0001193125-21-205193 | S-4/A | XBRL Viewer

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Cover	12 Months Ended
Cover	Mar. 31, 2021
Cover [Abstract]
Document Type	S-4/A
Amendment Flag	false
Entity Registrant Name	Roivant Sciences Ltd.
Entity Central Index Key	0001635088
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Emerging Growth Company	true
Entity Ex Transition Period	true

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 2,055,044,000		$ 2,183,207,000
Restricted cash	77,701,000		2,275,000
Prepaid expenses	39,544,000		16,344,000
Other current assets	54,250,000		33,763,000
Total current assets	2,186,995,000		2,219,245,000
Property and equipment, net	14,749,000		8,962,000
Operating lease right-of-use assets	62,279,000		64,970,000
Restricted cash, net of current portion	8,931,000		83,770,000
Investments measured at fair value	188,978,000		93,445,000
Long-term investment	100,563,000		0
Other assets	27,197,000		6,659,000
Total Assets	2,589,692,000		2,477,051,000
Current liabilities:
Accounts payable	20,550,000		10,306,000
Accrued expenses	76,936,000		68,621,000
Operating lease liabilities	12,313,000		7,839,000
Deferred consideration liability	100,000,000		0
Other current liabilities	9,162,000		5,352,000
Total current liabilities	218,961,000		92,118,000
Liability instruments measured at fair value	67,893,000		102,373,000
Operating lease liabilities, noncurrent	62,384,000		64,452,000
Long term debt (includes $150,100 and $89,100 accounted for under the fair value option at March 31, 2021 and 2020, respectively)	170,280,000		108,592,000
Other liabilities	8,169,000		821,000
Total liabilities	527,687,000		368,356,000
Commitments and Contingencies
Redeemable noncontrolling interest	22,491,000		22,491,000
Shareholders' equity:
Common shares	0		0
Additional paid-in capital	3,814,805,000		3,143,739,000
Subscription receivable	(100,000,000)		0
Accumulated deficit	(1,918,462,000)		(1,109,228,000)
Accumulated other comprehensive income (loss)	1,445,000		(2,349,000)
Shareholders' equity attributable to Roivant Sciences Ltd.	1,797,788,000		2,032,162,000
Noncontrolling interests	241,726,000		54,042,000
Total shareholders' equity	2,039,514,000		2,086,204,000
Total liabilities and stockholders' equity	2,589,692,000		$ 2,477,051,000
Montes Archimedes Acquisition Corp.
Current assets:
Cash	1,463,385	$ 1,696,491
Prepaid expenses	236,522	276,093
Due from underwriters	0	4,877
Total current assets	1,699,907	1,977,461
Cash and Marketable Securities held in Trust Account	410,790,995	410,803,411
Total Assets	412,490,902	412,780,872
Current liabilities:
Accounts payable	113,460	207,029
Accrued expenses	4,020,875	240,402
Accrued income tax	19,504	16,709
Franchise tax payable	49,315	88,583
Total current liabilities	4,203,154	552,723
Derivative warrant liabilities	26,137,730	49,097,230
Deferred underwriting commissions	14,375,138	14,375,138
Total liabilities	44,716,022	64,025,091
Commitments and Contingencies
Class A common stock, $0.0001 par value; 34,375,578 shares subject to possible redemption at $10.00 per share	362,774,870	343,755,780
Shareholders' equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding		0
Additional paid-in capital	0	15,772,622
Accumulated deficit	4,998,504	(10,774,318)
Shareholders' equity attributable to Roivant Sciences Ltd.	5,000,010	5,000,001
Total liabilities and stockholders' equity	412,490,902	412,780,872
Montes Archimedes Acquisition Corp. \| Class A common stock
Shareholders' equity:
Common shares	479	670
Montes Archimedes Acquisition Corp. \| Class B common stock
Shareholders' equity:
Common shares	$ 1,027	$ 1,027

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Long term debt accounted under fair value option	$ 150,100		$ 89,100
Common stock, par or stated value per share	$ 0.0000001		$ 0.0000001
Common stock, shares authorized	100,000,000,000		100,000,000,000
Common stock, shares issued	222,669,799		214,879,058
Common stock, shares outstanding	222,669,799		214,879,058
Montes Archimedes Acquisition Corp.
