0001635088-26-000090 | 10-Q | XBRL Viewer

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Share-Based Compensation - Schedule of Activity for RSUs and PSUs (Details) - RSL Equity Plans	3 Months Ended
	Jun. 30, 2026 shares
Number of RSUs
Number of RSUs and PSUs
Non-vested balance, beginning (in shares)	12,606,011
Granted (in shares)	1,614,021
Vested (in shares)	(1,857,812)
Forfeited (in shares)	(262,848)
Non-vested balance, ending (in shares)	12,099,372
Number of PSUs
Number of RSUs and PSUs
Non-vested balance, beginning (in shares)	48,187,236
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Non-vested balance, ending (in shares)	48,187,236

Description of Business and Liquidity	3 Months Ended
Description of Business and Liquidity	Jun. 30, 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 The Company has incurred significant operating losses and negative cash flows from operations since its inception. As of June 30, 2026, the Company had cash, cash equivalents, and marketable securities of approximately $3.8 billion and its accumulated deficit was $900.4 million. For the three months ended June 30, 2026 and 2025, the Company incurred net losses of $290.6 million and $273.9 million, respectively. The Company has historically financed its operations primarily through the sale of equity securities, sale of subsidiary interests, debt financings and revenue generated from licensing and collaboration arrangements. The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals to market its product candidates, dependence on key products, dependence on third-party service providers, such as contract research organizations, and protection of intellectual property rights. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and may require additional capital to fully implement its business plan.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (290,606)	$ (273,911)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	83,342	82,178
Change in fair value of investments	(36,637)	19,125
Change in fair value of debt and liability instruments	0	2,329
Accretion of discount and amortization of premium on available-for-sale marketable securities, net	(5,691)	(884)
Accretion of discount and amortization of premium on held-to-maturity marketable securities, net	0	(10,177)
Depreciation and amortization	600	1,098
Non-cash lease expense	1,394	1,943
Other	9,789	11,082
Changes in assets and liabilities:
Other current assets	(23,836)	128
Other assets	1,868	(2,940)
Litigation settlement receivable	(1,392)	0
Accounts payable	7,109	(11,745)
Accrued expenses	(13,911)	(25,000)
Operating lease liabilities	(286)	(478)
Income tax payable	(10,177)	(2,996)
Other liabilities	7,930	5,865
Net cash used in operating activities	(270,504)	(204,383)
Marketable securities, available-for-sale
Purchases	(286,510)	(1,801,681)
Proceeds from maturities	568,189	0
Marketable securities, held-to-maturity
Proceeds from maturities	0	720,000
Purchase of property and equipment	(419)	(4,035)
Net cash provided by (used in) investing activities	281,260	(1,085,716)
Cash flows from financing activities:
Repurchase of the Company’s common shares	(206,729)	(208,293)
Proceeds from exercise of the Company’s and subsidiary stock options	76,019	30,057
Taxes paid related to net settlement of equity awards	(51,435)	(9,532)
Proceeds from issuance of the Company’s common shares under employee stock purchase plan	635	0
Net cash used in financing activities	(181,510)	(187,768)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	315	815
Net change in cash, cash equivalents and restricted cash	(170,439)	(1,477,052)
Cash, cash equivalents and restricted cash at beginning of period	1,430,982	2,725,661
Cash, cash equivalents and restricted cash at end of period	1,260,543	1,248,609
Non-cash investing and financing activities:
Taxes payable related to net settlement of equity awards	7,410	0
Other	$ 2,517	$ 44

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	1.30%	(1.70%)

Certain Balance Sheet Components

3 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Certain Balance Sheet Components

Accrued Expenses

Accrued expenses at June 30, 2026 and March 31, 2026 consisted of the following (in thousands):


	June 30, 2026		March 31, 2026
Research and development expenses	$	113,438	$	92,749
Compensation-related expenses	40,820		87,325
Other expenses	14,482		25,749
Total accrued expenses	$	168,740	$	205,823

As of June 30, 2026 and March 31, 2026, accrued research and development expenses included an accrual of $42.5 million of non-cancelable contractual costs as a result of the discontinuation of batoclimab, which were recognized as research and development expenses in prior fiscal years.

As of June 30, 2026, accrued compensation-related expenses included $22.9 million in employee bonuses related to the global settlement reached with Moderna in March 2026, of which $18.8 million was recognized as general and administrative expense and $4.1 million was recognized as research and development expense during the three months ended June 30, 2026. Refer to Note 5, “Recent Transactions and Developments” for more information regarding the global settlement with Moderna.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash

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


	June 30, 2026		March 31, 2026
Cash and cash equivalents	$	1,248,456	$	1,419,232
Restricted cash (included in “Other current assets”)	4,195		3,858
Restricted cash (included in “Other assets”)	7,892		7,892
Cash, cash equivalents and restricted cash	$	1,260,543	$	1,430,982

Net Loss per Common Share (Tables)

3 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

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

As of June 30, 2026 and 2025, the following potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per common share:


	June 30, 2026	June 30, 2025
Stock options and performance stock options	70,951,737	135,593,216
Restricted stock units and performance restricted stock units (non-vested)	60,286,608	53,111,118
March 2020 CVARs	—	17,548,368
Earn-Out Shares (non-vested)	—	3,080,387
Other stock based awards and instruments issued	415,929	4,485,265

Certain Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Accumulated accrual contractual costs	$ 42,500		$ 42,500
Accrued compensation-related expenses	22,900
General and administrative expenses	165,527	$ 134,019
Research and development expenses	202,016	$ 152,919
Moderna
Research and Development Arrangement, Contract to Perform for Others [Line Items]
General and administrative expenses	18,800
Research and development expenses	$ 4,100

Cash, Cash Equivalents and Marketable Securities - Schedule of Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Cash and cash equivalents
Cash	$ 77,088	$ 44,526
Money market funds	1,171,368	1,374,706
Total cash and cash equivalents	1,248,456	1,419,232
Marketable securities
Debt securities, available-for-sale	2,593,626	2,872,601
Total cash, cash equivalents and marketable securities	3,842,082	4,291,833
U.S. Treasury securities
Marketable securities
Debt securities, available-for-sale	1,888,731	2,124,179
Corporate bonds
Marketable securities
Debt securities, available-for-sale	$ 704,895	$ 748,422

- Definition

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

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+ Details

Equity Method Investments - Investments in Datavant (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026
Equity Method Investments [Line Items]
Aggregate fair value investment	$ 444,622		$ 407,985
Datavant
Equity Method Investments [Line Items]
Equity method investment ownership percentage	9.00%
Aggregate fair value investment	$ 258,200		$ 233,200
Unrealized gains (losses) on investments	$ 25,000	$ (3,600)

- 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.

