0001635088-26-000011 | 10-Q | XBRL Viewer

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Segment Information - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Segment Information [Line Items]
Revenue	$ 1,999			$ 9,018			$ 5,740	$ 21,483
Less:
Cost of revenues	700			259			965	706
Research and development expenses	165,380			141,595			482,867	405,175
Share-based compensation							268,996	205,541
General and administrative expenses	175,072			141,545			452,216	444,318
Gain on sale of Telavant net assets	0			0			0	(110,387)
Change in fair value of investments	(21,592)			21,314			(130,968)	(42,287)
Change in fair value of liability instruments	(24,416)			2,147			(47,704)	1,632
Interest income	(43,266)			(61,851)			(136,929)	(203,751)
Other (income) expense, net	(8,342)			2,816			8,560	7,877
Income tax expense (benefit)	23,332			(25,568)			34,976	(1,147)
Income from discontinued operations, net of tax	0			(327,020)			0	(373,030)
Net income (loss)	(313,701)	$ (166,039)	$ (273,911)	118,075	$ (279,924)	$ 57,490	(753,651)	(104,359)
Reportable Segment
Segment Information [Line Items]
Revenue	1,999			9,018			5,740	21,483
Less:
Cost of revenues	700			259			965	706
Gain on sale of Telavant net assets	0			0			0	(110,387)
Change in fair value of investments	(21,592)			21,314			(130,968)	(42,287)
Change in fair value of liability instruments	24,416			(2,147)			47,704	(1,632)
Interest income	(43,266)			(61,851)			(136,929)	(203,751)
Other (income) expense, net	(8,342)			2,816			8,560	7,877
Income tax expense (benefit)	23,332			(25,568)			34,976	(1,147)
Income from discontinued operations, net of tax	0			(327,020)			0	(373,030)
Net income (loss)	(313,701)			118,075			(753,651)	(104,359)
Anti-FcRn franchise—endocrine diseases \| Reportable Segment
Less:
Research and development expenses	19,806			15,479			64,030	46,279
Anti-FcRn franchise—neurological diseases \| Reportable Segment
Less:
Research and development expenses	17,688			24,978			61,712	73,071
Anti-FcRn franchise—rheumatology diseases \| Reportable Segment
Less:
Research and development expenses	14,129			8,180			35,949	17,225
Anti-FcRn franchise—dermatology diseases \| Reportable Segment
Less:
Research and development expenses	3,037			4,951			16,134	9,894
Anti-FcRn franchise—other clinical and nonclinical \| Reportable Segment
Less:
Research and development expenses	463			44			3,174	7,579
Brepocitinib \| Reportable Segment
Less:
Research and development expenses	16,201			10,940			45,936	32,051
Mosliciguat \| Reportable Segment
Less:
Research and development expenses	10,398			4,701			26,250	13,865
Other development and discovery programs \| Reportable Segment
Less:
Research and development expenses	13,399			14,557			34,819	43,751
Research and development share-based compensation
Less:
Share-based compensation	18,123			9,685			40,218	30,128
Research and development share-based compensation \| Reportable Segment
Less:
Share-based compensation	18,123			9,685			40,218	30,128
Research and development personnel-related expenses \| Reportable Segment
Less:
Research and development expenses	41,403			38,292			124,591	103,414
Other research and development expenses \| Reportable Segment
Less:
Research and development expenses	10,733			9,788			30,054	27,918
General and administrative share-based compensation
Less:
Share-based compensation	86,874			69,386			228,778	165,670
General and administrative share-based compensation \| Reportable Segment
Less:
Share-based compensation	86,874			69,386			228,778	165,670
General and administrative personnel-related expenses \| Reportable Segment
Less:
General and administrative expenses	28,246			33,572			96,307	173,082
Other general and administrative expenses \| Reportable Segment
Less:
General and administrative expenses	$ 59,952			$ 38,587			$ 127,131	$ 105,566

Cash, Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Dec. 31, 2025

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Schedule of Cash, Cash Equivalents, and Marketable Securities

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


	December 31, 2025		March 31, 2025
Cash and cash equivalents
Cash	$	91,940	$	93,954
Money market funds	1,386,330		2,621,457
Total cash and cash equivalents	$	1,478,270	$	2,715,411
Marketable securities
U.S. Treasury securities, available-for-sale	$	3,051,708	$	—
U.S. Treasury securities, held-to-maturity	—		2,171,480
Total marketable securities	$	3,051,708	$	2,171,480

Total cash, cash equivalents, and marketable securities	$	4,529,978	$	4,886,891

Schedule of Unrealized Positions for Marketable Securities

The following table summarizes the unrealized positions for the Company’s marketable securities (in thousands):


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities, available-for-sale	$	3,047,791	$	3,917	$	—	$	3,051,708

Total marketable securities	$	3,047,791	$	3,917	$	—	$	3,051,708


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

Cash, Cash Equivalents and Marketable Securities

9 Months Ended

Dec. 31, 2025

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash, Cash Equivalents and Marketable Securities

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


	December 31, 2025		March 31, 2025
Cash and cash equivalents
Cash	$	91,940	$	93,954
Money market funds	1,386,330		2,621,457
Total cash and cash equivalents	$	1,478,270	$	2,715,411
Marketable securities
U.S. Treasury securities, available-for-sale	$	3,051,708	$	—
U.S. Treasury securities, held-to-maturity	—		2,171,480
Total marketable securities	$	3,051,708	$	2,171,480

Total cash, cash equivalents, and marketable securities	$	4,529,978	$	4,886,891

The following table summarizes the unrealized positions for the Company’s marketable securities (in thousands):


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities, available-for-sale	$	3,047,791	$	3,917	$	—	$	3,051,708

Total marketable securities	$	3,047,791	$	3,917	$	—	$	3,051,708


	As of March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities, held-to-maturity	$	2,171,480	$	1,267	$	(463)	$	2,172,284
Total marketable 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 December 31, 2025, the contractual maturities of all marketable securities were less than 12 months.

Fair Value Measurements - Schedule of Investment in Datavant (Details) - Investment in Datavant Class A units	Dec. 31, 2025	Mar. 31, 2025
Volatility
Fair Value Measurements [Line Items]
Investment in equity securities, measurement input	0.950	1.100
Discount rate
Fair Value Measurements [Line Items]
Investment in equity securities, measurement input	0.118	0.130

Cover - shares	9 Months Ended
Cover - shares	Dec. 31, 2025	Feb. 02, 2026
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-40782
Entity Registrant Name	ROIVANT SCIENCES LTD.
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, Postal Zip Code	SW1H 0DB
Entity Address, Country	GB
Country Region	44
City Area Code	207
Local Phone Number	400 3347
Title of 12(b) Security	Common Shares, $0.0000000341740141 per share
Entity Trading Symbol	ROIV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		715,701,137
Entity Central Index Key	0001635088
Current Fiscal Year End Date	--03-31
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Wholly-owned Subsidiaries Address - NY
Entity Addresses [Line Items]
Entity Address, Address Line One	1 Pennsylvania Plaza
Entity Address, Address Line Two	Floor 54
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10119
Wholly-owned Subsidiaries Address - Switzerland
Entity Addresses [Line Items]
Entity Address, Address Line One	Viaduktstrasse 8
Entity Address, Address Line Two	4051 Basel
Entity Address, Country	CH

Recent Transactions and Developments (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Dec. 14, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Recent Transactions and Developments [Line Items]
Gain on sale of telavant net assets		$ 0	$ 0	$ 0	$ 110,387
Roche Transaction
Recent Transactions and Developments [Line Items]
Consideration to be received from milestone	$ 150,000
RSL \| Telavant Holdings, Inc.
Recent Transactions and Developments [Line Items]
Ownership of subsidiary	75.00%
Gain on sale of telavant net assets					$ 110,400
Pfizer \| Telavant Holdings, Inc.
Recent Transactions and Developments [Line Items]
Ownership of subsidiary	25.00%

Fair Value Measurements - Schedule of Changes in Fair Value of the Level 3 Liabilities (Details) - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurements [Line Items]
Balance at beginning of period	$ 9,981	$ 25,737
Changes in fair value of liability instruments, included in net loss	47,704	(1,632)
Reclassification to additional paid-in capital upon vesting of Earn-Out Shares	(57,685)
Balance at end of period	$ 0	$ 24,105

Subsequent Events (Details)	1 Months Ended
Subsequent Events (Details)	Jan. 31, 2026 subsidiary
Subsequent Event \| Immunovant
Subsequent Events [Line Items]
Number of subsidiaries	2

Equity Method Investments - Investments in Datavant (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2025
Equity Method Investments [Line Items]
Aggregate fair value investment	$ 433,907		$ 433,907		$ 302,939
Datavant
Equity Method Investments [Line Items]
Equity method investment ownership percentage	9.00%		9.00%
Aggregate fair value investment	$ 247,100		$ 247,100		$ 167,400
Unrealized gains (losses) on investments	$ 11,100	$ 1,200	$ 79,700	$ 15,500

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Recent Transactions and Developments	9 Months Ended
Recent Transactions and Developments	Dec. 31, 2025
Recent Transactions and Developments [Abstract]
Recent Transactions and Developments	Recent Transactions and Developments Telavant Disposition On December 14, 2023, 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”). 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. Refer to Note 5, “Recent Transactions and Developments” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025 for further information regarding the Roche Transaction. Pursuant to the Stock Purchase Agreement, the Company was due its pro rata portion of a one-time milestone payment of $150 million, following the initiation of a Phase 3 trial in ulcerative colitis. In June 2024, the one-time milestone was achieved. The milestone payment was 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. Accordingly, the Company recognized a gain on sale of Telavant net assets of $110.4 million for its pro rata portion during the nine months ended December 31, 2024 in the accompanying condensed consolidated statements of operations.

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Dec. 31, 2025
Equity [Abstract]
Shareholders' Equity	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 December 31, 2025, the Company had $400.0 million of remaining capacity available under the ATM Facility. (B) Share Repurchase Program On June 24, 2025, the Company’s board of directors authorized a common share repurchase program allowing for repurchases of the Company’s common shares in an aggregate amount of up to $500 million (excluding fees and expenses). No purchases have been made as of December 31, 2025 pursuant to this repurchase program. The Company’s board of directors previously had 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), which was completed in June 2025. In April 2024, pursuant to this share repurchase program, the Company entered into a share repurchase agreement with Sumitomo Pharma Co., Ltd. (“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. During the three months ended June 30, 2025, repurchases of 20,269,450 shares were made for an aggregate purchase price of approximately $208.3 million. (C) Consolidated Vant Equity Transactions Immunovant In December 2025, the Company’s subsidiary, Immunovant, Inc. (“Immunovant”), completed an underwritten offering of 26,200,000 shares of its common stock (including 16,666,666 shares of common stock purchased by RSL) at a price of $21.00 per share, for net proceeds to Immunovant of approximately $543.6 million after deducting underwriting discounts and commissions and offering expenses. Following the purchase of shares by RSL, the Company’s ownership interest in Immunovant increased to approximately 56%, and the Company continues to consolidate Immunovant.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Summary of Significant Accounting Policies

9 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

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 unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and follow the requirements of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements.

