0001635088-26-000061 | 10-K | XBRL Viewer

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Income Taxes - Schedule of Cash Payments by Jurisdiction, Net of Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
United States Federal and Other	$ 48,638	$ 59,389	$ 10,409
Other	(269)	2,521	1,945
Total	$ 48,369	$ 61,910	$ 12,354

Cash, Cash Equivalents, and Marketable Securities - Schedule of Unrealized Positions for Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Marketable Securities [Line Items]
U.S. Treasury securities, available-for-sale, Amortized Cost	$ 2,876,156
U.S. Treasury securities, available-for-sale, Gross Unrealized Gains	538
U.S. Treasury securities, available-for-sale, Gross Unrealized Losses	(4,093)
U.S. Treasury securities, available-for-sale, Fair Value	2,872,601	$ 2,171,480
Accrued interest receivable	19,600	12,100
Corporate bonds
Marketable Securities [Line Items]
U.S. Treasury securities, available-for-sale, Amortized Cost	751,103
U.S. Treasury securities, available-for-sale, Gross Unrealized Gains	0
U.S. Treasury securities, available-for-sale, Gross Unrealized Losses	(2,681)
U.S. Treasury securities, available-for-sale, Fair Value	748,422	0
U.S. Treasury securities
Marketable Securities [Line Items]
U.S. Treasury securities, available-for-sale, Amortized Cost	2,125,053
U.S. Treasury securities, available-for-sale, Gross Unrealized Gains	538
U.S. Treasury securities, available-for-sale, Gross Unrealized Losses	(1,412)
U.S. Treasury securities, available-for-sale, Fair Value	2,124,179	0
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
129 Available-for-Sale Marketable Securities
Marketable Securities [Line Items]
U.S. Treasury securities, available-for-sale, Fair Value	$ 1,999,600

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net (loss) income	$ (397,907)	$ (356,734)	$ 4,231,206
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Share-based compensation	346,165	289,029	199,627
Change in fair value of investments	(105,046)	(55,186)	47,973
Change in fair value of debt and liability instruments	47,704	(113,078)	78,943
Gain on sale of subsidiary interests	0	(376,506)	0
Gain on deconsolidation of subsidiaries	(11,027)	(3,108)	(32,772)
Gain on sale of Telavant net assets	0	(110,387)	(5,348,410)
Impairment loss on operating lease right-of-use assets	15,594	0	0
Accretion of discount and amortization of premium on available-for-sale marketable securities, net	(22,992)	0	0
Accretion of discount and amortization of premium on held-to-maturity marketable securities, net	(13,520)	(69,959)	0
Realized gain from sales of marketable securities	(976)	0	0
Loss on extinguishment of debt	0	8,848	0
Depreciation and amortization	3,348	14,071	22,036
Non-cash lease expense	8,276	6,843	6,845
Other	1,828	3,762	10,249
Changes in assets and liabilities, net of effects from acquisition and divestiture:
Other current assets	11,459	(25,070)	(81,478)
Other assets	(7,416)	(8,758)	16,488
Litigation settlement receivable	(770,235)	0	0
Accounts payable	3,418	(18,168)	22,684
Accrued expenses	59,326	(10,070)	40,150
Operating lease liabilities	(2,385)	(5,700)	(8,326)
Accrued interest	0	0	21,977
Income tax payable	85,045	(10,053)	9,927
Other liabilities	(1,008)	773	(2,387)
Net cash used in operating activities	(750,349)	(839,451)	(765,268)
Marketable securities, available-for-sale
Purchases	(4,795,855)	0	0
Proceeds from maturities	1,122,300	0	0
Proceeds from sales	821,367	0	0
Marketable securities, held-to-maturity
Purchases	0	(4,061,521)	0
Proceeds from maturities	2,185,000	1,960,000	0
Proceeds from sale of Telavant net assets, net	0	110,387	5,233,396
Proceeds from sale of subsidiary interests	0	260,586	47,500
Cash decrease upon deconsolidation of subsidiaries	(4,418)	(31,223)	(84,483)
Purchase of property and equipment	(8,209)	(4,599)	(1,382)
Other	(2,518)	79	8,592
Net cash (used in) provided by investing activities	(682,333)	(1,766,291)	5,203,623
Cash flows from financing activities:
Proceeds from issuance of the Company’s common shares, net of issuance costs paid	0	0	199,822
Proceeds from issuance of subsidiary common shares, net of issuance costs paid	193,605	112,782	238,733
Repayment of debt by subsidiary	0	(51,979)	(29,158)
Contribution from minority interest holder to subsidiary	39,250	0	0
Proceeds from exercise of the Company’s and subsidiary stock options	268,350	49,597	54,314
Taxes paid related to net settlement of equity awards	(48,621)	(37,216)	(37,715)
Proceeds from issuance of the Company’s common shares under employee stock purchase plan	1,155	1,028	951
Payments on principal portion of finance lease obligations	0	(774)	(1,547)
Payment of subsidiary dividend	0	0	(6,000)
Proceeds from exercise of the Company’s warrants	0	0	5
Payment for redemptions of the Company’s warrants	0	0	(41)
Net cash provided by (used in) financing activities	134,236	(1,219,794)	419,364
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,767	747	616
Net change in cash, cash equivalents and restricted cash	(1,294,679)	(3,824,789)	4,858,335
Cash, cash equivalents and restricted cash at beginning of period	2,725,661	6,550,450	1,692,115
Cash, cash equivalents and restricted cash at end of period	1,430,982	2,725,661	6,550,450
Non-cash investing and financing activities:
Cashless exercise of the Company’s warrants	0	0	83,258
Issuance of subsidiary shares in connection with debt renegotiation	0	11,647	0
Operating lease right-of-use assets obtained and exchanged for operating lease liabilities	9,605	51,364	1,790
Reclassification of earn-out shares liability to additional paid-in capital upon vesting	57,685	0	0
Taxes payable related to net settlement of equity awards	31,114	0	0
Other	3,352	59	441
Supplemental disclosure of cash paid:
Interest paid	0	5,963	10,268
Parent Company
Cash flows from financing activities:
Repurchase of the Company’s common shares	(318,103)	(1,293,232)	0
Subsidiaries
Cash flows from financing activities:
Repurchase of the Company’s common shares	$ (1,400)	$ 0	$ 0

Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Subsidiaries	Parent Company	Common Stock	Common Stock Parent Company	Additional Paid-in Capital	Additional Paid-in Capital Subsidiaries	Accumulated Other Comprehensive (Loss) Income	(Accumulated Deficit) / Retained Earnings	(Accumulated Deficit) / Retained Earnings Parent Company	Noncontrolling Interests	Noncontrolling Interests Subsidiaries
Beginning balance (in shares) at Mar. 31, 2023				760,143,393
Beginning balance at Mar. 31, 2023	$ 1,607,587			$ 0		$ 4,933,137		$ (2,617)	$ (3,772,754)		$ 449,821
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of the Company’s common shares, net of issuance costs (in shares)				19,600,685
Issuance of the Company’s common shares, net of issuance costs	199,822					199,822
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments (in shares)				18,926,077
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	10,857					10,857
Issuance of the Company's common shares related to settlement of warrants (in shares)				7,554,549
Issuance of the Company’s common shares related to settlement of warrants	83,264					83,264
Issuance of the Company's common shares related to settlement of transaction consideration (in shares)				313,023
Issuance of the Company's common shares under employee stock purchase plan (in shares)				140,227
Issuance of the Company’s common shares under employee stock purchase plan	951					951
Issuance of subsidiary common shares, net of issuance costs	238,733					129,763					108,970
Exercise and vesting of subsidiary share awards	5,742					3,192					2,550
Issuance of subsidiary common shares to the Company and cash contributions to majority-owned subsidiaries	0					(106,531)					106,531
Deconsolidation of subsidiaries	(35,148)										(35,148)
Dividend declared by subsidiary	(6,000)										(6,000)
Disposition of Telavant	(87,500)										(87,500)
Share-based compensation	199,951					142,037					57,914
Foreign currency translation adjustment	(936)							(1,466)			530
Net (loss) income	4,231,206								4,348,926		(117,720)
Amounts reclassified from accumulated other comprehensive (loss) income	0
Contribution from minority interest holder to subsidiary	0
Unrealized losses on available-for-sale securities	0
Ending balance (in shares) at Mar. 31, 2024				806,677,954
Ending 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)				17,503,515
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	7,354					7,354
Issuance of the Company's common shares under employee stock purchase plan (in shares)				118,640
Issuance of the Company’s common shares under employee stock purchase plan	1,028					1,028
Issuance of subsidiary common shares, net of issuance costs	124,429					77,267					47,162
Exercise and vesting of subsidiary share awards	5,027					2,852					2,175
Issuance of subsidiary common shares to the Company and cash contributions to majority-owned subsidiaries	0					(142,100)					142,100
Deconsolidation of subsidiaries	(3,706)										(3,706)
Share-based compensation	289,123					224,315					64,808
Foreign currency translation adjustment	(5,210)							(5,148)			(62)
Net (loss) income	(356,734)								(171,981)		(184,753)
Sale of interests in subsidiary	(48,079)										(48,079)
Repurchase of the Company’s common shares (in shares)				(128,361,786)
Repurchase of the Company’s common shares	(1,293,232)					(1,005,101)			(288,131)
Change in fair value of debt due to change in subsidiary credit risk	(1,200)							(1,200)
Amounts reclassified from accumulated other comprehensive (loss) income	19,869							19,869
Contribution from minority interest holder to subsidiary	0
Unrealized losses on available-for-sale securities	$ 0
Ending balance (in shares) at Mar. 31, 2025	695,938,323			695,938,323
Ending 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)				48,518,151
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	136,891					136,891
Issuance of the Company's common shares under employee stock purchase plan (in shares)				121,724
Issuance of the Company’s common shares under employee stock purchase plan	1,155					1,155
Exercise and vesting of subsidiary share awards	54,455					26,998					27,457
Issuance of subsidiary common shares to the Company and cash contributions to majority-owned subsidiaries	0					(162,659)					162,659
Share-based compensation	346,165					295,065					51,100
Foreign currency translation adjustment	(3,027)							(1,525)			(1,502)
Net (loss) income	(397,907)								(299,771)		(98,136)
Repurchase of the Company’s common shares (in shares)					(24,225,812)
Repurchase of the Company’s common shares		$ (1,400)	$ (318,103)				$ (1,318)			$ (318,103)		$ (82)
Amounts reclassified from accumulated other comprehensive (loss) income	(976)							(976)
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
Unrealized losses on available-for-sale securities	$ (2,579)							(2,579)
Ending balance (in shares) at Mar. 31, 2026	720,352,386			720,352,386
Ending balance at Mar. 31, 2026	$ 5,292,412			$ 0		$ 5,024,826		$ 4,358	$ (501,814)		$ 765,042

Fair Value Measurements - Schedule of Assets and Liabilities are Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Assets:
Debt securities, available-for-sale	$ 2,872,601	$ 2,171,480
Investment	407,985	302,939
Total assets at fair value	4,655,292	2,924,396
Liabilities:
Liability instruments measured at fair value	0	9,981
Total liabilities at fair value	0	9,981
Earn-Out Shares
Liabilities:
Liabilities at fair value		10,000
Investment in Arbutus common shares
Assets:
Investment	174,800	135,600
Common Shares \| Investment in Datavant Class A units
Assets:
Investment	233,171	167,361
Common Shares \| Investment in Arbutus common shares
Assets:
Investment	174,814	135,578
Corporate bonds
Assets:
Debt securities, available-for-sale	748,422	0
U.S. Treasury securities
Assets:
Debt securities, available-for-sale	2,124,179	0
Money market funds
Assets:
Money market funds	1,374,706	2,621,457
Level 1
Assets:
Total assets at fair value	1,549,520	2,757,035
Liabilities:
Liability instruments measured at fair value	0	0
Total liabilities at fair value	0	0
Level 1 \| Common Shares \| Investment in Datavant Class A units
Assets:
Investment	0	0
Level 1 \| Common Shares \| Investment in Arbutus common shares
Assets:
Investment	174,814	135,578
Level 1 \| Corporate bonds
Assets:
Debt securities, available-for-sale	0	0
Level 1 \| U.S. Treasury securities
Assets:
Debt securities, available-for-sale	0	0
Level 1 \| Money market funds
Assets:
Money market funds	1,374,706	2,621,457
Level 2
Assets:
Total assets at fair value	2,872,601	0
Liabilities:
Liability instruments measured at fair value	0	0
Total liabilities at fair value	0	0
Level 2 \| Common Shares \| Investment in Datavant Class A units
Assets:
Investment	0	0
Level 2 \| Common Shares \| Investment in Arbutus common shares
Assets:
Investment	0	0
Level 2 \| Corporate bonds
Assets:
Debt securities, available-for-sale	748,422	0
Level 2 \| U.S. Treasury securities
Assets:
Debt securities, available-for-sale	2,124,179	0
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Total assets at fair value	233,171	167,361
Liabilities:
Liability instruments measured at fair value	0	9,981
Total liabilities at fair value	0	$ 9,981
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Liability Instruments Measured at Fair Value
Level 3 \| Earn-Out Shares
Liabilities:
Liabilities at fair value		$ 10,000
Level 3 \| Common Shares \| Investment in Datavant Class A units
Assets:
Investment	233,171	167,361
Level 3 \| Common Shares \| Investment in Arbutus common shares
Assets:
Investment	0	0
Level 3 \| Corporate bonds
Assets:
Debt securities, available-for-sale	0	0
Level 3 \| U.S. Treasury securities
Assets:
Debt securities, available-for-sale	0	0
Level 3 \| Money market funds
Assets:
Money market funds	$ 0	$ 0

Share-Based Compensation and Other Compensation Plans - Schedule of Fair Value of Vested Stock Option (Details) - Stock options and performance stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised	$ 645,161	$ 90,542	$ 68,673
Grant date fair value of options vested	$ 86,810	$ 100,639	$ 157,359
Weighted-average grant date fair value per share of stock options granted (in dollars per share)	$ 5.95	$ 7.22	$ 5.98

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Share-Based Compensation and Other Compensation Plans - Schedule of One-time Cash Retention Awards (Details) - Performance Restricted Stock Units (at max) - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash awards		$ 5,725
President and Chief Investment Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash awards		80,550
President and Immunovant CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash awards		$ 7,465
President and Vant Chair
Share-based Compensation Arrangement by Share-based Payment Award [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

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%

Income Taxes - Schedule of Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Deferred tax assets
Research tax credits	$ 76,810	$ 54,101
Intangible assets	8,732	16,939
Capitalized research and development	189,355	41,387
Net operating loss	550,011	469,339
Share-based compensation	35,167	103,515
Lease liabilities	22,622	21,687
Other assets	33,870	18,001
Subtotal	916,567	724,969
Valuation allowance	(897,209)	(701,219)
Deferred tax liabilities
Depreciation	(2,593)	(561)
Right-of-use assets	(15,848)	(19,270)
Other liabilities	(917)	(3,919)
Total deferred tax assets/(liabilities)	$ 0	$ 0

Cash, Cash Equivalents, and Marketable Securities - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) security	Mar. 31, 2025 USD ($)
Marketable Securities [Line Items]
Debt securities, available-for-sale	$ 2,872,601	$ 2,171,480
129 Available-for-Sale Marketable Securities
Marketable Securities [Line Items]
Number of marketable securities \| security	129
Debt securities, available-for-sale	$ 1,999,600
Debt securities, available-for-sale, unrealized loss position	$ 4,100

Recent Transactions and Developments

12 Months Ended

Mar. 31, 2026

Recent Transactions and Developments [Abstract]

Recent Transactions and Developments

(A) Global Settlement with Moderna

On March 3, 2026, the Company’s subsidiary, Genevant Sciences GmbH (“Genevant”), Arbutus (together with Genevant, “Genevant/Arbutus”), and, solely for certain purposes, Genevant’s parent Genevant Sciences Ltd. ( “GSL”), and Moderna, Inc. and ModernaTx, Inc. (together, “Moderna”) entered into a settlement agreement (the “Settlement Agreement”) to resolve all patent infringement litigation between Genevant/Arbutus and Moderna pending in the U.S. and internationally relating to Moderna’s unauthorized use of Genevant/Arbutus’ lipid nanoparticle (“LNP”) delivery technology in its vaccines, including SPIKEVAX.

Pursuant to the Settlement Agreement:

•Moderna will make a non-contingent, non-creditable, and non-refundable payment to Genevant and Arbutus of $950 million on or before July 8, 2026 (the “Fixed Payment”).

•Moderna may make up to an additional $1.3 billion contingent lump sum payment (the “Contingent Payment”) to Genevant and Arbutus as more fully described below.

•Moderna consented to entry of a judgment of infringement and of a judgment of no invalidity of four Genevant/Arbutus patents.

•Genevant agreed to grant Moderna a global non-exclusive license to LNP delivery technology for infectious disease applications and a covenant not to sue for certain Genevant/Arbutus patents and Moderna products.

Payments by Moderna under the Settlement Agreement will be made directly to Genevant and Arbutus consistent with the terms of a cross-license agreement (as amended, the “Cross-License Agreement”) entered between Genevant (as assignee of GSL) and Arbutus. Pursuant to the Cross-License Agreement, Arbutus granted Genevant, an indirect wholly-owned subsidiary of GSL, a license under certain patents and know-how relating to Arbutus’s LNP and GalNAc technologies for all applications other than hepatitis B virus and certain other excluded fields. As of March 31, 2026, RSL and Arbutus held 83% and 16%, respectively, of the issued and outstanding common shares of GSL.

Under the terms of the Cross-License Agreement, the Fixed Payment to be made by Moderna pursuant to the Settlement Agreement to Genevant/Arbutus is expected to be allocated, after deduction of litigation costs, (i) 80% to Genevant and (ii) 20% to Arbutus.

Based on this allocation, Genevant expects to receive approximately $770.2 million for its portion of the Fixed Payment, subject to adjustment upon final determination of actual litigation costs and expenses incurred. The Company accordingly recognized a gain on litigation settlement of $770.2 million during the year ended March 31, 2026 in the accompanying consolidated statements of operations and a corresponding litigation settlement receivable of $770.2 million on the accompanying consolidated balance sheets.

