| $ / shares	10.76
Exercised (in dollars per share) \| $ / shares	4.11
Forfeited/Canceled (in dollars per share) \| $ / shares	6.9
Outstanding, beginning balance (in dollars per share) \| $ / shares	8.46	$ 8.03
Exercisable, period end (in dollars per share) \| $ / shares	$ 9.16
Weighted-Average Remaining Contractual Term [Abstract]
Outstanding, weighted-average remaining contractual term	4 years 8 months 8 days	5 years 8 months 12 days
Exercisable, weighted-average remaining contractual term	4 years
Aggregate Intrinsic Value [Abstract]
Outstanding, aggregate intrinsic value \| $	$ 384,006	$ 499,487
Exercisable, aggregate intrinsic value \| $	256,167
Unrecognized compensation expense \| $	$ 95,400
Remaining weighted-average service period	1 year 4 months 24 days

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies

(A) Basis of Presentation and Principles of Consolidation

The Company’s fiscal year ends on March 31, and its fiscal quarters end on June 30, September 30 and December 31.

The accompanying audited consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

(B) Use of Estimates

(D) Segment Reporting

(E) Cash, Cash Equivalents and Restricted Cash

	March 31, 2025		March 31, 2024

Cash and cash equivalents	$	2,715,411	$	6,494,953
Restricted cash (included in “Other current assets”)		2,358		3,067
Restricted cash (included in “Other assets”)		7,892		8,169
Cash, cash equivalents and restricted cash	$	2,725,661	$	6,506,189

(F) Marketable Securities

(G) Contingencies

(H) Property and Equipment

Property and Equipment		Estimated Useful Life
Computers		3 years
Laboratory and other equipment		5 - 10 years
Furniture and fixtures		7 years
Software		3 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term

(I) Investments in Equity Securities

(J) Fair Value Measurements

•

Level 1-Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

•

Level 3-Valuations are based on inputs that are unobservable (supported by little or no market activity) and significant to the overall fair value measurement.

(K) Research and Development Expenses

(L) Acquired In-Process Research and Development Expenses

(M) General and Administrative Expenses

(N) Leases

(O) Income Taxes

(P) Share-Based Compensation

Stock options may be settled in cash or in shares of common stock, including a net issuance using shares otherwise purchasable under the option to pay the exercise price.

(Q) Foreign Currency

(R) Revenue Recognition

•

Trade Receivables, Net

(S) Recently Adopted Accounting Pronouncements

(T) Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date.

Income Taxes, (Loss) Income Before Income Taxes and Related Expense (Benefit) (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

$ (681,590)

$ 4,567,856

$ (884,990)

Bermuda [Member]

^[1]

(80,590)

5,189,812

(40,738)

United States [Member]

(174,763)

(232,592)

(437,944)

Switzerland [Member]

(426,478)

(389,948)

(402,611)

Other [Member]

$ 241

$ 584

$ (3,697)

[1]	Primarily entities which are centrally managed and controlled in the U.K. and are subject to U.K. taxes.

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2025

Cash, Cash Equivalents, and Restricted Cash

	March 31, 2025		March 31, 2024

Cash and cash equivalents	$	2,715,411	$	6,494,953
Restricted cash (included in “Other current assets”)		2,358		3,067
Restricted cash (included in “Other assets”)		7,892		8,169
Cash, cash equivalents and restricted cash	$	2,725,661	$	6,506,189

Estimated Useful Life

The following table provides the range of estimated useful lives used for each asset type:

Property and Equipment		Estimated Useful Life
Computers		3 years
Laboratory and other equipment		5 - 10 years
Furniture and fixtures		7 years
Software		3 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Mar. 31, 2025 shares	Mar. 31, 2025 shares
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement		On March 28, 2025, Eric Venker, RSI’s President and Chief Operating Officer, entered into a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The plan provided for the potential sale of up to 3,842,209 common shares held by Mr. Venker between October 6, 2025 and October 13, 2026.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Eric Venker [Member] \| Sale [Member]
Trading Arrangements, by Individual [Table]
Name	Eric Venker
Title	President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 28, 2025
Arrangement Duration	565 days
Aggregate Available	3,842,209	3,842,209
Expiration Date	October 13, 2026

Income Taxes, Reconciliation of Income Tax Expense (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Reconciliation of Income Tax Provision, Amount [Abstract]

Income tax expense at Bermuda statutory tax rate

$ 0

Foreign rate differential

^[1]

(112,413)

1,196,877

(163,093)

Permanent disallowed IPR&D

17,714

Tax effect of changes in the fair value of investments and loss from equity method investments

(12,813)

15,431

4,118

Substantial shareholding exemption

(27,597)

(1,337,102)

Nondeductible executive compensation

54,558

19,727

20,558

Tax deficiencies (excess tax benefits) from stock-based compensation

(16,676)

(21,668)

3,311

Other permanent adjustments

37,096

40,085

12,065

Research tax credits

(31,840)

(22,863)

(12,217)

Valuation allowance

134,855

43,754

108,000

Reversal of certain deferred tax assets

^[2]

25,062

87,262

11,630

Other

(2,058)

1,996

Total income tax expense

$ 48,174

$ 21,503

$ 4,082

Reconciliation of Income Tax Provision/(Benefit), Percent [Abstract]

Income tax expense at Bermuda statutory tax rate

0.00%

Foreign rate differential

^[1]

16.49%

26.20%

18.43%

Permanent disallowed IPR&D

0.00%

(2.00%)

Tax effect of changes in the fair value of investments and loss from equity method investments

1.88%

0.34%

(0.47%)

Substantial shareholding exemption

4.05%

(29.27%)

0.00%

Nondeductible executive compensation

(8.00%)

0.43%

(2.32%)

Tax deficiencies (excess tax benefits) from stock-based compensation

2.45%

(0.47%)

(0.37%)

Other permanent adjustments

(5.44%)

0.88%

(1.36%)

Research tax credits

4.67%

(0.50%)

1.38%

Valuation allowance

(19.79%)

0.96%

(12.20%)

Reversal of certain deferred tax assets

^[2]

(3.68%)

1.90%

(1.32%)

Other

0.30%

0.00%

(0.23%)

Total income tax expense

(7.07%)

0.47%

(0.46%)

[1]	Primarily related to operations in the U.S., Switzerland, the U.K., and other jurisdictions with statutory tax rates different than the Bermuda rate.
[2]	Primarily relates to deferred tax assets associated with entities no longer included in the consolidated financial statements (i.e., sold, deconsolidated or liquidated) and Switzerland expiring net operating losses.

Recent Transactions and Developments

12 Months Ended

Mar. 31, 2025

Recent Transactions and Developments [Abstract]

Recent Transactions and Developments

Note 5—Recent Transactions and Developments

(A) Telavant Disposition

On December 14, 2023 (the “Transaction Date”), the Company completed the sale of its entire equity interest in its majority-owned subsidiary Telavant to Roche Holdings, Inc. (“Roche”) (the “Roche Transaction”). The Roche Transaction was made pursuant to a Stock Purchase Agreement dated October 22, 2023 among the Company, Telavant, Pfizer Inc. (“Pfizer”) and Roche (the “Stock Purchase Agreement”). Telavant was jointly formed by the Company and Pfizer in November 2022 to develop and commercialize RVT-3101, an anti-TL1A antibody in development for ulcerative colitis (“UC”) and Crohn’s disease, in the U.S. and Japan. Telavant’s in-license of RVT-3101 from Pfizer was accounted for as an asset acquisition as the acquired assets did not meet the definition of a business. The fair value of consideration transferred was $87.7 million, primarily consisting of preferred stock issued to Pfizer. The acquired rights were determined to have no alternative future use. Accordingly, the Company recorded $87.7 million as acquired in process research and development expense in the accompanying consolidated statements of operations for the year ended March 31, 2023. Prior to the Roche Transaction, the Company held 75% of the issued and outstanding shares of common stock and preferred stock of Telavant, and Pfizer owned the remaining 25%, in each case on an as-converted basis.

Pursuant to the Stock Purchase Agreement, Roche acquired all of the issued and outstanding shares of capital stock of Telavant in exchange for approximately $7.1 billion in cash at the closing of the Roche Transaction in December 2023, as well as a one-time milestone payment of $150 million in cash, paid in August 2024 following the initiation of a Phase 3 trial in UC. The $7.1 billion in closing consideration and $150 million one-time milestone payment were paid to all of Telavant’s equity holders, including holders of Telavant RSUs, on a pro rata basis relative to their ownership of Telavant prior to the closing of the Roche Transaction. The Company received an upfront payment of approximately $5.2 billion in cash as its pro rata portion of the consideration upon closing of the Roche Transaction and a one-time milestone payment of approximately $110.4 million as its pro rata portion of the milestone payment following initiation of a Phase 3 trial in UC.

At the closing of the Roche Transaction, Roche acquired the full rights to further develop and manufacture RVT- 3101 and commercialize it in the U.S. and Japan. Outside of the U.S. and Japan, Pfizer holds commercialization rights. In addition, following the closing of the Roche Transaction, Roche acquired Telavant’s option to enter into a global collaboration with Pfizer on a next generation p40/TL1A directed bispecific antibody.