These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025 filed with the SEC. The unaudited condensed consolidated balance sheet at March 31, 2025 has been derived from the audited consolidated financial statements at that date. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, that are considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented. Operating results for the three and nine months ended December 31, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2026, for any other interim period, or for any other future year.

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 unaudited condensed 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.

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 unaudited condensed 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 unaudited condensed 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 the 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. Organon’s acquisition of Dermavant (the “Dermavant Transaction”) was completed in October 2024 and the Company determined the acquisition met the discontinued operations accounting criteria. As the Dermavant Transaction closed in October 2024, no Dermavant assets or liabilities were recognized on the balance sheet as of March 31, 2025 or December 31, 2025. The Company classified the results of Dermavant as discontinued operations in its condensed consolidated statements of operations for the three and nine months ended December 31, 2024. The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. The discussions in these notes to the condensed consolidated financial statements relate solely to the Company’s continuing operations, unless otherwise noted. For further information on the discontinued operations related to Dermavant, refer to Note 6, “Discontinued Operations.”

(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.

Financial instruments that potentially subject the Company to credit risk concentration include cash, cash equivalents, and marketable securities. The Company maintains cash deposits, cash equivalents, and marketable securities in highly-rated, federally-insured financial institutions in excess of federally insured limits. The Company has established guidelines relative to 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.

The Company has long-lived assets in different geographic locations. As of December 31, 2025 and March 31, 2025, a majority of the Company’s long-lived assets were located in the United States (“U.S.”).

(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 15, “Segment Information” for further detail.

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


	December 31, 2025		March 31, 2025
Cash and cash equivalents	$	1,478,270	$	2,715,411
Restricted cash (included in “Other current assets”)	2,608		2,358
Restricted cash (included in “Other assets”)	7,892		7,892
Cash, cash equivalents and restricted cash	$	1,488,770	$	2,725,661

(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. As of December 31, 2025, marketable securities consist of amounts invested in U.S. Treasury securities and are classified as available-for-sale and carried at fair value. Prior to December 31, 2025, a portion of the Company’s marketable securities were classified as held-to-maturity and carried at amortized cost. Unrealized holding gains and losses, net of income taxes, on available-for-sale debt securities are reflected as a separate component of shareholders’ equity until realized. The cost of available-for-sale securities sold and the amount reclassified out of accumulated other comprehensive income into earnings is determined using the specific identification method. Interest income is recorded as earned within “Interest income” in the condensed consolidated statements of operations.

(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.

(H) Investments

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 the investment. See Note 4, “Equity Method Investments.”

(I) 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 shares liabilities (prior to vesting during the quarter ended December 31, 2025) issued in connection with the Company’s business combination (the “Business Combination”) with Montes Archimedes Acquisition Corp. (“MAAC”) (as discussed in Note 12, “Earn-Out Shares”); 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 are classified as Level 1, and their fair value is determined based upon quoted market prices in active markets. 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. Marketable securities are included in Level 2 of the fair value hierarchy, are classified as available-for-sale (or held-to-maturity prior to December 31, 2025), and are carried at fair value or amortized cost, respectively.

(J) Share-Based Compensation

Share-based awards to employees, directors, and consultants include stock options, restricted stock units (“RSUs”), performance options, performance restricted stock units (“PSUs”) and capped value appreciation rights (“CVARs”).

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. 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. In prior fiscal years, because the Company did not have sufficient trading history to rely on the volatility of its common stock, volatility was estimated by taking the average historical price volatility for comparable publicly traded peer companies. Beginning on April 1, 2025, the Company began using a blend of its historical and implied volatility to estimate the expected share price volatility assumption. Due to changes in the Company’s capital position, the Company believes this methodology better reflects its expected future volatility. 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 Company accounts for pre-vesting award forfeitures when they occur. 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. 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.

(K) Foreign Currency

The Company’s functional and reporting currency is the U.S. dollar. For the Company’s subsidiaries whose functional currency is other than the U.S. dollar, assets and liabilities are translated into U.S. dollars at the exchange rates in effect at the balance sheet date, while their revenue and expenses are translated at the average exchange rates for the reporting period. The cumulative foreign currency translation adjustments are recorded as a component of “Accumulated other comprehensive income” in the accompanying condensed consolidated statement of shareholders’ equity.

Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in “Other (income) expense, net” in the accompanying condensed consolidated statements of operations. For the nine months ended December 31, 2025, foreign currency transaction losses were $7.1 million. Foreign currency transaction losses were de minimis for the nine months ended December 31, 2024.

(L) Significant Accounting Policies

There were no significant changes to the Company’s significant accounting policies from those disclosed in the Company’s Form 10-K for the year ended March 31, 2025.

(M) 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 their specified effective dates.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires 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 expects adoption of this ASU will result in expanded disclosures in line with the requirements of ASU 2023-09.

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 expects adoption of this ASU will result in additional disclosures in line with the requirements of ASU 2024-03.

In September 2025, the FASB issued ASU 2025-07, “Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract,” which refines the scope of the guidance on derivatives in ASC 815 and clarifies the guidance on share-based payments from a customer in ASC 606. This guidance is effective for fiscal years and interim periods beginning after December 15, 2026, with early adoption permitted. These requirements may be applied prospectively or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.

Segment Information

9 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

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 condensed consolidated statements of operations and comprehensive (loss) income as net (loss) income. The measure of segment assets is reported on the condensed 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 (in thousands):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2025		2024		2025		2024
Revenue	$	1,999	$	9,018	$	5,740	$	21,483
Less:
Cost of revenues	700		259		965		706
Program-specific research and development expenses:
Anti-FcRn franchise—endocrine diseases	19,806		15,479		64,030		46,279
Anti-FcRn franchise—neurological diseases	17,688		24,978		61,712		73,071
Anti-FcRn franchise—rheumatology diseases	14,129		8,180		35,949		17,225
Anti-FcRn franchise—dermatology diseases	3,037		4,951		16,134		9,894
Anti-FcRn franchise—other clinical and nonclinical	463		44		3,174		7,579
Brepocitinib	16,201		10,940		45,936		32,051
Mosliciguat	10,398		4,701		26,250		13,865
Other development and discovery programs	13,399		14,557		34,819		43,751
Research and development share-based compensation	18,123		9,685		40,218		30,128
Research and development personnel-related expenses	41,403		38,292		124,591		103,414
Other research and development expenses	10,733		9,788		30,054		27,918
General and administrative share-based compensation	86,874		69,386		228,778		165,670
General and administrative personnel-related expenses	28,246		33,572		96,307		173,082
Other general and administrative expenses	59,952		38,587		127,131		105,566
Gain on sale of Telavant net assets	—		—		—		(110,387)
Change in fair value of investments	(21,592)		21,314		(130,968)		(42,287)
Change in fair value of liability instruments	24,416		(2,147)		47,704		(1,632)
Interest income	(43,266)		(61,851)		(136,929)		(203,751)
Other (income) expense, net	(8,342)		2,816		8,560		7,877
Income tax expense (benefit)	23,332		(25,568)		34,976		(1,147)
Income from discontinued operations, net of tax	—		(327,020)		—		(373,030)
Net (loss) income	$	(313,701)	$	118,075	$	(753,651)	$	(104,359)

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Lease, discount rate	8.50%	8.50%
Pre-tax impairment charges	$ 17.1	$ 17.1
Purchase obligation	39.1	39.1
Purchase obligation, to be paid, remainder of fiscal year	0.3	0.3
Purchase obligation, to be paid, year one	0.8	0.8
Purchase obligation, to be paid, year two	10.0	10.0
Purchase obligation, to be paid, year three	14.0	14.0
Purchase obligation, to be paid, year four	$ 14.0	$ 14.0

Cash, Cash Equivalents and Marketable Securities - Schedule of Unrealized Positions for Marketable Securities (Details) - US Treasury Securities - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Cash, Cash Equivalents, and Marketable Securities [Line Items]
U.S. Treasury securities, available-for-sale, Amortized Cost	$ 3,047,791
U.S. Treasury securities, available-for-sale, Gross Unrealized Gains	3,917
U.S. Treasury securities, available-for-sale, Gross Unrealized Losses	0
U.S. Treasury securities, available-for-sale, Fair Value	3,051,708
U.S. Treasury securities, held-to-maturity, Amortized Cost		$ 2,171,480
U.S. Treasury securities, held-to-maturity, Gross Unrealized Gains		1,267
U.S. Treasury securities, held-to-maturity, Gross Unrealized Losses		(463)
U.S. Treasury securities, held-to-maturity, Fair Value		2,172,284
Amortized Cost	3,047,791	2,171,480
Gross Unrealized Gains	3,917	1,267
Gross Unrealized Losses	0	(463)
Fair Value	$ 3,051,708	$ 2,172,284

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Condensed Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Share-based compensation			$ 268,996	$ 205,541
Research and development share-based compensation
Share-based compensation	$ 18,123	$ 9,685	40,218	30,128
General and administrative share-based compensation
Share-based compensation	$ 86,874	$ 69,386	$ 228,778	$ 165,670

Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of 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 December 31, 2025 and March 31, 2025, by level, within the fair value hierarchy (in thousands):


	As of December 31, 2025								As of March 31, 2025
	Level 1		Level 2		Level 3		Balance as of December 31, 2025		Level 1		Level 2		Level 3		Balance as of March 31, 2025
Assets:
Money market funds	$	1,386,330	$	—	$	—	$	1,386,330	$	2,621,457	$	—	$	—	$	2,621,457
Available-for-sale marketable securities	—		3,051,708		—		3,051,708		—		—		—		—
Investment in Datavant Class A units	—		—		247,051		247,051		—		—		167,361		167,361
Investment in Arbutus common shares	186,856		—		—		186,856		135,578		—		—		135,578
Total assets at fair value	$	1,573,186	$	3,051,708	$	247,051	$	4,871,945	$	2,757,035	$	—	$	167,361	$	2,924,396
Liabilities:
Liability instruments measured at fair value(1)	—		—		—		—		—		—		9,981		9,981
Total liabilities at fair value	$	—	$	—	$	—	$	—	$	—	$	—	$	9,981	$	9,981

(1)At March 31, 2025, Level 3 includes the fair value of the Earn-Out Shares of $10.0 million.