Moderna will make the Contingent Payment to Genevant/Arbutus (i) if the U.S. Court of Appeals for the Federal Circuit (the “Federal Circuit”) (whether by the initial panel, upon panel rehearing or en banc) affirms, or if there is a final non-appealable judgment that affirms, the rejection of Moderna’s affirmative defense pursuant to 28 U.S.C. §1498 (“§ 1498”) by the U.S. District Court for the District of Delaware in its entirety or otherwise holds that § 1498 does not bar Genevant/Arbutus’ claim against Moderna as to either or both of direct infringement and indirect infringement with respect to all of the doses subject to Moderna’s appeal, or (ii) upon a voluntary dismissal of Moderna’s appeal (any of the foregoing under (i) or (ii), a “Genevant/Arbutus § 1498 Victory”). If the appellate court instead determines that § 1498 bars Genevant/Arbutus’ infringement claims as to some, but not all, of the doses subject to Moderna’s appeal, the Settlement Agreement provides that Moderna will pay Genevant/Arbutus a prorated amount of $1.3 billion, calculated based on the number of doses for which § 1498 bars Genevant/Arbutus’ infringement claims as clearly articulated by the Federal Circuit, or if not clearly articulated by the Federal Circuit, as mutually agreed by the parties or determined in an accelerated binding arbitration process.

Under certain circumstances, if the Genevant/Arbutus § 1498 Victory is subsequently overturned in Moderna’s favor in a final nonappealable decision, Genevant/Arbutus is required to return the Contingent Payment to Moderna, plus interest. If, following a Genevant/Arbutus § 1498 Victory, either (i) Moderna does not timely appeal such Genevant/Arbutus § 1498 Victory or (ii) such Genevant/Arbutus § 1498 Victory is subsequently affirmed in a final nonappealable decision, Moderna will have no further right to a potential repayment of the Contingent Payment.

The Contingent Payment is considered a gain contingency and was not recognized in the accompanying consolidated statements of operations for the year ended March 31, 2026. The gain will be recognized when realized or realizable.

(B) Telavant Disposition

On December 14, 2023 (the “Transaction Date”), the Company completed the sale of its entire equity interest in its majority-owned subsidiary Telavant to Roche Holdings, Inc. (“Roche”) (the “Roche Transaction”). The Roche Transaction was made pursuant to a Stock Purchase Agreement dated October 22, 2023 among the Company, Telavant, Pfizer Inc. (“Pfizer”) and Roche (the “Stock Purchase Agreement”). Telavant was jointly formed by the Company and Pfizer in November 2022 to develop and commercialize RVT-3101, an anti-TL1A antibody in development for ulcerative colitis (“UC”) and Crohn’s disease, in the U.S. and Japan. Prior to the Roche Transaction, the Company held 75% of the issued and outstanding shares of common stock and preferred stock of Telavant, and Pfizer owned the remaining 25%, in each case on an as-converted basis.

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

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

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


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

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

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

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

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

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

Segment Information

12 Months Ended

Mar. 31, 2026

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 consolidated statements of operations and comprehensive (loss) income as net (loss) income. The measure of segment assets is reported on the consolidated balance sheets as total assets.

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

The Company’s significant segment expenses are as follows:


	Years Ended March 31,
	2026		2025		2024

Revenue	$	8,260	$	29,053	$	32,713
Less:
Cost of revenues	1,285		911		1,599
Program-specific research and development expenses:
Anti-FcRn franchise—endocrine diseases	90,359		63,073		33,205
Anti-FcRn franchise—neurological diseases	82,515		93,224		41,060
Anti-FcRn franchise—rheumatology diseases	48,813		23,897		—
Anti-FcRn franchise—dermatology diseases	20,264		15,633		—
Anti-FcRn franchise—other clinical and nonclinical	3,367		9,327		39,811
Anti-FcRn franchise—contractual costs related to batoclimab program discontinuation	38,952		—		—
Brepocitinib	60,272		45,125		38,563
Mosliciguat	36,077		19,746		4,307
Other development and discovery programs	48,251		57,729		92,270
Research and development share-based compensation	47,867		39,780		32,400
Research and development personnel-related expenses	167,790		146,162		123,283
Other research and development expenses	37,285		36,717		35,010
Acquired in-process research and development	—		—		26,450
General and administrative share-based compensation	298,298		239,505		154,873
General and administrative personnel-related expenses	135,850		205,737		126,163
Other general and administrative expenses	176,318		146,168		135,097
Gain on sale of Telavant net assets	—		(110,387)		(5,348,410)
Gain on litigation settlement	(770,235)		—		—
Change in fair value of investments	(105,046)		(55,186)		47,973
Change in fair value of liability instruments	47,704		(15,756)		46,838
Gain on deconsolidation of subsidiaries	(11,027)		(3,108)		(32,772)
Interest income	(178,109)		(258,375)		(146,425)
Other (income) expense, net	(4,012)		10,721		13,562
Income tax expense	133,329		48,174		21,503
(Income) loss from discontinued operations, net of tax	—		(373,030)		315,147
Net (loss) income	$	(397,907)	$	(356,734)	$	4,231,206

- 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
-Topic 280
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-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash

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


	March 31, 2026		March 31, 2025

Cash and cash equivalents	$	1,419,232	$	2,715,411
Restricted cash (included in “Other current assets”)	3,858		2,358
Restricted cash (included in “Other assets”)	7,892		7,892
Cash, cash equivalents and restricted cash	$	1,430,982	$	2,725,661

Schedule of Estimated Useful Life

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


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

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,419,232	$ 2,715,411
Restricted cash (included in “Other current assets”)	3,858	2,358
Restricted cash (included in “Other assets”)	7,892	7,892
Cash, cash equivalents and restricted cash	$ 1,430,982	$ 2,725,661

Certain Balance Sheet Components (Tables)

12 Months Ended

Mar. 31, 2026

Certain Balance Sheet Components [Abstract]

Schedule of Accrued Expenses

Accrued expenses at March 31, 2026 and 2025 consisted of the following (in thousands):


	March 31, 2026		March 31, 2025

Research and development expenses	$	92,749	$	45,813
Compensation-related expenses	87,325		53,928
Other expenses	25,749		14,553
Total accrued expenses	$	205,823	$	114,294

Net (Loss) Income per Common Share (Tables)

12 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of the Numerator to Derive the Basic and Diluted Net (Loss) Income Per Common Share Amounts

The computation of the numerator to derive the basic and diluted net (loss) income per common share amounts presented on the face of the accompanying consolidated statement of operations are as follows (in thousands):


	Years Ended March 31,
	2026		2025		2024
(Loss) income from continuing operations, net of tax	$	(397,907)	$	(729,764)	$	4,546,353
Less: Loss from continuing operations, net of tax, attributable to noncontrolling interests	(98,136)		(184,598)		(116,350)
(Loss) income from continuing operations, net of tax, attributable to Roivant Sciences Ltd., basic	(299,771)		(545,166)		4,662,703
Less: Earnings allocated to subsidiary potentially dilutive common stock equivalents(1)	76,488		—		—
(Loss) income from continuing operations, net of tax, attributable to Roivant Sciences Ltd., diluted	$	(376,259)	$	(545,166)	$	4,662,703

Income (loss) from discontinued operations, net of tax	$	—	$	373,030	$	(315,147)
Less: Net loss from discontinued operations, net of tax attributable to noncontrolling interests	—		(155)		(1,370)
Income (loss) from discontinued operations, net of tax, attributable to Roivant Sciences Ltd., basic and diluted	$	—	$	373,185	$	(313,777)

Net (loss) income attributable to Roivant Sciences Ltd., basic	$	(299,771)	$	(171,981)	$	4,348,926
Net (loss) income attributable to Roivant Sciences Ltd., diluted	$	(376,259)	$	(171,981)	$	4,348,926

(1) As a result of subsidiary net income for the year ended March 31, 2026, an adjustment was made to the diluted numerator for consolidated net (loss) income per common share to reflect the allocation of such net income to potentially dilutive common stock equivalents granted pursuant to the subsidiary EIP.

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

As of March 31, 2026, 2025 and 2024, the following potentially dilutive common stock equivalents were excluded from the computation of diluted net (loss) income per common share:


	March 31, 2026	March 31, 2025	March 31, 2024
Stock options and performance stock options	76,091,993	139,412,098	54,648,258
Restricted stock units and performance restricted stock units (non-vested)	60,793,247	50,992,414	5,422,465
March 2020 CVARs(1)	—	17,548,368	17,548,368
November 2021 CVARs (non-vested)	—	348,527	249,120
Restricted common stock (non-vested)	—	—	255,911
Earn-Out Shares (non-vested)	—	3,080,387	3,080,387
Other stock based awards and instruments issued	1,170,140	4,731,198	3,924,305

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

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

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

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


	Years Ended March 31,
	2026		2025		2024
(Loss) income before income taxes:
Bermuda(1)	$	62,366	$	(80,590)	$	5,189,812
United States	(354,509)		(174,763)		(232,592)
Switzerland	21,711		(426,478)		(389,948)
Other	5,854		241		584
Total (loss) income from continuing operations before income taxes	$	(264,578)	$	(681,590)	$	4,567,856

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

Schedule of Income Tax Expense


	Years Ended March 31,
	2026		2025		2024
Current taxes:
Bermuda	$	—	$	—	$	—
United States(1)	53,467		48,174		21,813
Switzerland	79,889		—		—
Other	(27)		—		(310)
Total current tax expense	$	133,329	$	48,174	$	21,503
Deferred taxes:
Bermuda	$	—	$	—	$	—
United States	—		—		—
Switzerland	—		—		—
Other	—		—		—
Total deferred tax benefit	$	—	$	—	$	—
Total income tax expense	$	133,329	$	48,174	$	21,503

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

Schedule of Cash Payments by Jurisdiction, Net of Refunds

Cash payments by jurisdiction, net of refunds, were as follows (in thousands):


	Years Ended March 31,
	2026		2025		2024
United States Federal	48,638		59,389		10,409
Other	(269)		2,521		1,945
Total	$	48,369	$	61,910	$	12,354

Schedule of Reconciliation of Income Tax Expense

A reconciliation of income tax expense computed at the Bermuda statutory rate to income tax expense reflected in the consolidated financial statements for the year ended March 31, 2026, pursuant to the new disclosure requirements of ASU 2023-09, is as follows (in thousands, except percentages):


	Year Ended March 31, 2026
Income tax benefit at Bermuda statutory tax rate (1)	$	—	—	%
Foreign Tax Effects
United Kingdom
Statutory tax rate difference between Bermuda and U.K.	$	16,177	(6.1)	%
Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments	(27,488)		10.4	%
Taxable intercompany income/(deductible intercompany expense)	(123,074)		46.5	%
Nontaxable income	(16,606)		6.3	%
Nondeductible changes in the fair value of the Earn-Out Shares	11,926		(4.5	%)
Valuation allowance	142,562		(53.9)	%
Other	(3,524)		1.3	%
Switzerland
Statutory tax rate difference between Bermuda and Switzerland	2,086		(0.8)	%
Cantonal and communal taxes (2)	39,289		(14.8)	%
Deductible federal taxes	(13,590)		5.1	%
Intercompany reorganization	138,465		(52.3)	%
Valuation allowance	(112,256)		42.4	%
Reversal of certain deferred tax assets(3)	25,351		(9.6)	%
Other	544		(0.2)	%
United States
Statutory tax rate difference between Bermuda and the U.S.	(74,930)		28.3	%
Nondeductible executive compensation	60,323		(22.8)	%
Tax deficiencies (excess tax benefits) from stock-based compensation	(34,482)		13.0	%
Taxable intercompany income/ (deductible intercompany expense)	160,909		(60.8)	%
Foreign-derived intangible income	(26,310)		9.9	%
Income/(loss) from disregarded entities	(64,511)		24.4	%
Research tax credits	(20,336)		7.7	%
Valuation allowance	44,916		(17.0)	%
Other	7,888		(2.9)	%
Total income tax expense	$	133,329	(50.4)	%

(1)The Company’s country of domicile is Bermuda, as we are legally incorporated there, and therefore have applied its 0% statutory rate.

(2)The taxes in Swiss canton of Basel-Stadt made up the majority of the state tax effect in this category (greater than 50%)

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

A reconciliation of income tax expense computed at the Bermuda statutory rate to income tax expense reflected in the consolidated financial statements, for the years ending March 31, 2025 and 2024, are as follows (in thousands, except percentages):


	Year Ended March 31, 2025				Year Ended March 31, 2024
Income tax expense at Bermuda statutory tax rate	$	—	—	%	$	—	—	%
Foreign rate differential(1)	(112,413)		16.5	%	1,196,877		26.2	%
Permanent disallowed IPR&D	—		—	%	—		—	%
Tax effect of changes in the fair value of investments and loss from equity method investments	(12,813)		1.9	%	15,431		0.3	%
Substantial shareholding exemption	(27,597)		4.0	%	(1,337,102)		(29.3)	%
Nondeductible executive compensation	54,558		(8.0)	%	19,727		0.4	%
Tax deficiencies (excess tax benefits) from stock-based compensation	(16,676)		2.4	%	(21,668)		(0.5)	%
Other permanent adjustments	37,096		(5.4)	%	40,085		0.9	%
Research tax credits	(31,840)		4.7	%	(22,863)		(0.5)	%
Valuation allowance	134,855		(19.8)	%	43,754		1.0	%
Reversal of certain deferred tax assets(2)	25,062		(3.7)	%	87,262		2.0	%
Other	(2,058)		0.3	%	—		—	%
Total income tax expense	$	48,174	(7.1)	%	$	21,503	0.5	%

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

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

Schedule of Components of Deferred Tax Assets (Liabilities)

Significant components of the deferred tax assets (liabilities) at March 31, 2026 and 2025 are as follows (in thousands):


	March 31, 2026		March 31, 2025
Deferred tax assets
Research tax credits	$	76,810	$	54,101
Intangible assets	8,732		16,939
Capitalized research and development	189,355		41,387
Net operating loss	550,011		469,339
Share-based compensation	35,167		103,515
Lease liabilities	22,622		21,687
Other assets	33,870		18,001
Subtotal	916,567		724,969
Valuation allowance	(897,209)		(701,219)

Deferred tax liabilities
Depreciation	(2,593)		(561)
Right-of-use assets	(15,848)		(19,270)
Other liabilities	(917)		(3,919)
Total deferred tax assets/(liabilities)	$	—	$	—

Share-Based Compensation and Other Compensation Plans (Tables)

12 Months Ended

Mar. 31, 2026

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 Company’s equity incentive plans for the year ended March 31, 2026 was as follows:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding at March 31, 2025	139,412,098	$	8.46	4.69	$	384,006
Granted	2,264,315	$	10.69
Exercised	(64,389,618)	$	10.60
Forfeited/Canceled	(1,194,802)	$	9.36
Options outstanding at March 31, 2026	76,091,993	$	6.71	5.45	$	1,596,933
Options exercisable at March 31, 2026	69,594,586	$	6.51	5.24	$	1,474,526

Schedule of Fair Value Assumptions

The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes closed form option-pricing model applying the weighted average assumptions in the following table. No performance stock options were granted during the years ended March 31, 2026, 2025 and 2024.


	Years Ended March 31,
Assumptions	2026		2025		2024
Expected stock price volatility	53.99	%	70.52	%	72.22	%
Expected risk free interest rate	4.00	%	4.52	%	3.72	%
Expected term, in years	6.18		6.21		6.21
Expected dividend yield	—	%	—	%	—	%

Schedule of Fair Value of Vested Stock Option

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


	Years Ended March 31,
	2026		2025		2024
Intrinsic value of options exercised	$	645,161	$	90,542	$	68,673
Grant date fair value of options vested	$	86,810	$	100,639	$	157,359
Weighted-average grant date fair value per share of stock options granted	$	5.95	$	7.22	$	5.98

Schedule of Activity for RSUs

Activity for RSUs under the Company’s equity incentive plans for the year ended March 31, 2026 was as follows:


	Number of RSUs	Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2025	14,119,949	$	9.63
Granted	6,473,525	$	10.84
Vested	(5,946,593)	$	9.01
Forfeited	(2,040,870)	$	9.18
Non-vested balance at March 31, 2026	12,606,011	$	10.62

Schedule of Activity for PSUs

Activity for PSUs under the Company’s equity incentive plans for the year ended March 31, 2026 was as follows:


	Number of PSUs	Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2025	36,872,465	$	9.35
Granted	11,900,000	$	7.15
Forfeited(1)	(585,229)	$	4.76
Non-vested balance at March 31, 2026	48,187,236	$	8.86

(1)During the year ended March 31, 2026, 585,229 PSUs originally granted in 2016 and 2017 under the Company’s now-expired 2015 Restricted Stock Unit Plan were forfeited.

Schedule of Long-Term Equity Incentive Awards Approved

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


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

Matthew Gline	Chief Executive Officer	14,450,000	2,754,821	—
Mayukh Sukhatme	President and Chief Investment Officer	17,000,000	1,836,547	—
Eric Venker	President and Immunovant CEO	*	204,000	409,000
Frank Torti	President and Vant Chair	11,900,000	1,836,547	—

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

Schedule of Activity of PSU's Performance Condition

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


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

Schedule of Fair Value Assumptions

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


	Years Ended March 31,
Assumptions	2026			2025
Expected stock price volatility	50.0		%	70.0		%
Expected risk free interest rate	3.9		%	4.1		%
Stock price on date of grant	$	11.40		$	10.80

Schedule of Activity for Capped Value Appreciation Rights

Activity for CVARs under the RSL 2021 EIP for the year ended March 31, 2026 was as follows:


	Number of CVARs	Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2025	348,527	$	4.89
Vested	(297,795)	$	4.99
Forfeited	(50,732)	$	4.28
Non-vested balance at March 31, 2026	—	$	—

Schedule of One-time Cash Retention Awards

Pursuant to the Senior Executive Compensation Program, 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

Leases - Schedule of Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Operating lease cost	$ 16,023	$ 11,632	$ 10,648
Short-term lease cost	519	514	64
Variable lease cost	1,766	1,344	1,107
Total operating lease cost	$ 18,308	$ 13,490	$ 11,819

Description of Business and Liquidity	12 Months Ended
Description of Business and Liquidity	Mar. 31, 2026
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 March 31, 2026, the Company had cash, cash equivalents and marketable securities of approximately $4.3 billion and its accumulated deficit was $501.8 million. For the years ended March 31, 2026, 2025 and 2024, the Company had net losses from continuing operations of $397.9 million and $729.8 million and net income from continuing operations of approximately $4.5 billion, 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.