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Cash, Cash Equivalents, and Marketable Securities - Narrative (Details) $ in Thousands	Jun. 30, 2026 USD ($) security	Mar. 31, 2026 USD ($) security
Cash, Cash Equivalents, and Marketable Securities [Line Items]
Debt securities, available-for-sale	$ 2,593,626	$ 2,872,601
Available-for-Sale Marketable Securities
Cash, Cash Equivalents, and Marketable Securities [Line Items]
Number of marketable securities \| security	125	129
Debt securities, available-for-sale	$ 2,279,300	$ 1,999,600
Debt securities, available-for-sale, unrealized loss position	$ 6,600	$ 4,100

Cash, Cash Equivalents, and Marketable Securities - Schedule of Unrealized Positions for Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Cash, Cash Equivalents, and Marketable Securities [Line Items]
U.S. Treasury securities, available-for-sale, Amortized Cost	$ 2,600,168	$ 2,876,156
U.S. Treasury securities, available-for-sale, Gross Unrealized Gains	25	538
U.S. Treasury securities, available-for-sale, Gross Unrealized Losses	(6,567)	(4,093)
U.S. Treasury securities, available-for-sale, Fair Value	2,593,626	2,872,601
Accrued interest receivable	21,600	19,600
U.S. Treasury securities
Cash, Cash Equivalents, and Marketable Securities [Line Items]
U.S. Treasury securities, available-for-sale, Amortized Cost	1,892,411	2,125,053
U.S. Treasury securities, available-for-sale, Gross Unrealized Gains	25	538
U.S. Treasury securities, available-for-sale, Gross Unrealized Losses	(3,705)	(1,412)
U.S. Treasury securities, available-for-sale, Fair Value	1,888,731	2,124,179
Corporate bonds
Cash, Cash Equivalents, and Marketable Securities [Line Items]
U.S. Treasury securities, available-for-sale, Amortized Cost	707,757	751,103
U.S. Treasury securities, available-for-sale, Gross Unrealized Gains	0	0
U.S. Treasury securities, available-for-sale, Gross Unrealized Losses	(2,862)	(2,681)
U.S. Treasury securities, available-for-sale, Fair Value	$ 704,895	$ 748,422

Summary of Significant Accounting Policies

3 Months Ended

Jun. 30, 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 unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and follow the requirements of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements.

These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended March 31, 2026 filed with the SEC. The unaudited condensed consolidated balance sheet at March 31, 2026 has been derived from the audited consolidated financial statements at that date. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, that are considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented. Operating results for the three months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2027, for any other interim period, or for any other future year.

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

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

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

(B) Use of Estimates

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

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

The Company has long-lived assets in different geographic locations. As of June 30, 2026 and March 31, 2026, a majority of the Company’s long-lived assets were located in the United States (“U.S.”).

(D) Segment Reporting

Operating segments are defined as components of an entity about which separate, discrete information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker views the operations and manages the business in a single operating and reportable segment focused on the discovery, development and commercialization of medicines and technologies. The accounting policies of the segment are the same as those described in this Note 2, “Summary of Significant Accounting Policies.” See Note 13, “Segment Information” for further detail.

(E) Cash, Cash Equivalents, and Restricted Cash

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


	June 30, 2026		March 31, 2026
Cash and cash equivalents	$	1,248,456	$	1,419,232
Restricted cash (included in “Other current assets”)	4,195		3,858
Restricted cash (included in “Other assets”)	7,892		7,892
Cash, cash equivalents and restricted cash	$	1,260,543	$	1,430,982

(F) Marketable Securities

The Company considers all highly liquid investments in securities with original maturities of greater than three months at the time of purchase to be marketable securities. Marketable securities, including those that have maturity dates beyond one year from the balance sheet date, are included in current assets on the condensed consolidated balance sheets due to their availability for use in current operations. As of June 30, 2026, marketable securities consist of U.S. Treasury securities and corporate bonds. All of the Company’s marketable securities are classified as available-for-sale and are carried at fair value as of June 30, 2026. 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 income in stockholders’ equity until realized. The cost of available-for-sale securities sold and the amount reclassified out of accumulated other comprehensive income into earnings is determined using the specific identification method. Prior to December 31, 2025, a portion of 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 condensed consolidated statements of operations.

(G) Contingencies

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

(H) Investments

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

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

(I) Fair Value Measurements

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

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

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

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

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

The Company’s financial instruments include shares of common stock of Arbutus Biopharma Corporation (“Arbutus”) and Class A units of Heracles Parent, L.L.C. (“Datavant”). The Company’s financial instruments also include 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 active markets. The Class A units of Datavant and liability instruments issued are classified as Level 3 within the fair value hierarchy as the assumptions and estimates used in the valuations are unobservable in the market. Cash, 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. Available-for-sale marketable securities, consisting of U.S. Treasury securities and corporate bonds, are included in Level 2 of the fair value hierarchy. These securities are valued using pricing valuation models that incorporate observable market inputs.

(J) Foreign Currency

The Company’s functional and reporting currency is the U.S. dollar. 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 expense, net” in the accompanying condensed consolidated statements of operations. For the three months ended June 30, 2026 and 2025, the Company had a foreign currency transaction gain of $0.8 million and a foreign currency transaction loss of $6.8 million, respectively.

(K) Significant Accounting Policies

There were no significant changes to the Company’s significant accounting policies from those disclosed in the Company’s Annual Report for the year ended March 31, 2026.

(L) Recently Issued Accounting Pronouncements

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

In 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 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.

Description of Business and Liquidity (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026
Description of Business and Liquidity [Abstract]
Cash, cash equivalents, and marketable securities	$ 3,842,082		$ 4,291,833
Retained earnings (accumulated deficit)	(900,354)		$ (501,814)
Income (loss) from continuing operations, net of tax	$ 290,600	$ 273,900

- Definition

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

+ References

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

+ Details

Recent Transactions and Developments (Details) $ in Thousands			3 Months Ended
	Jul. 08, 2026 USD ($)	Mar. 03, 2026 USD ($) patent	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2026 USD ($)
Discontinued Operations [Line Items]
Litigation settlement, contingent payment receivable		$ 1,300,000
Litigation settlement, number of patents \| patent		4
Litigation settlement receivable			$ 771,627		$ 770,235
Gain on litigation settlement			392	$ 0
Subsequent Event
Discontinued Operations [Line Items]
Litigation settlement, amount awarded from other party	$ 950,000
Litigation settlement, fixed payment receivable	$ 771,600
Genevant Sciences GmbH
Discontinued Operations [Line Items]
Litigation settlement, fixed payment, percentage		80.00%
Investment in Arbutus common shares
Discontinued Operations [Line Items]
Litigation settlement, fixed payment, percentage		20.00%
Genevant Sciences Ltd.
Discontinued Operations [Line Items]
Litigation settlement receivable			$ 1,000
Genevant Sciences Ltd. \| RSL
Discontinued Operations [Line Items]
Ownership of shares, percentage			83.00%
Genevant Sciences Ltd. \| Investment in Arbutus common shares
Discontinued Operations [Line Items]
Ownership of shares, percentage			16.00%