Shares subject to possible redemption, par value per share	$ 0.0001	$ 0.0001
Shares subject to possible redemption	36,277,487	34,375,578
Shares subject to possible redemption, redemption per share	$ 10.00	$ 10.00
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Shares subject to possible redemption	30,750,277
Class A common stock \| Montes Archimedes Acquisition Corp.
Shares subject to possible redemption	36,277,487	34,375,578
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	4,794,336	6,696,245
Common stock, shares outstanding	4,794,336	6,696,245
Shares subject to possible redemption	36,277,487	34,375,578
Class B common stock \| Montes Archimedes Acquisition Corp.
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	10,267,956	10,267,956
Common stock, shares outstanding	10,267,956	10,267,956

Condensed Consolidated Statement of Operations - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Revenue, net			$ 23,795,000	$ 67,689,000
Operating expenses:
Cost of revenues			2,057,000	1,131,000
Research and development			832,758,000	263,217,000
General and administrative			259,878,000	335,766,000
Total operating expenses			1,094,693,000	600,114,000
Loss from operations			(1,070,898,000)	(532,425,000)
Other income (expense):
Change in fair value of investments			(95,533,000)	136,005,000
Change in fair value of debt and liability instruments			29,845,000	(13,722,000)
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity			(115,364,000)	(107,344,000)
Other expense, net			8,701,000	13,622,000
Loss from continuing operations before income taxes			(898,547,000)	(560,986,000)
Income tax expense			1,686,000	7,124,000
Loss from continuing operations, net of tax			(900,233,000)	(568,110,000)
Income from discontinued operations, net of tax			0	1,578,426,000
Net (loss) income			(900,233,000)	1,010,316,000
Net loss attributable to noncontrolling interests			(90,999,000)	(190,193,000)
Net (loss) income attributable to Roivant Sciences Ltd.			(809,234,000)	1,200,509,000
Amounts attributable to Roivant Sciences Ltd.:
Loss from continuing operations, net of tax			(809,234,000)	(519,394,000)
Income from discontinued operations, net of tax			0	1,719,903,000
Net (loss) income attributable to Roivant Sciences Ltd.			$ (809,234,000)	$ 1,200,509,000
Basic and diluted net (loss) income per common share:
Basic and diluted loss from continuing operations			$ (3.76)	$ (2.72)
Basic and diluted income from discontinued operations			0.00	7.85
Basic and diluted net (loss) income per common share			$ (3.76)	$ 5.13
Basic and diluted weighted average shares outstanding:
Basic			215,312,273	219,036,630
Diluted			215,312,273	219,036,630
Montes Archimedes Acquisition Corp.