Equity Method Investments (Tables)

12 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Significant Equity Method Investments

Details regarding significant equity method investments are as follows:


	Ownership (%)				Aggregate Fair Value (in millions)
	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025
Datavant(1)	9	%	9	%	$	233.2	$	167.4
Arbutus	20	%	20	%	$	174.8	$	135.6

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

Schedule of Unrealized Losses (Gains) on Significant Equity Method Investments

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


	Unrealized (Gain) Loss on Investment (in millions)
	Years Ended March 31,
		2026		2025		2024
Datavant		$	(65.8)	$	(19.8)	$	31.1
Arbutus		$	(39.2)	$	(35.4)	$	17.5

Schedule of Consolidated Financial Information

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


	Twelve Months Ended December 31,
		2025		2024		2023
Revenue		$	1,425,992	$	1,128,005	$	991,107
Gross profit		$	668,847	$	461,521	$	376,593
Net loss		$	(132,747)	$	(105,025)	$	(395,195)


	As of December 31,
	2025		2024
Current assets	$	461,460	$	656,803
Noncurrent assets	$	4,284,726	$	2,340,701
Current liabilities	$	469,057	$	329,614
Noncurrent liabilities	$	4,032,660	$	1,237,271
Redeemable units	$	241,921	$	1,267,290

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


	Twelve Months Ended March 31,
		2026		2025		2024
Revenue		$	191,445	$	6,403	$	12,986
Income (loss) from operations		$	156,447	$	(82,655)	$	(80,053)
Net income (loss)		$	160,720	$	(76,571)	$	(74,385)


	As of March 31,
	2026		2025
Current assets	$	277,011	$	116,808
Noncurrent assets	$	153	$	202
Current liabilities	$	5,105	$	19,431
Noncurrent liabilities	$	11,882	$	18,422

Segment Information (Tables)

12 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Significant Segment Expenses

The Company’s significant segment expenses are as follows:


	Years Ended March 31,
	2026		2025		2024

Revenue	$	8,260	$	29,053	$	32,713
Less:
Cost of revenues	1,285		911		1,599
Program-specific research and development expenses:
Anti-FcRn franchise—endocrine diseases	90,359		63,073		33,205
Anti-FcRn franchise—neurological diseases	82,515		93,224		41,060
Anti-FcRn franchise—rheumatology diseases	48,813		23,897		—
Anti-FcRn franchise—dermatology diseases	20,264		15,633		—
Anti-FcRn franchise—other clinical and nonclinical	3,367		9,327		39,811
Anti-FcRn franchise—contractual costs related to batoclimab program discontinuation	38,952		—		—
Brepocitinib	60,272		45,125		38,563
Mosliciguat	36,077		19,746		4,307
Other development and discovery programs	48,251		57,729		92,270
Research and development share-based compensation	47,867		39,780		32,400
Research and development personnel-related expenses	167,790		146,162		123,283
Other research and development expenses	37,285		36,717		35,010
Acquired in-process research and development	—		—		26,450
General and administrative share-based compensation	298,298		239,505		154,873
General and administrative personnel-related expenses	135,850		205,737		126,163
Other general and administrative expenses	176,318		146,168		135,097
Gain on sale of Telavant net assets	—		(110,387)		(5,348,410)
Gain on litigation settlement	(770,235)		—		—
Change in fair value of investments	(105,046)		(55,186)		47,973
Change in fair value of liability instruments	47,704		(15,756)		46,838
Gain on deconsolidation of subsidiaries	(11,027)		(3,108)		(32,772)
Interest income	(178,109)		(258,375)		(146,425)
Other (income) expense, net	(4,012)		10,721		13,562
Income tax expense	133,329		48,174		21,503
(Income) loss from discontinued operations, net of tax	—		(373,030)		315,147
Net (loss) income	$	(397,907)	$	(356,734)	$	4,231,206

Cash, Cash Equivalents and Marketable Securities - Schedule of Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash and cash equivalents
Cash	$ 44,526	$ 93,954
Money market funds	1,374,706	2,621,457
Total cash and cash equivalents	1,419,232	2,715,411
Marketable securities
Debt securities, available-for-sale	2,872,601	2,171,480
Total cash, cash equivalents, and marketable securities	4,291,833	4,886,891
Corporate bonds
Marketable securities
Debt securities, available-for-sale	748,422	0
U.S. Treasury securities, available-for-sale
Marketable securities
Debt securities, available-for-sale	2,124,179	0
U.S. Treasury securities, held-to-maturity
Marketable securities
Debt securities, available-for-sale	$ 0	$ 2,171,480

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2026

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.

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

Any references in these notes to applicable accounting guidance are meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The consolidated financial statements include the accounts of RSL and the subsidiaries in which it has a controlling financial interest, most often through a majority voting interest. Certain prior year amounts have been reclassified to conform with the current period presentation. These reclassifications had no effect on the previously reported results of operations. All intercompany balances and transactions have been eliminated in consolidation.

Principles of Consolidation

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

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

In September 2024, the Company’s subsidiary, Dermavant Sciences Ltd. (“Dermavant”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Organon & Co. (“Organon”), Organon Bermuda Ltd., an indirect wholly owned subsidiary of Organon (“Merger Sub”), and the Company, solely in its capacity as the representative of the securityholders of Dermavant. 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 consolidated balance sheets as of March 31, 2026 or 2025. The Company classified the results of Dermavant as discontinued operations in its consolidated statements of operations for the years ended March 31, 2025 and 2024. The cash flows related to discontinued operations have not been segregated and are included in the consolidated statements of cash flows. The discussions in these notes to the consolidated financial statements relate solely to the Company’s continuing operations, unless otherwise noted. For further discussion of the discontinued operations related to Dermavant, refer to Note 6, “Discontinued Operations.”

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, costs, expenses, contingent liabilities, share-based compensation and research and development costs. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Concentrations

Financial instruments that potentially subject the Company to credit risk concentrations 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 March 31, 2026 and March 31, 2025, a majority of the Company’s long-lived assets were located in the United States (“U.S.”).

Segment Reporting

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

Cash, Cash Equivalents and Restricted Cash

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.


	March 31, 2026		March 31, 2025

Cash and cash equivalents	$	1,419,232	$	2,715,411
Restricted cash (included in “Other current assets”)	3,858		2,358
Restricted cash (included in “Other assets”)	7,892		7,892
Cash, cash equivalents and restricted cash	$	1,430,982	$	2,725,661

Marketable Securities

The Company considers all highly liquid investments in securities with original maturities of greater than three months at the time of purchase to be marketable securities. Marketable securities, including those that have maturity dates beyond one year from the balance sheet date, are included in current assets on the consolidated balance sheets due to their availability for use in current operations. As of March 31, 2026, marketable securities, consisting of amounts invested in United States (“U.S.”) Treasury securities and corporate bonds, are classified as available-for-sale and carried at fair value. Unrealized holding gains and losses, net of income taxes, on available-for-sale debt securities are reported as a separate component of accumulated other comprehensive (loss) income in stockholders’ equity until realized. The cost of available-for-sale securities sold and the amount reclassified out of accumulated other comprehensive (loss) income into earnings is determined using the specific identification method. As of March 31, 2025, the Company’s marketable securities were classified as held-to-maturity and carried at amortized cost. Interest income is recorded as earned within “Interest income” in the consolidated statements of operations.

Contingencies

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

Property and Equipment

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


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

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

Investments in Equity Securities

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

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

Fair Value Measurements

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

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

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

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

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The Company’s financial instruments include shares of common stock of Arbutus Biopharma Corporation (“Arbutus”) and Class A units of Heracles Parent, L.L.C. (“Datavant”). The Company’s financial instruments also include liability instruments issued, including the earn-out share liabilities (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 13, “Earn-Out Shares, Public Warrants and Private Placement Warrants”); cash; cash equivalents, consisting of money market funds; marketable securities, consisting of U.S. Treasury securities and corporate bonds; receivables; 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 an active market. The Class A units of Datavant and liability instruments issued are classified as Level 3 within the fair value hierarchy as the assumptions and estimates used in the valuations are unobservable in the market. Cash, receivables 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.

Research and Development Expenses

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

Acquired In-Process Research and Development Expenses

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

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

General and Administrative Expenses

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

Leases

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

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

Income Taxes

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

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

Share-Based Compensation

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

The Company measures the fair value of its stock options that only have service vesting requirements or performance-based options without market conditions using the Black-Scholes option pricing model. For performance-based awards with market conditions, the Company determines the fair value of the awards as of the grant date using a Monte Carlo simulation model. When determining the grant-date fair value of stock-based awards, management further considers whether an adjustment is required to the observable market price or volatility of the Company’s common stock that is used in the valuation as a result of material non-public information, if that information is expected to result in a material increase in share price.

Certain assumptions need to be made with respect to utilizing the Black-Scholes option pricing model, including the expected life of the award, volatility of the underlying shares, the risk-free interest rate and the fair value of the Company’s shares of common stock. Since the Company has limited option exercise history, it has generally elected to estimate the expected life of an award based upon the “simplified method” with the continued use of this method extended until such time the Company has sufficient exercise history. 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. As of March 31, 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. One of the inputs to the Black-Scholes option pricing model is the fair value of the Company’s common shares. As RSL’s common shares are publicly traded, the Company determines the fair value of each common share underlying share-based awards based on the closing price of its common shares as reported by Nasdaq on the date of grant.

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

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

Foreign Currency

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 (loss) income” in the accompanying consolidated statement of shareholders’ equity.

Revenue Recognition

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

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

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

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

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

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

Trade Receivables, Net

The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in customer credit profiles. The Company reserves against trade receivables for estimated losses that may arise from a customer’s inability to pay, and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated losses was de minimis as of March 31, 2026 and 2025. Trade receivables, net is included in “Other current assets” on the accompanying consolidated balance sheets.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

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 adopted this ASU prospectively for the fiscal year ended March 31, 2026. This resulted in expanded disclosures in line with the requirements of the ASU.

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 early adopted this guidance during the quarter ended March 31, 2026. The Company applied the derivative scope refinements guidance on a modified retrospective basis and applied the share-based payments guidance on a prospective basis. The adoption of this guidance had no impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements

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

In 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.

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

Share-Based Compensation and Other Compensation Plans - Schedule of Fair Value Assumptions (Details) - Stock Options	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	53.99%	70.52%	72.22%
Expected risk free interest rate	4.00%	4.52%	3.72%
Expected term, in years	6 years 2 months 4 days	6 years 2 months 15 days	6 years 2 months 15 days
Expected dividend yield	0.00%	0.00%	0.00%

- 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 - Schedule of Long-Term Equity Incentive Awards Approved (Details) - shares	1 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Performance Restricted Stock Units (at max) \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		14,450,000
Performance Restricted Stock Units (at max) \| President and Chief Investment Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		17,000,000
Performance Restricted Stock Units (at max) \| President and Immunovant CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)		11,900,000
Performance Restricted Stock Units (at max) \| President and Vant Chair
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	11,900,000
Restricted Stock Units \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		2,754,821
Restricted Stock Units \| President and Chief Investment Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		1,836,547
Restricted Stock Units \| President and Immunovant CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		204,000
Restricted Stock Units \| President and Vant Chair
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,836,547
Stock Options \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, stock options (in shares)		0
Stock Options \| President and Chief Investment Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, stock options (in shares)		0
Stock Options \| President and Immunovant CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, stock options (in shares)		409,000
Stock Options \| President and Vant Chair
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, stock options (in shares)	0

Net (Loss) Income per Common Share

12 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net (Loss) Income per Common Share


	Years Ended March 31,
	2026		2025		2024
(Loss) income from continuing operations, net of tax	$	(397,907)	$	(729,764)	$	4,546,353
Less: Loss from continuing operations, net of tax, attributable to noncontrolling interests	(98,136)		(184,598)		(116,350)
(Loss) income from continuing operations, net of tax, attributable to Roivant Sciences Ltd., basic	(299,771)		(545,166)		4,662,703
Less: Earnings allocated to subsidiary potentially dilutive common stock equivalents(1)	76,488		—		—
(Loss) income from continuing operations, net of tax, attributable to Roivant Sciences Ltd., diluted	$	(376,259)	$	(545,166)	$	4,662,703

Income (loss) from discontinued operations, net of tax	$	—	$	373,030	$	(315,147)
Less: Net loss from discontinued operations, net of tax attributable to noncontrolling interests	—		(155)		(1,370)
Income (loss) from discontinued operations, net of tax, attributable to Roivant Sciences Ltd., basic and diluted	$	—	$	373,185	$	(313,777)

Net (loss) income attributable to Roivant Sciences Ltd., basic	$	(299,771)	$	(171,981)	$	4,348,926
Net (loss) income attributable to Roivant Sciences Ltd., diluted	$	(376,259)	$	(171,981)	$	4,348,926

(1) As a result of subsidiary net income for the year ended March 31, 2026, an adjustment was made to the diluted numerator for consolidated net (loss) income per common share to reflect the allocation of such net income to potentially dilutive common stock equivalents granted pursuant to the subsidiary EIP.

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 shares 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 shares 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 years ended March 31, 2026 and 2025, 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 loss from continuing operations.

As of March 31, 2026, 2025 and 2024, the following potentially dilutive common stock equivalents were excluded from the computation of diluted net (loss) income per common share:


	March 31, 2026	March 31, 2025	March 31, 2024
Stock options and performance stock options	76,091,993	139,412,098	54,648,258
Restricted stock units and performance restricted stock units (non-vested)	60,793,247	50,992,414	5,422,465
March 2020 CVARs(1)	—	17,548,368	17,548,368
November 2021 CVARs (non-vested)	—	348,527	249,120
Restricted common stock (non-vested)	—	—	255,911
Earn-Out Shares (non-vested)	—	3,080,387	3,080,387
Other stock based awards and instruments issued	1,170,140	4,731,198	3,924,305

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

Segment Information - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Segment Information [Line Items]
Revenue	$ 8,260	$ 29,053	$ 32,713
Less:
Cost of revenues	1,285	911	1,599
Research and development expense	681,812	550,413	439,909
Share-based compensation	346,165	289,029	199,627
Acquired in-process research and development	0	0	26,450
General and administrative expenses	610,466	591,410	416,133
Gain on sale of Telavant net assets	0	(110,387)	(5,348,410)
Gain on litigation settlement	(770,235)	0	0
Change in fair value of investments	(105,046)	(55,186)	47,973
Change in fair value of liability instruments	47,704	(15,756)	46,838
Gain on deconsolidation of subsidiaries	(11,027)	(3,108)	(32,772)
Interest income	(178,109)	(258,375)	(146,425)
Other (income) expense, net	(4,012)	10,721	13,562
Income tax expense	133,329	48,174	21,503
(Income) loss from discontinued operations, net of tax	0	(373,030)	315,147
Net (loss) income	(397,907)	(356,734)	4,231,206
Reportable Segment
Segment Information [Line Items]
Revenue	8,260	29,053	32,713
Less:
Cost of revenues	1,285	911	1,599
Acquired in-process research and development	0	0	26,450
Gain on sale of Telavant net assets	0	(110,387)	(5,348,410)
Gain on litigation settlement	(770,235)	0	0
Change in fair value of investments	(105,046)	(55,186)	47,973
Change in fair value of liability instruments	47,704	(15,756)	46,838
Gain on deconsolidation of subsidiaries	(11,027)	(3,108)	(32,772)
Interest income	(178,109)	(258,375)	(146,425)
Other (income) expense, net	(4,012)	10,721	13,562
Income tax expense	133,329	48,174	21,503
(Income) loss from discontinued operations, net of tax	0	(373,030)	315,147
Net (loss) income	(397,907)	(356,734)	4,231,206
Research and development share-based compensation
Less:
Share-based compensation	47,867	39,780	32,400
Research and development share-based compensation \| Reportable Segment
Less:
Share-based compensation	47,867	39,780	32,400
Research and development personnel-related expenses \| Reportable Segment
Less:
Research and development expense	167,790	146,162	123,283
Other research and development expenses \| Reportable Segment
Less:
Research and development expense	37,285	36,717	35,010
General and administrative share-based compensation
Less:
Share-based compensation	298,298	239,505	154,873
General and administrative share-based compensation \| Reportable Segment
Less:
Share-based compensation	298,298	239,505	154,873
General and administrative personnel-related expenses \| Reportable Segment
Less:
General and administrative expenses	135,850	205,737	126,163
Other general and administrative expenses \| Reportable Segment
Less:
General and administrative expenses	176,318	146,168	135,097
Anti-FcRn franchise—endocrine diseases \| Reportable Segment
Less:
Research and development expense	90,359	63,073	33,205
Anti-FcRn franchise—neurological diseases \| Reportable Segment
Less:
Research and development expense	82,515	93,224	41,060
Anti-FcRn franchise—rheumatology diseases \| Reportable Segment
Less:
Research and development expense	48,813	23,897	0
Anti-FcRn franchise—dermatology diseases \| Reportable Segment
Less:
Research and development expense	20,264	15,633	0
Anti-FcRn franchise—other clinical and nonclinical \| Reportable Segment
Less:
Research and development expense	3,367	9,327	39,811
Anti-FcRn franchise—contractual costs related to batoclimab program discontinuation \| Reportable Segment
Less:
Research and development expense	38,952	0	0
Brepocitinib \| Reportable Segment
Less:
Research and development expense	60,272	45,125	38,563
Mosliciguat \| Reportable Segment
Less:
Research and development expense	36,077	19,746	4,307
Other development and discovery programs \| Reportable Segment
Less:
Research and development expense	$ 48,251	$ 57,729	$ 92,270

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2026

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 March 31, 2026 and 2025, by level, within the fair value hierarchy (in thousands):


	As of March 31, 2026								As of March 31, 2025
	Level 1		Level 2		Level 3		Balance as of March 31, 2026		Level 1		Level 2		Level 3		Balance as of March 31, 2025
Assets:
Money market funds	$	1,374,706	$	—	$	—	$	1,374,706	$	2,621,457	$	—	$	—	$	2,621,457
Corporate bonds	—		748,422		—		748,422		—		—		—		—
U.S. Treasury securities	—		2,124,179		—		2,124,179		—		—		—		—
Investment in Datavant Class A units	—		—		233,171		233,171		—		—		167,361		167,361
Investment in Arbutus common shares	174,814		—		—		174,814		135,578		—		—		135,578
Total assets at fair value	$	1,549,520	$	2,872,601	$	233,171	$	4,655,292	$	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 years ended March 31, 2026 and 2025 were as follows (in thousands):


Balance at March 31, 2024	$	147,526
Changes in fair value of investment in Datavant, included in net loss	19,835
Balance at March 31, 2025	167,361
Changes in fair value of investment in Datavant, included in net loss	65,810
Balance at March 31, 2026	$	233,171

Schedule of Changes in Fair Value of the Level 3 Liabilities

The changes in fair value of the Level 3 liabilities during the years ended March 31, 2026 and 2025 were as follows (in thousands):