Share-Based Compensation - Schedule of Activity for Stock Options and Performance Stock Options (Details) - RSL Equity Plans	3 Months Ended
	Jun. 30, 2026 shares
Number of Options
Options outstanding, beginning balance (in shares)	76,091,993
Granted (in shares)	1,390,434
Exercised (in shares)	(6,523,673)
Forfeited/Canceled (in shares)	(7,017)
Options outstanding, ending balance (in shares)	70,951,737
Options exercisable (in shares)	65,519,693

- Definition

Number of share options (or share units) exercised during the current period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 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 that are measured at fair value on a recurring basis as of June 30, 2026 and March 31, 2026, by level, within the fair value hierarchy (in thousands):


	As of June 30, 2026								As of March 31, 2026
	Level 1		Level 2		Level 3		Balance as of June 30, 2026		Level 1		Level 2		Level 3		Balance as of March 31, 2026
Assets:
Money market funds	$	1,171,368	$	—	$	—	$	1,171,368	$	1,374,706	$	—	$	—	$	1,374,706
U.S. Treasury securities	—		1,888,731		—		1,888,731		—		2,124,179		—		2,124,179
Corporate bonds	—		704,895		—		704,895		—		748,422		—		748,422
Investment in Datavant Class A units	—		—		258,154		258,154		—		—		233,171		233,171
Investment in Arbutus common shares	186,468		—		—		186,468		174,814		—		—		174,814
Total assets at fair value	$	1,357,836	$	2,593,626	$	258,154	$	4,209,616	$	1,549,520	$	2,872,601	$	233,171	$	4,655,292

Schedule of Changes in Fair Value of the Level 3 Assets

The changes in fair value of the Level 3 assets during the three months ended June 30, 2026 and 2025 were as follows (in thousands):


Balance at March 31, 2025	$	167,361
Change in fair value of investment in Datavant, included in net loss	(3,586)
Balance at June 30, 2025	$	163,775

Balance at March 31, 2026	$	233,171
Change in fair value of investment in Datavant, included in net loss	24,983
Balance at June 30, 2026	$	258,154

Schedule of Changes in Fair Value of the Level 3 Liabilities

The change in fair value of the Level 3 liabilities during the three months ended June 30, 2025 was as follows (in thousands):


Balance at March 31, 2025	$	9,981
Changes in fair value of liability instruments, included in net loss	2,329
Balance at June 30, 2025	$	12,310

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 June 30, 2026	As of March 31, 2026
Volatility	90.0%	90.0%
Discount rate	11.5%	11.8%

- 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

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jun. 30, 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.

Principles of Consolidation

Use of Estimates

Concentrations

Segment Reporting

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

Cash, Cash Equivalents, and Restricted Cash


	June 30, 2026		March 31, 2026
Cash and cash equivalents	$	1,248,456	$	1,419,232
Restricted cash (included in “Other current assets”)	4,195		3,858
Restricted cash (included in “Other assets”)	7,892		7,892
Cash, cash equivalents and restricted cash	$	1,260,543	$	1,430,982

Marketable Securities

Contingencies

Investments

Fair Value Measurements

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

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

Foreign Currency

Significant Accounting Policies /Recently Issued Accounting Pronouncements

Significant Accounting Policies

There were no significant changes to the Company’s significant accounting policies from those disclosed in the Company’s Annual Report for the year ended March 31, 2026.

Recently Issued Accounting Pronouncements

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

Equity Method Investments - Investment in Arbutus (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Mar. 31, 2025
Equity Method Investments [Line Items]
Number of shares acquired (in shares)	722,668,062		720,352,386
Aggregate fair value investment	$ 444,622		$ 407,985
Investment in Arbutus common shares
Equity Method Investments [Line Items]
Equity method investment ownership percentage	20.00%
Aggregate fair value investment	$ 186,500		$ 174,800
Unrealized gains (losses) on investments	$ 11,700	$ (15,500)
Closing price of common stock (in dollars per share)	$ 4.80		$ 4.50
Common Stock
Equity Method Investments [Line Items]
Number of shares acquired (in shares)	722,668,062	682,229,832	720,352,386	695,938,323
Common Stock \| Investment in Arbutus common shares
Equity Method Investments [Line Items]
Number of shares acquired (in shares)	38,847,462

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
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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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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

- 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 - Schedule of Assets and Liabilities are Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Assets:
Debt securities, available-for-sale	$ 2,593,626	$ 2,872,601
Investment	444,622	407,985
Total assets at fair value	4,209,616	4,655,292
U.S. Treasury securities
Assets:
Debt securities, available-for-sale	1,888,731	2,124,179
Corporate bonds
Assets:
Debt securities, available-for-sale	704,895	748,422
Money market funds
Assets:
Money market funds	1,171,368	1,374,706
Level 1
Assets:
Total assets at fair value	1,357,836	1,549,520
Level 1 \| U.S. Treasury securities
Assets:
Debt securities, available-for-sale	0	0
Level 1 \| Corporate bonds
Assets:
Debt securities, available-for-sale	0	0
Level 1 \| Money market funds
Assets:
Money market funds	1,171,368	1,374,706
Level 2
Assets:
Total assets at fair value	2,593,626	2,872,601
Level 2 \| U.S. Treasury securities
Assets:
Debt securities, available-for-sale	1,888,731	2,124,179
Level 2 \| Corporate bonds
Assets:
Debt securities, available-for-sale	704,895	748,422
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Total assets at fair value	258,154	233,171
Level 3 \| U.S. Treasury securities
Assets:
Debt securities, available-for-sale	0	0
Level 3 \| Corporate bonds
Assets:
Debt securities, available-for-sale	0	0
Level 3 \| Money market funds
Assets:
Money market funds	0	0
Investment in Arbutus common shares
Assets:
Investment	186,500	174,800
Common Shares \| Investment in Datavant Class A units
Assets:
Investment	258,154	233,171
Common Shares \| Investment in Datavant Class A units \| Level 1
Assets:
Investment	0	0
Common Shares \| Investment in Datavant Class A units \| Level 2
Assets:
Investment	0	0
Common Shares \| Investment in Datavant Class A units \| Level 3
Assets:
Investment	258,154	233,171
Common Shares \| Investment in Arbutus common shares
Assets:
Investment	186,468	174,814
Common Shares \| Investment in Arbutus common shares \| Level 1
Assets:
Investment	186,468	174,814
Common Shares \| Investment in Arbutus common shares \| Level 2
Assets:
Investment	0	0
Common Shares \| Investment in Arbutus common shares \| Level 3
Assets:
Investment	$ 0	$ 0

Income Taxes	3 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three months ended June 30, 2026 and June 30, 2025 was 1.3% and (1.7)%, respectively. The effective tax rate for the three months ended June 30, 2026 and 2025 was driven by the Company’s earnings by jurisdiction and a valuation allowance that eliminates the Company’s global net deferred tax assets. The Company assesses the realizability of its deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and records a valuation allowance as necessary.