Schedule of Changes in Fair Value of the Level 3 Assets

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


Balance at March 31, 2024	$	147,526
Change in fair value of investment in Datavant, included in net loss	15,483
Balance at December 31, 2024	$	163,009

Balance at March 31, 2025	$	167,361
Change in fair value of investment in Datavant, included in net loss	79,690
Balance at December 31, 2025	$	247,051

Schedule of Changes in Fair Value of the Level 3 Liabilities

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


Balance at March 31, 2024	$	25,737
Changes in fair value of liability instruments, included in net loss	(1,632)
Balance at December 31, 2024	$	24,105

Balance at March 31, 2025	$	9,981
Changes in fair value of liability instruments, included in net loss	47,704
Reclassification to additional paid-in capital upon vesting of Earn-Out Shares	(57,685)
Balance at December 31, 2025	$	—

Schedule of 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 December 31, 2025	As of March 31, 2025
Volatility	95.0%	110.0%
Discount rate	11.8%	13.0%

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

Volatility

38.4%

Risk-free rate

3.96%

- Definition

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

Equity Method Investments - Investment in Arbutus (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Equity Method Investments [Line Items]
Number of shares acquired (in shares)	709,689,411		709,689,411				695,938,323
Aggregate fair value investment	$ 433,907		$ 433,907				$ 302,939
Investment in Arbutus common shares
Equity Method Investments [Line Items]
Equity method investment ownership percentage	20.00%		20.00%
Aggregate fair value investment	$ 186,900		$ 186,900				$ 135,600
Closing price of common stock (in dollars per share)	$ 4.81		$ 4.81				$ 3.49
Unrealized gains (losses) on investments	$ 10,500	$ (22,500)	$ 51,300	$ 26,800
Common Stock
Equity Method Investments [Line Items]
Number of shares acquired (in shares)	709,689,411	719,632,367	709,689,411	719,632,367	689,697,370	682,229,832	695,938,323	733,328,375	739,053,106	806,677,954
Common Stock \| Investment in Arbutus common shares
Equity Method Investments [Line Items]
Number of shares acquired (in shares)	38,847,462		38,847,462

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Share-Based Compensation and Other Compensation Plans - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 23, 2025 USD ($) shares	Jul. 31, 2025 USD ($) shares	Dec. 31, 2025 USD ($) tranche $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) plan tranche shares	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)
Share-Based Compensation and Other Compensation Plans [Line Items]
Number of equity incentive plans (in plan) \| plan					3
Research and development expenses			$ 165,380	$ 141,595	$ 482,867	$ 405,175
General and administrative expenses			175,072	141,545	452,216	444,318
Cash Bonus Program
Share-Based Compensation and Other Compensation Plans [Line Items]
Research and development expenses			$ 0	1,700	900	5,400
General and administrative expenses				5,500	$ 4,500	19,000
Compensation-related expenses							$ 79,700
Performance restricted stock units
Share-Based Compensation and Other Compensation Plans [Line Items]
Number of vesting tranches \| tranche			6		6
Term of trailing trading days, weighted average price use to calculate performance condition of PSUs			30 days
PSUs performance condition satisfied (in shares) \| shares			13,386,480
PSUs holding period before common shares may be sold by executive			2 years
Performance restricted stock units \| Tranche One
Share-Based Compensation and Other Compensation Plans [Line Items]
Share price (in dollars per share) \| $ / shares			$ 15.00
Performance restricted stock units \| Tranche Two
Share-Based Compensation and Other Compensation Plans [Line Items]
Share price (in dollars per share) \| $ / shares			17.50
Performance restricted stock units \| Tranche Three
Share-Based Compensation and Other Compensation Plans [Line Items]
Share price (in dollars per share) \| $ / shares			$ 20.00
CVARs \| March 2020 CVARs
Share-Based Compensation and Other Compensation Plans [Line Items]
Number of shares outstanding (in shares) \| shares			17,548,368		17,548,368
CVARs \| November 2021 CVARs (non-vested)
Share-Based Compensation and Other Compensation Plans [Line Items]
Number of shares issued (in shares) \| shares					297,795
One-Time Cash Retention Awards
Share-Based Compensation and Other Compensation Plans [Line Items]
General and administrative expenses			$ 0	3,700	$ 14,800	82,800
Priovant Share Exchange
Share-Based Compensation and Other Compensation Plans [Line Items]
Share-based compensation expense	$ 25,200
Granted (in shares) \| shares	1,746,194
Research and development expenses	$ 8,300
General and administrative expenses	$ 16,900
President and Vant Chair \| Performance restricted stock units
Share-Based Compensation and Other Compensation Plans [Line Items]
Total grant date fair values		$ 85,100
Granted (in shares) \| shares		11,900,000
President and Vant Chair \| Restricted Stock
Share-Based Compensation and Other Compensation Plans [Line Items]
Total grant date fair values		$ 20,900
Granted (in shares) \| shares		1,836,547
RSL 2021 EIP
Share-Based Compensation and Other Compensation Plans [Line Items]
Common shares available for future grants (in shares) \| shares			24,970,629		24,970,629
Subsidiary Equity Incentive Plans
Share-Based Compensation and Other Compensation Plans [Line Items]
Share-based compensation expense			$ 38,400	$ 13,500	$ 72,100	$ 42,100

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (753,651)	$ (104,359)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	268,996	205,541
Change in fair value of investments	(130,968)	(42,287)
Change in fair value of debt and liability instruments	47,704	(98,954)
Gain on sale of subsidiary interests	0	(376,506)
Gain on sale of Telavant net assets	0	(110,387)
Impairment loss on operating lease right-of-use assets	15,594	0
Accretion of discount and amortization of premium on marketable securities, net	(29,606)	(54,304)
Realized gain from sales of marketable securities	(347)	0
Loss on extinguishment of debt	0	8,848
Depreciation and amortization	2,710	12,646
Non-cash lease expense	6,412	4,871
Other	7,344	(465)
Changes in assets and liabilities, net of effects from acquisition and divestiture:
Other current assets	(6,995)	(53,922)
Accounts payable	(12,737)	(18,003)
Accrued expenses	(3,900)	(19,507)
Operating lease liabilities	(2,110)	(5,459)
Other	5,023	(14,639)
Net cash used in operating activities	(586,531)	(666,886)
Cash flows from investing activities:
Purchases of marketable securities	(3,792,124)	(4,061,521)
Proceeds from maturities of marketable securities	2,745,000	960,000
Proceeds from sales of marketable securities	200,766	0
Purchase of property and equipment	(6,948)	(3,788)
Proceeds from sale of subsidiary interests	0	185,586
Proceeds from sale of Telavant net assets, net	0	110,387
Cash decrease upon deconsolidation of subsidiaries	0	(31,149)
Other	(2,518)	0
Net cash used in investing activities	(855,824)	(2,840,485)
Cash flows from financing activities:
Proceeds from issuance of subsidiary common shares, net of issuance costs paid	193,605	0
Contribution from minority interest holder to subsidiary	39,250	0
Repayment of debt by subsidiary	0	(51,979)
Payments on principal portion of finance lease obligations	0	(774)
Proceeds from exercise of the Company’s and subsidiary stock options	217,165	37,006
Taxes paid related to net settlement of equity awards	(39,869)	(29,755)
Repurchase of the Company’s common shares	(208,293)	(997,787)
Proceeds from issuance of the Company’s common shares under employee stock purchase plan	1,155	648
Net cash provided by (used in) financing activities	203,013	(1,042,641)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	2,451	1,236
Net change in cash, cash equivalents and restricted cash	(1,236,891)	(4,548,776)
Cash, cash equivalents and restricted cash at beginning of period	2,725,661	6,550,450
Cash, cash equivalents and restricted cash at end of period	1,488,770	2,001,674
Non-cash investing and financing activities:
Issuance of subsidiary shares in connection with Debt Renegotiation	0	11,647
Operating lease right-of-use assets obtained and exchanged for operating lease liabilities	9,141	51,266
Reclassification of earn-out shares liability to additional paid-in capital upon vesting	57,685	0
Other	$ 9,909	$ 159

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Effective tax rate	(8.00%)	10.90%	(4.90%)	0.20%

Income Taxes	9 Months Ended
Income Taxes	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three and nine months ended December 31, 2025 was (8.0)% and (4.9)%, respectively, and the effective tax rate for the three and nine months ended December 31, 2024 was 10.9% and 0.2%, respectively. The effective tax rates for the three and nine months ended December 31, 2025 are driven by the Company’s earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets, as well as the impacts of taxable intercompany income and non-deductible executive compensation. The effective tax rates for the three and nine months ended December 31, 2024 are driven by the Company’s earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets. The Company assesses the realizability of its deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and records a valuation allowance as necessary. On July 4, 2025, H.R. 1, 119th Cong. (2025), also referred to as the “One Big Beautiful Bill Act” (the “2025 Tax Act” or “OBBBA”) was signed into law in the U.S., which includes a broad range of tax reform provisions. The impact of the OBBBA on the Company’s accompanying condensed consolidated financial statements is not material.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenue	$ 1,999	$ 9,018	$ 5,740	$ 21,483
Operating expenses:
Cost of revenues	700	259	965	706
Research and development (includes $18,123and $9,685 of share-based compensation expense for the three months ended December 31, 2025 and 2024 and $40,218and $30,128 for the nine months ended December 31, 2025 and 2024, respectively)	165,380	141,595	482,867	405,175
General and administrative (includes $86,874 and $69,386 of share-based compensation expense for the three months ended December 31, 2025 and 2024 and $228,778 and $165,670 for the nine months ended December 31, 2025 and 2024, respectively)	175,072	141,545	452,216	444,318
Total operating expenses	341,152	283,399	936,048	850,199
Gain on sale of Telavant net assets	0	0	0	110,387
Loss from operations	(339,153)	(274,381)	(930,308)	(718,329)
Change in fair value of investments	(21,592)	21,314	(130,968)	(42,287)
Change in fair value of liability instruments	24,416	(2,147)	47,704	(1,632)
Interest income	(43,266)	(61,851)	(136,929)	(203,751)
Other (income) expense, net	(8,342)	2,816	8,560	7,877
Loss from continuing operations before income taxes	(290,369)	(234,513)	(718,675)	(478,536)
Income tax expense (benefit)	23,332	(25,568)	34,976	(1,147)
Loss from continuing operations, net of tax	(313,701)	(208,945)	(753,651)	(477,389)
Income from discontinued operations, net of tax	0	327,020	0	373,030
Net (loss) income	(313,701)	118,075	(753,651)	(104,359)
Net loss attributable to noncontrolling interests	(47,810)	(51,306)	(150,886)	(138,853)
Net (loss) income attributable to Roivant Sciences Ltd.	(265,891)	169,381	(602,765)	34,494
Amounts attributable to Roivant Sciences Ltd.:
Loss from continuing operations, net of tax	(265,891)	(157,639)	(602,765)	(338,691)
Income from discontinued operations, net of tax	0	327,020	0	373,185
Net (loss) income attributable to Roivant Sciences Ltd.	$ (265,891)	$ 169,381	$ (602,765)	$ 34,494
Basic and diluted net (loss) income per common share:
Basic loss from continuing operations (in dollars per share)	$ (0.38)	$ (0.22)	$ (0.88)	$ (0.46)
Diluted loss from continuing operations (in dollars per share)	(0.38)	(0.22)	(0.88)	(0.46)
Basic income from discontinued operations (in dollars per share)	0	0.45	0	0.51
Diluted income from discontinued operations (in dollars per share)	0	0.45	0	0.51
Basic net (loss) income per common share (in dollars per share)	(0.38)	0.23	(0.88)	0.05
Diluted net (loss) income per common share (in dollars per share)	$ (0.38)	$ 0.23	$ (0.88)	$ 0.05
Weighted average shares outstanding:
Basic (in shares)	696,859,682	722,716,168	686,052,379	731,318,202
Diluted (in shares)	696,859,682	722,716,168	686,052,379	731,318,202

Description of Business and Liquidity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2025	Dec. 31, 2023
Description of Business and Liquidity [Line Items]
Cash, cash equivalents, and marketable securities	$ 4,529,978		$ 4,529,978		$ 4,886,891
(Accumulated deficit) / retained earnings	(694,998)		(694,998)		$ 116,060
Income (loss) from continuing operations, net of tax	$ (313,701)	$ (208,945)	$ (753,651)	$ (477,389)
Telavant Holdings, Inc
Description of Business and Liquidity [Line Items]
Cash payment received for sale of assets						$ 5,200,000

- Definition

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

+ References

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Discontinued Operations

9 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On October 28, 2024, the Company completed the sale of its entire equity interest in its majority-owned subsidiary, Dermavant, to Organon. The Dermavant Transaction was made pursuant to the Merger Agreement between Dermavant, Organon, Merger Sub, and the Company. Pursuant to the Merger Agreement, Organon agreed to acquire Dermavant for cash consideration comprising an upfront payment, regulatory and sales milestones, and royalties. Refer to Note 6, “Discontinued Operations” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025 for further information regarding the Dermavant Transaction.