Balance at March 31, 2024	$	25,737
Changes in fair value of liability instruments, included in net loss	(15,756)
Balance at March 31, 2025	9,981
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 March 31, 2026	$	—

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 March 31, 2026	As of March 31, 2025
Volatility	90.0%	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

Share-Based Compensation and Other Compensation Plans - Schedule of Activity for RSUs (Details)	12 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of RSUs
Non-vested, beginning balance (in shares) \| shares	348,527
Vested (in shares) \| shares	(297,795)
Forfeited (in shares) \| shares	(50,732)
Non-vested, ending balance (in shares) \| shares	0
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 4.89
Vested (in dollars per share) \| $ / shares	4.99
Forfeited (in dollars per share) \| $ / shares	4.28
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 0
Restricted Stock Units \| RSL Equity Plans
Number of RSUs
Non-vested, beginning balance (in shares) \| shares	14,119,949
Granted (in shares) \| shares	6,473,525
Vested (in shares) \| shares	(5,946,593)
Forfeited (in shares) \| shares	(2,040,870)
Non-vested, ending balance (in shares) \| shares	12,606,011
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 9.63
Granted (in dollars per share) \| $ / shares	10.84
Vested (in dollars per share) \| $ / shares	9.01
Forfeited (in dollars per share) \| $ / shares	9.18
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 10.62

Equity Method Investments - Narrative (Details) - shares	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Common stock, shares outstanding (in shares)	720,352,386	695,938,323
Common Shares
Schedule of Equity Method Investments [Line Items]
Common stock, shares outstanding (in shares)	720,352,386	695,938,323	806,677,954	760,143,393
Arbutus \| Common Shares
Schedule of Equity Method Investments [Line Items]
Common stock, shares outstanding (in shares)	38,847,462

- 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

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Mar. 31, 2026
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 March 31, 2026, the Company had $400.0 million of remaining capacity available under the ATM Facility. (B) Share Repurchase Program The Company’s board of directors has authorized various share repurchase programs, including a $1.5 billion (excluding fees and expenses) program that was completed in June 2025 and a subsequent program authorized in June 2025 and subsequently increased in March 2026, allowing for aggregate repurchases up to $1.0 billion (excluding fees and expenses). As of March 31, 2026, approximately $890.3 million remains available for share repurchases. During the year ended March 31, 2026, the Company repurchased 24,225,812 shares (including 270,000 common shares with a trade date of March 31, 2025 that settled on April 1, 2025) for an aggregate purchase price of approximately $318.1 million (including fees and expenses). During the year ended March 31, 2025, the Company repurchased 128,361,786 shares for an aggregate purchase price of approximately $1.3 billion (including fees and expenses), including 71,251,083 shares repurchased from Sumitomo Pharma Co., Ltd. at $9.10 per share for approximately $648.4 million. (C) Common Share Purchase and Share Agreements In September 2023, the Company entered into common share purchase and sale agreements with certain institutional investors, pursuant to which the Company sold an aggregate of 19,600,685 of its common shares at a purchase price of $10.21 per share. Net proceeds to the Company were approximately $199.8 million after deducting offering expenses. (D) Consolidated Vant Equity Transactions Immunovant In October 2023, the Company’s subsidiary, Immunovant, Inc. (“Immunovant”) completed an underwritten public offering of 8,475,500 shares of its common stock (including 1,526,316 shares of common stock purchased by the Company on the same terms as other investors in the offering and the full exercise of the underwriters’ option to purchase 1,105,500 additional shares of common stock) at a price to the public of $38.00 per share. Concurrent with the public offering, the Company purchased 4,473,684 shares of Immunovant’s common stock in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended, at the same price per share as investors in the public offering of $38.00 per share. The net proceeds to Immunovant were approximately $466.7 million after deducting underwriting discounts and commissions, placement agent fees and offering expenses. In January 2025, Immunovant entered into a share purchase agreement pursuant to which Immunovant issued 22,500,000 shares of its common stock (including 16,845,010 shares of common stock purchased by the Company) at a price of $20.00 per share in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “IMVT PIPE”). The gross proceeds to Immunovant in the IMVT PIPE were approximately $450.0 million, of which $336.9 million related to the Company’s participation. In December 2025, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Summary of Significant Accounting Policies - Schedule of Estimated Useful Life (Details)	Mar. 31, 2026
Computers
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Laboratory and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Laboratory and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Software
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2025	Jan. 31, 2025	Oct. 31, 2023	Sep. 30, 2023	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2025	Apr. 30, 2025	Sep. 19, 2022
Class of Stock [Line Items]
Proceeds from issuance of the Company’s common shares, net of issuance costs paid					$ 0	$ 0	$ 199,822
Common stock, par value (in dollars per share)					$ 0.0000000341740141	$ 0.0000000341740141
Investor \| Common Shares
Class of Stock [Line Items]
Stock issued during period (in shares)				19,600,685
Sale of stock, price (in dollars per share)				$ 10.21
Net proceeds from sale of common stock				$ 199,800
Stock Repurchase Program
Class of Stock [Line Items]
Share repurchase program, authorized, amount								$ 1,500,000
Share repurchase program, increased authorized, amount					$ 1,000,000
Share repurchase program, remaining authorized, amount					$ 890,300
Stock repurchased during period (in shares)					24,225,812	128,361,786
Stock repurchased during period, value					$ 318,100	$ 1,300,000
Stock Repurchase Program \| Common Shares
Class of Stock [Line Items]
Stock repurchased during period (in shares)					270,000
Stock Repurchase Program \| Sumitomo Pharma Co. Ltd.
Class of Stock [Line Items]
Stock repurchased during period (in shares)						71,251,083
Stock repurchased during period, value						$ 648,400
Share price (in dollars per share)									$ 9.10
Underwritten Public Offering \| Immunovant, Inc.
Class of Stock [Line Items]
Net proceeds from sale of common stock			$ 466,700
Underwritten Public Offering \| Common Shares \| Immunovant, Inc.
Class of Stock [Line Items]
Stock issued during period (in shares)			8,475,500
Roivant Participation of Immunovant Stock offering \| Common Shares
Class of Stock [Line Items]
Sale of stock, price (in dollars per share)			$ 38.00
Common shares purchased by RSL (in shares)			1,526,316
Option purchase additional shares of common stock (in shares)			1,105,500
Roivant Participation of Immunovant Stock offering \| Common Shares \| Immunovant, Inc.
Class of Stock [Line Items]
Common shares purchased by RSL (in shares)		16,845,010
Proceeds from issuance of the Company’s common shares, net of issuance costs paid		$ 336,900
Private Placement \| Common Shares \| Immunovant, Inc.
Class of Stock [Line Items]
Stock issued during period (in shares)		22,500,000
Sale of stock, price (in dollars per share)		$ 20.00	$ 38.00
Common shares purchased by RSL (in shares)			4,473,684
Proceeds from issuance of the Company’s common shares, net of issuance costs paid		$ 450,000
Underwritten Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	26,200,000
Common stock, par value (in dollars per share)	$ 21.00
Sale of stock, consideration received on transaction	$ 543,600
Underwritten Offering - Shares Purchased By RSL
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	16,666,666
Underwritten Offering - Shares Purchased By RSL \| Immunovant
Class of Stock [Line Items]
Equity method investment, ownership percentage	56.00%
Cowen \| At-the-Market Equity Offering Program
Class of Stock [Line Items]
Common shares aggregate offering price authorized										$ 400,000
Common shares aggregate offering price authorized, remaining capacity available					$ 400,000

Recent Transactions and Developments - Narrative (Details) $ in Thousands			1 Months Ended		4 Months Ended	5 Months Ended	8 Months Ended	12 Months Ended
	Mar. 03, 2026 USD ($) patent	Dec. 14, 2023 USD ($)	Aug. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Jul. 08, 2026 USD ($)	Mar. 31, 2023 USD ($)	Dec. 14, 2023 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Litigation settlement,contingent payment	$ 1,300,000
Number of patents \| patent	4
Expected allocation of fixed payment receivable	$ 770,200
Gain on litigation settlement								$ 770,235	$ 0	$ 0
Litigation settlement receivable								770,235	0
Legal settlements paid								1,300,000
Gain (loss) on sale of assets								$ 0	110,387	5,348,410
Arbutus
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Settlement value percentage	20.00%
Genevant Sciences GmbH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Settlement value percentage	80.00%
Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Litigation settlement, fixed payment					$ 950,000
RSL \| Genevant Sciences Ltd.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership of subsidiary	83.00%
Arbutus \| Genevant Sciences Ltd.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership of subsidiary	16.00%
Pulmovant
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Upfront cash payment				$ 14,000
Asset acquisition, research and development expense in process										14,000
Pulmovant \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone payment payable				$ 280,000
Telavant Holdings, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pretax loss						$ 101,900	$ 71,100
Telavant Holdings, Inc \| RSL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership of subsidiary		75.00%					75.00%
Telavant Holdings, Inc \| Pfizer
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership of subsidiary		25.00%					25.00%
Telavant Holdings, Inc \| RSL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of assets									$ 110,400	5,300,000
Roche Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Upfront cash payment		$ 7,100,000					$ 7,100,000				$ 7,100,000
Consideration to be received from milestone		150,000	$ 150,000
Roche Transaction \| RSL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Upfront cash payment		5,200,000					$ 5,200,000			5,234,373
Consideration to be received from milestone		$ 110,400
Gain (loss) on sale of assets										$ 5,348,410

Certain Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Certain Balance Sheet Components [Abstract]
Research and development expenses	$ 92,749	$ 45,813
Compensation-related expenses	87,325	53,928
Other expenses	25,749	14,553
Total accrued expenses	$ 205,823	$ 114,294

Equity Method Investments - Schedule of Unrealized Losses (Gains) on Significant Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Datavant
Schedule of Equity Method Investments [Line Items]
Unrealized (Gain) Loss on Investment (in millions)	$ (65.8)	$ (19.8)	$ 31.1
Arbutus
Schedule of Equity Method Investments [Line Items]
Unrealized (Gain) Loss on Investment (in millions)	$ (39.2)	$ (35.4)	$ 17.5

- 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

Certain Balance Sheet Components

12 Months Ended

Mar. 31, 2026

Certain Balance Sheet Components [Abstract]

Certain Balance Sheet Components

Accrued Expenses

Accrued expenses at March 31, 2026 and 2025 consisted of the following (in thousands):


	March 31, 2026		March 31, 2025

Research and development expenses	$	92,749	$	45,813
Compensation-related expenses	87,325		53,928
Other expenses	25,749		14,553
Total accrued expenses	$	205,823	$	114,294

As of March 31, 2026, accrued research and development expenses included an accumulated accrual of $42.5 million of non-cancelable contractual costs as a result of the discontinuation of batoclimab, of which $39.0 million was recognized as research and development expense during the year ended March 31, 2026.

Net (Loss) Income per Common Share - Schedule of Computation of the Numerator to Derive the Basic and Diluted Net (Loss) Income Per Common Share Amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
(Loss) income from continuing operations, net of tax	$ (397,907)	$ (729,764)	$ 4,546,353
Less: Loss from continuing operations, net of tax, attributable to noncontrolling interests	(98,136)	(184,598)	(116,350)
(Loss) income from continuing operations, net of tax	(299,771)	(545,166)	4,662,703
Less: Earnings allocated to subsidiary potentially dilutive common stock equivalents	76,488	0	0
(Loss) income from continuing operations, net of tax, attributable to Roivant Sciences Ltd., diluted	(376,259)	(545,166)	4,662,703
Income (loss) from discontinued operations, net of tax	0	373,030	(315,147)
Less: Net loss from discontinued operations, net of tax attributable to noncontrolling interests	0	(155)	(1,370)
Income (loss) from discontinued operations before income taxes attributable to Roivant Sciences Ltd.	0	373,185	(313,777)
Net (loss) income attributable to Roivant Sciences Ltd., basic	(299,771)	(171,981)	4,348,926
Net (loss) income attributable to Roivant Sciences Ltd., diluted	$ (376,259)	$ (171,981)	$ 4,348,926

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Mar. 31, 2026	May 12, 2026	Sep. 30, 2025
Entity Addresses [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2026
Current Fiscal Year End Date	--03-31
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
Trading Symbol	ROIV
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 9.8
Entity Common Stock, Shares Outstanding		719,270,385
Entity Central Index Key	0001635088
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Auditor Firm ID	42
Wholly-owned Subsidiaries Address - NY
Entity Addresses [Line Items]
Entity Address, Address Line One	1 Pennsylvania Plaza
Entity Address, Address Line Two	54th Floor
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10119
Entity Address, Country	US
Entity Address, State or Province	NY
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

Cash, Cash Equivalents, and Marketable Securities - Schedule of Marketable Securities as Level 2 Measurements Within the Fair Value Hierarchy (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Cash and Cash Equivalents [Abstract]
Due within one year	$ 2,145,345
Due after one year but within five years	727,256
Total estimated fair value of available-for-sale securities	$ 2,872,601

Income Taxes

12 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

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


	Years Ended March 31,
	2026		2025		2024
(Loss) income before income taxes:
Bermuda(1)	$	62,366	$	(80,590)	$	5,189,812
United States	(354,509)		(174,763)		(232,592)
Switzerland	21,711		(426,478)		(389,948)
Other	5,854		241		584
Total (loss) income from continuing operations before income taxes	$	(264,578)	$	(681,590)	$	4,567,856

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


	Years Ended March 31,
	2026		2025		2024
Current taxes:
Bermuda	$	—	$	—	$	—
United States(1)	53,467		48,174		21,813
Switzerland	79,889		—		—
Other	(27)		—		(310)
Total current tax expense	$	133,329	$	48,174	$	21,503
Deferred taxes:
Bermuda	$	—	$	—	$	—
United States	—		—		—
Switzerland	—		—		—
Other	—		—		—
Total deferred tax benefit	$	—	$	—	$	—
Total income tax expense	$	133,329	$	48,174	$	21,503

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

Cash payments by jurisdiction, net of refunds, were as follows (in thousands):


	Years Ended March 31,
	2026		2025		2024
United States Federal	48,638		59,389		10,409
Other	(269)		2,521		1,945
Total	$	48,369	$	61,910	$	12,354


	Year Ended March 31, 2026
Income tax benefit at Bermuda statutory tax rate (1)	$	—	—	%
Foreign Tax Effects
United Kingdom
Statutory tax rate difference between Bermuda and U.K.	$	16,177	(6.1)	%
Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments	(27,488)		10.4	%
Taxable intercompany income/(deductible intercompany expense)	(123,074)		46.5	%
Nontaxable income	(16,606)		6.3	%
Nondeductible changes in the fair value of the Earn-Out Shares	11,926		(4.5	%)
Valuation allowance	142,562		(53.9)	%
Other	(3,524)		1.3	%
Switzerland
Statutory tax rate difference between Bermuda and Switzerland	2,086		(0.8)	%
Cantonal and communal taxes (2)	39,289		(14.8)	%
Deductible federal taxes	(13,590)		5.1	%
Intercompany reorganization	138,465		(52.3)	%
Valuation allowance	(112,256)		42.4	%
Reversal of certain deferred tax assets(3)	25,351		(9.6)	%
Other	544		(0.2)	%
United States
Statutory tax rate difference between Bermuda and the U.S.	(74,930)		28.3	%
Nondeductible executive compensation	60,323		(22.8)	%
Tax deficiencies (excess tax benefits) from stock-based compensation	(34,482)		13.0	%
Taxable intercompany income/ (deductible intercompany expense)	160,909		(60.8)	%
Foreign-derived intangible income	(26,310)		9.9	%
Income/(loss) from disregarded entities	(64,511)		24.4	%
Research tax credits	(20,336)		7.7	%
Valuation allowance	44,916		(17.0)	%
Other	7,888		(2.9)	%
Total income tax expense	$	133,329	(50.4)	%

(1)The Company’s country of domicile is Bermuda, as we are legally incorporated there, and therefore have applied its 0% statutory rate.

(2)The taxes in Swiss canton of Basel-Stadt made up the majority of the state tax effect in this category (greater than 50%)

The Company’s effective tax rate for the year ended March 31, 2026 was (50.4)% and is driven by our fluctuating earnings by legal entity in various jurisdictions over the period and a valuation allowance that eliminates the Company’s global net deferred tax assets. The jurisdictional earnings were significantly impacted by the income associated with the gain on litigation settlement, refer to Note 5, “Recent Transactions and Developments.” The effective tax rate was also driven by the impacts of taxable intercompany income and non-deductible executive compensation.

The effective tax rate reconciliation for the year ended March 31, 2026 is presented in accordance with ASU 2023-09, while the effective tax rate reconciliations for the years ended March 31, 2025 and 2024 have not been recast and continue to be presented under the prior guidance. As a result of the adoption of ASU 2023-09, certain items in the effective tax rate reconciliation may have been reclassified between categories compared to prior periods; however, such reclassifications did not have a material impact on any individual line items or the overall effective tax rate.


	Year Ended March 31, 2025				Year Ended March 31, 2024
Income tax expense at Bermuda statutory tax rate	$	—	—	%	$	—	—	%
Foreign rate differential(1)	(112,413)		16.5	%	1,196,877		26.2	%
Permanent disallowed IPR&D	—		—	%	—		—	%
Tax effect of changes in the fair value of investments and loss from equity method investments	(12,813)		1.9	%	15,431		0.3	%
Substantial shareholding exemption	(27,597)		4.0	%	(1,337,102)		(29.3)	%
Nondeductible executive compensation	54,558		(8.0)	%	19,727		0.4	%
Tax deficiencies (excess tax benefits) from stock-based compensation	(16,676)		2.4	%	(21,668)		(0.5)	%
Other permanent adjustments	37,096		(5.4)	%	40,085		0.9	%
Research tax credits	(31,840)		4.7	%	(22,863)		(0.5)	%
Valuation allowance	134,855		(19.8)	%	43,754		1.0	%
Reversal of certain deferred tax assets(2)	25,062		(3.7)	%	87,262		2.0	%
Other	(2,058)		0.3	%	—		—	%
Total income tax expense	$	48,174	(7.1)	%	$	21,503	0.5	%

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

The Company’s effective tax rate for the years ended March 31, 2025 and 2024 was (7.1)% and 0.5%, respectively. The effective tax rate for the year ended March 31, 2025 is driven by earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets. The effective tax rate for the year ended March 31, 2024 is driven by the Company’s gain on sale of Telavant net assets, which qualifies for the substantial shareholding exemption in the U.K. and consequently is not subject to the corporation income tax, as well as earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets.