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 12
-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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-Name Accounting Standards Codification
-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
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-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
-Topic 740
-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
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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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
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

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

+ Details

Shareholders' Equity (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Shareholders' Equity (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Sep. 19, 2022
Stock Repurchase Program
Shareholders' Equity [Line Items]
Common stock repurchase authorized amount			$ 1,500.0
Share repurchase program, increased authorized, amount				$ 1,000.0
Number of shares repurchased (in shares)		7,305,646	20,269,450
Stock purchases		$ 208.7	$ 208.3
Share repurchase program, remaining authorized, amount	$ 681.7	681.7
Stock Repurchase Program \| Common Stock
Shareholders' Equity [Line Items]
Number of shares repurchased (in shares)	413,183
Cowen \| At-the-Market Equity Offering Program
Shareholders' Equity [Line Items]
Common shares aggregate offering price authorized					$ 400.0
Common shares aggregate offering price authorized, remaining capacity available	$ 400.0	$ 400.0

Fair Value Measurements - Schedule of Investment in Datavant (Details) - Investment in Datavant Class A units	Jun. 30, 2026	Mar. 31, 2026
Volatility
Fair Value Measurements [Line Items]
Investment in equity securities, measurement input	0.900	0.900
Discount rate
Fair Value Measurements [Line Items]
Investment in equity securities, measurement input	0.115	0.118

- 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

Subsequent Events (Details) - USD ($) $ in Millions	Jul. 08, 2026	Jun. 30, 2026
Subsequent Events [Line Items]
Accrued compensation-related expenses		$ 22.9
Subsequent Event
Subsequent Events [Line Items]
Litigation settlement, fixed payment receivable	$ 771.6
Dividends payable	$ 188.0

Fair Value Measurements - Schedule of Changes in Fair Value of the Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 233,171	$ 167,361
Change in fair value of investment in Datavant, included in net loss	24,983	(3,586)
Ending balance	$ 258,154	$ 163,775
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

Share-Based Compensation

3 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

(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 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”). At June 30, 2026, a total of 59,105,412 common shares were available for future grants under the RSL 2021 EIP.

Stock Options

Activity for stock options under the Company’s equity incentive plans for the three months ended June 30, 2026 was as follows:


			Number of Options
Options outstanding at March 31, 2026			76,091,993
Granted			1,390,434
Exercised			(6,523,673)
Forfeited/Canceled			(7,017)
Options outstanding at June 30, 2026			70,951,737
Options exercisable at June 30, 2026			65,519,693

Restricted Stock Units and Performance Restricted Stock Units

Activity for RSUs and PSUs under the Company’s equity incentive plans for the three months ended June 30, 2026 was as follows:


	Number of RSUs	Number of PSUs
Non-vested balance at March 31, 2026	12,606,011	48,187,236
Granted	1,614,021	—
Vested	(1,857,812)	—
Forfeited	(262,848)	—
Non-vested balance at June 30, 2026	12,099,372	48,187,236

During the three months ended June 30, 2026, the Company’s trailing 30-day volume-weighted average trading price per share exceeded $30.00, satisfying the share price hurdle for the sixth and final vesting tranche of PSUs granted in July 2024 and 2025 under multi-year incentive compensation arrangements for certain senior executives (the “Senior Executive Compensation Program”). As a result, the “Performance Condition” (as defined in the Senior Executive Compensation Program) was satisfied for 15,298,215 PSUs. As of June 30, 2026, all 43,350,000 PSUs granted under the Senior Executive Compensation Program have satisfied the Performance Condition.

The PSUs remain subject to the “Service Condition” (as defined in the Senior Executive Compensation Program), which will be deemed satisfied on the first anniversary of the date on which the Performance Condition is first satisfied with respect to such tranche, subject to the executive’s continuous service through such anniversary. Once both conditions are met and the PSUs are fully vested, the underlying common shares are subject to an additional two-year holding period before such common shares may be sold by the executive (subject to certain customary exceptions).

(B) Subsidiary Equity Incentive Plans

Certain subsidiaries of RSL adopt their own equity incentive plan (“EIP”). Each EIP is generally structured so that the applicable subsidiary and its affiliates’ employees, directors, officers, and consultants are eligible to receive non-qualified and incentive stock options, stock appreciation rights, restricted share awards, RSUs, and other share awards under their respective EIP. The Company recorded share-based compensation expense of $14.8 million and $19.3 million for the three months ended June 30, 2026 and 2025, respectively, related to subsidiary EIPs.

Cover - shares	3 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-40782
Entity Registrant Name	ROIVANT SCIENCES LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1173944
Entity Address, Address Line One	7th Floor
Entity Address, Address Line Two	50 Broadway
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SW1H 0DB
Entity Address, Country	GB
Country Region	44
City Area Code	207
Local Phone Number	400 3347
Title of 12(b) Security	Common Shares, $0.0000000341740141 per share
Entity Trading Symbol	ROIV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		722,323,015
Entity Central Index Key	0001635088
Current Fiscal Year End Date	--03-31
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2026	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Accumulated accrual contractual costs	$ 42.5	$ 42.5
Purchase obligation	22.8
Purchase obligation, to be paid, remainder of fiscal year	4.2
Purchase obligation, to be paid, year one	$ 18.6

Fair Value Measurements

3 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring Fair Value Measurements


	As of June 30, 2026								As of March 31, 2026
	Level 1		Level 2		Level 3		Balance as of June 30, 2026		Level 1		Level 2		Level 3		Balance as of March 31, 2026
Assets:
Money market funds	$	1,171,368	$	—	$	—	$	1,171,368	$	1,374,706	$	—	$	—	$	1,374,706
U.S. Treasury securities	—		1,888,731		—		1,888,731		—		2,124,179		—		2,124,179
Corporate bonds	—		704,895		—		704,895		—		748,422		—		748,422
Investment in Datavant Class A units	—		—		258,154		258,154		—		—		233,171		233,171
Investment in Arbutus common shares	186,468		—		—		186,468		174,814		—		—		174,814
Total assets at fair value	$	1,357,836	$	2,593,626	$	258,154	$	4,209,616	$	1,549,520	$	2,872,601	$	233,171	$	4,655,292

There were no liabilities measured at fair value on a recurring basis as of June 30, 2026 and March 31, 2026, and there were no transfers into or out of Level 3 during the three months ended June 30, 2026.