The Telavant entity that was sold did not meet the definition of a business, and therefore the Company concluded that the Roche Transaction was a sale of non-financial assets, with control transferred at closing. The sale of Telavant did not meet the criteria for reporting discontinued operations as the sale does not represent a strategic shift in the Company’s business. The Company recognized a gain on sale of Telavant net assets of approximately $5.3 billion during the year ended March 31, 2024 in the accompanying consolidated statements of operations. The gain does not include the Company’s portion of the one-time milestone payment, which was recognized when the milestone was achieved in June 2024. Accordingly, the Company recognized a gain on sale of Telavant net assets of $110.4 million for its pro rata portion of the one-time milestone payment during the year ended March 31, 2025. The gain on sale of Telavant net assets qualifies under the substantial shareholding exemption in the United Kingdom (“U.K.”) and consequently is not subject to the corporation income tax. The table below summarizes the calculation of the gain recognized during the year ended March 31, 2024.

	(in thousands)
Consideration:
Upfront cash payment	$	5,234,373
Carrying amount of noncontrolling interest derecognized		87,500
Total consideration		5,321,873

Assets sold		3,253
Liabilities transferred		29,790
Net liabilities sold		(26,537	)

Gain on sale of Telavant net assets	$	5,348,410

The pretax loss generated by Telavant was $71.1 million for the period from April 1, 2023 to the Transaction Date and $101.9 million for the period from inception on November 14, 2022 to March 31, 2023. The entirety of the Telavant pretax losses was attributable to the Company.

(B) Asset Acquisition

In July 2023, Pulmovant Inc. (“Pulmovant”), a wholly-owned subsidiary of the Company, in-licensed certain intellectual property rights in exchange for a $14.0 million upfront cash payment. The transaction was accounted for as an asset acquisition as the acquired assets did not meet the definition of a business. The acquired rights represent in-process research and development assets, which were determined to have no alternative future use. Accordingly, the Company recorded $14.0 million as acquired in-process research and development expense in the accompanying consolidated statements of operations for the year ended March 31, 2024.

Additionally, Pulmovant agreed to pay up to $280 million of future development, regulatory and commercial milestone payments and tiered high-single digit sales-based royalties.

In July 2023, VantAI Holdings, Inc. (“VantAI”), a wholly-owned subsidiary of the Company, completed a transaction pursuant to which SK, Inc. (“SK”) contributed $6.0 million to VantAI in exchange for preferred shares in VantAI (the “VantAI Preferred Financing”). In August 2023, the Company and SK Biopharmaceuticals Co., Ltd. (“SK Bio”), a subsidiary of SK, completed a transaction pursuant to which SK Bio purchased all of the Company’s shares in Proteovant Sciences, Inc. (“Proteovant”) in exchange for $47.5 million.

As a result of changes in governance and voting rights, the Company determined that it no longer held a controlling financial interest in VantAI. Accordingly, the Company deconsolidated VantAI as of July 2023. The Company recorded a $17.4 million gain on deconsolidation of Proteovant and VantAI in the accompanying consolidated statements of operations for the year ended March 31, 2024.

Upon deconsolidation, the Company recorded its $9.0 million retained investment in VantAI based upon the fair value of the preferred shares held by the Company. Due to the Company’s significant influence over the operating and financial policies of VantAI, the Company accounts for its retained interest under the equity method of accounting.

Earn-Out Shares, Public Warrants and Private Placement Warrants (Details) - $ / shares		3 Months Ended	12 Months Ended
	Aug. 31, 2023	Jun. 30, 2023	Mar. 31, 2025
Public Warrants and Private Placement Warrants [Abstract]
Redemption price (in dollars per share)		$ 0.1
Cashless warrant exercised (in shares)		20,061,507
Unexercised public warrants (in shares)		413,971
Private Placement Warrants [Member]
Public Warrants and Private Placement Warrants [Abstract]
Aggregate value of shares exchanged on a cashless basis (in shares)		2,548,621
Private Placement Warrants [Member] \| Minimum [Member]
Public Warrants and Private Placement Warrants [Abstract]
Exercise price of warrants (in dollars per share)			$ 18
Public Warrants [Member]
Public Warrants and Private Placement Warrants [Abstract]
Class of warrant outstanding (in shares)		20,475,875
Redemption price (in dollars per share)			$ 0.1
Warrant exercised (in shares)		397
Aggregate value of shares exchanged (in shares)		397
Aggregate value of shares exchanged on a cashless basis (in shares)		5,005,531
Public Warrants [Member] \| Maximum [Member]
Public Warrants and Private Placement Warrants [Abstract]
Number of trading days			30 days
Public Warrants [Member] \| Minimum [Member]
Public Warrants and Private Placement Warrants [Abstract]
Number of trading days			20 days
Public Warrants [Member] \| Common Stock [Member]
Public Warrants and Private Placement Warrants [Abstract]
Cash exercise price (in dollars per share)		$ 11.5
Public Warrants [Member] \| Common Stock [Member] \| Minimum [Member]
Public Warrants and Private Placement Warrants [Abstract]
Sale price (in dollars per share)			$ 10
Public and Private Warrants [Member] \| Common Stock [Member]
Public Warrants and Private Placement Warrants [Abstract]
Cash exercise price (in dollars per share)	$ 11.5
Cashless exercise price (in dollars per share)	$ 11.5
Number of common shares issued to surrendering holder per warrant (in shares)	0.2495
MAAC Sponsor [Member]
Earn-Out Shares [Abstract]
Number of earn-out shares vested (in shares)			0
Public Warrants and Private Placement Warrants [Abstract]
Period to exercise warrants after business combination			30 days
Warrants expiration period			5 years
MAAC Sponsor [Member] \| 20% Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)			2,033,591
Percentage of earn-out shares			20.00%
MAAC Sponsor [Member] \| 10 % Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)			1,016,796
Percentage of earn-out shares			10.00%
MAAC Sponsor [Member] \| Independent Directors [Member] \| 20% Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)			10,000
Number of trading days to meet earn-out price threshold			20 days
Trading day period for earn-out shares			30 days
MAAC Sponsor [Member] \| Independent Directors [Member] \| 20% Earn-Out [Member] \| Minimum [Member]
Earn-Out Shares [Abstract]
Earn-out share price (in dollars per share)			$ 15
MAAC Sponsor [Member] \| Independent Directors [Member] \| 10 % Earn-Out [Member]
Earn-Out Shares [Abstract]
Common shares issued (in shares)			5,000
Number of trading days to meet earn-out price threshold			20 days
Trading day period for earn-out shares			30 days
MAAC Sponsor [Member] \| Independent Directors [Member] \| 10 % Earn-Out [Member] \| Minimum [Member]
Earn-Out Shares [Abstract]
Earn-out share price (in dollars per share)			$ 20
MAAC Sponsor [Member] \| Private Placement Warrants [Member]
Public Warrants and Private Placement Warrants [Abstract]
Class of warrant outstanding (in shares)			10,214,365
Exercise price of warrants (in dollars per share)			$ 11.5
MAAC Sponsor [Member] \| Public Warrants [Member]
Public Warrants and Private Placement Warrants [Abstract]
Class of warrant outstanding (in shares)			20,535,896
Exercise price of warrants (in dollars per share)			$ 11.5

Description of Business and Liquidity (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Liquidity [Abstract]
Cash and cash equivalents and marketable securities	$ 4,886,891	$ 6,494,953
Retained earnings	116,060	576,172
Net income (loss) from continuing operations	$ (729,764)	$ 4,546,353	$ (889,072)
Telavant Holdings, Inc [Member]
Liquidity [Abstract]
Cash payment received for sale of assets				$ 5,200,000

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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Amount of accumulated undistributed earnings (deficit).

+ References + Details

Certain Balance Sheet Components, Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Other Current Liabilities [Abstract]
Deferred revenue	$ 1,168	$ 4,168
Income tax payable	416	9,773
Total other current liabilities	$ 1,584	$ 13,941

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Comprehensive (Loss) Income [Abstract]
Net (loss) income	$ (356,734)	$ 4,231,206	$ (1,115,463)
Other comprehensive income (loss):
Change in fair value of debt due to change in subsidiary credit risk	(1,200)	0	0
Foreign currency translation adjustment	(5,210)	(936)	(1,490)
Amounts reclassified from accumulated other comprehensive income (loss)	19,869	0	0
Total other comprehensive income (loss)	13,459	(936)	(1,490)
Comprehensive (loss) income	(343,275)	4,230,270	(1,116,953)
Comprehensive loss attributable to noncontrolling interests	(184,815)	(117,190)	(106,252)
Comprehensive (loss) income attributable to Roivant Sciences Ltd.	$ (158,460)	$ 4,347,460	$ (1,010,701)

Income Taxes

12 Months Ended

Mar. 31, 2025

Income Taxes [Abstract]

Income Taxes

Note 10—Income Taxes

The (loss) income before income taxes and the related expense (benefit) are as follows (in thousands):

	Years Ended March 31,
	2025				2024				2023
(Loss) income before income taxes:
Bermuda⁽¹⁾		$	(80,590	)		$	5,189,812			$	(40,738	)
United States			(174,763	)			(232,592	)			(437,944	)
Switzerland			(426,478	)			(389,948	)			(402,611	)
Other			241				584				(3,697	)
Total (loss) income from continuing operations before income taxes		$	(681,590	)		$	4,567,856			$	(884,990	)

⁽¹⁾	Primarily entities which are centrally managed and controlled in the U.K. and are subject to U.K. taxes.