Deferred taxes reflect the tax effects of the differences between the amounts recorded as assets and liabilities for financial reporting purposes and the comparable amounts recorded for income tax purposes. Significant components of the deferred tax assets (liabilities) at March 31, 2026 and 2025 are as follows (in thousands):


	March 31, 2026		March 31, 2025
Deferred tax assets
Research tax credits	$	76,810	$	54,101
Intangible assets	8,732		16,939
Capitalized research and development	189,355		41,387
Net operating loss	550,011		469,339
Share-based compensation	35,167		103,515
Lease liabilities	22,622		21,687
Other assets	33,870		18,001
Subtotal	916,567		724,969
Valuation allowance	(897,209)		(701,219)

Deferred tax liabilities
Depreciation	(2,593)		(561)
Right-of-use assets	(15,848)		(19,270)
Other liabilities	(917)		(3,919)
Total deferred tax assets/(liabilities)	$	—	$	—

The Company has net operating losses in Switzerland, the U.S. and the U.K. in the amount of $1,512.9 million, $890.7 million and $613.4 million, respectively. The Switzerland net operating losses will expire in varying amounts between March 31, 2027 and March 31, 2032. The U.S. net operating losses can be carried forward indefinitely with utilization limited to 80% of future taxable income for tax years beginning on or after January 1, 2021, while the U.K. and other net operating losses can be carried forward indefinitely as well, with an annual limitation on utilization. The Company has $66.0 million of federal research tax credit carryforwards in the U.S., which will expire in varying amounts between March 31, 2039 and March 31, 2046. Additionally, credits of $10.8 million are related to various states and Canada.

In January 2026, Immunovant completed an internal reorganization and transfer of intellectual property rights related to their product candidates, between two of its wholly-owned subsidiaries. Ownership and rights to such intellectual property remain with Immunovant and its subsidiaries. Immunovant utilized a significant portion of their Switzerland net operating loss carryforwards to offset the impacts of the internal reorganization. Further, the internal reorganization generated deferred tax assets related to capitalized research and development expenses that will be deductible in the U.S. in future periods.

The Company assesses the realizability of the deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and record a valuation allowance as necessary. Due to the Company’s cumulative loss position (exclusive of the gain on sale of Telavant net assets) which provides significant negative evidence difficult to overcome, the Company has recorded a valuation allowance of $897.2 million as of March 31, 2026, representing the portion of the deferred tax asset that is not more likely than not to be realized. For the period April 1, 2025 through March 31, 2026, the valuation allowance increased by $196.0 million, primarily as a result of corresponding increases in our global net operating losses. The amount of the deferred tax asset considered realizable could be adjusted for future factors that would impact the assessment of the objective and subjective evidence of the Company. The Company will continue to assess the realizability of deferred tax assets at each balance sheet date in order to determine the amount, if any, required for a valuation allowance.

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

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

The Company’s unrecognized tax benefit activity during the years ended March 31, 2026, 2025 and 2024 were not material to the Company’s consolidated financial statements. No interest and penalties related to unrecognized tax benefits were recorded as of March 31, 2026, 2025 or 2024.

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 consolidated financial statements is not material to the Company’s effective tax rate.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12C
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Long-Term Purchase Commitment [Line Items]
Accumulated accrual contractual costs	$ 42,500
Research and development expense	681,812	$ 550,413	$ 439,909
Batoclimab
Long-Term Purchase Commitment [Line Items]
Research and development expense	39,000
HanAll Biopharma Co., Ltd. (Immunovant)
Long-Term Purchase Commitment [Line Items]
Potential material future milestone payments	420,000
Bayer AG (Pulmovant, Inc.)
Long-Term Purchase Commitment [Line Items]
Potential material future milestone payments	$ 280,000
LNP Technology (Genevant)
Long-Term Purchase Commitment [Line Items]
Royalty-related receipts percentage	0.20

Equity Method Investments - Schedule of Significant Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Schedule of Equity Method Investments [Line Items]
Aggregate Fair Value (in millions)	$ 407,985	$ 302,939
Datavant
Schedule of Equity Method Investments [Line Items]
Ownership (%)	9.00%	9.00%
Aggregate Fair Value (in millions)	$ 233,200	$ 167,400
Arbutus
Schedule of Equity Method Investments [Line Items]
Ownership (%)	20.00%	20.00%
Aggregate Fair Value (in millions)	$ 174,800	$ 135,600

- 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

Fair Value Measurements

12 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring Fair Value Measurements


	As of March 31, 2026								As of March 31, 2025
	Level 1		Level 2		Level 3		Balance as of March 31, 2026		Level 1		Level 2		Level 3		Balance as of March 31, 2025
Assets:
Money market funds	$	1,374,706	$	—	$	—	$	1,374,706	$	2,621,457	$	—	$	—	$	2,621,457
Corporate bonds	—		748,422		—		748,422		—		—		—		—
U.S. Treasury securities	—		2,124,179		—		2,124,179		—		—		—		—
Investment in Datavant Class A units	—		—		233,171		233,171		—		—		167,361		167,361
Investment in Arbutus common shares	174,814		—		—		174,814		135,578		—		—		135,578
Total assets at fair value	$	1,549,520	$	2,872,601	$	233,171	$	4,655,292	$	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 years ended March 31, 2026 and 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 consolidated statements of operations at the end of each reporting period.

The fair value of Level 3 assets and liabilities may change significantly as additional data 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 years ended March 31, 2026 and 2025 were as follows (in thousands):


Balance at March 31, 2024	$	147,526
Changes in fair value of investment in Datavant, included in net loss	19,835
Balance at March 31, 2025	167,361
Changes in fair value of investment in Datavant, included in net loss	65,810
Balance at March 31, 2026	$	233,171

The changes in fair value of the Level 3 liabilities during the years ended March 31, 2026 and 2025 were as follows (in thousands):


Balance at March 31, 2024	$	25,737
Changes in fair value of liability instruments, included in net loss	(15,756)
Balance at March 31, 2025	9,981
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 March 31, 2026	$	—

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


	Point Estimate Used
Input	As of March 31, 2026	As of March 31, 2025
Volatility	90.0%	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 13, “Earn-Out Shares, Public Warrants and Private Placement Warrants” for additional details. Significant unobservable inputs used to calculate the fair value of the Earn-Out Shares included the following:

Point Estimate Used

Input

As of March 31, 2025

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 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

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+ Details

Description of Business and Liquidity (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2023
Description of Business and Liquidity [Line Items]
Cash and cash equivalents and marketable securities	$ 4,291,833	$ 4,886,891
(Accumulated deficit) / retained earnings	(501,814)	116,060
Net income (loss) from continuing operations	$ (397,907)	$ (729,764)	$ 4,546,353
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.

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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

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Accounting Policies [Abstract]
Foreign currency transaction gains	$ 5.1	$ 0.0	$ 0.0

Net (Loss) Income per Common Share - Schedule of Potentially Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net (Loss) Income per Common Share (Details) - shares	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Stock options and performance stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	76,091,993	139,412,098	54,648,258
Restricted stock units and performance restricted stock units (non-vested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	60,793,247	50,992,414	5,422,465
March 2020 CVARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	0	17,548,368	17,548,368
November 2021 CVARs (non-vested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	0	348,527	249,120
Restricted common stock (non-vested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	0	0	255,911
Earn-Out Shares (non-vested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	0	3,080,387	3,080,387
Other stock based awards and instruments issued
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	1,170,140	4,731,198	3,924,305

Leases

12 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

The Company’s operating leases consist primarily of real estate leases, including those entered into by certain wholly owned and majority-owned or controlled subsidiaries of RSL.

In September 2024, the Company’s subsidiary, Roivant Sciences, Inc. (“RSI”), entered into a lease agreement with One Penn Plaza LLC for office space in New York, NY to serve as the new U.S. corporate headquarters of RSI (the “One Penn Lease”). The One Penn Lease commenced in December 2024 and will expire in August 2041. The lease contains an option to early terminate in August 2036 and an option to extend the term for one additional period of 5 years or 10 years at then-market rates in August 2041. The options to early terminate or extend the lease term were not included in the lease term as it was not reasonably certain that they would be exercised at lease commencement. The lease is classified as an operating lease and includes a period of free rent and tenant improvement incentives. Upon lease commencement, the Company recognized an operating right-of-use asset and lease liability of approximately $49.1 million, net of lease incentives received.

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 year ended March 31, 2026, which is included in general and administrative expenses in the consolidated statements of operations.

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


	Years Ended March 31,
	2026		2025		2024
Operating lease cost	$	16,023	$	11,632	$	10,648
Short-term lease cost	519		514		64
Variable lease cost	1,766		1,344		1,107
Total operating lease cost	$	18,308	$	13,490	$	11,819

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


	Years Ended March 31,
	2026		2025		2024
Cash paid for operating lease liabilities	$	10,393	$	10,263	$	11,561
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	9,605	$	51,364	$	719


	March 31, 2026		March 31, 2025		March 31, 2024
Weighted average remaining lease term (in years)	11.7		11.7		8.0
Weighted average discount rate	7.4	%	7.4	%	7.1	%

As of March 31, 2026, maturities of operating lease liabilities were as follows (in thousands):


Years Ending March 31,
2027	$	11,716
2028	15,434
2029	15,601
2030	14,841
2031	15,046
Thereafter	94,356
Total lease payments	166,994
Less: present value adjustment	(59,331)
Less: tenant improvement allowance	(225)
Total lease liabilities	$	107,438

Cash, Cash Equivalents, and Marketable Securities (Tables)

12 Months Ended

Mar. 31, 2026

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):


	March 31, 2026		March 31, 2025
Cash and cash equivalents
Cash	$	44,526	$	93,954
Money market funds	1,374,706		2,621,457
Total cash and cash equivalents	$	1,419,232	$	2,715,411
Marketable securities
Corporate bonds	$	748,422	$	—
U.S. Treasury securities, available-for-sale	2,124,179		—
U.S. Treasury securities, held-to-maturity	—		2,171,480
Total marketable securities	$	2,872,601	$	2,171,480

Total cash, cash equivalents, and marketable securities	$	4,291,833	$	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 March 31, 2026
	Amortized Cost(1)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds	$	751,103	$	—	$	(2,681)	$	748,422
U.S. Treasury securities	2,125,053		538		(1,412)		2,124,179
Total marketable securities, available-for-sale	$	2,876,156	$	538	$	(4,093)	$	2,872,601

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

(1)Excludes $19.6 million and $12.1 million of accrued interest receivable as of March 31, 2026 and 2025, respectively, which is included in “Other current assets” on the consolidated balance sheets.

Schedule of Marketable Securities as Level 2 Measurements Within the Fair Value Hierarchy

The estimated fair value of available-for-sale marketable securities by contractual maturity were as follows (in thousands):


	March 31, 2026
Due within one year	$	2,145,345
Due after one year but within five years	727,256
Total estimated fair value of available-for-sale securities	$	2,872,601

- Definition

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

+ References

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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

+ Details

Cash, Cash Equivalents and Marketable Securities

12 Months Ended

Mar. 31, 2026

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):


	March 31, 2026		March 31, 2025
Cash and cash equivalents
Cash	$	44,526	$	93,954
Money market funds	1,374,706		2,621,457
Total cash and cash equivalents	$	1,419,232	$	2,715,411
Marketable securities
Corporate bonds	$	748,422	$	—
U.S. Treasury securities, available-for-sale	2,124,179		—
U.S. Treasury securities, held-to-maturity	—		2,171,480
Total marketable securities	$	2,872,601	$	2,171,480

Total cash, cash equivalents, and marketable securities	$	4,291,833	$	4,886,891

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


	As of March 31, 2026
	Amortized Cost(1)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds	$	751,103	$	—	$	(2,681)	$	748,422
U.S. Treasury securities	2,125,053		538		(1,412)		2,124,179
Total marketable securities, available-for-sale	$	2,876,156	$	538	$	(4,093)	$	2,872,601

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

As of March 31, 2026, 129 available-for-sale marketable securities with a fair value of $1,999.6 million were in a gross unrealized loss position of $4.1 million. All marketable securities with unrealized losses had been in a loss position for less than twelve months as of March 31, 2026. The Company does not intend to sell, and is not required to sell, these securities that are in an unrealized loss position before the recovery of their amortized cost basis.

The Company classified its marketable securities as Level 2 measurements within the fair value hierarchy. The estimated fair value of available-for-sale marketable securities by contractual maturity were as follows (in thousands):


	March 31, 2026
Due within one year	$	2,145,345
Due after one year but within five years	727,256
Total estimated fair value of available-for-sale securities	$	2,872,601

As of March 31, 2025, the contractual maturities of all marketable securities were less than 12 months.

Share-Based Compensation and Other Compensation Plans - Schedule of Activity for PSUs (Details)	12 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of RSUs
Non-vested, beginning balance (in shares) \| shares	348,527
Forfeited (in shares) \| shares	(50,732)
Non-vested, ending balance (in shares) \| shares	0
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 4.89
Forfeited (in dollars per share) \| $ / shares	4.28
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 0
Performance Restricted Stock Units (at max) \| RSL Equity Plans
Number of RSUs
Non-vested, beginning balance (in shares) \| shares	36,872,465
Granted (in shares) \| shares	11,900,000
Forfeited (in shares) \| shares	(585,229)
Non-vested, ending balance (in shares) \| shares	48,187,236
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 9.35
Granted (in dollars per share) \| $ / shares	7.15
Forfeited (in dollars per share) \| $ / shares	4.76
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 8.86

Earn-Out Shares, Public Warrants and Private Placement Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Aug. 31, 2023	Sep. 30, 2021	Jun. 30, 2023	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Gain (loss) on fair value of liability instruments				$ (47,704)	$ 15,756	$ (46,838)
Class of warrant or right redemption (in dollars per share)			$ 0.10
Cashless warrant exercised (in shares)			20,061,507
Unexercised public warrants (in shares)			413,971
Private Placement Warrants
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Aggregate value of shares exchanged on a cashless basis (in shares)			2,548,621
Public Warrants
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Class of warrant or right, outstanding (in shares)			20,475,875
Class of warrant or right redemption (in dollars per share)		$ 0.10
Warrant exercised (in shares)			397
Aggregate value of shares exchanged (in shares)			397
Aggregate value of shares exchanged on a cashless basis (in shares)			5,005,531
Earn-Out Shares
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Gain (loss) on fair value of liability instruments				$ (47,700)	$ 12,000
Common Shares \| Public and Private Warrants
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Cash exercise price (in dollars per share)	$ 11.50
Cashless exercise price (in dollars per share)	$ 11.50
Number of common shares issued to surrendering holder per warrant (in shares)	0.2495
Common Shares \| Public Warrants
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Cash exercise price (in dollars per share)			$ 11.50
Minimum \| Private Placement Warrants
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Exercise price of warrants (in dollars per share)		$ 18.00
Minimum \| Public Warrants
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Number of trading days		20 days
Minimum \| Common Shares \| Public Warrants
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Sale of stock, price (in dollars per share)		$ 10.00
Maximum \| Public Warrants
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Number of trading days		30 days
MAAC Sponsor
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Earn-out shares, lock-up period				1 year
Fair value of vested earnout liability				$ 57,700
Period to exercise warrants after business combination				30 days
Warrants expiration period				5 years
MAAC Sponsor \| Private Placement Warrants
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Class of warrant or right, outstanding (in shares)				10,214,365
Exercise price of warrants (in dollars per share)				$ 11.50
MAAC Sponsor \| Public Warrants
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Class of warrant or right, outstanding (in shares)				20,535,896
Exercise price of warrants (in dollars per share)				$ 11.50
MAAC Sponsor \| 20% Earn-Out
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Stock issued during period (in shares)		2,033,591
Percentage of earn-out shares		20.00%		20.00%
MAAC Sponsor \| 20% Earn-Out \| Director
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Stock issued during period (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 \| 20% Earn-Out \| Director \| Minimum
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Earn-out share price (in dollars per share)		$ 15.00
MAAC Sponsor \| 10 % Earn-Out
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Stock issued during period (in shares)		1,016,796
Percentage of earn-out shares		10.00%		10.00%
MAAC Sponsor \| 10 % Earn-Out \| Director
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Stock issued during period (in shares)		5,000
Number of trading days to meet earn-out price threshold		20 days
Trading day period for earn-out shares		30 days
MAAC Sponsor \| 10 % Earn-Out \| Director \| Minimum
Earn-Out Shares, Public Warrants and Private Placement Warrants [Line Items]
Earn-out share price (in dollars per share)		$ 20.00

Fair Value Measurements - Schedule of Changes in Fair Value of the Level 3 Liabilities (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 9,981	$ 25,737
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (loss) on fair value of liability instruments	Gain (loss) on fair value of liability instruments
Changes in fair value of liability instruments, included in net loss	$ 47,704	$ (15,756)
Reclassification to additional paid-in capital upon vesting of Earn-Out Shares	(57,685)
Balance at end of period	$ 0	$ 9,981

Equity Method Investments - Schedule of Consolidated Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenue	$ 8,260		$ 29,053		$ 32,713
Income (loss) from operations	(515,068)		(1,003,294)		4,497,032
Net loss	(397,907)		(356,734)		4,231,206
Current assets	5,167,384		5,000,064
Current liabilities	281,244		149,411
Datavant
Schedule of Equity Method Investments [Line Items]
Revenue		$ 1,425,992		$ 1,128,005		$ 991,107
Gross profit		668,847		461,521		376,593
Net loss		(132,747)		(105,025)		$ (395,195)
Current assets		461,460		656,803
Noncurrent assets		4,284,726		2,340,701
Current liabilities		469,057		329,614
Noncurrent liabilities		4,032,660		1,237,271
Redeemable units		$ 241,921		$ 1,267,290
Arbutus
Schedule of Equity Method Investments [Line Items]
Revenue	191,445		6,403		12,986
Income (loss) from operations	156,447		(82,655)		(80,053)
Net loss	160,720		(76,571)		$ (74,385)
Current assets	277,011		116,808
Noncurrent assets	153		202
Current liabilities	5,105		19,431
Noncurrent liabilities	$ 11,882		$ 18,422