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 condensed 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 three months ended June 30, 2026 and 2025 were as follows (in thousands):


Balance at March 31, 2025	$	167,361
Change in fair value of investment in Datavant, included in net loss	(3,586)
Balance at June 30, 2025	$	163,775

Balance at March 31, 2026	$	233,171
Change in fair value of investment in Datavant, included in net loss	24,983
Balance at June 30, 2026	$	258,154

The change in fair value of the Level 3 liabilities during the three months ended June 30, 2025 was as follows (in thousands):


Balance at March 31, 2025	$	9,981
Changes in fair value of liability instruments, included in net loss	2,329
Balance at June 30, 2025	$	12,310

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 June 30, 2026	As of March 31, 2026
Volatility	90.0%	90.0%
Discount rate	11.5%	11.8%

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026
Fair Value Measurements [Line Items]
Liabilities at fair value	$ 0.0	$ 0.0
Level 3
Fair Value Measurements [Line Items]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, transfers, net	$ 0.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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
Eric Venker [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 30, 2026, Eric Venker, President and Immunovant CEO of our subsidiary Roivant Sciences, Inc., entered into a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The plan provides for the potential sale of up to 1,787,943 common shares held by Dr. Venker between October 20, 2026 and October 20, 2027.
Name	Eric Venker
Title	President and Immunovant CEO
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 30, 2026
Expiration Date	October 20, 2027
Arrangement Duration	365 days
Aggregate Available	1,787,943

Certain Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract]
Research and development expenses	$ 113,438	$ 92,749
Compensation-related expenses	40,820	87,325
Other expenses	14,482	25,749
Total accrued expenses	$ 168,740	$ 205,823

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2026 USD ($) tranche $ / shares shares	Jun. 30, 2025 USD ($)
Share-Based Compensation and Other Compensation Plans [Line Items]
Term of trailing trading days, weighted average price use to calculate performance condition of PSUs	30 days
Number of PSUs
Share-Based Compensation and Other Compensation Plans [Line Items]
Number of vesting tranches \| tranche	6
PSUs holding period before common shares may be sold by executive	2 years
Number of PSUs \| Share-Based Payment Arrangement, Sixth And Final Tranche
Share-Based Compensation and Other Compensation Plans [Line Items]
Share price (in dollars per share) \| $ / shares	$ 30.00
RSL 2021 EIP
Share-Based Compensation and Other Compensation Plans [Line Items]
Common shares available for future grants (in shares)	59,105,412
Senior Executive Compensation Program \| Number of PSUs
Share-Based Compensation and Other Compensation Plans [Line Items]
PSUs performance condition satisfied (in shares)	15,298,215
PSUs satisfied performance condition, shares (in shares)	43,350,000
Subsidiary Equity Incentive Plans
Share-Based Compensation and Other Compensation Plans [Line Items]
Share-based compensation expense \| $	$ 14.8	$ 19.3

Net Loss per Common Share

3 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss per Common Share

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

For periods of net loss, diluted loss per share is calculated similar to basic loss per share as the effect of including all potentially dilutive common stock equivalents is anti-dilutive. For the three months ended June 30, 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 net loss.

As of June 30, 2026 and 2025, the following potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per common share:


	June 30, 2026	June 30, 2025
Stock options and performance stock options	70,951,737	135,593,216
Restricted stock units and performance restricted stock units (non-vested)	60,286,608	53,111,118
March 2020 CVARs	—	17,548,368
Earn-Out Shares (non-vested)	—	3,080,387
Other stock based awards and instruments issued	415,929	4,485,265

Segment Information (Tables)

3 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Significant Segment Expenses

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


	Three Months Ended June 30,
	2026		2025
Revenue	$	1,442	$	2,170
Less:
Cost of revenues	284		154
Program-specific research and development expenses:
Anti-FcRn franchise—endocrine diseases	42,885		19,329
Anti-FcRn franchise—neurological diseases	25,455		20,937
Anti-FcRn franchise—rheumatology diseases	22,340		8,209
Anti-FcRn franchise—dermatology diseases	7,542		5,145
Anti-FcRn franchise—other clinical and nonclinical	2,609		2,392
Brepocitinib	14,092		15,020
Mosliciguat	13,041		8,385
Other development and discovery programs	11,118		10,236
Research and development share-based compensation	8,721		11,099
Research and development personnel-related expenses	46,354		42,530
Other research and development expenses	7,859		9,637
General and administrative share-based compensation	74,621		71,079
General and administrative personnel-related expenses	56,200		30,110
Other general and administrative expenses	34,706		32,830
Gain on litigation settlement	(392)		—
Change in fair value of investments	(36,637)		19,125
Change in fair value of liability instruments	—		2,329
Interest income	(36,922)		(48,322)
Other expense, net	2,130		11,208
Income tax (benefit) expense	(3,958)		4,649
Net loss	$	(290,606)	$	(273,911)

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Paragraph 26B
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Equity Method Investments	3 Months Ended
Equity Method Investments	Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The Company maintains equity method investments in certain entities. As of June 30, 2026 and March 31, 2026, the most significant of these were the Company’s investments in Arbutus and Datavant, which are accounted for using the fair value option. The Company determined that it does not control these entities and as a result does not consolidate these entities. Due to the Company’s significant influence over operating and financial policies of these entities, the entities are considered related parties of the Company. Investment in Arbutus The Company holds an investment in Arbutus in the form of 38,847,462 common shares of Arbutus as of June 30, 2026, representing approximately 20% of the issued and outstanding shares of Arbutus. At June 30, 2026 and March 31, 2026, the aggregate fair value of the Company’s investment in Arbutus was $186.5 million and $174.8 million, respectively. The Company recognized an unrealized gain of $11.7 million and unrealized loss of $15.5 million on its investment in Arbutus in the accompanying condensed consolidated statements of operations for the three months ended June 30, 2026 and 2025, respectively. The fair value of the Company’s investment was determined using the closing price of Arbutus’s common stock on June 30, 2026 and March 31, 2026 of $4.80 and $4.50, respectively. Investment in Datavant The Company holds an investment in Class A units of Datavant. As of June 30, 2026, the Company’s minority equity interest represented approximately 9% of the outstanding Class A units in Datavant. Datavant’s capital structure includes preferred units that, among other features, have liquidation preferences and conversion rights. Upon conversion of such preferred units into Class A units, the Company’s ownership interest would be diluted. As of June 30, 2026 and March 31, 2026, the fair value of the Company’s investment was $258.2 million and $233.2 million, respectively. The Company recognized an unrealized gain of $25.0 million and unrealized loss of $3.6 million on its investment in Datavant in the accompanying condensed consolidated statements of operations for the three months ended June 30, 2026 and 2025, respectively. The fair value of the Company’s investment was determined using valuation models that incorporate significant unobservable inputs and is classified as a Level 3 measurement within the fair value hierarchy. Refer to Note 11, “Fair Value Measurements” for more information.