	Years Ended March 31,
	2025		2024			2023
Current taxes:
Bermuda	$	—	$	—		$	—
United States⁽¹⁾		48,174		21,813			4,204
Switzerland		—		—			—
Other		—		(310	)		(122	)
Total current tax expense	$	48,174	$	21,503		$	4,082
Deferred taxes:
Bermuda	$	—	$	—		$	—
United States		—		—			—
Switzerland		—		—			—
Other		—		—			—
Total deferred tax benefit	$	—	$	—		$	—
Total income tax expense	$	48,174	$	21,503		$	4,082

⁽¹⁾	Inclusive of the state and local income taxes.

	Year Ended					Year Ended					Year Ended
	March 31, 2025					March 31, 2024					March 31, 2023
Income tax expense at Bermuda statutory tax rate	$	—		—	%	$	—		—	%	$	—		—	%
Foreign rate differential⁽¹⁾		(112,413	)	16.49	%		1,196,877		26.20	%		(163,093	)	18.43	%
Permanent disallowed IPR&D		—		—	%		—		—	%		17,714		(2.00	)%
Tax effect of changes in the fair value of investments and loss from equity method investments		(12,813	)	1.88	%		15,431		0.34	%		4,118		(0.47	)%
Substantial shareholding exemption		(27,597	)	4.05	%		(1,337,102	)	(29.27	)%		—		—	%
Nondeductible executive compensation		54,558		(8.00	)%		19,727		0.43	%		20,558		(2.32	)%
Tax deficiencies (excess tax benefits) from stock-based compensation		(16,676	)	2.45	%		(21,668	)	(0.47	)%		3,311		(0.37	)%
Other permanent adjustments		37,096		(5.44	)%		40,085		0.88	%		12,065		(1.36	)%
Research tax credits		(31,840	)	4.67	%		(22,863	)	(0.50	)%		(12,217	)	1.38	%
Valuation allowance		134,855		(19.79	)%		43,754		0.96	%		108,000		(12.20	)%
Reversal of certain deferred tax assets⁽²⁾		25,062		(3.68	)%		87,262		1.90	%		11,630		(1.32	)%
Other		(2,058	)	0.30	%		—		—	%		1,996		(0.23	)%
Total income tax expense	$	48,174		(7.07	)%	$	21,503		0.47	%	$	4,082		(0.46	)%

⁽¹⁾	Primarily related to operations in the U.S., Switzerland, the U.K., and other jurisdictions with statutory tax rates different than the Bermuda rate.

⁽²⁾	Primarily relates to deferred tax assets associated with entities no longer included in the consolidated financial statements (i.e., sold, deconsolidated or liquidated) and Switzerland expiring net operating losses.

The Company’s effective tax rate for the years ended March 31, 2025, 2024 and 2023 was (7.07)%, 0.47% and (0.46)%, respectively. The effective tax rate for the year ended March 31, 2025 is driven by earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets. The effective tax rate for the year ended March 31, 2024 is driven by the Company’s gain on sale of Telavant net assets, which qualifies for the substantial shareholding exemption in the U.K. and consequently is not subject to the corporation income tax, as well as earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets. The effective tax rate for the year ended March 31, 2023 is driven by the earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets.

Deferred taxes reflect the tax effects of the differences between the amounts recorded as assets and liabilities for financial reporting purposes and the comparable amounts recorded for income tax purposes. Significant components of the deferred tax assets (liabilities) at March 31, 2025 and 2024 are as follows (in thousands):

	March 31, 2025			March 31, 2024
Deferred tax assets
Research tax credits	$	54,101		$	39,536
Intangible assets		16,939			18,167
Capitalized research and development		41,387			32,124
Net operating loss		469,339			359,971
Share-based compensation		103,515			95,624
Lease liabilities		21,687			12,229
Other assets		18,001			14,256
Subtotal		724,969			571,907
Valuation allowance		(701,219	)		(558,868	)

Deferred tax liabilities
Depreciation		(561	)		(645	)
Right-of-use assets		(19,270	)		(10,008	)
Other liabilities		(3,919	)		(2,386	)
Total deferred tax assets/(liabilities)	$	—		$	—

The Company has net operating losses in Switzerland, the U.S. and the U.K. in the amount of $2,582.9 million, $223.3 million and $342.0 million, respectively. The Switzerland net operating losses will expire in varying amounts between March 31, 2026 and March 31, 2032. The U.S. net operating losses can be carried forward indefinitely with utilization limited to 80% of future taxable income for tax years beginning on or after January 1, 2021, while the U.K. and other net operating losses can be carried forward indefinitely as well, with an annual limitation on utilization. The Company has $47.1 million of federal research tax credit carryforwards in the U.S., which will expire in varying amounts between March 31, 2039 and March 31, 2045. Additionally, credits of $7.0 million are related to various states and Canada.

The Company assesses the realizability of the 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 record a valuation allowance as necessary. Due to the Company’s cumulative loss position which provides significant negative evidence difficult to overcome, the Company has recorded a valuation allowance of $701.2 million as of March 31, 2025, representing the portion of the deferred tax asset that is not more likely than not to be realized. For the period April 1, 2024 through March 31, 2025, the valuation allowance increased by $142.4 million, primarily as a result of corresponding increases in our global net operating losses. The amount of the deferred tax asset considered realizable could be adjusted for future factors that would impact the assessment of the objective and subjective evidence of the Company. The Company will continue to assess the realizability of deferred tax assets at each balance sheet date in order to determine the amount, if any, required for a valuation allowance.

There are outside basis differences related to the Company’s investment in subsidiaries for which no deferred taxes have been recorded, as these would not be subject to tax on repatriation, as Bermuda has no tax regime for Bermuda exempted limited companies, and the U.K. tax regime relating to company distributions and sales generally provides for exemption from tax for most overseas profits, subject to certain exceptions.

The Company is subject to tax and is required to file U.S., U.K. and Switzerland federal income tax returns, as well as income tax returns in various state, local and foreign jurisdictions. The Company is subject to tax examinations for tax years ended March 31, 2019 and forward in major taxing jurisdictions. Tax audits and examinations can involve complex issues, interpretations and judgments. The resolution of matters may span multiple years particularly if subject to litigation or negotiation. The Company believes it has appropriately recorded its tax position using reasonable estimates and assumptions, however, the potential tax benefits may impact the results of operations or cash flows in the period of resolution, settlement or when the statutes of limitations expire.

The Company’s unrecognized tax benefit activity during the years ended March 31, 2025, 2024 and 2023 were not material to the Company’s consolidated financial statements. No interest and penalties related to unrecognized tax benefits were recorded as of March 31, 2025, 2024 or 2023.

The entire disclosure for income tax.

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Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 2,715,411	$ 6,494,953
Marketable securities	2,171,480	0
Other current assets	113,173	80,605
Current assets of discontinued operations (Note 6)	0	156,270
Total current assets	5,000,064	6,731,828
Property and equipment, net	12,056	15,322
Operating lease right-of-use assets	89,021	44,002
Investments measured at fair value	302,939	247,753
Other assets	32,860	37,701
Noncurrent assets of discontinued operations (Note 6)	0	145,876
Total assets	5,436,940	7,222,482
Current liabilities:
Accounts payable	23,691	14,029
Accrued expenses	114,294	119,417
Operating lease liabilities	9,842	8,966
Other current liabilities	1,584	13,941
Current liabilities of discontinued operations (Note 6)	0	110,405
Total current liabilities	149,411	266,758
Liability instruments measured at fair value	9,981	25,737
Operating lease liabilities, noncurrent	90,328	45,020
Other liabilities	22	2,493
Noncurrent liabilities of discontinued operations (Note 6)	0	433,945
Total liabilities	249,742	773,953
Commitments and contingencies (Note 12)
Shareholders' equity:
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 shares authorized and 695,938,323 and 806,677,954 shares issued and outstanding at March 31, 2025 and 2024, respectively	0	0
Additional paid-in capital	4,562,107	5,396,492
Retained earnings	116,060	576,172
Accumulated other comprehensive income (loss)	9,438	(4,083)
Shareholders' equity attributable to Roivant Sciences Ltd.	4,687,605	5,968,581
Noncontrolling interests	499,593	479,948
Total shareholders' equity	5,187,198	6,448,529
Total liabilities and shareholders' equity	$ 5,436,940	$ 7,222,482

Discontinued Operations (Tables)

12 Months Ended

Mar. 31, 2025

Discontinued Operations [Abstract]

Discontinued Operations

The following table presents components of discontinued operations related to the Dermavant Transaction included in “Income (loss) from discontinued operations, net of tax” (in thousands):

	Years Ended March 31,
	2025			2024			2023
Product revenue, net	$	41,599		$	75,057		$	28,011
License, milestone and other revenue		33,838			17,025			1,739
Revenue, net		75,437			92,082			29,750
Operating expenses:
Cost of revenues		12,116			13,961			10,094
Research and development		24,307			61,827			71,153
Selling, general and administrative		119,879			271,310			217,058
Total operating expenses		156,302			347,098			298,305
Loss from operations		(80,865	)		(255,016	)		(268,555	)
Gain on sale of subsidiary interests⁽¹⁾		(376,506	)		—			—
Change in fair value of debt		(97,322	)		32,105			59,615
Interest expense⁽²⁾		30,556			34,778			27,968
Other income, net		(11,257	)		(7,473	)		(16,294	)
Income (loss) from discontinued operations before income taxes		373,664			(314,426	)		(339,844	)
Income tax expense		634			721			1,108
Income (loss) from discontinued operations, net of tax	$	373,030		$	(315,147	)	$	(340,952	)

Loss from discontinued operations before income taxes attributable to noncontrolling interests	$	(155	)	$	(1,367	)	$	(1,707	)
Income (loss) from discontinued operations before income taxes attributable to Roivant Sciences Ltd.		373,819			(313,059	)		(338,137	)
Income (loss) from discontinued operations before income taxes	$	373,664		$	(314,426	)	$	(339,844	)

⁽¹⁾	Gain on sale of subsidiary interests includes the release of accumulated other comprehensive loss of $19.9 million, primarily associated with the realization of Dermavant’s cumulative translation adjustments.