Share-Based Compensation and Other Compensation Plans - Schedule of Activity of PSU's Performance Condition (Details) - Performance Restricted Stock Units (at max) - $ / shares	1 Months Ended	12 Months Ended
	Jul. 31, 2024	Mar. 31, 2026
First Tranche
Tranche
% of PSUs	14.71%
Share price (in dollars per share)	$ 15.00	$ 15.00
Second Tranche
Tranche
% of PSUs	7.35%
Share price (in dollars per share)	$ 17.50	17.50
Third Tranche
Tranche
% of PSUs	8.82%
Share price (in dollars per share)	$ 20.00	20.00
Fourth Tranche
Tranche
% of PSUs	11.77%
Share price (in dollars per share)	$ 22.50	22.50
Fifth Tranche
Tranche
% of PSUs	22.06%
Share price (in dollars per share)	$ 25.00	$ 25.00
Sixth Tranche
Tranche
% of PSUs	35.29%
Share price (in dollars per share)	$ 30.00

Recent Transactions and Developments -Schedule of Calculation of Gain (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2023	Dec. 14, 2023
Asset Acquisition [Line Items]
Gain on sale of Telavant net assets	$ 0	$ 110,387	$ 5,348,410
Roche Transaction
Asset Acquisition [Line Items]
Upfront cash payment				$ 7,100,000	$ 7,100,000
Roche Transaction \| RSL
Asset Acquisition [Line Items]
Upfront cash payment			5,234,373		$ 5,200,000
Carrying amount of noncontrolling interest derecognized			87,500
Total consideration			5,321,873
Assets sold			3,253
Liabilities transferred			29,790
Net liabilities sold			(26,537)
Gain on sale of Telavant net assets			$ 5,348,410

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 28, 2024	Jan. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of interest in subsidiary			$ 0	$ 376,506	$ 0
Gain on deconsolidation			$ 11,027	3,108	32,772
Discontinued Operations, Disposed of by Sale \| Dermavant
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivable from sale of discontinued operations	$ 175,000
Milestone receivable from sale of discontinued operations	75,000			75,000
Sale milestone receivable from sale of discontinued operations	950,000
Net sales	$ 1,000,000
Percentage of annual net sales	30.00%
Percentage of liquidation preference receivable	100.00%
Consideration receivable under liquidation preference	$ 270,000
Cash received	183,600
Milestone received from sale of discontinued operations		$ 75,000
Gain (loss) on sale of interest in subsidiary				376,506	$ 0
Gain on deconsolidation				$ 301,500
Discontinued Operations, Disposed of by Sale \| Dermavant \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	$ 1,000,000

Audit Information	12 Months Ended
Audit Information	Mar. 31, 2026
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Iselin, New Jersey

Certain Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Accumulated accrual contractual costs	$ 42,500
Research and development expense	681,812	$ 550,413	$ 439,909
Batoclimab
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development expense	$ 39,000

Share-Based Compensation and Other Compensation Plans - Schedule of Activity for Capped Value Appreciation Rights (Details)	12 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of CVARs
Non-vested, beginning balance (in shares) \| shares	348,527
Vested (in shares) \| shares	(297,795)
Forfeited (in shares) \| shares	(50,732)
Non-vested, ending balance (in shares) \| shares	0
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 4.89
Vested (in dollars per share) \| $ / shares	4.99
Forfeited (in dollars per share) \| $ / shares	4.28
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 0

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2026	Mar. 31, 2025
Shareholders’ equity:
Common stock, par value (in dollars per share)	$ 0.0000000341740141	$ 0.0000000341740141
Common stock, shares authorized (in shares)	7,000,000,000	7,000,000,000
Common stock, shares issued (in shares)	720,352,386	695,938,323
Common stock, shares outstanding (in shares)	720,352,386	695,938,323

Discontinued Operations

12 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Dermavant Transaction

On October 28, 2024, the Company completed the sale of its entire equity interest in its majority-owned subsidiary, Dermavant, to Organon.

Pursuant to the Merger Agreement, Organon agreed to acquire Dermavant for aggregate cash consideration comprising (i) a payment of $175.0 million payable at the closing of the Dermavant Transaction, subject to certain adjustments, (ii) a $75.0 million milestone payment payable upon FDA approval of VTAMA (the “Product”) for the treatment of atopic dermatitis (the “AD Approval Milestone”) and (iii) up to $950.0 million in additional milestone payments payable upon achievement of certain tiered net sales amounts (each less than or equal to $1.0 billion) with respect to the Product. Additionally, Organon agreed to make tiered royalty payments of (x) low-to-mid single digit percentages with respect to annual net sales of the Product up to $1.0 billion and (y) 30% with respect to annual net sales of the Product above $1.0 billion. Such consideration and royalty payments are subject to certain post-closing adjustments and are payable to all of Dermavant’s equity holders, including holders of Dermavant RSUs, options and warrants, on a pro rata basis relative to their ownership of Dermavant prior to the closing of the Dermavant Transaction (in each case, after giving effect to the liquidation preference of Dermavant’s preference shares, all of which are held by the Company, and otherwise in accordance with the applicable terms of such securities). Under the liquidation preference of Dermavant’s preference shares, the Company is entitled to receive 100% of the first $270.0 million of consideration paid pursuant to the Merger Agreement. The Company received $183.6 million in cash in October 2024 upon the closing of the Dermavant Transaction, subject to certain post-closing adjustments that are not expected to be significant. The AD Approval Milestone was achieved in December 2024, and the Company received payment of the $75.0 million AD Approval Milestone in January 2025, pursuant to the terms of the Merger Agreement.

As contemplated by the Merger Agreement, in connection with the closing of the Dermavant Transaction, Dermavant repaid all amounts outstanding or otherwise payable (including accrued interest and all premiums and exit fees) pursuant to a senior secured credit facility (the “Credit Facility”), dated as of May 14, 2021 and amended as of May 24, 2024, by and among Dermavant, certain subsidiaries of Dermavant, XYQ Luxco S.A.R.L. and U.S. Bank Trust Company, National Association, and terminated the Credit Facility in accordance with its terms.

Following the closing of the Dermavant Transaction, all rights and obligations under each of (A) the Revenue Interest Purchase and Sale Agreement, dated as of May 14, 2021 and amended as of May 24, 2024, by and among Dermavant, Dermavant Sciences GmbH, XYQ Luxco S.A.R.L., NovaQuest Co-Investment Funds XVII, L.P., MAM Tapir Lender, LLC and U.S. Bank Trust Company, National Association and (B) the Funding Agreement, dated as of July 10, 2018 and amended as of May 24, 2024, by and among Dermavant, Dermavant Sciences GmbH and NovaQuest Co-Investment Fund VIII, L.P., were retained by Dermavant and its subsidiaries, which became indirect wholly owned subsidiaries of Organon.

Financial results of Dermavant through closing of the Dermavant Transaction are presented as “Income (loss) from discontinued operations, net of tax” in the accompanying consolidated statements of operations for the years ended March 31, 2025 and 2024. As a result of the Dermavant Transaction, the Company recognized a gain of $376.5 million for the year ended March 31, 2025, 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 related to the Dermavant Transaction included in “Income (loss) from discontinued operations, net of tax” (in thousands):


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

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

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

(2)Interest expense consists of interest payments related to outstanding debt held by Dermavant as well as the associated non-cash amortization of debt discounts and issuance costs. Additionally, for the year ended March 31, 2025, interest expense includes an $8.8 million loss on extinguishment of the Credit Facility.

In the accompanying 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):


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

Income Taxes - Schedule of Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Amount
Statutory tax rate	$ 0	$ 0	$ 0
Foreign rate differential		(112,413)	1,196,877
Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments		(12,813)	15,431
Taxable intercompany income/(deductible intercompany expense)	(123,074)
Nondeductible changes in the fair value of the Earn-Out Shares		(27,597)	(1,337,102)
Valuation allowance		134,855	43,754
Other		(2,058)	0
Intercompany reorganization	138,465
Reversal of certain deferred tax assets		25,062	87,262
Nondeductible executive compensation		54,558	19,727
Tax deficiencies (excess tax benefits) from stock-based compensation		(16,676)	(21,668)
Research tax credits		(31,840)	(22,863)
Permanent disallowed IPR&D		0	0
Other permanent adjustments		37,096	40,085
Total income tax expense	$ 133,329	$ 48,174	$ 21,503
Percent
Income tax benefit at Bermuda statutory tax rate	0.00%	0.00%	0.00%
Foreign rate differential		16.50%	26.20%
Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments		1.90%	0.30%
Taxable intercompany income/(deductible intercompany expense)	46.50%
Nondeductible changes in the fair value of the Earn-Out Shares		4.00%	(29.30%)
Valuation allowance		(19.80%)	1.00%
Other		0.30%	0.00%
Intercompany reorganization	(52.30%)
Reversal of certain deferred tax assets		(3.70%)	2.00%
Nondeductible executive compensation		(0.080)	0.004
Tax deficiencies (excess tax benefits) from stock-based compensation		2.40%	(0.50%)
Research tax credits		4.70%	(0.50%)
Permanent disallowed IPR&D		0.00%	0.00%
Other permanent adjustments		(5.40%)	0.90%
Total income tax expense	(50.40%)	(7.10%)	0.50%
United Kingdom
Amount
Foreign rate differential	$ 16,177
Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments	(27,488)
Nontaxable income	(16,606)
Nondeductible changes in the fair value of the Earn-Out Shares	11,926
Valuation allowance	142,562
Other	$ (3,524)
Percent
Foreign rate differential	(6.10%)
Nondeductible/(nontaxable) changes in the fair value of investments and loss from equity method investments	10.40%
Nontaxable income	6.30%
Nondeductible changes in the fair value of the Earn-Out Shares	(4.50%)
Valuation allowance	(53.90%)
Other	1.30%
Switzerland
Amount
Foreign rate differential	$ 2,086
Valuation allowance	(112,256)
Other	544
Cantonal and communal taxes	39,289
Deductible federal taxes	(13,590)
Reversal of certain deferred tax assets	$ 25,351
Percent
Foreign rate differential	(0.80%)
Valuation allowance	42.40%
Other	(0.20%)
Cantonal and communal taxes	(14.80%)
Deductible federal taxes	0.051
Reversal of certain deferred tax assets	(9.60%)
United States
Amount
Foreign rate differential	$ (74,930)
Taxable intercompany income/(deductible intercompany expense)	160,909
Valuation allowance	44,916
Other	7,888
Nondeductible executive compensation	60,323
Tax deficiencies (excess tax benefits) from stock-based compensation	(34,482)
Foreign-derived intangible income	(26,310)
Income/(loss) from disregarded entities	(64,511)
Research tax credits	$ (20,336)
Percent
Foreign rate differential	28.30%
Taxable intercompany income/(deductible intercompany expense)	(60.80%)
Valuation allowance	(17.00%)
Other	(2.90%)
Nondeductible executive compensation	(0.228)
Tax deficiencies (excess tax benefits) from stock-based compensation	13.00%
Foreign-derived intangible income	9.90%
Income/(loss) from disregarded entities	24.40%
Research tax credits	7.70%

Leases - Schedule of Operating Lease Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Cash paid for operating lease liabilities	$ 10,393	$ 10,263	$ 11,561
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 9,605	$ 51,364	$ 719
Weighted average remaining lease term (in years)	11 years 8 months 12 days	11 years 8 months 12 days	8 years
Weighted average discount rate	7.40%	7.40%	7.10%

Equity Method Investments

12 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Note 4—Equity Method Investments

The Company maintains equity method investments in certain entities. As of March 31, 2026 and 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.

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

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

Summarized Equity Method Investment Details

Details regarding significant equity method investments are as follows:


	Ownership (%)				Aggregate Fair Value (in millions)
	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025
Datavant(1)	9	%	9	%	$	233.2	$	167.4
Arbutus	20	%	20	%	$	174.8	$	135.6

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


	Unrealized (Gain) Loss on Investment (in millions)
	Years Ended March 31,
		2026		2025		2024
Datavant		$	(65.8)	$	(19.8)	$	31.1
Arbutus		$	(39.2)	$	(35.4)	$	17.5

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


	Twelve Months Ended December 31,
		2025		2024		2023
Revenue		$	1,425,992	$	1,128,005	$	991,107
Gross profit		$	668,847	$	461,521	$	376,593
Net loss		$	(132,747)	$	(105,025)	$	(395,195)


	As of December 31,
	2025		2024
Current assets	$	461,460	$	656,803
Noncurrent assets	$	4,284,726	$	2,340,701
Current liabilities	$	469,057	$	329,614
Noncurrent liabilities	$	4,032,660	$	1,237,271
Redeemable units	$	241,921	$	1,267,290

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


	Twelve Months Ended March 31,
		2026		2025		2024
Revenue		$	191,445	$	6,403	$	12,986
Income (loss) from operations		$	156,447	$	(82,655)	$	(80,053)
Net income (loss)		$	160,720	$	(76,571)	$	(74,385)


	As of March 31,
	2026		2025
Current assets	$	277,011	$	116,808
Noncurrent assets	$	153	$	202
Current liabilities	$	5,105	$	19,431
Noncurrent liabilities	$	11,882	$	18,422

Earn-Out Shares, Public Warrants and Private Placement Warrants	12 Months Ended
	Mar. 31, 2026
Earn-Out Shares, Public Warrants and Private Placement Warrants [Abstract]
Earn-Out Shares, Public Warrants and Private Placement Warrants	Earn-Out Shares, Public Warrants and Private Placement Warrants 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 year ended March 31, 2026, 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 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 consolidated statements of operations. The resulting liabilities upon remeasurement, totaling $57.7 million, were reclassified to additional paid-in capital. During the years ended March 31, 2026 and 2025, the Company recognized a loss of $47.7 million and a gain of $12.0 million, respectively, due to changes in the fair value of the Earn-Out Shares in the accompanying consolidated statements of operations. Public Warrants and Private Placement Warrants Immediately following the Business Combination, the Company had 10,214,365 outstanding warrants for the purchase of one of the Company’s common shares, which were held by the MAAC Sponsor at an exercise price of $11.50 (the “Private Placement Warrants”), and 20,535,896 outstanding warrants for the purchase of one of the Company’s common shares, which were held by MAAC’s shareholders at an exercise price of $11.50 (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”). Pursuant to the Warrant Agreement, dated October 6, 2020, by and between MAAC and Continental Stock Transfer & Trust Company, as predecessor warrant agent, as modified by the Warrant Assumption Agreement, dated September 30, 2021, by and among MAAC, the Company and American Stock Transfer & Trust Company, LLC as successor warrant agent (as modified, the “Warrant Agreement”), the Warrants became exercisable 30 days following the completion of the Business Combination and would expire five years after the completion of the Business Combination, or earlier upon redemption or liquidation. Prior to their settlement, the Warrants required liability classification and were classified as “Liability instruments measured at fair value” on the consolidated balance sheets. The Private Placement Warrants liability and Public Warrants liability were subject to remeasurement with changes in fair value recognized in the Company’s statements of operations. The Warrants were remeasured immediately prior to settlement. These remeasurements were recognized in “Change in fair value of debt and liability instruments” in the accompanying consolidated statements of operations. On August 2, 2023, the Company announced that it would redeem all Warrants that remained outstanding on September 1, 2023 (the “Redemption Date”). Under the terms of the Warrant Agreement, the Company was entitled to redeem the Public Warrants at a redemption price of $0.10 per Public Warrant because the last reported sales price (the “Reference Value”) of the Company’s common shares was at least $10.00 per share for any 20 trading days within the 30 trading-day period ending on the third trading day prior to the date on which RSL gave a Notice of Redemption. In addition, because the Reference Value was less than $18.00 per share, the outstanding Private Placement Warrants were also required to be concurrently called for redemption on the same terms as the outstanding Public Warrants. This share price performance requirement was satisfied as of July 28, 2023. Prior to the Redemption Date, Warrant holders were permitted to exercise the Warrants (i) for cash, at an exercise price of $11.50 per common share, or (ii) on a “cashless basis” whereby, in lieu of paying the Company the $11.50 exercise price per common share, the surrendering holder would receive approximately 0.2495 common shares per Warrant as determined in accordance with the terms of the Warrant Agreement. Of the 20,475,875 Public Warrants that were outstanding as of June 30, 2023, 397 Public Warrants were exercised for cash at an exercise price of $11.50 per common share in exchange for an aggregate of 397 common shares and 20,061,507 were exercised on a cashless basis in exchange for an aggregate of 5,005,531 common shares. The remaining 413,971 unexercised Public Warrants were redeemed at the $0.10 redemption price. In addition, all of the Private Placement Warrants were exercised on a cashless basis in exchange for an aggregate of 2,548,621 common shares.