Fair Value Measurements - Schedule of Changes in Fair Value of the Level 3 Liabilities (Details) - Level 3 $ in Thousands	3 Months Ended
	Jun. 30, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 9,981
Changes in fair value of liability instruments, included in net loss	2,329
Balance at end of period	$ 12,310
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

Net Loss per Common Share (Details) - shares	3 Months Ended
Net Loss per Common Share (Details) - shares	Jun. 30, 2026	Jun. 30, 2025
Stock options and performance stock options
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	70,951,737	135,593,216
Restricted stock units and performance restricted stock units (non-vested)
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	60,286,608	53,111,118
March 2020 CVARs
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	0	17,548,368
Earn-Out Shares (non-vested)
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	0	3,080,387
Other stock based awards and instruments issued
Net (Loss) Income per Common Share [Line Items]
Potentially dilutive securities (in shares)	415,929	4,485,265

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Current assets:
Cash and cash equivalents	$ 1,248,456	$ 1,419,232
Marketable securities	2,593,626	2,872,601
Litigation settlement receivable	771,627	770,235
Other current assets	128,371	105,316
Total current assets	4,742,080	5,167,384
Property and equipment, net	11,320	11,986
Operating lease right-of-use assets	78,886	80,416
Investments measured at fair value	444,622	407,985
Other assets	29,585	40,916
Total assets	5,306,493	5,708,687
Current liabilities:
Accounts payable	25,084	18,002
Accrued expenses	168,740	205,823
Operating lease liabilities	12,384	11,147
Income tax payable	74,182	45,689
Other current liabilities	3,213	583
Total current liabilities	283,603	281,244
Operating lease liabilities, noncurrent	94,768	96,291
Income tax payable, noncurrent	0	38,670
Other liabilities	6,253	70
Total liabilities	384,624	416,275
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 shares authorized and 722,668,062 and 720,352,386 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively	0	0
Additional paid-in capital	5,130,926	5,024,826
Accumulated deficit	(900,354)	(501,814)
Accumulated other comprehensive income	701	4,358
Shareholders’ equity attributable to Roivant Sciences Ltd.	4,231,273	4,527,370
Noncontrolling interests	690,596	765,042
Total shareholders’ equity	4,921,869	5,292,412
Total liabilities and shareholders’ equity	$ 5,306,493	$ 5,708,687

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 1,442	$ 2,170
Operating expenses:
Cost of revenues	284	154
Research and development (includes $8,721 and $11,099 of share-based compensation expense for the three months ended June 30, 2026 and 2025, respectively)	202,016	152,919
General and administrative (includes $74,621 and $71,079 of share-based compensation expense for the three months ended June 30, 2026 and 2025, respectively)	165,527	134,019
Total operating expenses	367,827	287,092
Gain on litigation settlement	392	0
Loss from operations	(365,993)	(284,922)
Change in fair value of investments	(36,637)	19,125
Change in fair value of liability instruments	0	2,329
Interest income	(36,922)	(48,322)
Other expense, net	2,130	11,208
Loss before income taxes	(294,564)	(269,262)
Income tax (benefit) expense	(3,958)	4,649
Net loss	(290,606)	(273,911)
Net loss attributable to noncontrolling interests	(100,769)	(50,556)
Net loss attributable to Roivant Sciences Ltd.	$ (189,837)	$ (223,355)
Net loss per common share - basic (in dollars per share)	$ (0.26)	$ (0.33)
Net loss per common share - diluted (in dollars per share)	$ (0.26)	$ (0.33)
Weighted average shares outstanding - basic (in shares)	720,776,739	680,286,922
Weighted average shares outstanding - diluted (in shares)	720,776,739	680,286,922

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Jun. 30, 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 June 30, 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). During the three months ended June 30, 2026, the Company repurchased 7,305,646 shares (including 413,183 common shares with trade dates in June 2026 that settled in July 2026) for an aggregate purchase price of approximately $208.7 million (including fees and expenses). Following these repurchases, approximately $681.7 million remains available for share repurchases. During the three months ended June 30, 2025, the Company repurchased 20,269,450 shares for an aggregate purchase price of approximately $208.3 million (including fees and expenses).

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Recent Transactions and Developments	3 Months Ended
Recent Transactions and Developments	Jun. 30, 2026
Recent Transactions and Developments [Abstract]
Recent Transactions and Developments	Recent Transactions and Developments 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 its Covid-19 vaccine SPIKEVAX. Pursuant to the Settlement Agreement: •Moderna made a non-contingent, non-creditable, and non-refundable payment to Genevant and Arbutus of $950 million on July 8, 2026 (the “Fixed Payment”). •Moderna agreed to make up to an additional $1.3 billion contingent lump sum payment (the “Contingent Payment”) to Genevant and Arbutus if certain circumstances occur 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 are 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 June 30, 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, payments made by Moderna pursuant to the Settlement Agreement to Genevant/Arbutus are allocated, after reimbursement of the parties’ respective litigation costs, (i) 80% to Genevant and (ii) 20% to Arbutus. Based on this allocation, Genevant received $771.6 million for its portion of the Fixed Payment on July 8, 2026. As Genevant’s portion of the Fixed Payment was received subsequent to quarter-end, the Company recognized a litigation settlement receivable of $771.6 million on the accompanying condensed consolidated balance sheet as of June 30, 2026. Included in the litigation settlement receivable was approximately $1.0 million that Genevant remitted to Arbutus pursuant to a separate agreement, which was recorded as a corresponding payable on the accompanying condensed consolidated balance sheet. The Company recognized a gain on litigation settlement of $0.4 million for the three months ended June 30, 2026 in the accompanying condensed consolidated statements of operations as a result of the final determination of actual litigation costs incurred. 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 Genevant’s portion of such payment will be recognized when realized or realizable.

Subsequent Events	3 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Pursuant to the Settlement Agreement with Moderna as described in Note 5 above, Genevant received $771.6 million for its portion of the Fixed Payment on July 8, 2026. Genevant’s parent, GSL, expects to distribute up to $188 million of the Fixed Payment to non-RSL common shareholders of GSL, including Arbutus, and holders of equity awards granted under the GSL 2018 Equity Incentive Plan, through a combination of dividends and dividend equivalent rights payments. In addition, as described in Note 6 above, as of June 30, 2026, the Company accrued compensation-related expenses of $22.9 million for employee bonus arrangements expected to be paid in relation to the Settlement Agreement.

Cash, Cash Equivalents, and Marketable Securities - Schedule of Marketable Securities as Level 2 Measurements Within the Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Cash and Cash Equivalents [Abstract]
Due within one year	$ 1,644,641	$ 2,145,345
Due after one year but within five years	948,985	727,256
Total estimated fair value of available-for-sale securities	$ 2,593,626	$ 2,872,601

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,248,456	$ 1,419,232
Restricted cash (included in “Other current assets”)	4,195	3,858
Restricted cash (included in “Other assets”)	7,892	7,892
Cash, cash equivalents and restricted cash	$ 1,260,543	$ 1,430,982

Cash, Cash Equivalents and Marketable Securities

3 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

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


	June 30, 2026		March 31, 2026
Cash and cash equivalents
Cash	$	77,088	$	44,526
Money market funds	1,171,368		1,374,706
Total cash and cash equivalents	$	1,248,456	$	1,419,232
Marketable securities
U.S. Treasury securities	$	1,888,731	$	2,124,179
Corporate bonds	704,895		748,422
Total marketable securities, available-for-sale	$	2,593,626	$	2,872,601

Total cash, cash equivalents and marketable securities	$	3,842,082	$	4,291,833

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


	As of June 30, 2026
	Amortized Cost(1)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	1,892,411	$	25	$	(3,705)	$	1,888,731
Corporate bonds	707,757		—		(2,862)		704,895
Total marketable securities, available-for-sale	$	2,600,168	$	25	$	(6,567)	$	2,593,626


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

(1)Excludes $21.6 million and $19.6 million of accrued interest receivable as of June 30, 2026 and March 31, 2026, respectively, which is included in “Other current assets” on the condensed consolidated balance sheets.