The Company concluded that Dermavant met the discontinued operations accounting criteria in the second fiscal quarter of 2024. As the Dermavant Transaction closed in October 2024, no Dermavant assets or liabilities were recognized on the balance sheet as of March 31, 2025 or December 31, 2025. Financial results of Dermavant through closing of the Dermavant Transaction are presented as “Income from discontinued operations, net of tax” in the accompanying consolidated statements of operations for the three and nine months ended December 31, 2024. As a result of the Dermavant Transaction, the Company recognized a gain of $376.5 million for the three and nine months ended December 31, 2024, of which $301.5 million was recognized upon the deconsolidation of Dermavant and $75.0 million was subsequently recognized upon achievement of the first milestone.

The following table presents components of discontinued operations included in “Income from discontinued operations, net of tax” (in thousands):


	Three Months Ended December 31, 2024		Nine Months Ended December 31, 2024
Product revenue, net	$	2,296	$	41,599
License, milestone and other revenue	1,212		33,838
Revenue, net	3,508		75,437
Operating expenses:
Cost of revenues	1,695		12,116
Research and development	3,210		24,307
Selling, general and administrative	25,750		119,879
Total operating expenses	30,655		156,302
Loss from operations	(27,147)		(80,865)
Gain on sale of subsidiary interests(1)	(376,506)		(376,506)
Change in fair value of debt	5,330		(97,322)
Interest expense(2)	10,688		30,556
Other expense (income), net	7,183		(11,257)
Income from discontinued operations before income taxes	326,158		373,664
Income tax (benefit) expense	(862)		634
Income from discontinued operations, net of tax	$	327,020	$	373,030

Loss from discontinued operations before income taxes attributable to noncontrolling interests	$	—	$	(155)
Income from discontinued operations before income taxes attributable to Roivant Sciences Ltd.	326,158		373,819
Income from discontinued operations before income taxes	$	326,158	$	373,664

(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 three and nine months ended December 31, 2024, interest expense includes an $8.8 million loss on extinguishment of the Credit Facility.

In the accompanying condensed consolidated statements of cash flows, the cash flows from discontinued operations are not separately classified. The following table summarizes significant non-cash operating and investing items from discontinued operations (in thousands):


	Nine Months Ended December 31, 2024
Gain on sale of subsidiary interests	$	(376,506)
Share-based compensation	$	9,666
Change in fair value of debt	$	(97,322)
Loss on extinguishment of debt	$	8,848
Depreciation and amortization	$	6,739

Share-Based Compensation and Other Compensation Plans

9 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

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, and the Roivant Sciences Ltd. Amended and Restated 2015 Restricted Stock Unit 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. At December 31, 2025, a total of 24,970,629 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 nine months ended December 31, 2025 was as follows:


			Number of Options
Options outstanding at March 31, 2025			139,412,098
Granted			2,264,315
Exercised			(43,081,547)
Forfeited/Canceled			(1,189,703)
Options outstanding at December 31, 2025			97,405,163
Options exercisable at December 31, 2025			85,840,056

Restricted Stock Units

Activity for RSUs under the RSL Equity Plans for the nine months ended December 31, 2025 was as follows:


			Number of RSUs
Non-vested balance at March 31, 2025			14,119,949
Granted			6,454,080
Vested			(3,782,085)
Forfeited			(1,905,609)
Non-vested balance at December 31, 2025			14,886,335

Performance Restricted Stock Units

Activity for PSUs under the RSL Equity Plans for the nine months ended December 31, 2025 was as follows:


			Number of PSUs
Non-vested balance at March 31, 2025			36,872,465
Granted			11,900,000
Vested			—
Forfeited			—
Non-vested balance at December 31, 2025			48,772,465

In July 2025, the Company’s board of directors appointed Frank Torti as an executive officer of the Company with the title President and Vant Chair. In connection with this appointment, the Compensation Committee approved a compensation package for Dr. Torti consisting of (i) a one-time cash retention award, (ii) a grant of PSUs with both performance- and time-vesting components and (iii) a grant of time-vesting RSUs. A summary of the incentive equity awards approved is as follows:

Executive

Title

Performance Restricted Stock Units (at max) #

Restricted Stock Units (#)

Frank Torti

President and Vant Chair

11,900,000

1,836,547

The PSU and RSU awards were approved on the same terms and conditions as the awards granted to the Company’s Chief Executive Officer, Matthew Gline, as part of the 2024 Senior Executive Compensation Program (as defined below). The grant date fair values of the PSU and RSU awards to Dr. Torti set forth in the tables above are $85.1 million and $20.9 million, respectively.

During the three months ended December 31, 2025, the share price hurdles for the first three of the six vesting tranches of the PSUs granted pursuant to the 2024 Senior Executive Compensation Program, including Dr. Torti’s PSU award approved in July 2025, were met as a result of the Company’s trailing 30-day volume weighted average trading price per share exceeding the specified share price hurdles of $15.00, $17.50, and $20.00. As a result, the “Performance Condition” (as defined in the 2024 Senior Executive Compensation Program) was satisfied for 13,386,480 PSUs. Vesting is contingent upon the satisfaction of the “Service Condition” (as defined in the 2024 Senior Executive Compensation Program), which 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 customary exceptions).

Capped Value Appreciation Rights

March 2020 CVAR Grants

As of December 31, 2025, 17,548,368 CVARs granted in March 2020 remain outstanding. These CVARs had met the service vesting condition as of December 31, 2025 but have not satisfied their applicable hurdle price on an applicable hurdle measurement date. Such CVARs will be earned if the hurdle price is satisfied on a hurdle measurement date, being annually on March 30, prior to the expiration date of March 31, 2026.

November 2021 CVAR Grants

Activity for CVARs granted in November 2021 under the RSL 2021 EIP for the nine months ended December 31, 2025 was as follows:


			Number of CVARs
Non-vested balance at March 31, 2025			348,527
Vested			(297,795)
Forfeited			(50,732)
Non-vested balance at December 31, 2025			—

During the nine months ended December 31, 2025, 297,795 common shares were issued upon their settlement.

(B) Subsidiary Equity Incentive Plans

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, RSUs, and other share awards under their respective EIP. The Company recorded share-based compensation expense of $38.4 million and $72.1 million for the three and nine months ended December 31, 2025, respectively, and $13.5 million and $42.1 million for the three and nine months ended December 31, 2024, respectively, related to subsidiary EIPs.

In November 2025, the Company offered certain holders of vested equity of the Company’s subsidiary, Priovant Holdings, Inc. (“Priovant”), the opportunity to exchange a portion of their vested equity granted under the Priovant 2021 Equity Incentive Plan for RSL common shares granted under the RSL 2021 EIP (the “Exchange Offer”). The Exchange Offer expired on December 23, 2025. On December 23, 2025, immediately following the expiration of the Exchange Offer, the exchanged Priovant equity instruments were canceled, and the Company granted 1,746,194 RSL common shares, under the RSL 2021 EIP, to the individuals participating in the Exchange Offer. The Exchange Offer was treated as a modification for accounting purposes and resulted in incremental share-based compensation expense of $25.2 million, of which $8.3 million was recognized to research and development expense and $16.9 million was recognized to general and administrative expense. This incremental expense was recognized in full on December 23, 2025.

(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”).

The Company recognized general and administrative expense of $5.5 million for the three months ended December 31, 2024, and $4.5 million and $19.0 million for the nine months ended December 31, 2025 and 2024, respectively, relating to the Cash Bonus Program. The Company recognized research and development expense of $1.7 million for the three months ended December 31, 2024, and $0.9 million and $5.4 million for the nine months ended December 31, 2025 and 2024, respectively, relating to the Cash Bonus Program. There was no related expense recognized during the three months ended December 31, 2025.

(E) 2024 Senior Executive Compensation Program Cash Awards

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 Immunovant CEO (the “2024 Senior Executive Compensation Program”). In July 2025, the Compensation Committee also approved a one-time cash retention award for Frank Torti in connection with his appointment as an executive officer of the Company. Pursuant to the 2024 Senior Executive Compensation Program, including Dr. Torti’s one-time cash retention award approved in July 2025, the Company paid the following one-time cash retention awards to the officers listed in the table below:


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 Immunovant CEO	$	7,465
Frank Torti	President and Vant Chair	$	7,500

As a result of the cash retention rewards, the Company recognized general and administrative expense of $14.8 million during the nine months ended December 31, 2025 and $3.7 million and $82.8 million, respectively, during the three and nine months ended December 31, 2024. There was no related expense recognized during the three months ended December 31, 2025.

Certain Balance Sheet Components (Tables)

9 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Accrued Expenses

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


	December 31, 2025		March 31, 2025
Research and development expenses	$	55,716	$	45,813
Compensation-related expenses	38,112		53,928
Other expenses	24,163		14,553
Total accrued expenses	$	117,991	$	114,294

Schedule of Other Current Liabilities

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


	December 31, 2025		March 31, 2025
Income tax payable	$	7,167	$	416
Deferred revenue	3,050		1,168
Other	26		—
Total other current liabilities	$	10,243	$	1,584

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Frank Torti [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 20, 2025, Frank Torti, President and Vant Chair of our subsidiary Roivant Sciences, Inc. entered into a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The plan provides for the potential sale of up to 3,000,000 common shares held by Dr. Torti between February 19, 2026 and June 30, 2026
Name	Frank Torti
Title	President and Vant Chair
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 20, 2025
Expiration Date	June 30, 2026
Arrangement Duration	131 days
Aggregate Available	3,000,000

Share-Based Compensation and Other Compensation Plans - Schedule of Activity for Capped Value Appreciation Rights (Details)	9 Months Ended
	Dec. 31, 2025 shares
Number of CVARs
Non-vested balance, beginning (in shares)	348,527
Vested (in shares)	(297,795)
Forfeited (in shares)	(50,732)
Non-vested balance, ending (in shares)	0

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2025	Jan. 01, 2025
Discontinued Operations [Line Items]
Gain on sale of subsidiary interests		$ 0	$ 376,506
Milestone receivable from sale of discontinued operations					$ 75,000
Dermavant \| Discontinued Operations, Disposed of by Sale
Discontinued Operations [Line Items]
Dermavant assets		0		$ 0
Dermavant liabilities		$ 0		$ 0
Gain on sale of subsidiary interests	$ 376,506		376,506
Deconsolidation, gain (loss), amount			$ 301,500

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,478,270	$ 2,715,411
Restricted cash (included in “Other current assets”)	2,608	2,358
Restricted cash (included in “Other assets”)	7,892	7,892
Cash, cash equivalents and restricted cash	$ 1,488,770	$ 2,725,661

Share-Based Compensation and Other Compensation Plans - Schedule of the Awards Approved (Details) - President and Vant Chair	1 Months Ended
	Jul. 31, 2025 shares
Performance restricted stock units
Share-Based Compensation and Other Compensation Plans [Line Items]
Granted (in shares)	11,900,000
Restricted Stock
Share-Based Compensation and Other Compensation Plans [Line Items]
Granted (in shares)	1,836,547

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

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.