Operating expenses:
General and administrative	$ 3,934,458	$ 338,227
Administrative expenses-related party	30,000	28,065
Franchise tax expense	49,315	88,583
Loss from operations	(4,013,773)	(454,875)
Other income (expense):
Change in fair value of derivative warrant liabilities	22,959,500	(3,587,890)
Financing costs-derivative warrant liability		(6,800,025)
Interest earned on marketable securities held in Trust Account	92,877	79,568
Unrealized gain on marketable securities held in Trust Account		5,613
Net income (loss) before taxes	19,038,604	(10,757,609)
Income tax expense	19,504	16,709
Net (loss) income	19,019,100	(10,774,318)
Net (loss) income attributable to Roivant Sciences Ltd.	19,019,100	(10,774,318)
Amounts attributable to Roivant Sciences Ltd.:
Net (loss) income attributable to Roivant Sciences Ltd.	$ 19,019,100	$ (10,774,318)
Basic and diluted net (loss) income per common share:
Basic and diluted net (loss) income per common share	$ 1.12	$ (0.81)
Basic and diluted weighted average shares outstanding:
Weighted average shares outstanding of common stock subject to redemption, basic and diluted	34,396,710	34,386,548
Basic and diluted net income per share, common stock subject to redemption	$ 0.00
Weighted average shares outstanding of common stock, basic and diluted	16,943,069	13,324,191

Condensed Consolidated Statement of Shareholder's Equity and Redeemable Non-Controlling Interest - USD ($)	Total	Montes Archimedes Acquisition Corp.	Class A common stock Montes Archimedes Acquisition Corp.	Class B common stock Montes Archimedes Acquisition Corp.	Redeemable Noncontrolling Interest [Member]	Common Stock [Member]	Common Stock [Member] Class A common stock Montes Archimedes Acquisition Corp.	Common Stock [Member] Class B common stock Montes Archimedes Acquisition Corp.	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Montes Archimedes Acquisition Corp.	Accumulated Deficit [Member]	Accumulated Deficit [Member] Montes Archimedes Acquisition Corp.	Subscriptions Receivables [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]
Balance, temporary equity at Mar. 31, 2019					$ 50,130,000
Issuance of subsidiary convertible and redeemable preferred stock, net					27,491,000
Purchase of subsidiary convertible and redeemable preferred stock					(55,130,000)
Balance, temporary equity at Mar. 31, 2020					22,491,000
Balance at Mar. 31, 2019	$ 887,169,000					$ 0			$ 3,024,172,000		$ (2,309,737,000)			$ 2,518,000	$ 170,216,000
Balance, shares at Mar. 31, 2019						213,555,119
Issuance of subsidiary common shares, net	117,658,000								59,052,000						58,606,000
Issuance of subsidiary common shares to the Company	0								(9,962,000)						9,962,000
Purchase of subsidiary common shares	(65,544,000)								(62,913,000)						(2,631,000)
Purchase of subsidiary convertible and redeemable preferred stock	(77,777,000)								(77,777,000)
Issuance of subsidiary warrants	907,000														907,000
Exercise of subsidiary stock options	1,407,000								875,000						532,000
Issuance of the Company's common shares	999,193,000					$ 0			999,193,000
Issuance of the Company's common shares, net, shares						26,952,143
Repurchase of common shares and other equity instruments	(990,014,000)					$ 0			(990,014,000)
Repurchase of common shares and other equity instruments, shares						(25,625,933)
Sale of interests in subsidiaries	(43,398,000)														(43,398,000)
Issuance of equity by subsidiary upon Business Combination and recapitalization	104,686,000								69,379,000						35,307,000
Issuance of equity by subsidiary to the Company upon Business Combination and recapitalization	0								(2,559,000)						2,559,000
Conversion of subsidiary convertible promissory notes	33,087,000								21,928,000						11,159,000
Issuance of equity instruments	24,842,000								24,842,000
Settlement in equity of liability-classified instruments	13,119,000								13,119,000
Net income (loss)	1,200,509,000
Balance at Mar. 31, 2020	2,032,162,000
Deconsolidation of subsidiary	(46,483,000)														(46,483,000)
Capital contributions to majority-owned subsidiaries	0								(4,699,000)						4,699,000