As of June 30, 2026, 125 available-for-sale marketable securities with a fair value of $2,279.3 million were in a gross unrealized loss position of $6.6 million. 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 June 30, 2026 and 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):


	June 30, 2026		March 31, 2026
Due within one year	$	1,644,641	$	2,145,345
Due after one year but within five years	948,985		727,256
Total estimated fair value of available-for-sale securities	$	2,593,626	$	2,872,601

Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Mar. 31, 2025		695,938,323
Beginning balance at Mar. 31, 2025	$ 5,187,198	$ 0	$ 4,562,107	$ 9,438	$ 116,060	$ 499,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments (in shares)		6,560,959
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	16,912		16,912
Exercise and vesting of subsidiary share awards	3,613		2,325			1,288
Cash contributions to majority-owned subsidiaries	0		(290)			290
Repurchase of the Company's common shares (in shares)		(20,269,450)
Repurchase of the Company’s common shares	(208,293)				(208,293)
Share-based compensation	82,178		63,031			19,147
Unrealized (losses) gains on available-for-sale securities	470			470
Foreign currency translation adjustment	7,739			7,229		510
Net loss	(273,911)				(223,355)	(50,556)
Ending balance (in shares) at Jun. 30, 2025		682,229,832
Ending balance at Jun. 30, 2025	$ 4,815,906	$ 0	4,644,085	17,137	(315,588)	470,272
Beginning balance (in shares) at Mar. 31, 2026	720,352,386	720,352,386
Beginning balance at Mar. 31, 2026	$ 5,292,412	$ 0	5,024,826	4,358	(501,814)	765,042
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)		9,208,139
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments	24,596		24,596
Exercise and vesting of subsidiary share awards	23,634		13,470			10,164
Issuance of subsidiary shares to the Company and cash contributions to majority-owned subsidiaries	0		(1,265)			1,265
Repurchase of the Company's common shares (in shares)		(6,892,463)
Repurchase of the Company’s common shares	(208,703)				(208,703)
Issuance of the Company’s common shares under employee stock purchase plan	635		635
Share-based compensation	83,342		68,664			14,678
Unrealized (losses) gains on available-for-sale securities	(2,987)			(2,987)
Foreign currency translation adjustment	(454)			(670)		216
Net loss	$ (290,606)				(189,837)	(100,769)
Ending balance (in shares) at Jun. 30, 2026	722,668,062	722,668,062
Ending balance at Jun. 30, 2026	$ 4,921,869	$ 0	$ 5,130,926	$ 701	$ (900,354)	$ 690,596

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (290,606)	$ (273,911)
Other comprehensive (loss) income:
Unrealized (losses) gains on available-for-sale securities	(2,987)	470
Foreign currency translation adjustment	(454)	7,739
Total other comprehensive (loss) income	(3,441)	8,209
Comprehensive loss	(294,047)	(265,702)
Comprehensive loss attributable to noncontrolling interests	(100,553)	(50,046)
Comprehensive loss attributable to Roivant Sciences Ltd.	$ (193,494)	$ (215,656)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ Details

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2026	Mar. 31, 2026
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0000000341740141	$ 0.0000000341740141
Common stock, shares authorized (in shares)	7,000,000,000	7,000,000,000
Common stock, shares issued (in shares)	722,668,062	720,352,386
Common stock, shares outstanding (in shares)	722,668,062	720,352,386

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Activity for Stock Option

Activity for stock options under the Company’s equity incentive plans for the three months ended June 30, 2026 was as follows:


			Number of Options
Options outstanding at March 31, 2026			76,091,993
Granted			1,390,434
Exercised			(6,523,673)
Forfeited/Canceled			(7,017)
Options outstanding at June 30, 2026			70,951,737
Options exercisable at June 30, 2026			65,519,693

Schedule of Activity for Restricted Stock Units

Activity for RSUs and PSUs under the Company’s equity incentive plans for the three months ended June 30, 2026 was as follows:


	Number of RSUs	Number of PSUs
Non-vested balance at March 31, 2026	12,606,011	48,187,236
Granted	1,614,021	—
Vested	(1,857,812)	—
Forfeited	(262,848)	—
Non-vested balance at June 30, 2026	12,099,372	48,187,236

Schedule of Activity for Performance Stock Units

Activity for RSUs and PSUs under the Company’s equity incentive plans for the three months ended June 30, 2026 was as follows:


	Number of RSUs	Number of PSUs
Non-vested balance at March 31, 2026	12,606,011	48,187,236
Granted	1,614,021	—
Vested	(1,857,812)	—
Forfeited	(262,848)	—
Non-vested balance at June 30, 2026	12,099,372	48,187,236

Cash, Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents, and Marketable Securities

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


	June 30, 2026		March 31, 2026
Cash and cash equivalents
Cash	$	77,088	$	44,526
Money market funds	1,171,368		1,374,706
Total cash and cash equivalents	$	1,248,456	$	1,419,232
Marketable securities
U.S. Treasury securities	$	1,888,731	$	2,124,179
Corporate bonds	704,895		748,422
Total marketable securities, available-for-sale	$	2,593,626	$	2,872,601

Total cash, cash equivalents and marketable securities	$	3,842,082	$	4,291,833

Schedule of Unrealized Positions for Marketable Securities

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


	As of June 30, 2026
	Amortized Cost(1)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	1,892,411	$	25	$	(3,705)	$	1,888,731
Corporate bonds	707,757		—		(2,862)		704,895
Total marketable securities, available-for-sale	$	2,600,168	$	25	$	(6,567)	$	2,593,626


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

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):


	June 30, 2026		March 31, 2026
Due within one year	$	1,644,641	$	2,145,345
Due after one year but within five years	948,985		727,256
Total estimated fair value of available-for-sale securities	$	2,593,626	$	2,872,601