Share-Based Compensation and Other Compensation Plans - Schedule of Activity for Stock Options and Performance Stock Options (Details) - Stock options and performance stock options - RSL Equity Plans - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of Options
Options outstanding, beginning balance (in shares)	139,412,098
Granted (in shares)	2,264,315
Exercised (in shares)	(64,389,618)
Forfeited/Canceled (in shares)	(1,194,802)
Options outstanding, ending balance (in shares)	76,091,993	139,412,098
Options exercisable (in shares)	69,594,586
Weighted Average Exercise Price
Options outstanding, beginning balance (in dollars per share)	$ 8.46
Granted (in dollars per share)	10.69
Exercised (in dollars per share)	10.60
Forfeited/Canceled (in dollars per share)	9.36
Options outstanding, ending balance (in dollars per share)	6.71	$ 8.46
Options exercisable (in dollars per share)	$ 6.51
Options outstanding, weighted average remaining contractual life (in years)	5 years 5 months 12 days	4 years 8 months 8 days
Options exercisable, weighted average remaining contractual life (in years)	5 years 2 months 26 days
Options outstanding, aggregate intrinsic value	$ 1,596,933	$ 384,006
Options exercisable, aggregate intrinsic value	$ 1,474,526

Leases (Tables)

12 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Components of Operating Lease Expense

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


	Years Ended March 31,
	2026		2025		2024
Operating lease cost	$	16,023	$	11,632	$	10,648
Short-term lease cost	519		514		64
Variable lease cost	1,766		1,344		1,107
Total operating lease cost	$	18,308	$	13,490	$	11,819

Schedule of Operating Lease Right-of-use Assets and Lease Liabilities

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


	Years Ended March 31,
	2026		2025		2024
Cash paid for operating lease liabilities	$	10,393	$	10,263	$	11,561
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	9,605	$	51,364	$	719


	March 31, 2026		March 31, 2025		March 31, 2024
Weighted average remaining lease term (in years)	11.7		11.7		8.0
Weighted average discount rate	7.4	%	7.4	%	7.1	%

Schedule of Maturities of Operating Lease Liabilities

As of March 31, 2026, maturities of operating lease liabilities were as follows (in thousands):


Years Ending March 31,
2027	$	11,716
2028	15,434
2029	15,601
2030	14,841
2031	15,046
Thereafter	94,356
Total lease payments	166,994
Less: present value adjustment	(59,331)
Less: tenant improvement allowance	(225)
Total lease liabilities	$	107,438

Discontinued Operations (Tables)

12 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

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


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

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

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


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

- 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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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Income Taxes [Line Items]
Effective income tax rate reconciliation, percent	(50.40%)	(7.10%)	0.50%
Valuation allowance	$ 897,209	$ 701,219
Valuation allowance increase (decrease)	196,000
Interest and penalties related to unrecognized tax benefits	0	$ 0	$ 0
Switzerland
Income Taxes [Line Items]
Net operating losses	1,512,900
United States
Income Taxes [Line Items]
Net operating losses	$ 890,700
Annual net operating loss utilization limitation percentage	80.00%
Federal research tax credit carryforwards	$ 66,000
United Kingdom
Income Taxes [Line Items]
Net operating losses	613,400
States in U.S and Canada
Income Taxes [Line Items]
Federal research tax credit carryforwards	$ 10,800

Share-Based Compensation and Other Compensation Plans - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended			12 Months Ended
	Dec. 23, 2025 USD ($) shares	Jul. 31, 2024 tranche	Apr. 30, 2026 shares	Jul. 31, 2024 USD ($) tranche $ / shares shares	Nov. 30, 2021 shares	Mar. 31, 2026 USD ($) tranche $ / shares shares	Mar. 31, 2025 USD ($) shares	Mar. 31, 2024 USD ($) shares	Sep. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance of grant date		5 years
Term of trailing trading days, weighted average price use to calculate performance condition of PSUs		30 days
Research and development expense						$ 681,812	$ 550,413	$ 439,909
General and administrative expenses						610,466	591,410	416,133
Cash Bonus Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Research and development expense						900	5,800	9,900
General and administrative expenses						$ 4,500	$ 21,200	35,600
Compensation-related expenses								$ 79,700
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of stock purchase price equal to lower of closing price under ESPP									85.00%
Percentage of maximum contribution of base salary									15.00%
Maximum amount of contribution of base salary									$ 25
Issuance of the company's common shares under employee stock purchase plan (in shares) \| shares						121,724	118,640	140,227
Share-based compensation expense						$ 400	$ 500	$ 500
Stock options and performance stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of options vested						$ 86,810	$ 100,639	$ 157,359
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares						0	0	0
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining weighted-average service period						3 years 1 month 2 days
Grant date fair value of options vested						$ 53,600	$ 49,300	$ 49,100
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount						$ 115,800
Restricted Stock Units \| President and Chief Investment Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares				1,836,547
Restricted Stock Units \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value				$ 72,700
Granted (in shares) \| shares				2,754,821
Performance Restricted Stock Units (at max)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining weighted-average service period						1 year 14 days
Grant date fair value of options vested						$ 0	0	0
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount						$ 205,400
Number of vesting tranches meeting share price hurdles \| tranche						5
Number of tranches available for vesting \| tranche		6		6		6
Period of trailing trading days, weighted average trading price used to calculate performance condition						30 days
Performance stock units performance condition satisfied (in shares) \| shares						28,051,785
PSUs holding period before common shares may be sold by executive				2 years
Performance Restricted Stock Units (at max) \| First Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares				$ 15.00		$ 15.00
Performance Restricted Stock Units (at max) \| Second Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares				17.50		17.50
Performance Restricted Stock Units (at max) \| Third Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares				20.00		20.00
Performance Restricted Stock Units (at max) \| Fourth Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares				22.50		22.50
Performance Restricted Stock Units (at max) \| Fifth Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares				$ 25.00		25.00
Performance Restricted Stock Units (at max) \| President and Chief Investment Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value				$ 363,300
Granted (in shares) \| shares				17,000,000
Performance Restricted Stock Units (at max) \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares				14,450,000
Stock Options \| President and Chief Operating Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value				$ 2,900
Stock Options \| President and Chief Investment Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares				0
Stock Options \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares				0
CVARs \| March 2020 CVAR Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cap (in dollars per share) \| $ / shares						$ 12.68
Number of shares outstanding (in shares) \| shares						0
CVARs \| March 2020 CVAR Grants \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares) \| shares			422,216
CVARs \| November 2021 CVAR Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value						$ 1,500	5,900	6,200
CVARs \| First Tranche \| March 2020 CVAR Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Hurdle price (in dollars per share) \| $ / shares						$ 6.40
CVARs \| First Tranche \| March 2020 CVAR Grants \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Hurdle price (in dollars per share) \| $ / shares						6.40
CVARs \| First Tranche \| March 2020 CVAR Grants \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Hurdle price (in dollars per share) \| $ / shares						9.20
CVARs \| Second Tranche \| March 2020 CVAR Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Hurdle price (in dollars per share) \| $ / shares						$ 11.50
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP initial offering period									3 months
ESPP additional offering period									6 months
Priovant Share Exchange
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	1,746,194
Share-based compensation expense	$ 25,200
Research and development expense	8,300
General and administrative expenses	$ 16,900
One-Time Cash Retention Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General and administrative expenses						$ 14,800	86,400
RSL 2021 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance (in shares) \| shares						217,186,782
Common stock, capital shares reserved for future issuance, outstanding share, percentage						5.00%
Equity incentive plan term						10 years
Common shares available for future grants (in shares) \| shares						60,944,783
RSL 2021 EIP \| CVARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares					6,317,350
RSL 2021 EIP \| CVARs \| November 2021 CVAR Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares) \| shares						297,795
RSL Equity Plans \| Stock options and performance stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares						2,264,315
RSL Equity Plans \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares						6,473,525
RSL Equity Plans \| Performance Restricted Stock Units (at max)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares						11,900,000
RSL Equity Plans \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense						$ 30,300
Remaining weighted-average service period						1 year 7 months 24 days
RSL 2015 EIP \| CVARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value								2,100
RSL 2015 EIP \| CVARs \| March 2020 CVAR Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of service-vested shares (in shares) \| shares						17,548,368
Subsidiary Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense						$ 97,000
Share-based compensation expense						$ 83,400	$ 56,100	$ 54,900

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Years Ending March 31,
2027	$ 11,716
2028	15,434
2029	15,601
2030	14,841
2031	15,046
Thereafter	94,356
Total lease payments	166,994
Less: present value adjustment	(59,331)
Less: tenant improvement allowance	(225)
Total lease liabilities	$ 107,438

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2026

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

(B) Use of Estimates

(D) Segment Reporting

(E) Cash, Cash Equivalents and Restricted Cash


	March 31, 2026		March 31, 2025

Cash and cash equivalents	$	1,419,232	$	2,715,411
Restricted cash (included in “Other current assets”)	3,858		2,358
Restricted cash (included in “Other assets”)	7,892		7,892
Cash, cash equivalents and restricted cash	$	1,430,982	$	2,725,661

(F) Marketable Securities

(G) Contingencies

(H) Property and Equipment


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

(I) Investments in Equity Securities

(J) Fair Value Measurements

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

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

(K) Research and Development Expenses

(L) Acquired In-Process Research and Development Expenses

(M) General and Administrative Expenses

(N) Leases

(O) Income Taxes

(P) Share-Based Compensation

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

(Q) Foreign Currency

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 consolidated statements of operations. For the year ended March 31, 2026, foreign currency transaction gains were $5.1 million. For the years ended March 31, 2025 and 2024, foreign currency transaction gains were de minimis.

(R) Revenue Recognition

Trade Receivables, Net

(S) Recently Adopted Accounting Pronouncements

(T) Recently Issued Accounting Pronouncements

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

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (397,907)	$ (356,734)	$ 4,231,206
Other comprehensive (loss) income:
Change in fair value of debt due to change in subsidiary credit risk	0	(1,200)	0
Unrealized losses on available-for-sale securities	(2,579)	0	0
Foreign currency translation adjustment	(3,027)	(5,210)	(936)
Amounts reclassified from accumulated other comprehensive (loss) income	(976)	19,869	0
Total other comprehensive (loss) income	(6,582)	13,459	(936)
Comprehensive (loss) income	(404,489)	(343,275)	4,230,270
Comprehensive loss attributable to noncontrolling interests	(99,638)	(184,815)	(117,190)
Comprehensive (loss) income attributable to Roivant Sciences Ltd.	$ (304,851)	$ (158,460)	$ 4,347,460

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Share-based compensation	$ 346,165	$ 289,029	$ 199,627
Research and development share-based compensation
Share-based compensation	47,867	39,780	32,400
General and administrative share-based compensation
Share-based compensation	$ 298,298	$ 239,505	$ 154,873

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Current taxes:
Total current tax expense	$ 133,329	$ 48,174	$ 21,503
Deferred taxes:
Total deferred tax benefit	0	0	0
Total income tax expense	133,329	48,174	21,503
Bermuda
Current taxes:
Total current tax expense	0	0	0
Deferred taxes:
Total deferred tax benefit	0	0	0
United States
Current taxes:
Total current tax expense	53,467	48,174	21,813
Deferred taxes:
Total deferred tax benefit	0	0	0
Switzerland
Current taxes:
Total current tax expense	79,889	0	0
Deferred taxes:
Total deferred tax benefit	0	0	0
Other
Current taxes:
Total current tax expense	(27)	0	(310)
Deferred taxes:
Total deferred tax benefit	$ 0	$ 0	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,419,232	$ 2,715,411
Marketable securities (held at fair value as of March 31, 2026)	2,872,601	2,171,480
Litigation settlement receivable	770,235	0
Other current assets	105,316	113,173
Total current assets	5,167,384	5,000,064
Property and equipment, net	11,986	12,056
Operating lease right-of-use assets	80,416	89,021
Investments measured at fair value	407,985	302,939
Other assets	40,916	32,860
Total assets	5,708,687	5,436,940
Current liabilities:
Accounts payable	18,002	23,691
Accrued expenses	205,823	114,294
Operating lease liabilities	11,147	9,842
Income tax payable	45,689	416
Other current liabilities	583	1,168
Total current liabilities	281,244	149,411
Liability instruments measured at fair value	0	9,981
Operating lease liabilities, noncurrent	96,291	90,328
Income tax payable, noncurrent	38,670	0
Other liabilities	70	22
Total liabilities	416,275	249,742
Commitments and contingencies (Note 12)
Shareholders’ equity:
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 shares authorized and 720,352,386 and 695,938,323 shares issued and outstanding at March 31, 2026 and 2025, respectively	0	0
Additional paid-in capital	5,024,826	4,562,107
(Accumulated deficit) / retained earnings	(501,814)	116,060
Accumulated other comprehensive income	4,358	9,438
Shareholders’ equity attributable to Roivant Sciences Ltd.	4,527,370	4,687,605
Noncontrolling interests	765,042	499,593
Total shareholders’ equity	5,292,412	5,187,198
Total liabilities and shareholders’ equity	$ 5,708,687	$ 5,436,940

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Mar. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy Roivant’s corporate information security organization, led by our Chief Information Officer (“CIO”), is responsible for the overall information security strategy, policy, security engineering, operations and cybersecurity threat and incident detection and response centrally at Roivant and the majority of our Vants. Certain of our Vants, including Immunovant and our healthcare technology Vants, have established and maintain separate cybersecurity functions which are similarly designed to protect their information and assets from cybersecurity threats or incidents. Roivant and the Vants’ information security organization manages a robust enterprise security structure with the goal of preventing and mitigating any cybersecurity incidents, while simultaneously working to continually increase information technology system resilience designed to minimize any business impact should a cybersecurity incident occur. Central to Roivant’s information security organization is our Cybersecurity Incident Response Team, which is responsible for the protection, detection and response capabilities used to protect our data and enterprise computing networks. The Cybersecurity Incident Response Team comprises members of our IT Security Operations function and is supported by third-party security partners providing managed detection, response and forensic capabilities. A Cybersecurity Steering Committee provides cross-functional leadership input and alignment for the cybersecurity program, ensuring security initiatives reflect organizational risk tolerance and business priorities and is responsible for escalating cybersecurity threats and incidents based on a defined severity framework. Threats and incidents assessed as having a moderate or higher potential business impact are escalated to senior management and reported to the Audit Committee of the board of directors. Roivant and the Vants implement multiple levels of cybersecurity measures, including standard malware detection and prevention software, email security programs, vulnerability detection and remediation software, security patching management, security event logging and reviews and special isolation and access controls for data repositories that may contain sensitive information, including protected health information. Roivant and the Vants’ cybersecurity programs are informed by recognized industry frameworks, including the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF), and are designed to identify, protect against, detect, respond to and recover from cybersecurity threats. Our programs include periodic risk assessments and security testing supported by cybersecurity technologies, including third-party security solutions and vulnerability management and monitoring tools, designed to monitor, identify and manage risks from cybersecurity threats and incidents. Where applicable, our healthcare technology Vants maintain additional controls deisgned to align with HIPAA security requirements and other healthcare-specific regulatory obligations. In addition, we have implemented employee security and awareness training related to cybersecurity threats and incidents. Roivant and the Vants undergo periodic internal compliance audits and external reviews to evaluate our controls, including cybersecurity controls. Additionally, a majority of our information technology systems are built on services provided by third parties. We operate a vendor risk management program under which third-party suppliers with access to our systems or data are assessed based on the sensitivity of the data or systems they access and the nature of their services. This tiered approach includes security assessments of vendor infrastructure, review of relevant certifications (such as SOC 2 Type II reports), and targeted questionnaires addressing specific risk areas, including the use and security of AI products. Vendors are subject to reassessment upon material changes to their services or upon identification of new risk factors. Findings from these assessments are reviewed by our information security organization and escalated as appropriate. Our control over and ability to monitor the security posture of third parties with whom we do business remains limited and there can be no assurance that we can prevent, mitigate or remediate the risk of any compromise or failure in the security infrastructure owned or controlled by such third parties. Additionally, any contractual protections with such third parties, including our right to indemnification, if any at all, may be limited or insufficient to prevent a negative impact on our business from any such compromise or failure. During the fiscal year we did not experience any cybersecurity incidents that were determined to be material to our business, results of operations or financial condition. No previously reported cybersecurity incidents continue to have a material impact on the Company.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Roivant and the Vants’ information security organization manages a robust enterprise security structure with the goal of preventing and mitigating any cybersecurity incidents, while simultaneously working to continually increase information technology system resilience designed to minimize any business impact should a cybersecurity incident occur. Central to Roivant’s information security organization is our Cybersecurity Incident Response Team, which is responsible for the protection, detection and response capabilities used to protect our data and enterprise computing networks. The Cybersecurity Incident Response Team comprises members of our IT Security Operations function and is supported by third-party security partners providing managed detection, response and forensic capabilities. A Cybersecurity Steering Committee provides cross-functional leadership input and alignment for the cybersecurity program, ensuring security initiatives reflect organizational risk tolerance and business priorities and is responsible for escalating cybersecurity threats and incidents based on a defined severity framework. Threats and incidents assessed as having a moderate or higher potential business impact are escalated to senior management and reported to the Audit Committee of the board of directors.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Related to Cybersecurity Risks Roivant’s board of directors oversees our overall risk management strategy, including with respect to cybersecurity risks. Cybersecurity risk management policies and procedures are integrated into our overall risk management strategy, which is overseen by the audit committee of the board of directors (“Audit Committee”). At least annually, the Audit Committee receives a comprehensive briefing from our CIO covering our information security posture, key risk indicators, results of internal and external audits, and the status of ongoing cybersecurity initiatives. In addition, management provides updates to the Audit Committee on an as-needed basis when significant cybersecurity developments arise between scheduled reviews. The board of directors as a whole is informed of material cybersecurity matters through regular reporting from the Audit Committee. At the management level, our CIO is primarily responsible for leading our cybersecurity strategy centrally at Roivant and the majority of our Vants. Our CIO has over 20 years of experience in information technology across biotechnology and other industries, holds a Bachelor of Science in Management Information Systems and an MBA in International Business. We also maintain a Security Operations team of experienced senior-level engineers who design, implement and operate our information technology ecosystem, helping to implement cybersecurity best practices throughout our infrastructure and governance processes. Members of this SecOps team have relevant security certifications including Certified Information Security Manager (“CISM”). At Immunovant and the healthcare technology Vants that have established and maintain separate cybersecurity functions, governance is similarly overseen in the first instance by the boards of directors of those Vants as part of their overall risk management strategy, with ultimate oversight on a company-wide basis by the Roivant board of directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Roivant’s board of directors oversees our overall risk management strategy, including with respect to cybersecurity risks. Cybersecurity risk management policies and procedures are integrated into our overall risk management strategy, which is overseen by the audit committee of the board of directors (“Audit Committee”).
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	At least annually, the Audit Committee receives a comprehensive briefing from our CIO covering our information security posture, key risk indicators, results of internal and external audits, and the status of ongoing cybersecurity initiatives. In addition, management provides updates to the Audit Committee on an as-needed basis when significant cybersecurity developments arise between scheduled reviews. The board of directors as a whole is informed of material cybersecurity matters through regular reporting from the Audit Committee.
Cybersecurity Risk Role of Management [Text Block]	At the management level, our CIO is primarily responsible for leading our cybersecurity strategy centrally at Roivant and the majority of our Vants. Our CIO has over 20 years of experience in information technology across biotechnology and other industries, holds a Bachelor of Science in Management Information Systems and an MBA in International Business. We also maintain a Security Operations team of experienced senior-level engineers who design, implement and operate our information technology ecosystem, helping to implement cybersecurity best practices throughout our infrastructure and governance processes. Members of this SecOps team have relevant security certifications including Certified Information Security Manager (“CISM
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	At the management level, our CIO is primarily responsible for leading our cybersecurity strategy centrally at Roivant and the majority of our Vants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Threats and incidents assessed as having a moderate or higher potential business impact are escalated to senior management and reported to the Audit Committee of the board of directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 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
Melissa Epperly [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 30, 2026, Melissa Epperly, a director of RSL, 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 between July 29, 2026 and June 30, 2027 of up to 71,000 common shares held by Ms. Epperly as well as up to 40% of the net number of common shares resulting from the RSU vesting event on September 10, 2026.
Name	Melissa Epperly
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 30, 2026
Expiration Date	June 30, 2027
Arrangement Duration	336 days
Aggregate Available	71,000
Meghan FitzGerald [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 30, 2026, Meghan FitzGerald, a director of RSL, 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 between July 29, 2026 and July 1, 2027 of up to 30,000 common shares held by Ms. FitzGerald as well as up to 40% of the net number of common shares resulting from the RSU vesting event on September 10, 2026.
Name	Meghan FitzGerald
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 30, 2026
Expiration Date	July 1, 2027
Arrangement Duration	337 days
Aggregate Available	30,000

Share-Based Compensation and Other Compensation Plans

12 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation and Other Compensation Plans

(A) RSL Equity Incentive Plans

2021 Equity Incentive Plan

The 2021 Equity Incentive Plan (the “RSL 2021 EIP”) was approved and adopted in connection with the Business Combination and became effective immediately prior to closing. As of March 31, 2026, 217,186,782 of the Company’s common shares were reserved for issuance under the RSL 2021 EIP. The number of common shares reserved for issuance under the RSL 2021 EIP will automatically increase on April 1 of each year by an amount equal to the lesser of (i) 5% of the common shares outstanding as of the last day of the immediately preceding fiscal year and (ii) such number of common shares as determined by the board of directors in its discretion. On February 25, 2026, the board of directors approved an evergreen increase for the fiscal year ending March 31, 2026, resulting in the number of shares available for issuance under the RSL 2021 EIP plan increasing by an amount representing 5% of the common shares outstanding as of March 31, 2025 (having previously deferred this decision from March 31, 2025). The RSL 2021 EIP has a ten-year term. The Company’s employees, directors and consultants are eligible to receive incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSUs, PSUs, and other stock awards under the RSL 2021 EIP. At March 31, 2026, a total of 60,944,783 common shares were available for future grants under the RSL 2021 EIP.