⁽²⁾

The following table presents the major classes of Dermavant’s assets and liabilities at March 31, 2024 that were reclassified as assets and liabilities of discontinued operations (in thousands):

	March 31, 2024⁽¹⁾
Assets:
Cash and cash equivalents	$	40,753
Property and equipment, net		3,736
Operating lease right-of-use assets		2,890
Intangible assets, net		137,842
Other assets		116,925
Total assets of discontinued operations	$	302,146
Liabilities:
Accounts payable	$	39,196
Accrued expenses		56,169
Operating lease liabilities		3,172
Long-term debt		442,591
Other liabilities		3,222
Total liabilities of discontinued operations	$	544,350

⁽¹⁾	Includes both current and non-current assets and liabilities of discontinued operations.

	Years Ended March 31,
	2025			2024		2023
Gain on sale of subsidiary interests	$	(376,506	)	$	—	$	—
Share-based compensation	$	9,666		$	12,163	$	13,829
Change in fair value of debt	$	(97,322	)	$	32,105	$	59,615
Loss on extinguishment of debt	$	8,848		$	—	$	—
Depreciation and amortization	$	6,739		$	11,457	$	8,021

	Year Ended March 31, 2023
Gain on recovery of contingent consideration	$	(114,561	)
Proceeds from sale of Myovant Top-Up Shares	$	114,561

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Leases, Lease Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Lease Agreement [Abstract]
Operating lease right-of-use assets	$ 89,021	$ 44,002
Operating lease liability	100,170
RSI Lease Agreement [Member]
Lease Agreement [Abstract]
Operating lease right-of-use assets	49,100
Operating lease liability	$ 49,100
RSI Lease Agreement [Member] \| Minimum [Member]
Lease Agreement [Abstract]
Lease renewal term	5 years
RSI Lease Agreement [Member] \| Maximum [Member]
Lease Agreement [Abstract]
Lease renewal term	10 years

Recent Transactions and Developments, Telavant Disposition (Details) - USD ($) $ in Thousands		1 Months Ended			5 Months Ended	8 Months Ended	12 Months Ended
	Dec. 14, 2023	Aug. 31, 2024	Dec. 31, 2023	Nov. 30, 2022	Mar. 31, 2023	Dec. 14, 2023	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Consideration [Abstract]
Gain on sale of Telavant net assets							$ 110,387	$ 5,348,410	$ 0
Telavant Holdings, Inc. [Member]
Telavant Disposition [Abstract]
Fair value of consideration transferred				$ 87,700
Acquired in process research and development expense									$ 87,700
Consideration [Abstract]
Pretax loss					$ (101,900)	$ (71,100)
Telavant Holdings, Inc. [Member] \| RSL [Member]
Telavant Disposition [Abstract]
Ownership of subsidiary	75.00%					75.00%
Consideration [Abstract]
Gain on sale of Telavant net assets							$ 110,400	5,300,000
Telavant Holdings, Inc. [Member] \| Pfizer [Member]
Telavant Disposition [Abstract]
Ownership of subsidiary	25.00%					25.00%
Roche Transaction [Member]
Consideration [Abstract]
Upfront cash payment	$ 7,100,000		$ 7,100,000
Consideration to be received from milestone	150,000	$ 150,000
Roche Transaction [Member] \| RSL [Member]
Consideration [Abstract]
Upfront cash payment	5,234,373
Consideration to be received from milestone	110,400
Carrying amount of noncontrolling interest derecognized								87,500
Total consideration								5,321,873
Assets sold								3,253
Liabilities transferred								29,790
Net liabilities sold								$ (26,537)
Gain on sale of Telavant net assets	$ 5,348,410

Consolidated Statements of Shareholders' Equity and Redeemable Noncontrolling Interest - USD ($) $ in Thousands	Redeemable Noncontrolling Interest [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	(Accumulated Deficit) / Retained Earnings [Member]	Noncontrolling Interests [Member]	Total
Beginning balance at Mar. 31, 2022	$ 22,491
Increase (Decrease) in Temporary Equity [Roll Forward]
Deconsolidation of subsidiary	(22,491)
Ending balance at Mar. 31, 2023	0
Beginning balance at Mar. 31, 2022		$ 0	$ 4,421,614	$ (946)	$ (2,763,724)	$ 381,999	$ 2,038,943
Beginning balance (in shares) at Mar. 31, 2022		694,975,965
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of the Company's common shares, net of issuance costs		$ 0	311,683	0	0	0	311,683
Issuance of the Company's common shares, net of issuance costs (in shares)		50,666,665
Issuance of common shares in connection with equity incentive plans and tax withholding payments		$ 0	(8,737)	0	0	0	(8,737)
Issuance of common shares in connection with equity incentive plans and tax withholding payments (in shares)		10,903,648
Issuance of the Company's common shares related to settlement of transaction consideration		$ 0	0	0	0	0	0
Issuance of the Company's common shares related to settlement of transaction consideration (in shares)		1,455,719
Issuance of the Company's common shares under employee stock purchase plan		$ 0	316	0	0	0	316
Issuance of the Company's common shares under employee stock purchase plan (in shares)		111,519
Issuance of the Company's common shares and other consideration for an acquisition		$ 0	8,836	0	0	112	8,948
Issuance of the Company's common shares and other consideration for an acquisition (in shares)		2,029,877
Issuance of subsidiary common shares, net		$ 0	19,599	0	0	48,129	67,728
Issuance of subsidiary common shares, net (in shares)		0
Subsidiary stock options exercised		$ 0	392	0	0	278	670
Issuance of subsidiary common shares to the Company and cash contributions to majority-owned subsidiaries		0	(5,463)	0	0	5,463	0
Issuance of subsidiary preferred shares		0	0	0	0	87,500	87,500
Deconsolidation of subsidiaries		0	0	0	0	(292)	(292)
Share-based compensation		0	184,897	0	0	32,884	217,781
Change in fair value of debt due to change in subsidiary credit risk							0
Foreign currency translation adjustment		0	0	(1,671)	0	181	(1,490)
Amounts reclassified from accumulated other comprehensive (loss) income							0
Net income (loss)		0	0	0	(1,009,030)	(106,433)	(1,115,463)
Ending balance at Mar. 31, 2023		$ 0	4,933,137	(2,617)	(3,772,754)	449,821	1,607,587
Ending balance (in shares) at Mar. 31, 2023		760,143,393
Ending balance at Mar. 31, 2024	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of the Company's common shares, net of issuance costs		$ 0	199,822	0	0	0	199,822
Issuance of the Company's common shares, net of issuance costs (in shares)		19,600,685
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments		$ 0	10,857	0	0	0	10,857
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments (in shares)		18,926,077
Issuance of the Company's common shares related to settlement of warrants		$ 0	83,264	0	0	0	83,264
Issuance of the Company's common shares related to settlement of warrants (in shares)		7,554,549
Issuance of the Company's common shares related to settlement of transaction consideration		$ 0	0	0	0	0	0
Issuance of the Company's common shares related to settlement of transaction consideration (in shares)		313,023
Issuance of the Company's common shares under employee stock purchase plan		$ 0	951	0	0	0	951
Issuance of the Company's common shares under employee stock purchase plan (in shares)		140,227
Issuance of subsidiary common shares, net		$ 0	129,763	0	0	108,970	238,733
Issuance of subsidiary common shares, net (in shares)		0
Subsidiary stock options exercised		$ 0	3,192	0	0	2,550	5,742
Issuance of subsidiary common shares to the Company and cash contributions to majority-owned subsidiaries		0	(106,531)	0	0	106,531	0
Deconsolidation of subsidiaries		0	0	0	0	(35,148)	(35,148)
Dividend declared by subsidiary		0	0	0	0	(6,000)	(6,000)
Disposition of Telavant		0	0	0	0	(87,500)	(87,500)
Share-based compensation		0	142,037	0	0	57,914	199,951
Change in fair value of debt due to change in subsidiary credit risk							0
Foreign currency translation adjustment		0	0	(1,466)	0	530	(936)
Amounts reclassified from accumulated other comprehensive (loss) income							0
Net income (loss)		0	0	0	4,348,926	(117,720)	4,231,206
Ending balance at Mar. 31, 2024		$ 0	5,396,492	(4,083)	576,172	479,948	6,448,529
Ending balance (in shares) at Mar. 31, 2024		806,677,954
Ending balance at Mar. 31, 2025	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments		$ 0	7,354	0	0	0	7,354
Issuance of the Company's common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments (in shares)		17,503,515
Issuance of the Company's common shares under employee stock purchase plan		$ 0	1,028	0	0	0	1,028
Issuance of the Company's common shares under employee stock purchase plan (in shares)		118,640
Issuance of subsidiary common shares, net		$ 0	77,267	0	0	47,162	124,429
Sale of interests in subsidiary		0	0	0	0	(48,079)	(48,079)
Subsidiary stock options exercised		0	2,852	0	0	2,175	5,027
Issuance of subsidiary common shares to the Company and cash contributions to majority-owned subsidiaries		0	(142,100)	0	0	142,100	0
Deconsolidation of subsidiaries		0	0	0	0	(3,706)	(3,706)
Repurchase of the Company's common shares		$ 0	(1,005,101)	0	(288,131)	0	(1,293,232)
Repurchase of the Company's common shares (in shares)		(128,361,786)
Share-based compensation		$ 0	224,315	0	0	64,808	289,123
Change in fair value of debt due to change in subsidiary credit risk		0	0	(1,200)	0	0	(1,200)
Foreign currency translation adjustment		0	0	(5,148)	0	(62)	(5,210)
Amounts reclassified from accumulated other comprehensive (loss) income		0	0	19,869	0	0	19,869
Net income (loss)		0	0	0	(171,981)	(184,753)	(356,734)
Ending balance at Mar. 31, 2025		$ 0	$ 4,562,107	$ 9,438	$ 116,060	$ 499,593	$ 5,187,198
Ending balance (in shares) at Mar. 31, 2025		695,938,323