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (A) Commitments Lease Commitments The Company has leases, consisting primarily of real estate leases. Refer to Note 11, “Leases” in the Company’s Annual Report for the year ended March 31, 2026 for further information regarding the Company’s lease commitments. Other Commitments The Company has entered into commitments under various asset acquisition and license agreements. Under these agreements, the Company is required to make milestone payments upon successful completion and achievement of certain development, regulatory and commercial milestones. The payment obligations under the asset acquisition and license agreements are contingent upon future events, such as the achievement of specified development, regulatory and commercial milestones, and the Company will be required to make milestone payments and royalty payments in connection with the sale of products developed under these agreements. Refer to Note 12, “Commitments and Contingencies” in the Company’s Annual Report for the year ended March 31, 2026 for further information regarding certain key asset acquisition and license agreements. There have been no material changes to the key asset acquisition and license agreements during the three months ended June 30, 2026. The Company has further commitments relating to other asset acquisition and license agreements that it has entered into and expects to enter into additional asset acquisition and license agreements in the future, which may require upfront payments and long-term commitments of capital resources. Additionally, the Company enters into agreements with contract service providers to assist in the performance of its research and development activities. Expenditures to contract research organizations and contract manufacturing organizations represent significant costs in the clinical development of its product candidates. Subject to required notice periods and certain obligations under binding purchase orders, the Company can elect to discontinue the work under these agreements at any time. The Company expects to enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of capital resources. As of June 30, 2026, the Company’s subsidiary, Immunovant, had an accrual of $42.5 million of non-cancelable contractual costs as a result of the discontinuation of batoclimab, which were recognized as research and development expenses in prior fiscal years. In April 2026, Immunovant entered into an agreement that includes provisions for minimum obligations for the contract manufacturing of IMVT-1402 drug substance. As of June 30, 2026, the minimum commitment was approximately $22.8 million, of which $4.2 million and $18.6 million are expected to be paid during the fiscal years ending March 31, 2027 and 2028, respectively. The agreement includes a variable component whereby service prices may be adjusted based on related commitments for raw materials and other costs, and annual inflationary changes in an applicable price index. (B) Loss Contingencies The Company may, from time to time, be a party to various disputes and claims arising from normal business activities. The Company accrues for loss contingencies when available information indicates that it is probable that a liability has been incurred and the amount of such loss can be reasonably estimated, and if the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the litigation or claim, including an estimable range, if possible. (C) Indemnification Agreements The Company is a party to a number of agreements entered into in the ordinary course of business that contain typical provisions that obligate the Company to indemnify the other parties to such agreements upon the occurrence of certain events. The aggregate maximum potential future liability of the Company under such indemnification provisions is uncertain. The Company also indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits. The maximum amount of potential future indemnification is unlimited; however, the Company currently maintains director and officer liability insurance, which may cover certain liabilities arising from the Company’s obligation to indemnify its directors and officers. To date, the Company has not incurred any material costs related to these indemnification obligations and has not accrued any liabilities related to such obligations in the accompanying condensed consolidated financial statements as of June 30, 2026 and March 31, 2026.

Certain Balance Sheet Components (Tables)

3 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Accrued Expenses

Accrued expenses at June 30, 2026 and March 31, 2026 consisted of the following (in thousands):


	June 30, 2026		March 31, 2026
Research and development expenses	$	113,438	$	92,749
Compensation-related expenses	40,820		87,325
Other expenses	14,482		25,749
Total accrued expenses	$	168,740	$	205,823

Condensed Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Statement [Line Items]
Share-based compensation	$ 83,342	$ 82,178
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Statement [Line Items]
Share-based compensation	74,621	71,079
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Statement [Line Items]
Share-based compensation	$ 8,721	$ 11,099

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended
	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
Accounting Policies [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Foreign currency transaction gain \| $	$ 0.8
Foreign currency transaction losses \| $		$ 6.8

Segment Information - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Segment Information [Line Items]
Revenue	$ 1,442	$ 2,170
Less:
Cost of revenues	284	154
Research and development expenses	202,016	152,919
Share-based compensation	83,342	82,178
General and administrative expenses	165,527	134,019
Gain on litigation settlement	(392)	0
Change in fair value of investments	(36,637)	19,125
Change in fair value of liability instruments	0	2,329
Interest income	(36,922)	(48,322)
Other expense, net	2,130	11,208
Income tax (benefit) expense	(3,958)	4,649
Net loss	(290,606)	(273,911)
Reportable Segment
Segment Information [Line Items]
Revenue	1,442	2,170
Less:
Cost of revenues	284	154
Other research and development expenses	7,859	9,637
Other general and administrative expenses	34,706	32,830
Gain on litigation settlement	(392)	0
Change in fair value of investments	(36,637)	19,125
Change in fair value of liability instruments	0	2,329
Interest income	(36,922)	(48,322)
Other expense, net	2,130	11,208
Income tax (benefit) expense	(3,958)	4,649
Net loss	(290,606)	(273,911)
Anti-FcRn franchise—endocrine diseases \| Reportable Segment
Less:
Research and development expenses	42,885	19,329
Anti-FcRn franchise—neurological diseases \| Reportable Segment
Less:
Research and development expenses	25,455	20,937
Anti-FcRn franchise—rheumatology diseases \| Reportable Segment
Less:
Research and development expenses	22,340	8,209
Anti-FcRn franchise—dermatology diseases \| Reportable Segment
Less:
Research and development expenses	7,542	5,145
Anti-FcRn franchise—other clinical and nonclinical \| Reportable Segment
Less:
Research and development expenses	2,609	2,392
Brepocitinib \| Reportable Segment
Less:
Research and development expenses	14,092	15,020
Mosliciguat \| Reportable Segment
Less:
Research and development expenses	13,041	8,385
Other development and discovery programs \| Reportable Segment
Less:
Research and development expenses	11,118	10,236
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Less:
Share-based compensation	74,621	71,079
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense \| Reportable Segment
Less:
Share-based compensation	74,621	71,079
Personnel-related expenses	56,200	30,110
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Less:
Share-based compensation	8,721	11,099
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense \| Reportable Segment
Less:
Share-based compensation	8,721	11,099
Personnel-related expenses	$ 46,354	$ 42,530

Segment Information

3 Months Ended

Jun. 30, 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, which is reported on the condensed consolidated statements of operations and comprehensive loss as net loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.

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

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


	Three Months Ended June 30,
	2026		2025
Revenue	$	1,442	$	2,170
Less:
Cost of revenues	284		154
Program-specific research and development expenses:
Anti-FcRn franchise—endocrine diseases	42,885		19,329
Anti-FcRn franchise—neurological diseases	25,455		20,937
Anti-FcRn franchise—rheumatology diseases	22,340		8,209
Anti-FcRn franchise—dermatology diseases	7,542		5,145
Anti-FcRn franchise—other clinical and nonclinical	2,609		2,392
Brepocitinib	14,092		15,020
Mosliciguat	13,041		8,385
Other development and discovery programs	11,118		10,236
Research and development share-based compensation	8,721		11,099
Research and development personnel-related expenses	46,354		42,530
Other research and development expenses	7,859		9,637
General and administrative share-based compensation	74,621		71,079
General and administrative personnel-related expenses	56,200		30,110
Other general and administrative expenses	34,706		32,830
Gain on litigation settlement	(392)		—
Change in fair value of investments	(36,637)		19,125
Change in fair value of liability instruments	—		2,329
Interest income	(36,922)		(48,322)
Other expense, net	2,130		11,208
Income tax (benefit) expense	(3,958)		4,649
Net loss	$	(290,606)	$	(273,911)

- Definition

The entire disclosure for segment reporting.

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+ Details