2015 Equity Incentive Plan

As of the effective date of the RSL 2021 EIP, no further stock awards have been or will be made under the Roivant Sciences Ltd. Amended and Restated 2015 Equity Incentive Plan (the “RSL 2015 EIP”). Awards outstanding under the RSL 2015 EIP remain subject to the terms of the RSL 2015 EIP and the applicable award agreement.

Stock Options and Performance Stock Options

Activity for stock options and performance stock options under the Company’s equity incentive plans for the year ended March 31, 2026 was as follows:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding at March 31, 2025	139,412,098	$	8.46	4.69	$	384,006
Granted	2,264,315	$	10.69
Exercised	(64,389,618)	$	10.60
Forfeited/Canceled	(1,194,802)	$	9.36
Options outstanding at March 31, 2026	76,091,993	$	6.71	5.45	$	1,596,933
Options exercisable at March 31, 2026	69,594,586	$	6.51	5.24	$	1,474,526

The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable options and the fair value of the Company’s common stock at March 31, 2026. At March 31, 2026, total unrecognized compensation expense related to non-vested stock options was approximately $30.3 million and is expected to be recognized over a weighted-average period of approximately 1.65 years. All performance stock options have been fully expensed as of December 2023.


	Years Ended March 31,
Assumptions	2026		2025		2024
Expected stock price volatility	53.99	%	70.52	%	72.22	%
Expected risk free interest rate	4.00	%	4.52	%	3.72	%
Expected term, in years	6.18		6.21		6.21
Expected dividend yield	—	%	—	%	—	%

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


	Years Ended March 31,
	2026		2025		2024
Intrinsic value of options exercised	$	645,161	$	90,542	$	68,673
Grant date fair value of options vested	$	86,810	$	100,639	$	157,359
Weighted-average grant date fair value per share of stock options granted	$	5.95	$	7.22	$	5.98

Restricted Stock Units

Activity for RSUs under the Company’s equity incentive plans for the year ended March 31, 2026 was as follows:


	Number of RSUs	Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2025	14,119,949	$	9.63
Granted	6,473,525	$	10.84
Vested	(5,946,593)	$	9.01
Forfeited	(2,040,870)	$	9.18
Non-vested balance at March 31, 2026	12,606,011	$	10.62

The total fair value of RSUs vested during the years ended March 31, 2026, 2025 and 2024 was $53.6 million, $49.3 million and $49.1 million, respectively. RSUs vest upon the achievement of time-based service requirements.

At March 31, 2026, total unrecognized compensation expense related to non-vested RSUs was approximately $115.8 million. Unrecognized compensation expense relating to RSUs is expected to be recognized over a weighted-average period of approximately 3.09 years.

Performance Restricted Stock Units

Activity for PSUs under the Company’s equity incentive plans for the year ended March 31, 2026 was as follows:


	Number of PSUs	Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2025	36,872,465	$	9.35
Granted	11,900,000	$	7.15
Forfeited(1)	(585,229)	$	4.76
Non-vested balance at March 31, 2026	48,187,236	$	8.86

(1)During the year ended March 31, 2026, 585,229 PSUs originally granted in 2016 and 2017 under the Company’s now-expired 2015 Restricted Stock Unit Plan were forfeited.

During the years ended March 31, 2026, 2025 and 2024, no PSUs vested. The vesting of PSUs requires that certain performance or market conditions be achieved during the performance period. Refer below for details regarding the achievement of the Performance Condition (defined below) for certain tranches of the PSUs granted pursuant to the Senior Executive Compensation Program (defined below).

At March 31, 2026, total unrecognized compensation expense related to non-vested PSUs was approximately $205.4 million. Unrecognized compensation expense relating to PSUs, excluding those deemed improbable of vesting as of March 31, 2026, is expected to be recognized over a weighted-average period of approximately 1.04 years.

Senior Executive Compensation Program

In July 2024, the Compensation Committee of the board of directors approved a multi-year incentive compensation program for each of Matthew Gline, Chief Executive Officer; Mayukh Sukhatme, President and Chief Investment Officer; and Eric Venker, President and Chief Operating Officer. The program primarily consists of two key components: (i) one-time cash retention awards (refer below for further details regarding the one-time cash retention awards) and (ii) long-term equity incentive awards granted in the form of PSUs with both a performance- and a time-vesting component, time-vesting RSUs and time-vesting stock options. In July 2025, the 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 the same key components and with PSU and RSU awards approved on the same terms as those awarded in July 2024. Collectively, these compensation arrangements are referred to herein as the “Senior Executive Compensation Program.”

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


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

Matthew Gline	Chief Executive Officer	14,450,000	2,754,821	—
Mayukh Sukhatme	President and Chief Investment Officer	17,000,000	1,836,547	—
Eric Venker	President and Immunovant CEO	*	204,000	409,000
Frank Torti	President and Vant Chair	11,900,000	1,836,547	—

The stock options and performance stock options table above includes the stock options granted to Dr. Venker pursuant to the Senior Executive Compensation Program with a total grant date fair value of $2.9 million. The Performance Restricted Stock Units and Restricted Stock Units tables above include the PSUs granted to Mr. Gline, Dr. Sukhatme and Dr. Torti and the RSUs granted to Mr. Gline, Dr. Sukhatme, Dr. Venker and Dr. Torti pursuant to the Senior Executive Compensation Program with total grant date fair values of $363.3 million and $72.7 million, respectively.

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


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

During the year ended March 31, 2026, the share price hurdles for the first five of the six vesting tranches of the PSUs granted pursuant to the Senior Executive Compensation Program were met as a result of the Company’s 30-Day VWAP exceeding the specified share price hurdles of $15.00, $17.50, $20.00, $22.50 and $25.00. As a result, the “Performance Condition” applicable to the PSUs was satisfied for 28,051,785 PSUs.

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

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


	Years Ended March 31,
Assumptions	2026			2025
Expected stock price volatility	50.0		%	70.0		%
Expected risk free interest rate	3.9		%	4.1		%
Stock price on date of grant	$	11.40		$	10.80

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

Capped Value Appreciation Rights

March 2020 CVAR Grants

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

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

During the year ended March 31, 2026, all 17,548,368 service-vested CVARs previously outstanding as of March 31, 2025 satisfied their applicable hurdle price on the applicable hurdle measurement date of March 30, 2026. As a result, 422,216 common shares were issued upon the net settlement of these CVARs in April 2026. As of March 31, 2026, no CVARs granted in March 2020 remain outstanding. All March 2020 CVARs were entirely service-vested as of December 2023, and as such, have been fully expensed since December 2023. The total fair value of CVARs that service-vested during the year ended March 31, 2024 was $2.1 million.

November 2021 CVAR Grants

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

Activity for CVARs under the RSL 2021 EIP for the year ended March 31, 2026 was as follows:


	Number of CVARs	Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2025	348,527	$	4.89
Vested	(297,795)	$	4.99
Forfeited	(50,732)	$	4.28
Non-vested balance at March 31, 2026	—	$	—

The total fair value of CVARs that vested during the years ended March 31, 2026, 2025 and 2024 was $1.5 million, $5.9 million and $6.2 million, respectively. During the year ended March 31, 2026, 297,795 common shares were issued upon their settlement.

(B) Employee Stock Purchase Plan

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

During the years ended March 31, 2026, 2025 and 2024, 121,724, 118,640 and 140,227 common shares were purchased and issued under the RSL ESPP, respectively. Share-based compensation expense recorded was approximately $0.4 million, $0.5 million and $0.5 million for the years ended March 31, 2026, 2025 and 2024, respectively.

Certain subsidiaries of RSL adopt their own equity incentive plan (“EIP”). Each EIP is generally structured so that the applicable subsidiary and its affiliates’ employees, directors, officers and consultants are eligible to receive non-qualified and incentive stock options, stock appreciation rights, restricted share awards, restricted stock unit awards, and other share awards under their respective EIP. The Company recorded share-based compensation expense of $83.4 million, $56.1 million and $54.9 million for the years ended March 31, 2026, 2025 and 2024, respectively, related to subsidiary EIPs. At March 31, 2026, total unrecognized compensation expense related to subsidiary equity was approximately $97.0 million.

(D) Priovant Share Exchange

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.

(E) Cash Bonus Program

During the year ended March 31, 2024, the Company approved a special one-time cash retention bonus award to its employees in the aggregate amount of $79.7 million (the “Cash Bonus Program”).

During the years ended March 31, 2026, 2025 and 2024, the Company recognized general and administrative expense of $4.5 million, $21.2 million and $35.6 million, respectively, and research and development expense of $0.9 million, $5.8 million and $9.9 million, respectively, relating to the Cash Bonus Program.

(F) Senior Executive Compensation Program Cash Awards

Pursuant to the Senior Executive Compensation Program, 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 and $86.4 million during the years ended March 31, 2026 and 2025.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Mar. 31, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Revenue	$ 8,260	$ 29,053	$ 32,713
Operating expenses:
Cost of revenues	1,285	911	1,599
Research and development (includes $47,867, $39,780 and $32,400 of share-based compensation expense for the years ended March 31, 2026, 2025 and 2024, respectively)	681,812	550,413	439,909
Acquired in-process research and development	0	0	26,450
General and administrative (includes $298,297, $239,505, and $154,873 of share-based compensation expense for the years ended March 31, 2026, 2025 and 2024, respectively)	610,466	591,410	416,133
Total operating expenses	1,293,563	1,142,734	884,091
Gain on sale of Telavant net assets	0	110,387	5,348,410
Gain on litigation settlement	770,235	0	0
(Loss) income from operations	(515,068)	(1,003,294)	4,497,032
Change in fair value of investments	(105,046)	(55,186)	47,973
Change in fair value of liability instruments	47,704	(15,756)	46,838
Gain on deconsolidation of subsidiaries	(11,027)	(3,108)	(32,772)
Interest income	(178,109)	(258,375)	(146,425)
Other (income) expense, net	(4,012)	10,721	13,562
(Loss) income from continuing operations before income taxes	(264,578)	(681,590)	4,567,856
Income tax expense	133,329	48,174	21,503
(Loss) income from continuing operations, net of tax	(397,907)	(729,764)	4,546,353
Income (loss) from discontinued operations, net of tax	0	373,030	(315,147)
Net (loss) income	(397,907)	(356,734)	4,231,206
Net loss attributable to noncontrolling interests	(98,136)	(184,753)	(117,720)
Net (loss) income attributable to Roivant Sciences Ltd.	(299,771)	(171,981)	4,348,926
Amounts attributable to Roivant Sciences Ltd.:
(Loss) income from continuing operations, net of tax	(299,771)	(545,166)	4,662,703
Income (loss) from discontinued operations, net of tax	0	373,185	(313,777)
Net (loss) income attributable to Roivant Sciences Ltd.	$ (299,771)	$ (171,981)	$ 4,348,926
Net (loss) income per common share, basic:
(Loss) income from continuing operations, net of tax (in dollars per share)	$ (0.43)	$ (0.75)	$ 5.95
Income (loss) from discontinued operations, net of tax (in dollars per share)	0	0.51	(0.40)
Net (loss) income (in dollars per share)	(0.43)	(0.24)	5.55
Net (loss) income per common share, diluted:
(Loss) income from continuing operations, net of tax (in dollars per share)	(0.54)	(0.75)	5.61
Income (loss) from discontinued operations, net of tax (in dollars per share)	0	0.51	(0.38)
Net (loss) income (in dollars per share)	$ (0.54)	$ (0.24)	$ 5.23
Weighted average shares outstanding:
Basic (in shares)	693,864,530	725,395,624	783,248,906
Diluted (in shares)	693,864,530	725,395,624	831,049,444

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Sep. 30, 2024
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 80,416		$ 89,021
Operating lease liability	107,438
Lessee, operating lease, discount rate		8.50%
Asset impairment charges	$ 17,100
RSI Lease Agreement
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets				$ 49,100
Operating lease liability				$ 49,100
Minimum \| RSI Lease Agreement
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term				5 years
Maximum \| RSI Lease Agreement
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term				10 years

Fair Value Measurements - Schedule of Changes in Fair Value of the Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 167,361	$ 147,526
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments	Gain (Loss) on Investments
Changes in fair value of investment in Datavant, included in net loss	$ 65,810	$ 19,835
Balance at end of period	$ 233,171	$ 167,361

Recent Transactions and Developments (Tables)

12 Months Ended

Mar. 31, 2026

Recent Transactions and Developments [Abstract]

Schedule of Calculation of Gain

The following table summarizes the calculation of the gain recognized during the year ended March 31, 2024 (in thousands).


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

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

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

Income Taxes - Schedule of (Loss) Income Before Income Taxes and Related Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
(Loss) income before income taxes:
Total (loss) income from continuing operations before income taxes	$ (264,578)	$ (681,590)	$ 4,567,856
Bermuda
(Loss) income before income taxes:
Total (loss) income from continuing operations before income taxes	62,366	(80,590)	5,189,812
United States
(Loss) income before income taxes:
Total (loss) income from continuing operations before income taxes	(354,509)	(174,763)	(232,592)
Switzerland
(Loss) income before income taxes:
Total (loss) income from continuing operations before income taxes	21,711	(426,478)	(389,948)
Other
(Loss) income before income taxes:
Total (loss) income from continuing operations before income taxes	$ 5,854	$ 241	$ 584

- Definition

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

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+ Details

Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Operating expenses:
Gain on sale of subsidiary interests	$ 0	$ (376,506)	$ 0
Income (loss) from discontinued operations, net of tax	0	373,030	(315,147)
Loss from discontinued operations before income taxes attributable to noncontrolling interests	0	(155)	(1,370)
Income (loss) from discontinued operations before income taxes attributable to Roivant Sciences Ltd.	0	373,185	(313,777)
Loss on extinguishment of debt	$ 0	8,848	0
Discontinued Operations, Disposed of by Sale \| Dermavant
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, net		75,437	92,082
Operating expenses:
Cost of revenues		12,116	13,961
Research and development		24,307	61,827
Selling, general and administrative		119,879	271,310
Total operating expenses		156,302	347,098
Loss from operations		(80,865)	(255,016)
Gain on sale of subsidiary interests		(376,506)	0
Change in fair value of debt		(97,322)	32,105
Interest expense		30,556	34,778
Other income, net		(11,257)	(7,473)
Income (loss) from discontinued operations before income taxes		373,664	(314,426)
Income tax expense		634	721
Income (loss) from discontinued operations, net of tax		373,030	(315,147)
Loss from discontinued operations before income taxes attributable to noncontrolling interests		(155)	(1,367)
Income (loss) from discontinued operations before income taxes attributable to Roivant Sciences Ltd.		373,819	(313,059)
Gain (loss) on sale of business, accumulated other comprehensive income (loss)		19,900
Loss on extinguishment of debt		8,848	0
Share-based compensation		9,666	12,163
Change in fair value of debt		(97,322)	32,105
Depreciation and amortization		6,739	11,457
Product revenue, net \| Discontinued Operations, Disposed of by Sale \| Dermavant
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, net		41,599	75,057
License, milestone and other revenue \| Discontinued Operations, Disposed of by Sale \| Dermavant
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, net		$ 33,838	$ 17,025

Share-Based Compensation and Other Compensation Plans - Schedule of Fair Value Assumptions of PSUs (Details) - Performance Restricted Stock Units (at max) - $ / shares	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected stock price volatility	50.00%	70.00%
Expected risk free interest rate	3.90%	4.10%
Stock price on date of grant (in dollars per share)	$ 11.40	$ 10.80

Fair Value Measurements - Schedule of Investment in Datavant (Details) - Investment in Datavant Class A units	Mar. 31, 2026	Mar. 31, 2025
Volatility
Fair Value Measurements [Line Items]
Investment in equity securities, measurement input	0.900	1.100
Discount rate
Fair Value Measurements [Line Items]
Investment in equity securities, measurement input	0.118	0.130

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12—Commitments and Contingencies (A) Commitments Lease Commitments The Company has leases, consisting primarily of real estate leases. Refer to Note 11, “Leases” for further information. Other Commitments The Company has entered into commitments under various asset acquisition and license agreements. Potential material future milestone and royalty payments as of March 31, 2026 pursuant to certain key asset acquisition and license agreements are as follows: •Anti-FcRn franchise (Immunovant): up to a maximum of $420.0 million to HanAll Biopharma Co., Ltd. upon the achievement of certain regulatory and sales milestone events and tiered mid-single-digits to mid-teens royalty on net sales. •Brepocitinib (Priovant): mid tens-of-millions sales milestone payment to Pfizer if aggregate net sales in a given year exceed a mid-hundreds-of-millions amount and tiered sub-teens royalty on net sales. •Mosliciguat (Pulmovant): up to a maximum of $280.0 million to Bayer AG upon the achievement of certain development, regulatory and commercial milestone events and tiered high-single-digits royalty on net sales. •LNP Technology (Genevant): up to 20% of Royalty-Related Receipts (as defined in the Cross-License Agreement). The Company has further commitments not reflected above relating to other asset acquisition and license agreements entered 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 March 31, 2026, the Company’s subsidiary, Immunovant, had an accumulated accrual of $42.5 million of non-cancelable contractual costs as a result of the discontinuation of batoclimab, of which $39.0 million was recognized as research and development expense during the year ended March 31, 2026. (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 consolidated financial statements as of March 31, 2026 and 2025.