Principles of Consolidation

Use of Estimates

Concentrations

Segment Reporting

Segment ReportingOperating 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.”

Cash, Cash Equivalents, and Restricted Cash


	December 31, 2025		March 31, 2025
Cash and cash equivalents	$	1,478,270	$	2,715,411
Restricted cash (included in “Other current assets”)	2,608		2,358
Restricted cash (included in “Other assets”)	7,892		7,892
Cash, cash equivalents and restricted cash	$	1,488,770	$	2,725,661

Marketable Securities

Contingencies

Investments

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.

Share-Based Compensation

Foreign Currency

Significant Accounting Policies /Recently Issued Accounting Pronouncements

Significant Accounting Policies

There were no significant changes to the Company’s significant accounting policies from those disclosed in the Company’s Form 10-K for the year ended March 31, 2025.

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 their specified effective dates.

Share-Based Compensation and Other Compensation Plans - Schedule of Activity for Stock Options and Performance Stock Options (Details) - RSL Equity Plans - Stock options and performance stock options	9 Months Ended
	Dec. 31, 2025 shares
Number of Options
Options outstanding, beginning balance (in shares)	139,412,098
Granted (in shares)	2,264,315
Exercised (in shares)	(43,081,547)
Forfeited/Canceled (in shares)	(1,189,703)
Options outstanding, ending balance (in shares)	97,405,163
Options exercisable (in shares)	85,840,056

Discontinued Operations (Tables)

9 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following table presents components of discontinued operations included in “Income from discontinued operations, net of tax” (in thousands):


	Three Months Ended December 31, 2024		Nine Months Ended December 31, 2024
Product revenue, net	$	2,296	$	41,599
License, milestone and other revenue	1,212		33,838
Revenue, net	3,508		75,437
Operating expenses:
Cost of revenues	1,695		12,116
Research and development	3,210		24,307
Selling, general and administrative	25,750		119,879
Total operating expenses	30,655		156,302
Loss from operations	(27,147)		(80,865)
Gain on sale of subsidiary interests(1)	(376,506)		(376,506)
Change in fair value of debt	5,330		(97,322)
Interest expense(2)	10,688		30,556
Other expense (income), net	7,183		(11,257)
Income from discontinued operations before income taxes	326,158		373,664
Income tax (benefit) expense	(862)		634
Income from discontinued operations, net of tax	$	327,020	$	373,030

Loss from discontinued operations before income taxes attributable to noncontrolling interests	$	—	$	(155)
Income from discontinued operations before income taxes attributable to Roivant Sciences Ltd.	326,158		373,819
Income from discontinued operations before income taxes	$	326,158	$	373,664

The following table summarizes significant non-cash operating and investing items from discontinued operations (in thousands):


	Nine Months Ended December 31, 2024
Gain on sale of subsidiary interests	$	(376,506)
Share-based compensation	$	9,666
Change in fair value of debt	$	(97,322)
Loss on extinguishment of debt	$	8,848
Depreciation and amortization	$	6,739

- Definition

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.

+ References

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+ Details

Net (Loss) Income per Common Share (Details) - shares	9 Months Ended
Net (Loss) Income per Common Share (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Stock options and performance stock options
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	97,405,163	141,783,273
Restricted stock units and performance stock units (non-vested)
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	63,658,800	51,484,611
March 2020 CVARs
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	17,548,368	17,548,368
November 2021 CVARs (non-vested)
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	0	710,060
Restricted common stock (non-vested)
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	0	169,422
Earn-Out Shares (non-vested)
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	0	3,080,387
Other stock based awards and instruments issued
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	3,674,484	5,031,399

Net (Loss) Income per Common Share (Tables)

9 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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

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


	December 31, 2025	December 31, 2024
Stock options and performance stock options	97,405,163	141,783,273
Restricted stock units and performance stock units (non-vested)	63,658,800	51,484,611
March 2020 CVARs(1)	17,548,368	17,548,368
November 2021 CVARs (non-vested)	—	710,060
Restricted common stock (non-vested)	—	169,422
Earn-Out Shares (non-vested)	—	3,080,387
Other stock based awards and instruments issued	3,674,484	5,031,399

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

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash


	December 31, 2025		March 31, 2025
Cash and cash equivalents	$	1,478,270	$	2,715,411
Restricted cash (included in “Other current assets”)	2,608		2,358
Restricted cash (included in “Other assets”)	7,892		7,892
Cash, cash equivalents and restricted cash	$	1,488,770	$	2,725,661

Net (Loss) Income per Common Share

9 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net (Loss) Income per Common Share

Basic net (loss) income per common share is computed by dividing net (loss) income attributable to Roivant Sciences Ltd. by the weighted-average number of common stock outstanding during the period. Diluted net (loss) income per common share is computed by dividing the net (loss) income attributable to Roivant Sciences Ltd. by the diluted weighted-average number of common stock outstanding during the period.

For periods of loss from continuing operations, diluted loss per share is calculated similar to basic loss per share as the effect of including all potentially dilutive common stock equivalents is anti-dilutive. For the three and nine months ended December 31, 2025 and 2024, all outstanding common stock equivalents have been excluded from the computation of diluted loss per share because their effect was anti-dilutive due to the net loss from continuing operations.

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


	December 31, 2025	December 31, 2024
Stock options and performance stock options	97,405,163	141,783,273
Restricted stock units and performance stock units (non-vested)	63,658,800	51,484,611
March 2020 CVARs(1)	17,548,368	17,548,368
November 2021 CVARs (non-vested)	—	710,060
Restricted common stock (non-vested)	—	169,422
Earn-Out Shares (non-vested)	—	3,080,387
Other stock based awards and instruments issued	3,674,484	5,031,399

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

Subsequent Events	9 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2026, the Company’s subsidiary, Immunovant, completed an internal reorganization and transfer of intellectual property rights related to Immunovant’s product candidates between two wholly-owned subsidiaries of Immunovant. The Company is still assessing the impact of this transfer, but expects a reduction in its current income tax expense for the year ending March 31, 2026, and expects a reduction in its foreign net operating losses and corresponding valuation allowance in Switzerland. Ownership and rights to such intellectual property remain with the Company and its subsidiaries.

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (313,701)	$ 118,075	$ (753,651)	$ (104,359)
Other comprehensive income:
Change in fair value of debt due to change in subsidiary credit risk	0	2,300	0	(1,200)
Unrealized gains on available-for-sale securities	1,213	0	4,264	0
Foreign currency translation adjustment	76	3,941	7,552	(6,185)
Amounts reclassified from accumulated other comprehensive income	(347)	19,869	(347)	19,869
Total other comprehensive income	942	26,110	11,469	12,484
Comprehensive (loss) income	(312,759)	144,185	(742,182)	(91,875)
Comprehensive loss attributable to noncontrolling interests	(47,920)	(51,289)	(150,589)	(138,509)
Comprehensive (loss) income attributable to Roivant Sciences Ltd.	$ (264,839)	$ 195,474	$ (591,593)	$ 46,634

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2025	Mar. 31, 2025
Statement of Financial Position [Abstract]
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)	709,689,411	695,938,323
Common stock, shares outstanding (in shares)	709,689,411	695,938,323

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (A) Commitments Lease Commitments The Company has leases, consisting primarily of real estate leases. Refer to Note 11, “Leases” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025 for further information regarding the Company’s lease commitments. During the three months ended December 31, 2025, in connection with the relocation of the U.S. corporate headquarters of Roivant Sciences, Inc. and the execution of a sublease agreement, the Company identified a triggering event for the associated operating lease right-of-use asset and leasehold improvements (the asset group) for the former U.S. corporate headquarters. The Company determined that the asset group was not recoverable as its carrying amount exceeded the future net undiscounted cash flows expected under the sublease agreement. The Company measured the fair value of the asset group using an income approach based on a discounted cash flow methodology using significant Level 3 inputs. Key inputs used in the valuation included contractual and market-based sublease rental rates, estimated lease commencement date, transaction costs, and a discount rate of 8.5%. As the carrying amount of the asset group exceeded its fair value, the Company recognized a total pre-tax impairment charge of $17.1 million during the three and nine months ended December 31, 2025, which is included in general and administrative expenses in the condensed consolidated statements of operations. Other Commitments The Company has entered into commitments under various asset acquisition and license agreements. Under these agreements, the Company is required to make milestone payments upon successful completion and achievement of certain development, regulatory and commercial milestones. The payment obligations under the asset acquisition and license agreements are contingent upon future events, such as the achievement of specified development, regulatory and commercial milestones, and the Company will be required to make milestone payments and royalty payments in connection with the sale of products developed under these agreements. Refer to Note 12, “Commitments and Contingencies” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025 for further information regarding certain key asset acquisition and license agreements. There have been no material changes to the key asset acquisition and license agreements relating to continuing operations during the nine months ended December 31, 2025. The Company has further commitments relating to other asset acquisition and license agreements that it has entered into and expects to enter into additional asset acquisition and license agreements in the future, which may require upfront payments and long-term commitments of capital resources. Additionally, the Company enters into agreements with contract service providers to assist in the performance of its research and development activities. Expenditures to contract research organizations and contract manufacturing organizations represent significant costs in the clinical development of its product candidates. Subject to required notice periods and certain obligations under binding purchase orders, the Company can elect to discontinue the work under these agreements at any time. The Company expects to enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of capital resources. As of December 31, 2025, the Company’s subsidiary, Immunovant, has a remaining minimum obligation for the contract manufacturing of batoclimab drug substance of approximately $39.1 million, of which $0.3 million, $0.8 million, $10.0 million, $14.0 million and $14.0 million is expected to be paid, subject to the terms of such contract manufacturing agreement, during the remainder of the fiscal year ending March 31, 2026, and for the fiscal years ending March 31, 2027, 2028, 2029 and 2030, respectively. (B) Loss Contingencies The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company accrues for loss contingencies when available information indicates that it is probable that a liability has been incurred and the amount of such loss can be reasonably estimated, and if the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the litigation or claim, including an estimable range, if possible. (C) Indemnification Agreements The Company is a party to a number of agreements entered into in the ordinary course of business that contain typical provisions that obligate the Company to indemnify the other parties to such agreements upon the occurrence of certain events. The aggregate maximum potential future liability of the Company under such indemnification provisions is uncertain. The Company also indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits. The maximum amount of potential future indemnification is unlimited; however, the Company currently maintains director and officer liability insurance, which may cover certain liabilities arising from the Company’s obligation to indemnify its directors and officers. To date, the Company has not incurred any material costs related to these indemnification obligations and has not accrued any liabilities related to such obligations in the accompanying condensed consolidated financial statements as of December 31, 2025 and March 31, 2025.