Share-based compensation	122,572,000					$ 0			79,103,000						43,469,000
Share-based compensation, shares						2,271
Foreign currency translation adjustment	(5,536,000)													(4,867,000)	(669,000)
Net income (loss)	1,010,316,000										1,200,509,000				(190,193,000)
Balance at Mar. 31, 2020	2,086,204,000					$ 0			3,143,739,000		(1,109,228,000)			(2,349,000)	54,042,000
Balance, shares at Mar. 31, 2020						214,879,058
Balance, temporary equity at Mar. 31, 2021					22,491,000
Issuance of subsidiary common shares, net	456,097,000								324,995,000				$ (100,000,000)		231,102,000
Issuance of subsidiary common shares to the Company	0								(11,692,000)						11,692,000
Issuance of the Company's common shares	301,744,000					$ 0			301,744,000
Issuance of the Company's common shares, net, shares						7,202,917
Exercise of subsidiary stock options and vesting of subsidiary restricted stock units	907,000								522,000						385,000
Net income (loss)	(809,234,000)
Balance at Mar. 31, 2021	1,797,788,000	$ 5,000,010					$ 479	$ 1,027		$ 0		$ 4,998,504
Deconsolidation of subsidiary	(3,054,000)														(3,054,000)
Consolidation of unconsolidated entity	9,178,000														9,178,000
Repurchase of equity awards	(113,000)								(113,000)
Capital contributions to majority-owned subsidiaries	0								(1,642,000)						1,642,000
Share-based compensation	84,958,000					$ 0			57,252,000						27,706,000
Share-based compensation, shares						587,824
Foreign currency translation adjustment	3,826,000													3,794,000	32,000
Net income (loss)	(900,233,000)										(809,234,000)				(90,999,000)
Balance at Mar. 31, 2021	2,039,514,000					$ 0			3,814,805,000		(1,918,462,000)		(100,000,000)	1,445,000	241,726,000
Balance, shares at Mar. 31, 2021			41,071,823	10,267,956		222,669,799	4,794,336	10,267,956
Balance at Jul. 05, 2020		0					$ 0	$ 0		0		0
Balance, shares at Jul. 05, 2020							0	0
Issuance of the Company's common shares		25,000						$ 1,150		23,850
Issuance of the Company's common shares, net, shares								11,500,000
Sale of units in initial public offering, gross		380,530,440					$ 4,107			380,526,333
Sale of units in initial public offering, gross (in shares)							41,071,823
Offering costs		(21,025,341)								(21,025,341)
Common stock subject to possible redemption		(343,755,780)					$ (3,437)			(343,752,343)
Common stock subject to possible redemption (in shares)							(34,375,578)
Forfeiture of Class B common stock								$ (123)		123
Forfeiture of Class B common stock (in shares)								(1,232,044)
Net income (loss)		(10,774,318)										(10,774,318)
Balance at Dec. 31, 2020		5,000,001					$ 670	$ 1,027		15,772,622		(10,774,318)
Net income (loss)		(10,774,318)
Balance, shares at Dec. 31, 2020			41,071,823	10,267,956			6,696,245	10,267,956
Balance, temporary equity at Mar. 31, 2021					$ 22,491,000
Common stock subject to possible redemption		(19,019,091)					$ (191)			(15,772,622)		(3,246,278)
Common stock subject to possible redemption (in shares)							(1,901,909)	0
Net income (loss)		19,019,100										19,019,100
Balance at Mar. 31, 2021	1,797,788,000	5,000,010					$ 479	$ 1,027		$ 0		$ 4,998,504
Net income (loss)		$ 19,019,100
Balance at Mar. 31, 2021	$ 2,039,514,000					$ 0			$ 3,814,805,000		$ (1,918,462,000)		$ (100,000,000)	$ 1,445,000	$ 241,726,000
Balance, shares at Mar. 31, 2021			41,071,823	10,267,956		222,669,799	4,794,336	10,267,956

Condensed Consolidated Statement of Cash Flows - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net (loss) income			$ (900,233,000)	$ 1,010,316,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Acquired in-processresearch and development			351,523,000	16,405,000
Unrealized foreign currency translation adjustment			3,826,000	(5,536,000)
Share-based compensation			84,958,000	122,572,000
Gain on sale of business				(1,985,949,000)
Change in fair value of investments			(95,533,000)	136,005,000
Change in fair value of debt and liability instruments			29,845,000	(13,722,000)
Gain on deconsolidation of subsidiary and consolidation of unconsolidated entity			(115,364,000)	(107,344,000)