Certain Balance Sheet Components, Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Accrued Expenses [Abstract]
Research and development expenses	$ 45,813	$ 37,712
Compensation-related expenses	53,928	49,890
Other expenses	14,553	31,815
Total accrued expenses	$ 114,294	$ 119,417

Net (Loss) Income per Common Share (Tables)

12 Months Ended

Mar. 31, 2025

Potentially Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net (Loss) Income per Common Share

As of March 31, 2025, 2024 and 2023, the following potentially dilutive common stock equivalents were excluded from the computation of diluted net (loss) income per common share:

	March 31, 2025		March 31, 2024		March 31, 2023
Stock options and performance stock options		139,412,098		54,648,258		154,271,791
Restricted stock units and performance restricted stock units (non-vested)		50,992,414		5,422,465		20,700,788
March 2020 CVARs⁽¹⁾		17,548,368		17,548,368		32,011,996
November 2021 CVARs (non-vested)		348,527		249,120		3,222,645
Restricted common stock (non-vested)		—		255,911		689,026
Earn-Out Shares (non-vested)		3,080,387		3,080,387		3,080,387
Private Placement Warrants		—		—		10,214,265
Public Warrants		—		—		20,475,875
Other stock based awards and instruments issued		4,731,198		3,924,305		6,122,842

⁽¹⁾	Refer to Note 9, “Share-Based Compensation and Other Compensation Plans” for details regarding settlement of CVARs.

Cash, Cash Equivalents, and Marketable Securities (Tables)

12 Months Ended

Mar. 31, 2025

Cash, Cash Equivalents and Marketable Securities [Abstract]

Cash, Cash Equivalents, and Marketable Securities

Cash, cash equivalents and marketable securities consisted of the following (in thousands):

	March 31, 2025		March 31, 2024
Cash and cash equivalents
Cash	$	93,954	$	182,665
Money market funds		2,621,457		6,312,288
Total cash and cash equivalents	$	2,715,411	$	6,494,953
Marketable securities
U.S. Treasury securities	$	2,171,480	$	—
Total marketable securities	$	2,171,480	$	—

Total cash, cash equivalents and marketable securities	$	4,886,891	$	6,494,953

Unrealized Positions for Held-to-Maturity Securities

The following table summarizes the unrealized positions for the Company’s held-to-maturity securities (in thousands):

	As of March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	$	2,171,480	$	1,267	$	(463	)	$	2,172,284

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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Share-Based Compensation and Other Compensation Plans [Abstract]

Share-Based Compensation and Other Compensation Plans

12 Months Ended

Mar. 31, 2025

Share-Based Compensation and Other Compensation Plans

Note 9—Share-Based Compensation and Other Compensation Plans

(A) RSL Equity Incentive Plans

RSL has three equity incentive plans: the Roivant Sciences Ltd. 2021 Equity Incentive Plan (the “RSL 2021 EIP”), the Roivant Sciences Ltd. Amended and Restated 2015 Equity Incentive Plan (the “RSL 2015 EIP”) and the Roivant Sciences Ltd. Amended and Restated 2015 Restricted Stock Unit Plan (the “2015R Plan”) (collectively, the “RSL Equity Plans”). The RSL 2021 EIP was approved and adopted in connection with the Business Combination and became effective immediately prior to closing. Since the effective date of the RSL 2021 EIP, no further stock awards have been or will be made under the RSL 2015 EIP. Additionally, no further stock awards will be made under the 2015R Plan. As of March 31, 2025, 182,389,866 of the Company’s common shares were reserved for issuance under the RSL 2021 EIP. The number of common shares reserved for issuance under the RSL 2021 EIP will automatically increase on April 1 of each year by an amount equal to the lesser of (i) 5% of the common shares outstanding as of the last day of the immediately preceding fiscal year and (ii) such number of common shares as determined by the board of directors in its discretion. Prior to April 1, 2025, the Company’s board of directors resolved not to increase the number of common shares reserved for issuance under the RSL 2021 EIP on April 1, 2025, but instead to defer until later during the year ending March 31, 2026 the decision as to whether to increase the reserve by up to 5% of the common shares outstanding as of March 31, 2025. The RSL 2021 EIP has a ten-year term. The Company’s employees, directors and consultants are eligible to receive incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSUs and other stock awards under the RSL 2021 EIP. At March 31, 2025, a total of 41,801,628 common shares were available for future grants under the RSL 2021 EIP.

Stock Options and Performance Stock Options

Activity for stock options and performance stock options under the RSL Equity Plans for the year ended March 31, 2025 was as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at March 31, 2024		147,068,607		$	8.03		5.70	$	499,487
Granted		4,815,932		$	10.76
Exercised		(12,207,713	)	$	4.11
Forfeited/Canceled		(264,728	)	$	6.90
Options outstanding at March 31, 2025		139,412,098		$	8.46		4.69	$	384,006
Options exercisable at March 31, 2025		110,692,263		$	9.16		4.00	$	256,167

The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable options and the fair value of the Company’s common stock at March 31, 2025. At March 31, 2025, total unrecognized compensation expense related to non-vested stock options was approximately $95.4 million and is expected to be recognized over a weighted-average period of approximately 1.40 years. All performance stock options have been fully expensed as of December 2023.

	Years Ended March 31,
Assumptions	2025			2024			2023
Expected stock price volatility		70.52	%		72.22	%		85.95	%
Expected risk free interest rate		4.52	%		3.72	%		2.89	%
Expected term, in years		6.21			6.21			6.25
Expected dividend yield		—	%		—	%		—	%

Additional information regarding stock options and performance stock options is set forth below (in thousands, except per share data).

	Years Ended March 31,
	2025		2024		2023
Intrinsic value of options exercised	$	90,542	$	68,673	$	972
Grant date fair value of options vested	$	100,639	$	157,359	$	165,702
Weighted-average grant date fair value per share of stock options granted	$	7.22	$	5.98	$	2.86

Restricted Stock Units

Activity for RSUs under the RSL Equity Plans for the year ended March 31, 2025 was as follows:

	Number of RSUs			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2024		11,355,746		$	7.50
Granted		9,789,877		$	10.90
Vested		(6,085,404	)	$	8.11
Forfeited		(940,270	)	$	6.95
Non-vested balance at March 31, 2025		14,119,949		$	9.63

The total fair value of RSUs vested during the years ended March 31, 2025, 2024 and 2023 was $49.3 million, $49.1 million and $67.6 million, respectively. RSUs vest upon the achievement of time-based service requirements.

At March 31, 2025, total unrecognized compensation expense related to non-vested RSUs was approximately $115.4 million. Unrecognized compensation expense relating to RSUs is expected to be recognized over a weighted-average period of approximately 3.27 years.

Performance Restricted Stock Units

Activity for PSUs under the RSL Equity Plans for the year ended March 31, 2025 was as follows:

	Number of PSUs		Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2024		5,422,465	$	12.25
Granted		31,450,000	$	8.85
Vested		—	$	—
Forfeited		—	$	—
Non-vested balance at March 31, 2025		36,872,465	$	9.35

During the years ended March 31, 2025, 2024 and 2023, no PSUs vested. The vesting of PSUs requires that certain performance or market conditions be achieved during the performance period.

At March 31, 2025, total unrecognized compensation expense related to non-vested PSUs was approximately $259.7 million. Unrecognized compensation expense relating to PSUs, excluding those deemed improbable of vesting as of March 31, 2025, is expected to be recognized over a weighted-average period of approximately 2.21 years.

2024 Senior Executive Compensation Program

In July 2024, the Compensation Committee of the board of directors approved a multi-year incentive compensation program for each of Matthew Gline, Chief Executive Officer; Mayukh Sukhatme, President and Chief Investment Officer; and Eric Venker, President and Chief Operating Officer (the “2024 Senior Executive Compensation Program”). The program primarily consists of two key components: (i) one-time cash retention awards (refer below for further details regarding the one-time cash retention awards) and (ii) long-term equity incentive awards granted in the form of PSUs with both a performance- and a time-vesting component, time-vesting restricted stock units and time-vesting stock options.