Certain Balance Sheet Components

9 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Certain Balance Sheet Components

(A) Accrued Expenses

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


	December 31, 2025		March 31, 2025
Research and development expenses	$	55,716	$	45,813
Compensation-related expenses	38,112		53,928
Other expenses	24,163		14,553
Total accrued expenses	$	117,991	$	114,294

(B) Other Current Liabilities

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


	December 31, 2025		March 31, 2025
Income tax payable	$	7,167	$	416
Deferred revenue	3,050		1,168
Other	26		—
Total other current liabilities	$	10,243	$	1,584

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,478,270	$ 2,715,411
Marketable securities (held at fair value as of December 31, 2025)	3,051,708	2,171,480
Other current assets	129,912	113,173
Total current assets	4,659,890	5,000,064
Property and equipment, net	13,447	12,056
Operating lease right-of-use assets	83,561	89,021
Investments measured at fair value	433,907	302,939
Other assets	34,563	32,860
Total assets	5,225,368	5,436,940
Current liabilities:
Accounts payable	13,294	23,691
Accrued expenses	117,991	114,294
Operating lease liabilities	10,436	9,842
Other current liabilities	10,243	1,584
Total current liabilities	151,964	149,411
Liability instruments measured at fair value	0	9,981
Operating lease liabilities, noncurrent	98,503	90,328
Other liabilities	677	22
Total liabilities	251,144	249,742
Commitments and contingencies (Note 11)
Shareholders’ equity:
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 shares authorized and 709,689,411 and 695,938,323 shares issued and outstanding at December 31, 2025 and March 31, 2025, respectively	0	0
Additional paid-in capital	4,943,643	4,562,107
(Accumulated deficit) / retained earnings	(694,998)	116,060
Accumulated other comprehensive income	20,610	9,438
Shareholders’ equity attributable to Roivant Sciences Ltd.	4,269,255	4,687,605
Noncontrolling interests	704,969	499,593
Total shareholders’ equity	4,974,224	5,187,198
Total liabilities and shareholders’ equity	$ 5,225,368	$ 5,436,940

Share-Based Compensation and Other Compensation Plans - Schedule of Activity for RSUs (Details)	9 Months Ended
	Dec. 31, 2025 shares
Number of RSUs and PSUs
Non-vested balance, beginning (in shares)	348,527
Vested (in shares)	(297,795)
Forfeited (in shares)	(50,732)
Non-vested balance, ending (in shares)	0
RSL Equity Plans \| Restricted Stock
Number of RSUs and PSUs
Non-vested balance, beginning (in shares)	14,119,949
Granted (in shares)	6,454,080
Vested (in shares)	(3,782,085)
Forfeited (in shares)	(1,905,609)
Non-vested balance, ending (in shares)	14,886,335
RSL Equity Plans \| Performance restricted stock units
Number of RSUs and PSUs
Non-vested balance, beginning (in shares)	36,872,465
Granted (in shares)	11,900,000
Vested (in shares)	0
Forfeited (in shares)	0
Non-vested balance, ending (in shares)	48,772,465

Earn-Out Shares (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 30, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Earn-Out Shares [Line Items]
Gain (loss) on fair value of liability instruments		$ 24,416	$ (2,147)	$ 47,704	$ (1,632)
Earn-Out Shares
Earn-Out Shares [Line Items]
Gain (loss) on fair value of liability instruments		24,400	$ 2,100	47,700	$ 400
MAAC Sponsor
Earn-Out Shares [Line Items]
Fair value of vested earnout liability		$ 57,700		$ 57,700
MAAC Sponsor \| 20% Earn-Out
Earn-Out Shares [Line Items]
Common shares issued (in Shares)	2,033,591
Percentage of earn-out shares	20.00%	20.00%
MAAC Sponsor \| 20% Earn-Out \| Independent Directors
Earn-Out Shares [Line Items]
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 \| 10 % Earn-Out
Earn-Out Shares [Line Items]
Common shares issued (in Shares)	1,016,796
Percentage of earn-out shares	10.00%	10.00%
MAAC Sponsor \| 10 % Earn-Out \| Independent Directors
Earn-Out Shares [Line Items]
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
Minimum \| MAAC Sponsor \| 20% Earn-Out \| Independent Directors
Earn-Out Shares [Line Items]
Earn-out share price (in dollars per share)	$ 15.00
Minimum \| MAAC Sponsor \| 10 % Earn-Out \| Independent Directors
Earn-Out Shares [Line Items]
Earn-out share price (in dollars per share)	$ 20.00

Certain Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Income tax payable	$ 7,167	$ 416
Deferred revenue	3,050	1,168
Other	26	0
Total other current liabilities	$ 10,243	$ 1,584

Equity Method Investments	9 Months Ended
Equity Method Investments	Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The Company maintains equity method investments in certain entities. As of December 31, 2025 and March 31, 2025, 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. Investment in Arbutus The Company holds an investment in Arbutus in the form of 38,847,462 common shares of Arbutus. As of December 31, 2025, RSL held approximately 20% of the issued and outstanding shares of Arbutus. At December 31, 2025 and March 31, 2025, the aggregate fair value of the Company’s investment in Arbutus was $186.9 million and $135.6 million, respectively. The fair value of the Company’s investment was determined using the closing price of Arbutus’s common stock on December 31, 2025 and March 31, 2025 of $4.81 and $3.49, respectively. During the three and nine months ended December 31, 2025, the Company recognized unrealized gains of $10.5 million and $51.3 million on its investment in Arbutus, respectively, in the accompanying condensed consolidated statements of operations. During the three and nine months ended December 31, 2024, the Company recognized an unrealized loss of $22.5 million and an unrealized gain of $26.8 million on its investment in Arbutus, respectively, in the accompanying condensed consolidated statements of operations. Investment in Datavant The Company holds an investment in Class A units of Datavant. As of December 31, 2025, the Company’s minority equity interest represented approximately 9% of the outstanding Class A units in Datavant. Datavant’s capital structure includes several classes of preferred units that, among other features, have liquidation preferences and conversion rights. Upon conversion of such preferred units into Class A units, the Company’s ownership interest would be diluted. As of December 31, 2025 and March 31, 2025, the fair value of the Company’s investment was $247.1 million and $167.4 million, respectively. During the three and nine months ended December 31, 2025, the Company recognized unrealized gains of $11.1 million and $79.7 million on its investment in Datavant, respectively, in the accompanying condensed consolidated statements of operations. During the three and nine months ended December 31, 2024, the Company recognized unrealized gains of $1.2 million and $15.5 million on its investment in Datavant, respectively, in the accompanying condensed consolidated statements of operations. The fair value of the Company’s investment 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 13, “Fair Value Measurements” for more information.

Description of Business and Liquidity	9 Months Ended
Description of Business and Liquidity	Dec. 31, 2025
Description of Business and Liquidity [Abstract]
Description of Business and Liquidity	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 December 31, 2025, the Company had cash, cash equivalents, and marketable securities of approximately $4.5 billion and its accumulated deficit was $695.0 million. For the nine months ended December 31, 2025 and 2024, the Company incurred net losses from continuing operations of $753.7 million and $477.4 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

9 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring Fair Value Measurements


	As of December 31, 2025								As of March 31, 2025
	Level 1		Level 2		Level 3		Balance as of December 31, 2025		Level 1		Level 2		Level 3		Balance as of March 31, 2025
Assets:
Money market funds	$	1,386,330	$	—	$	—	$	1,386,330	$	2,621,457	$	—	$	—	$	2,621,457
Available-for-sale marketable securities	—		3,051,708		—		3,051,708		—		—		—		—
Investment in Datavant Class A units	—		—		247,051		247,051		—		—		167,361		167,361
Investment in Arbutus common shares	186,856		—		—		186,856		135,578		—		—		135,578
Total assets at fair value	$	1,573,186	$	3,051,708	$	247,051	$	4,871,945	$	2,757,035	$	—	$	167,361	$	2,924,396
Liabilities:
Liability instruments measured at fair value(1)	—		—		—		—		—		—		9,981		9,981
Total liabilities at fair value	$	—	$	—	$	—	$	—	$	—	$	—	$	9,981	$	9,981

(1)At March 31, 2025, Level 3 includes the fair value of the Earn-Out Shares of $10.0 million.

There were no transfers into or out of Level 3 during the nine months ended December 31, 2025.

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 evaluates these assumptions and estimates on an ongoing basis as additional data impacting the assumptions and estimates is obtained. Changes in the fair value related to updated assumptions and estimates are recorded within the 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 is 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 nine months ended December 31, 2025 and 2024 were as follows (in thousands):


Balance at March 31, 2024	$	147,526
Change in fair value of investment in Datavant, included in net loss	15,483
Balance at December 31, 2024	$	163,009

Balance at March 31, 2025	$	167,361
Change in fair value of investment in Datavant, included in net loss	79,690
Balance at December 31, 2025	$	247,051

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


Balance at March 31, 2024	$	25,737
Changes in fair value of liability instruments, included in net loss	(1,632)
Balance at December 31, 2024	$	24,105

Balance at March 31, 2025	$	9,981
Changes in fair value of liability instruments, included in net loss	47,704
Reclassification to additional paid-in capital upon vesting of Earn-Out Shares	(57,685)
Balance at December 31, 2025	$	—

Investment in Datavant

The Company elected the fair value option to account for its 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 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 December 31, 2025	As of March 31, 2025
Volatility	95.0%	110.0%
Discount rate	11.8%	13.0%

Earn-Out Shares

Prior to vesting during the quarter ended December 31, 2025, 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 12, “Earn-Out Shares” 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

Volatility

38.4%

Risk-free rate

3.96%

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.