A summary of the long-term equity incentive awards approved is as follows:

Executive	Title	Performance Restricted Stock Units (at max)		Restricted Stock Units		Stock Options

Matthew Gline	Chief Executive Officer		14,450,000		2,754,821		—
Mayukh Sukhatme	President and Chief Investment Officer		17,000,000		1,836,547		—
Eric Venker	President and Chief Operating Officer		*		204,000		409,000

The stock options and performance stock options table above includes the stock options granted to Dr. Venker pursuant to the 2024 Senior Executive Compensation Program with a total grant date fair value of $2.9 million. The Restricted Stock Units and Performance Restricted Stock Units tables above include the RSUs granted to Mr. Gline, Dr. Sukhatme and Dr. Venker and the PSUs granted to Mr. Gline and Dr. Sukhatme pursuant to the 2024 Senior Executive Compensation Program with total grant date fair values of $51.8 million and $278.2 million, respectively.

The PSUs granted to Mr. Gline and Dr. Sukhatme consist of six vesting tranches, with the number of PSUs allocated to each such tranche set forth in the table below. Each tranche of PSUs will vest on the first date that both of the “Service Condition” and the “Performance Condition” applicable to such tranche has been satisfied. The “Performance Condition” will be deemed satisfied for each tranche on the first date, during the performance period ending on the five-year anniversary of the grant date (the “Performance Period”), when the Company’s trailing 30-day volume weighted average trading price per share (“30-Day VWAP”) for trading days during the Performance Period exceeds the specified share price hurdle set forth in the table below:

Tranche	% of PSUs			Share Price
First Tranche		14.71	%	$	15.00
Second Tranche		7.35	%	$	17.50
Third Tranche		8.82	%	$	20.00
Fourth Tranche		11.77	%	$	22.50
Fifth Tranche		22.06	%	$	25.00
Sixth Tranche		35.29	%	$	30.00

The “Service Condition” with respect to each tranche will be deemed satisfied on the first anniversary of the date on which the Performance Condition is first satisfied with respect to such tranche, subject to the executive’s continuous service through such anniversary. Following the achievement of the Service Condition and the vesting of any tranche of the PSUs, the common shares underlying the applicable vested tranche of PSUs are subject to a further two-year holding period before such common shares may be sold by the executive (subject to certain exceptions).

The Company estimated the fair value of the PSUs on the date of grant using a Monte Carlo simulation applying the assumptions in the following table:

Assumptions
Expected stock price volatility		70.0	%
Expected risk free interest rate		4.1	%
Stock price on date of grant	$	10.80

As the PSUs are subject to the market performance of the Company’s stock price, share-based compensation expense is recognized over the requisite service period regardless of whether the market condition is ultimately satisfied, subject to continued service over the period. The Company has not recognized share-based compensation expense for potential PSU awards to Dr. Venker as these PSUs have not been granted by the Compensation Committee of the board of directors.

The grant date fair value of the PSUs is sensitive to the expected stock price volatility of the Company’s shares. The Company selected a volatility estimate of 70.0% based on the observed historical volatility of the Company’s shares. If a higher volatility estimate of 80.0% were selected, the total grant date fair value of the PSUs would be approximately $292.9 million. If a lower volatility estimate based on the implied volatility of the Company’s shares of 41.6% were selected, the total grant date fair value of the PSUs would be approximately $202.4 million. If a volatility estimate based on an average of the historical and implied volatility of 55.8% were selected, the total grant date fair value of the PSUs would be approximately $247.3 million.

Capped Value Appreciation Rights

March 2020 CVAR Grants

The CVARs granted in March 2020 settle into a number of common shares equal to the excess of (a) the lesser of (i) the fair market value of a common share as of the settlement date or (ii) the cap of $12.68, over (b) the hurdle price of either $6.40 or $11.50, as applicable to each grant. CVARs with the lower hurdle price of $6.40 were subject to a condition (the “Knock-In Condition”) pursuant to which in the event the fair market value of a common share was greater than $6.40 per share but less than $9.20 per share as of the relevant date of determination, the award of CVARs remained outstanding unless and until the Knock-In Condition was satisfied as of any applicable monthly measurement date before the expiration date of the CVARs. As of March 31, 2025 and 2024, all of the CVARs with the lower hurdle price of $6.40 have satisfied the hurdle price and Knock-In Condition.

In the event any CVARs have satisfied the time-based service and liquidity event vesting requirements (“service-vested CVARs”) but have not satisfied the hurdle price on an applicable measurement date, then such CVARs will be deemed to remain outstanding and the applicable award holder will be provided the right to earn such CVARs if the hurdle price is satisfied on subsequent annual “hurdle measurement dates” prior to the original expiration date of the CVARs, being March 31, 2026. The “hurdle measurement dates” are March 30 of each of years 2023 through 2026. If the hurdle price is not satisfied on any such subsequent annual hurdle measurement date prior to the expiration date of the CVARs, then the CVARs will be forfeited in their entirety on the expiration date.

During the year ended March 31, 2025, no service-vested CVARs satisfied their applicable hurdle price on the applicable measurement date. During the year ended March 31, 2024, 14,482,570 service-vested CVARs satisfied their applicable hurdle price and the Knock-In Condition, if relevant, on the applicable measurement date, and as a result, 5,366,815 common shares were issued upon their settlement. As of March 31, 2025, 17,548,368 CVARs granted in March 2020 remain outstanding. These CVARs have met the service vesting condition but have not satisfied the $11.50 hurdle price on an applicable hurdle measurement date. The total fair value of CVARs that service-vested during the years ended March 31, 2024 and 2023 was $2.1 million and $16.7 million, respectively. All March 2020 CVARs have been fully expensed since December 2023.

November 2021 CVAR Grants

In November 2021, the Company made one-time grants of 6,317,350 CVARs in the aggregate under the RSL 2021 EIP to eligible participants. The CVARs are eligible to vest based on the satisfaction of service-based and performance-based vesting requirements. The performance-based vesting requirement was achieved in December 2021. Vested CVARs will be settled in common shares, up to a specified cap price.

Activity for CVARs under the RSL 2021 EIP for the year ended March 31, 2025 was as follows:

	Number of CVARs			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2024		1,782,078		$	4.89
Granted		—		$	—
Vested		(1,186,418	)	$	4.99
Forfeited		(247,133	)	$	4.38
Non-vested balance at March 31, 2025		348,527		$	4.89

The total fair value of CVARs that vested during the years ended March 31, 2025, 2024 and 2023 was $5.9 million, $6.2 million and $13.0 million, respectively. During the year ended March 31, 2025, 1,186,418 common shares were issued upon their settlement.

At March 31, 2025, total unrecognized compensation expense related to non-vested CVARs was approximately $44 thousand and is expected to be recognized over a weighted-average period of approximately 0.12 years.

Separation Agreement with former Chairman

In February 2023, the Company entered into a Separation and Mutual Release Agreement with its former Chairman. Pursuant to the terms of this agreement, all non-vested performance stock options were accelerated and deemed fully vested, and the time-based service requirement for all non-vested CVARs was accelerated and deemed satisfied, in each case as of the separation date. Share-based compensation expense included in G&A expense for the year ended March 31, 2023 includes a reversal of expense of $20.8 million related to the modification of these awards.

(B) Employee Stock Purchase Plan

In September 2021, the Company adopted the Roivant Sciences Ltd. Employee Stock Purchase Plan (the “RSL ESPP”), which provides eligible employees, as defined by the RSL ESPP, the opportunity to purchase stock under the RSL ESPP at a price equal to 85% of the lower of the closing price on (i) the first trading day, or (ii) the last trading day of each offering period. Contributions under the RSL ESPP are limited to a maximum of 15% of an employee’s base salary during the offering period and an annual maximum of $25 thousand. The Company opened enrollment in August 2022 for a three-month initial offering period, beginning October 2022, with additional six-month offering periods following thereafter.

During the years ended March 31, 2025, 2024 and 2023, 118,640, 140,227 and 111,519 common shares were purchased and issued under the RSL ESPP, respectively. Share-based compensation expense recorded was approximately $0.5 million, $0.5 million and $0.3 million for the years ended March 31, 2025, 2024 and 2023, respectively.

Certain subsidiaries of RSL adopt their own equity incentive plan (“EIP”). Each EIP is generally structured so that the applicable subsidiary and its affiliates’ employees, directors, officers and consultants are eligible to receive non-qualified and incentive stock options, stock appreciation rights, restricted share awards, restricted stock unit awards, and other share awards under their respective EIP. The Company recorded share-based compensation expense of $56.1 million, $54.9 million and $36.5 million for the years ended March 31, 2025, 2024 and 2023, respectively, related to subsidiary EIPs. At March 31, 2025, total unrecognized compensation expense related to subsidiary equity was approximately $109.1 million.

(D) Cash Bonus Program

During the year ended March 31, 2024, the Company approved a special one-time cash retention bonus award to its employees in the aggregate amount of $79.7 million (the “Cash Bonus Program”). During the years ended March 31, 2025 and 2024, the Company recognized general and administrative expense of $21.2 million and $35.6 million, respectively, and research and development expense of $5.8 million and $9.9 million, respectively, relating to the Cash Bonus Program.

(E) 2024 Senior Executive Compensation Program Cash Awards

Pursuant to the 2024 Senior Executive Compensation Program, the Compensation Committee of the board of directors approved the following one-time cash retention awards in July 2024:

Executive	Title	Cash Awards (in thousands)
Matthew Gline	Chief Executive Officer	$	5,725
Mayukh Sukhatme	President and Chief Investment Officer	$	80,550
Eric Venker	President and Chief Operating Officer	$	7,465

Mr. Gline and Dr. Venker received 75% of their respective cash retention awards as of March 31, 2025. The remaining 25% of the award will vest and become payable on or about September 19, 2025, in each case subject to the executive’s continuous service through the applicable vesting date.

The cash retention award provided to Dr. Sukhatme was paid in full as of March 31, 2025. If a Recoupment Event (as defined below) occurs on or prior to September 30, 2025, Dr. Sukhatme will be required to repay to the Company $15.0 million of the retention award. A “Recoupment Event” will be deemed to occur if (x) Dr. Sukhatme’s employment in good standing is terminated or otherwise ceases for any reason (except as provided in the following sentence) or (y) Dr. Sukhatme breaches any of his restrictive covenant obligations. In the event Dr. Sukhatme’s employment is terminated by the Company without “cause” (as defined in Dr. Sukhatme’s employment agreement) or due to death or disability, no portion of the cash retention award will be subject to repayment, provided that Dr. Sukhatme executes and does not revoke a release of claims. No Recoupment Event had occurred as of March 31, 2025.

As a result of the cash retention rewards, the Company recognized general and administrative expense of $86.4 million during the year ended March 31, 2025. The remaining portion of $7.3 million as of March 31, 2025 will be recognized over the applicable service periods.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Mar. 31, 2025
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 8—Shareholders’ Equity (A) At-the-Market Equity Offering Program On September 19, 2022, the Company entered into a sales agreement with Cowen and Company, LLC (“Cowen”) to sell its common shares having an aggregate offering price of up to $400.0 million from time to time through an “at-the-market” equity offering program under which Cowen acts as the Company’s agent (the “ATM Facility”). As of March 31, 2025, the Company had $400.0 million of remaining capacity available under the ATM Facility. (B) Share Repurchase Program The Company’s board of directors has authorized a common share repurchase program, allowing for repurchases of common shares in an aggregate amount of up to $1.5 billion (excluding fees and expenses). The repurchase program is funded by available cash and cash equivalents on hand and does not have an expiration date. In April 2024, pursuant to the share repurchase program, the Company entered into a share repurchase agreement with Sumitomo and repurchased all 71,251,083 common shares held by Sumitomo at a purchase price per share of $9.10, for an aggregate purchase price of approximately $648.4 million. Subsequent to the repurchase of the common shares held by Sumitomo, additional repurchases of 57,110,703 shares were made in open market transactions under the share repurchase program during the year ended March 31, 2025 for an aggregate purchase price of approximately $644.8 million and together with the Sumitomo repurchase, approximately $1.3 billion of the $1.5 billion approved by the Company’s board of directors. (C) Underwritten Public Offerings of Common Shares In November 2022, the Company completed an underwritten primary and secondary public offering of 30,000,000 common shares of RSL at a price to the public of $5.00 per share. Of these common shares, 20,000,000 were sold by RSL and 10,000,000 were sold by certain selling shareholders. Net proceeds to the Company were approximately $94.7 million after deducting underwriting discounts and commissions and offering expenses. The Company did not receive any proceeds from the sale of common shares by the selling shareholders in the offering. In February 2023, the Company completed an underwritten public offering of 30,666,665 common shares of RSL (including 3,999,999 common shares issued and sold upon the full exercise of the underwriters’ option to purchase additional shares) at a price to the public of $7.50 per share. Net proceeds to the Company were approximately $216.9 million after deducting underwriting discounts and commissions and offering expenses. (D) Common Share Purchase and Share Agreements In September 2023, the Company entered into common share purchase and sale agreements with certain institutional investors, pursuant to which the Company sold an aggregate of 19,600,685 of its common shares at a purchase price of $10.21 per share. Net proceeds to the Company were approximately $199.8 million after deducting offering expenses. (E) Disposal of Cytovant In July 2022, the Company exited its operations in Cytovant Sciences HK Limited (“Cytovant”) by transferring all of its equity interest to certain investors holding Series A-1 preference shares of Cytovant in exchange for nominal consideration. As a result of this transaction, the Company deconsolidated Cytovant and recorded a gain on deconsolidation of $16.8 million, primarily as a result of relieving its redeemable noncontrolling interest, in the accompanying consolidated statements of operations for the year ended March 31, 2023. (F) Consolidated Vant Equity Transactions Immunovant In October 2022, the Company’s subsidiary, Immunovant, Inc. (“Immunovant”), completed an underwritten public offering of 12,500,000 shares of its common stock (including 416,667 shares of common stock purchased by RSL) at a price to the public of $6.00 per share, for net proceeds to Immunovant of approximately $70.2 million after deducting underwriting discounts and commissions and offering expenses. In October 2023, Immunovant completed an underwritten public offering of 8,475,500 shares of its common stock (including 1,526,316 shares of common stock purchased by the Company 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, the Company purchased 4,473,684 shares of Immunovant’s common stock in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended, at the same price per share as investors in the public offering of $38.00 per share. The net proceeds to Immunovant were approximately $466.7 million after deducting underwriting discounts and commissions, placement agent fees and offering expenses. In January 2025, Immunovant entered into a share purchase agreement pursuant to which Immunovant issued 22,500,000 shares of its common stock (including 16,845,010 shares of common stock purchased by the Company) at a price of $20.00 per share in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “IMVT PIPE”). The gross proceeds to Immunovant in the IMVT PIPE were approximately $450.0 million, of which $336.9 million related to the Company’s participation. Following the IMVT PIPE and giving effect to the issuance of shares of Immunovant common stock in that transaction, the Company’s ownership interest in Immunovant increased to approximately 57%, and the Company continues to consolidate Immunovant.

The entire disclosure for equity.

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Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Operations [Abstract]
Revenue	$ 29,053	$ 32,713	$ 31,530
Operating expenses:
Cost of revenues	911	1,599	3,034
Research and development (includes $39,780, $32,400 and $28,669 of share-based compensation expense for the years ended March 31, 2025, 2024 and 2023, respectively)	550,413	439,909	454,062
Acquired in-process research and development	0	26,450	97,749
General and administrative (includes $239,505, $154,873 and $175,019 of share-based compensation expense for the years ended March 31, 2025, 2024 and 2023, respectively)	591,410	416,133	383,448
Total operating expenses	1,142,734	884,091	938,293
Gain on sale of Telavant net assets	110,387	5,348,410	0
(Loss) income from operations	(1,003,294)	4,497,032	(906,763)
Change in fair value of investments	(55,186)	47,973	20,815
Change in fair value of liability instruments	(15,756)	46,838	18,386
Gain on deconsolidation of subsidiaries	(3,108)	(32,772)	(29,276)
Interest income	(258,375)	(146,425)	(32,184)
Other expense, net	10,721	13,562	486
(Loss) income from continuing operations before income taxes	(681,590)	4,567,856	(884,990)
Income tax expense	48,174	21,503	4,082
(Loss) income from continuing operations, net of tax	(729,764)	4,546,353	(889,072)
Income (loss) from discontinued operations, net of tax	373,030	(315,147)	(226,391)
Net (loss) income	(356,734)	4,231,206	(1,115,463)
Net loss attributable to noncontrolling interests	(184,753)	(117,720)	(106,433)
Net (loss) income attributable to Roivant Sciences Ltd.	(171,981)	4,348,926	(1,009,030)
Amounts attributable to Roivant Sciences Ltd.:
(Loss) income from continuing operations, net of tax	(545,166)	4,662,703	(784,351)
Income (loss) from discontinued operations, net of tax	373,185	(313,777)	(224,679)
Net (loss) income attributable to Roivant Sciences Ltd.	$ (171,981)	$ 4,348,926	$ (1,009,030)
Net (loss) income per common share, basic:
(Loss) income from continuing operations, net of tax (in dollars per share)	$ (0.75)	$ 5.95	$ (1.1)
Income (loss) from discontinued operations, net of tax (in dollars per share)	0.51	(0.4)	(0.32)
Net (loss) income (in dollars per share)	(0.24)	5.55	(1.42)
Net (loss) income per common share, diluted:
(Loss) income from continuing operations, net of tax (in dollars per share)	(0.75)	5.61	(1.1)
Income (loss) from discontinued operations, net of tax (in dollars per share)	0.51	(0.38)	(0.32)
Net (loss) income (in dollars per share)	$ (0.24)	$ 5.23	$ (1.42)
Weighted average shares outstanding:
Basic (in shares)	725,395,624	783,248,906	712,791,115
Diluted (in shares)	725,395,624	831,049,444	712,791,115

Equity Method Investments, Summarized Consolidated Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Summarized Consolidated Financial Information [Abstract]
Revenue	$ 29,053		$ 32,713		$ 31,530
Loss from operations	(1,003,294)		4,497,032		(906,763)
Net loss	(356,734)		4,231,206		(1,115,463)
Current assets	5,000,064		6,731,828
Current liabilities	149,411		266,758
Datavant Merger [Member]
Summarized Consolidated Financial Information [Abstract]
Revenue		$ 1,128,005		$ 991,107		$ 873,435
Gross profit		461,521		376,593		354,561
Net loss		(105,025)		(395,195)		$ (190,243)
Current assets		656,803		635,653
Noncurrent assets		2,340,701		1,988,138
Current liabilities		329,614		311,074
Noncurrent liabilities		1,237,271		668,642
Redeemable preferred units		$ 1,267,290		$ 1,366,654
Arbutus Biopharma Corporation [Member]
Summarized Consolidated Financial Information [Abstract]
Revenue	6,403		12,986		33,125
Loss from operations	(82,655)		(80,053)		(71,895)
Net loss	(76,571)		(74,385)		$ (70,030)
Current assets	116,808		135,872
Noncurrent assets	202		14,418
Current liabilities	19,431		20,296
Noncurrent liabilities	$ 18,422		$ 15,357