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

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Gain on sale of subsidiary interests			$ 0	$ (376,506)
Income from discontinued operations, net of tax	$ 0	$ 327,020	0	373,030
Income from discontinued operations before income taxes attributable to Roivant Sciences Ltd.	$ 0	327,020	0	373,185
Loss on extinguishment of debt			$ 0	8,848
Discontinued Operations, Disposed of by Sale \| Dermavant
Discontinued Operations [Line Items]
Revenue, net		3,508		75,437
Operating expenses:
Cost of revenues		1,695		12,116
Research and development		3,210		24,307
Selling, general and administrative		25,750		119,879
Total operating expenses		30,655		156,302
Loss from operations		(27,147)		(80,865)
Gain on sale of subsidiary interests		(376,506)		(376,506)
Change in fair value of debt		5,330		(97,322)
Interest expense		10,688		30,556
Other expense (income), net		7,183		(11,257)
Income from discontinued operations before income taxes		326,158		373,664
Income tax (benefit) expense		(862)		634
Income from discontinued operations, net of tax		327,020		373,030
Loss from discontinued operations before income taxes attributable to noncontrolling interests		0		(155)
Income from discontinued operations before income taxes attributable to Roivant Sciences Ltd.		326,158		373,819
Gain (loss) on sale of business, accumulated other comprehensive income (loss)				(19,900)
Loss on extinguishment of debt		8,800		8,848
Share-based compensation				9,666
Change in fair value of debt				(97,322)
Depreciation and amortization				6,739
Product revenue, net \| Discontinued Operations, Disposed of by Sale \| Dermavant
Discontinued Operations [Line Items]
Revenue, net		2,296		41,599
License, milestone and other revenue \| Discontinued Operations, Disposed of by Sale \| Dermavant
Discontinued Operations [Line Items]
Revenue, net		$ 1,212		$ 33,838

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2025	Apr. 30, 2024	Jun. 30, 2025	Dec. 31, 2025	Mar. 31, 2025	Jun. 24, 2025	Sep. 19, 2022
Shareholders' Equity [Line Items]
Common stock, par value (in dollars per share)	$ 0.0000000341740141			$ 0.0000000341740141	$ 0.0000000341740141
2025 Stock Repurchase Program
Shareholders' Equity [Line Items]
Common stock repurchase authorized amount						$ 500.0
Stock purchases				$ 0.0
2024 Stock Repurchase Program
Shareholders' Equity [Line Items]
Common stock repurchase authorized amount		$ 1,500.0
Stock purchases			$ 208.3		$ 644.8
Number of shares repurchased (in shares)			20,269,450		57,110,703
2024 Stock Repurchase Program \| Sumitomo Pharma Co. Ltd.
Shareholders' Equity [Line Items]
Stock purchases		$ 648.4
Number of shares repurchased (in shares)		71,251,083
Closing price of common stock (in dollars per share)		$ 9.10
Underwritten Public Offering
Shareholders' Equity [Line Items]
Shares sold in offering (in shares)	26,200,000
Common stock, par value (in dollars per share)	$ 21.00			$ 21.00
Aggregate net proceeds from stock offering	$ 543.6
Underwritten Offering - Shares Purchased by RSL
Shareholders' Equity [Line Items]
Shares sold in offering (in shares)	16,666,666
Underwritten Offering - Shares Purchased by RSL \| Immunovant
Shareholders' Equity [Line Items]
Subsidiary, ownership percentage, parent	56.00%			56.00%
Cowen \| At-the-Market Equity Offering Program
Shareholders' Equity [Line Items]
Common shares aggregate offering price authorized							$ 400.0
Common shares aggregate offering price authorized, remaining capacity available	$ 400.0			$ 400.0

Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings / (Accumulated Deficit)	Noncontrolling Interests
Beginning balance (in shares) at Mar. 31, 2024		806,677,954
Beginning balance at Mar. 31, 2024	$ 6,448,529	$ 0	$ 5,396,492	$ (4,083)	$ 576,172	$ 479,948
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 (in shares)		3,626,235
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	(11,147)		(11,147)
Exercise and vesting of subsidiary share awards	745		433			312
Issuance of subsidiary common shares, net	11,647		11,647
Cash contributions to majority-owned subsidiaries	0		(69)			69
Repurchase of the Company's common shares (in shares)		(71,251,083)
Repurchase of the Company’s common shares	(648,385)		(648,385)
Share-based compensation	50,239		32,817			17,422
Change in fair value of debt due to change in subsidiary credit risk	(10,600)			(10,600)
Foreign currency translation adjustment	(3,232)			(3,265)		33
Net income (loss)	57,490				95,297	(37,807)
Ending balance (in shares) at Jun. 30, 2024		739,053,106
Ending balance at Jun. 30, 2024	5,895,286	$ 0	4,781,788	(17,948)	671,469	459,977
Beginning balance (in shares) at Mar. 31, 2024		806,677,954
Beginning balance at Mar. 31, 2024	6,448,529	$ 0	5,396,492	(4,083)	576,172	479,948
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from minority interest holder to subsidiary	0
Amounts reclassified from accumulated other comprehensive (loss) income	19,869
Unrealized gains on available-for-sale securities	0
Net income (loss)	(104,359)
Ending balance (in shares) at Dec. 31, 2024		719,632,367
Ending balance at Dec. 31, 2024	5,535,970	$ 0	4,721,017	8,057	460,398	346,498
Beginning balance (in shares) at Jun. 30, 2024		739,053,106
Beginning balance at Jun. 30, 2024	5,895,286	$ 0	4,781,788	(17,948)	671,469	459,977
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 (in shares)		3,226,784
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	(2,597)		(2,597)
Exercise and vesting of subsidiary share awards	762		430			332
Issuance of the Company’s common shares under employee stock purchase plan (in shares)		72,143
Issuance of the Company’s common shares under employee stock purchase plan	648
Cash contributions to majority-owned subsidiaries	0		(119)			119
Repurchase of the Company's common shares (in shares)		(9,023,658)
Repurchase of the Company’s common shares	(106,054)		(60,349)		(45,705)
Share-based compensation	71,715		55,610			16,105
Change in fair value of debt due to change in subsidiary credit risk	7,100			7,100
Foreign currency translation adjustment	(6,894)			(7,188)		294
Net income (loss)	(279,924)				(230,184)	(49,740)
Ending balance (in shares) at Sep. 30, 2024		733,328,375
Ending balance at Sep. 30, 2024	5,580,042	$ 0	4,775,411	(18,036)	395,580	427,087
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 (in shares)		7,055,968
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	16,915		16,915
Sale of interests in subsidiary	(48,079)					(48,079)
Exercise and vesting of subsidiary share awards	2,573		1,444			1,129
Issuance of subsidiary common shares to the Company and cash contributions to majority-owned subsidiaries	0		(280)			280
Repurchase of the Company's common shares (in shares)		(20,751,976)
Repurchase of the Company’s common shares	(243,348)		(138,785)		(104,563)
Share-based compensation	83,682		66,312			17,370
Change in fair value of debt due to change in subsidiary credit risk	2,300			2,300
Amounts reclassified from accumulated other comprehensive (loss) income	19,869			19,869
Unrealized gains on available-for-sale securities	0
Foreign currency translation adjustment	3,941			3,924		17
Net income (loss)	118,075				169,381	(51,306)
Ending balance (in shares) at Dec. 31, 2024		719,632,367
Ending balance at Dec. 31, 2024	$ 5,535,970	$ 0	4,721,017	8,057	460,398	346,498
Beginning balance (in shares) at Mar. 31, 2025	695,938,323	695,938,323
Beginning balance at Mar. 31, 2025	$ 5,187,198	$ 0	4,562,107	9,438	116,060	499,593
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 (in shares)		6,560,959
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	16,912		16,912
Exercise and vesting of subsidiary share awards	3,613		2,325			1,288
Cash contributions to majority-owned subsidiaries	0		(290)			290
Repurchase of the Company's common shares (in shares)		(20,269,450)
Repurchase of the Company’s common shares	(208,293)				(208,293)
Share-based compensation	82,178		63,031			19,147
Unrealized gains on available-for-sale securities	470			470
Foreign currency translation adjustment	7,739			7,229		510
Net income (loss)	(273,911)				(223,355)	(50,556)
Ending balance (in shares) at Jun. 30, 2025		682,229,832
Ending balance at Jun. 30, 2025	$ 4,815,906	$ 0	4,644,085	17,137	(315,588)	470,272
Beginning balance (in shares) at Mar. 31, 2025	695,938,323	695,938,323
Beginning balance at Mar. 31, 2025	$ 5,187,198	$ 0	4,562,107	9,438	116,060	499,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from minority interest holder to subsidiary	39,250
Amounts reclassified from accumulated other comprehensive (loss) income	(347)
Unrealized gains on available-for-sale securities	4,264
Net income (loss)	$ (753,651)
Ending balance (in shares) at Dec. 31, 2025	709,689,411	709,689,411
Ending balance at Dec. 31, 2025	$ 4,974,224	$ 0	4,943,643	20,610	(694,998)	704,969
Beginning balance (in shares) at Jun. 30, 2025		682,229,832
Beginning balance at Jun. 30, 2025	4,815,906	$ 0	4,644,085	17,137	(315,588)	470,272
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 (in shares)		7,386,746
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	45,569		45,569
Exercise and vesting of subsidiary share awards	25,109		14,110			10,999
Issuance of the Company’s common shares under employee stock purchase plan (in shares)		80,792
Issuance of the Company’s common shares under employee stock purchase plan	774		774
Cash contributions to majority-owned subsidiaries	0		(503)			503
Share-based compensation	81,821		67,845			13,976
Unrealized gains on available-for-sale securities	2,581			2,581
Foreign currency translation adjustment	(263)			(160)		(103)
Net income (loss)	(166,039)				(113,519)	(52,520)
Ending balance (in shares) at Sep. 30, 2025		689,697,370
Ending balance at Sep. 30, 2025	4,805,458	$ 0	4,771,880	19,558	(429,107)	443,127
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 (in shares)		19,992,041
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	65,422		65,422
Exercise and vesting of subsidiary share awards	21,585		8,063			13,522
Issuance of subsidiary common shares to the Company and cash contributions to majority-owned subsidiaries	0		(160,357)			160,357
Vesting of Earn-Out Shares	57,685		57,685
Issuance of subsidiary common shares, net of issuance costs	193,605		108,902			84,703
Contribution from minority interest holder to subsidiary	39,250					39,250
Issuance of the Company’s common shares under employee stock purchase plan	381		381
Repurchase of the Company’s common shares	(1,400)		(1,318)			(82)
Share-based compensation	104,997		92,985			12,012
Amounts reclassified from accumulated other comprehensive (loss) income	(347)			(347)
Unrealized gains on available-for-sale securities	1,213			1,213
Foreign currency translation adjustment	76			186		(110)
Net income (loss)	$ (313,701)				(265,891)	(47,810)
Ending balance (in shares) at Dec. 31, 2025	709,689,411	709,689,411
Ending balance at Dec. 31, 2025	$ 4,974,224	$ 0	$ 4,943,643	$ 20,610	$ (694,998)	$ 704,969

Share-Based Compensation and Other Compensation Plans (Tables)

9 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Activity for Stock Options and Performance Stock Options

Activity for stock options and performance stock options under the RSL Equity Plans for the nine months ended December 31, 2025 was as follows:


			Number of Options
Options outstanding at March 31, 2025			139,412,098
Granted			2,264,315
Exercised			(43,081,547)
Forfeited/Canceled			(1,189,703)
Options outstanding at December 31, 2025			97,405,163
Options exercisable at December 31, 2025			85,840,056

Schedule of Activity for RSUs

Activity for RSUs under the RSL Equity Plans for the nine months ended December 31, 2025 was as follows:


			Number of RSUs
Non-vested balance at March 31, 2025			14,119,949
Granted			6,454,080
Vested			(3,782,085)
Forfeited			(1,905,609)
Non-vested balance at December 31, 2025			14,886,335

Schedule of Activity for Performance Restricted Stock Units

Activity for PSUs under the RSL Equity Plans for the nine months ended December 31, 2025 was as follows:


			Number of PSUs
Non-vested balance at March 31, 2025			36,872,465
Granted			11,900,000
Vested			—
Forfeited			—
Non-vested balance at December 31, 2025			48,772,465

Schedule of Share Based Compensation Equity Incentive Awards Approved

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

Executive

Title

Performance Restricted Stock Units (at max) #

Restricted Stock Units (#)

Frank Torti

President and Vant Chair

11,900,000

1,836,547

Schedule of Activity for Capped Value Appreciation Rights

Activity for CVARs granted in November 2021 under the RSL 2021 EIP for the nine months ended December 31, 2025 was as follows:


			Number of CVARs
Non-vested balance at March 31, 2025			348,527
Vested			(297,795)
Forfeited			(50,732)
Non-vested balance at December 31, 2025			—

Schedule of One-time Cash Retention Awards

Pursuant to the 2024 Senior Executive Compensation Program, including Dr. Torti’s one-time cash retention award approved in July 2025, the Company paid the following one-time cash retention awards to the officers listed in the table below:


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 Immunovant CEO	$	7,465
Frank Torti	President and Vant Chair	$	7,500

Fair Value Measurements - Schedule of Earn-Out Shares (Details) - Earn-Out Shares	Mar. 31, 2025
Volatility
Fair Value Measurements [Line Items]
Earn-out share, measurement input	38.40%
Risk-free rate
Fair Value Measurements [Line Items]
Earn-out share, measurement input	3.96%

Fair Value Measurements - Schedule of Changes in Fair Value of the Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 167,361	$ 147,526
Change in fair value of investment in Datavant, included in net loss	79,690	15,483
Ending balance	$ 247,051	$ 163,009

Earn-Out Shares	9 Months Ended
Earn-Out Shares	Dec. 31, 2025
Earn-Out Shares [Abstract]
Earn-Out Shares	Earn-Out Shares In connection with the Business Combination, the Company issued the following restricted common shares on September 30, 2021: a.2,033,591 common shares issued to Patient Square Capital LLC (the “MAAC Sponsor”) and 10,000 common shares issued to each of MAAC’s independent directors (collectively, the “20% Earn-Out Shares”), subject to vesting if the closing price of the Company’s common shares is greater than or equal to $15.00 over any 20 out of 30 trading day period between November 9, 2021 and September 30, 2026 (the “Vesting Period”); and b.1,016,796 common shares issued to the MAAC Sponsor and 5,000 common shares issued to each of MAAC’s independent directors (collectively, the “10% Earn-Out Shares” and, together with the 20% Earn-Out Shares, the “Earn-Out Shares”), subject to vesting if the closing price of the Company’s common shares is greater than or equal to $20.00 over any 20 out of 30 trading day period during the Vesting Period. During the quarter ended December 31, 2025, both of the 20% Earn-Out Shares and the 10% Earn-Out Shares, which were already included in the Company’s issued and outstanding share count, vested and therefore are no longer subject to forfeiture. Certain of the Earn-Out Shares remain subject to a lock-up and may not be sold until the one-year anniversary of the applicable vesting date. Prior to vesting, the Earn-Out Shares required liability classification and were classified as “Liability instruments measured at fair value” on the accompanying condensed consolidated balance sheets. The Earn-Out Shares liability was subject to remeasurement at each balance sheet date with changes in fair value recognized in the Company’s statements of operations. The Earn-Out Shares were remeasured upon their vesting, and these remeasurements were recognized in “Change in fair value of liability instruments” in the accompanying condensed consolidated statements of operations. The resulting liabilities upon remeasurement, totaling $57.7 million, were reclassified to additional paid-in capital. During the three and nine months ended December 31, 2025, the Company recognized losses of $24.4 million and $47.7 million, respectively, due to changes in the fair value of the Earn-Out Shares in the accompanying condensed consolidated statements of operations. During the three and nine months ended December 31, 2024, the Company recognized gains of $2.1 million and $0.4 million, respectively, due to changes in fair value of the Earn-Out Shares in the accompanying condensed consolidated statements of operations.

Fair Value Measurements - Schedule of Assets and Liabilities are Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Fair Value Measurements [Line Items]
Investment	$ 433,907	$ 302,939
Total assets at fair value	4,871,945	2,924,396
Liability instruments measured at fair value	0	9,981
Total liabilities at fair value	0	9,981
Available-for-Sale Securities
Fair Value Measurements [Line Items]
Available-for-sale marketable securities	3,051,708	0
Money market funds
Fair Value Measurements [Line Items]
Money market funds	1,386,330	2,621,457
Earn-Out Shares
Fair Value Measurements [Line Items]
Liabilities at fair value		10,000
Level 1
Fair Value Measurements [Line Items]
Total assets at fair value	1,573,186	2,757,035
Liability instruments measured at fair value	0	0
Total liabilities at fair value	0	0
Level 1 \| Available-for-Sale Securities
Fair Value Measurements [Line Items]
Available-for-sale marketable securities	0	0
Level 1 \| Money market funds
Fair Value Measurements [Line Items]
Money market funds	1,386,330	2,621,457
Level 2
Fair Value Measurements [Line Items]
Total assets at fair value	3,051,708	0
Liability instruments measured at fair value	0	0
Total liabilities at fair value	0	0
Level 2 \| Available-for-Sale Securities
Fair Value Measurements [Line Items]
Available-for-sale marketable securities	3,051,708	0
Level 2 \| Money market funds
Fair Value Measurements [Line Items]
Money market funds	0	0
Level 3
Fair Value Measurements [Line Items]
Total assets at fair value	247,051	167,361
Liability instruments measured at fair value	0	9,981
Total liabilities at fair value	0	9,981
Level 3 \| Available-for-Sale Securities
Fair Value Measurements [Line Items]
Available-for-sale marketable securities	0	0
Level 3 \| Money market funds
Fair Value Measurements [Line Items]
Money market funds	0	0
Level 3 \| Earn-Out Shares
Fair Value Measurements [Line Items]
Liabilities at fair value		10,000
Investment in Arbutus common shares
Fair Value Measurements [Line Items]
Investment	186,900	135,600
Common Shares \| Investment in Datavant Class A units
Fair Value Measurements [Line Items]
Investment	247,051	167,361
Common Shares \| Investment in Datavant Class A units \| Level 1
Fair Value Measurements [Line Items]
Investment	0	0
Common Shares \| Investment in Datavant Class A units \| Level 2
Fair Value Measurements [Line Items]
Investment	0	0
Common Shares \| Investment in Datavant Class A units \| Level 3
Fair Value Measurements [Line Items]
Investment	247,051	167,361
Common Shares \| Investment in Arbutus common shares
Fair Value Measurements [Line Items]
Investment	186,856	135,578
Common Shares \| Investment in Arbutus common shares \| Level 1
Fair Value Measurements [Line Items]
Investment	186,856	135,578
Common Shares \| Investment in Arbutus common shares \| Level 2
Fair Value Measurements [Line Items]
Investment	0	0
Common Shares \| Investment in Arbutus common shares \| Level 3
Fair Value Measurements [Line Items]
Investment	$ 0	$ 0

Cash, Cash Equivalents and Marketable Securities - Schedule of Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Cash and cash equivalents
Cash	$ 91,940	$ 93,954
Money market funds	1,386,330	2,621,457
Total cash and cash equivalents	1,478,270	2,715,411
Marketable securities
U.S. Treasury securities, available-for-sale	3,051,708	0
U.S. Treasury securities, held-to-maturity	0	2,171,480
Total marketable securities	3,051,708	2,171,480
Total cash, cash equivalents, and marketable securities	$ 4,529,978	$ 4,886,891

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 45
-Paragraph 21
-Publisher FASB
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 210
-Topic 946
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477796/946-210-45-20

+ Details

Fair Value Measurements - Narrative (Details) $ in Millions	Mar. 31, 2025 USD ($)
Earn-Out Shares
Fair Value Measurements [Line Items]
Liabilities at fair value	$ 10.0

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	9 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1
Foreign currency transaction losses \| $	$ 7.1	$ 0.0

Share-Based Compensation and Other Compensation Plans - Schedule of One-time Cash Retention Awards (Details) - Performance restricted stock units - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Chief Executive Officer
Share-Based Compensation and Other Compensation Plans [Line Items]
Cash awards		$ 5,725
President and Chief Investment Officer
Share-Based Compensation and Other Compensation Plans [Line Items]
Cash awards		80,550
President and Immunovant CEO
Share-Based Compensation and Other Compensation Plans [Line Items]
Cash awards		$ 7,465
President and Vant Chair
Share-Based Compensation and Other Compensation Plans [Line Items]
Cash awards	$ 7,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information (Tables)

9 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Significant Segment Expenses

The Company’s significant segment expenses are as follows (in thousands):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2025		2024		2025		2024
Revenue	$	1,999	$	9,018	$	5,740	$	21,483
Less:
Cost of revenues	700		259		965		706
Program-specific research and development expenses:
Anti-FcRn franchise—endocrine diseases	19,806		15,479		64,030		46,279
Anti-FcRn franchise—neurological diseases	17,688		24,978		61,712		73,071
Anti-FcRn franchise—rheumatology diseases	14,129		8,180		35,949		17,225
Anti-FcRn franchise—dermatology diseases	3,037		4,951		16,134		9,894
Anti-FcRn franchise—other clinical and nonclinical	463		44		3,174		7,579
Brepocitinib	16,201		10,940		45,936		32,051
Mosliciguat	10,398		4,701		26,250		13,865
Other development and discovery programs	13,399		14,557		34,819		43,751
Research and development share-based compensation	18,123		9,685		40,218		30,128
Research and development personnel-related expenses	41,403		38,292		124,591		103,414
Other research and development expenses	10,733		9,788		30,054		27,918
General and administrative share-based compensation	86,874		69,386		228,778		165,670
General and administrative personnel-related expenses	28,246		33,572		96,307		173,082
Other general and administrative expenses	59,952		38,587		127,131		105,566
Gain on sale of Telavant net assets	—		—		—		(110,387)
Change in fair value of investments	(21,592)		21,314		(130,968)		(42,287)
Change in fair value of liability instruments	24,416		(2,147)		47,704		(1,632)
Interest income	(43,266)		(61,851)		(136,929)		(203,751)
Other (income) expense, net	(8,342)		2,816		8,560		7,877
Income tax expense (benefit)	23,332		(25,568)		34,976		(1,147)
Income from discontinued operations, net of tax	—		(327,020)		—		(373,030)
Net (loss) income	$	(313,701)	$	118,075	$	(753,651)	$	(104,359)

Certain Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Research and development expenses	$ 55,716	$ 45,813
Compensation-related expenses	38,112	53,928
Other expenses	24,163	14,553
Total accrued expenses	$ 117,991	$ 114,294