Income Taxes, Summary (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes, Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Income Tax Operating Losses [Abstract]
Valuation allowance	$ 701,219	$ 558,868
Valuation allowance increase (decrease)	142,400
Interest and penalties related to unrecognized tax benefits	0	$ 0	$ 0
Switzerland [Member]
Income Tax Operating Losses [Abstract]
Net operating losses	$ 2,582,900
Switzerland [Member] \| Minimum [Member]
Income Tax Operating Losses [Abstract]
Net operating losses expiration date	Mar. 31, 2026
Switzerland [Member] \| Maximum [Member]
Income Tax Operating Losses [Abstract]
Net operating losses expiration date	Mar. 31, 2032
United States [Member]
Income Tax Operating Losses [Abstract]
Net operating losses	$ 223,300
Annual net operating loss utilization limitation percentage	80.00%
Federal research tax credit carryforwards	$ 47,100
United States [Member] \| Minimum [Member]
Income Tax Operating Losses [Abstract]
Federal research tax credit carryforwards expiration date	Mar. 31, 2039
United States [Member] \| Maximum [Member]
Income Tax Operating Losses [Abstract]
Federal research tax credit carryforwards expiration date	Mar. 31, 2045
United Kingdom [Member]
Income Tax Operating Losses [Abstract]
Net operating losses	$ 342,000
States in U.S and Canada [Member]
Income Tax Operating Losses [Abstract]
Federal research tax credit carryforwards	$ 7,000

Share-Based Compensation and Other Compensation Plans, Black-Scholes Closed form Option Pricing Model (Details) - shares	1 Months Ended	12 Months Ended
	Jul. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Assumptions [Abstract]
Expected stock price volatility	55.80%
Stock Options [Member]
Assumptions [Abstract]
Expected stock price volatility		70.52%	72.22%	85.95%
Expected risk free interest rate		4.52%	3.72%	2.89%
Expected term, in years		6 years 2 months 15 days	6 years 2 months 15 days	6 years 3 months
Expected dividend yield		0.00%	0.00%	0.00%
Performance Stock Units [Member]
Share-Based Compensation [Abstract]
Granted (in shares)		0	0	0

Share-Based Compensation and Other Compensation Plans, Activity of PSU's Performance Condition (Details) - Performance Restricted Stock Units [Member]	1 Months Ended
	Jul. 31, 2024 $ / shares
First Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	14.71%
Share price (in dollars per share)	$ 15
Second Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	7.35%
Share price (in dollars per share)	$ 17.5
Third Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	8.82%
Share price (in dollars per share)	$ 20
Fourth Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	11.77%
Share price (in dollars per share)	$ 22.5
Fifth Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	22.06%
Share price (in dollars per share)	$ 25
Sixth Tranche [Member]
PSUs Performance Condition at Tranches [Abstract]
Percentage of PSUs	35.29%
Share price (in dollars per share)	$ 30

Share-Based Compensation and Other Compensation Plans, Stock Options and Performance Stock Options (Details) - Stock Options and Performance Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation [Abstract]
Intrinsic value of options exercised	$ 90,542	$ 68,673	$ 972
Grant date fair value of options vested	$ 100,639	$ 157,359	$ 165,702
Weighted-average grant date fair value per share of stock options granted (in dollars per share)	$ 7.22	$ 5.98	$ 2.86

Share-Based Compensation and Other Compensation Plans, 2024 Senior Executive Compensation Program Cash Awards (Details) - USD ($) $ in Thousands			12 Months Ended
	Sep. 19, 2025	Jul. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2025
2024 Senior Executive Compensation Program Cash Awards [Abstract]
General and administrative expense			$ 591,410	$ 416,133	$ 383,448
One-Time Cash Retention Awards [Member]
2024 Senior Executive Compensation Program Cash Awards [Abstract]
General and administrative expense			86,400
Cash compensation amount			$ 7,300
One-Time Cash Retention Awards [Member] \| Tranche Two [Member] \| Forecast [Member]
2024 Senior Executive Compensation Program Cash Awards [Abstract]
Percentage of vesting rights	25.00%
One-Time Cash Retention Awards [Member] \| Chief Executive Officer [Member]
2024 Senior Executive Compensation Program Cash Awards [Abstract]
Cash awards		$ 5,725
One-Time Cash Retention Awards [Member] \| CEO and COO [Member] \| Tranche Two [Member]
2024 Senior Executive Compensation Program Cash Awards [Abstract]
Percentage of vesting rights			75.00%
One-Time Cash Retention Awards [Member] \| President and Chief Investment Officer [Member]
2024 Senior Executive Compensation Program Cash Awards [Abstract]
Cash awards		80,550
One-Time Cash Retention Awards [Member] \| President and Chief Investment Officer [Member] \| Forecast [Member]
2024 Senior Executive Compensation Program Cash Awards [Abstract]
Retention award repayable on recoupment event						$ 15,000
One-Time Cash Retention Awards [Member] \| President and Chief Operating Officer [Member]
2024 Senior Executive Compensation Program Cash Awards [Abstract]
Cash awards		$ 7,465

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net (loss) income	$ (356,734)	$ 4,231,206	$ (1,115,463)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Non-cash acquired in-process research and development	0	0	87,749
Share-based compensation	289,029	199,627	217,781
Change in fair value of investments	(55,186)	47,973	20,815
Change in fair value of debt and liability instruments	(113,078)	78,943	78,001
Gain on sale of subsidiary interests	(376,506)	0	0
Gain on deconsolidation of subsidiaries	(3,108)	(32,772)	(29,276)
Gain on sale of Telavant net assets	(110,387)	(5,348,410)	0
Gain on recovery of contingent consideration	0	0	(114,561)
Accretion of discount and amortization of premium on marketable securities, net	(69,959)	0	0
Loss on extinguishment of debt	8,848	0	0
Depreciation and amortization	14,071	22,036	18,857
Non-cash lease expense	6,843	6,845	7,565
Other	3,762	10,249	(21,206)
Changes in assets and liabilities, net of effects from acquisition and divestiture:
Other current assets	(25,070)	(81,478)	(31,670)
Other assets	(8,758)	16,488	(17,416)
Accounts payable	(18,168)	22,684	4,359
Accrued expenses	(10,070)	40,150	38,956
Operating lease liabilities	(5,700)	(8,326)	(8,604)
Accrued interest	0	21,977	18,571
Other liabilities	(9,280)	7,540	2,149
Net cash used in operating activities	(839,451)	(765,268)	(843,393)
Cash flows from investing activities:
Purchase of marketable securities	(4,061,521)	0	0
Maturities of marketable securities	1,960,000	0	0
Proceeds from sale of Telavant net assets, net	110,387	5,233,396	0
Proceeds from sale of subsidiary interests	260,586	47,500	0
Cash decrease upon deconsolidation of subsidiaries	(31,223)	(84,483)	(6,706)
Proceeds from sale of Myovant Top-Up Shares	0	0	114,561
Milestone payments	0	0	(140,136)
Purchase of property and equipment	(4,599)	(1,382)	(12,690)
Other	79	8,592	702
Net cash (used in) provided by investing activities	(1,766,291)	5,203,623	(44,269)
Cash flows from financing activities:
Repurchase of the Company's common shares	(1,293,232)	0	0
Proceeds from issuance of the Company's common shares, net of issuance costs paid	0	199,822	311,981
Proceeds from issuance of subsidiary common shares, net of issuance costs paid	112,782	238,733	67,727
Proceeds from subsidiary debt financings, net of financing costs paid	0	0	159,899
Repayment of debt by subsidiary	(51,979)	(29,158)	(29,452)
Payment of offering costs and loan origination costs	0	0	(2,250)
Proceeds from exercise of the Company's and subsidiary stock options	49,597	54,314	2,814
Taxes paid related to net settlement of equity awards	(37,216)	(37,715)	(10,881)
Proceeds from issuance of the Company's common stock under employee stock purchase plan	1,028	951	316
Payments on principal portion of finance lease obligations	(774)	(1,547)	(692)
Payment of subsidiary dividend	0	(6,000)	0
Proceeds from exercise of the Company's warrants	0	5	0
Payment for redemptions of the Company's warrants	0	(41)	0
Net cash (used in) provided by financing activities	(1,219,794)	419,364	499,462
Effect of exchange rate changes on cash, cash equivalents and restricted cash	747	616	6,281
Net change in cash, cash equivalents and restricted cash	(3,824,789)	4,858,335	(381,919)
Cash, cash equivalents and restricted cash at beginning of period	6,550,450	1,692,115	2,074,034
Cash, cash equivalents and restricted cash at end of period	2,725,661	6,550,450	1,692,115
Non-cash investing and financing activities:
Cashless exercise of the Company's warrants	0	83,258	0
Issuance of subsidiary shares in connection with debt renegotiation	11,647	0	0
Operating lease right-of-use assets obtained and exchanged for operating lease liabilities	51,364	1,790	4,224
Issuance of the Company's common shares and other consideration for an acquisition	0	0	9,694
Other	59	441	6,636
Supplemental disclosure of cash paid:
Income taxes paid	61,910	12,354	5,128
Interest paid	$ 5,963	$ 10,268	$ 5,303

Net (Loss) Income per Common Share

12 Months Ended

Mar. 31, 2025