Loss from equity method investment			3,750,000	21,386,000
Other			13,152,000	31,821,000
Changes in assets and liabilities, net of effects from acquisition and divestiture:
Accounts payable			3,752,000	6,598,000
Accrued expenses			9,225,000	14,845,000
Deferred consideration liability			100,000,000
Operating lease liabilities			(5,497,000)	(8,419,000)
Other			(35,542,000)	2,272,000
Net cash used in operating activities			(552,138,000)	(758,750,000)
Cash Flows from Investing Activities
Proceeds from sale of business, net of cash disposed				1,772,191,000
Cash disposed upon deconsolidation of subsidiary			(19,085,000)	(20,049,000)
Cash acquired upon consolidation of unconsolidated entity			21,439,000
Investments in unconsolidated entities			(28,250,000)	(36,300,000)
Purchase of marketable securities				(32,076,000)
Maturity of marketable securities				16,440,000
Acquisitions, net of cash acquired				(500,000)
Purchase of property and equipment			(5,806,000)	(4,916,000)
Net cash (used in) provided by investing activities			(31,702,000)	1,694,790,000
Cash Flows from Financing Activities:
Proceeds from issuance of the Company's common shares, net				999,193,000
Repurchase of common stock and equity awards			(113,000)	(990,014,000)
Proceeds from issuance of liability instruments				101,567,000
Proceeds from issuance of subsidiary common shares, net			455,756,000	117,658,000
Proceeds from issuance of equity by subsidiary upon Business Combination and recapitalization				105,930,000
Purchase of subsidiary common shares				(65,544,000)
Proceeds from issuance of subsidiary convertible and redeemable preferred stock, net				28,455,000
Purchase of subsidiary convertible and redeemable preferred stock				(132,907,000)
Proceeds from subsidiary debt financings, net				83,781,000
Repayment of long-term debt and convertible debt by subsidiary				(32,063,000)
Offering costs paid			(286,000)	(3,082,000)
Payment for debt maintenance fee by subsidiary				(300,000)
Proceeds from exercise of subsidiary stock options			907,000	1,407,000
Net cash provided by financing activities			456,264,000	214,081,000
Net change in cash, cash equivalents and restricted cash			(127,576,000)	1,150,121,000
Cash, cash equivalents and restricted cash at beginning of period			2,269,252,000	1,119,131,000
Cash, cash equivalents and restricted cash at end of period	$ 2,141,676,000		2,141,676,000	2,269,252,000
Non-cash investing and financing activities:
Operating lease right-of-use assets obtained and exchanged for operating lease liabilities			5,491,000	56,025,000
Operating lease right-of-use assets and operating lease liabilities, including amounts reclassified from other current liabilities and other liabilities to operating lease liabilities, recognized upon the adoption of ASC 842, Leases, on April 1, 2019				43,026,000
Subscription receivable related to issuance of subsidiary common shares			100,000,000
Conversion of subsidiary convertible promissory notes to common shares				32,500,000
Other			(960,000)	3,601,000
Supplemental disclosure of cash paid:
Income taxes paid			4,076,000	4,936,000
Interest paid			2,017,000	$ 12,158,000
Montes Archimedes Acquisition Corp.
Cash Flows from Operating Activities:
Net (loss) income	19,019,100	$ (10,774,318)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Change in fair value of warrant liabilities	(22,959,500)	3,587,890
Financing cost - derivative warrant liabilities		6,800,025
Interest earned on marketable securities held in Trust Account	(92,877)	(79,568)
Unrealized gain on marketable securities held in Trust Account		(5,613)
Changes in assets and liabilities, net of effects from acquisition and divestiture:
Prepaid expenses	39,571	(260,093)
Accounts payable	(93,569)	207,029
Accrued expenses	3,780,473	170,402
Accrued income tax	2,795	16,709
Franchise tax payable	66,024	88,583
Net cash used in operating activities	(237,983)	(248,954)
Cash Flows from Investing Activities
Cash deposited in Trust Account		(410,718,230)
Net cash (used in) provided by investing activities		(410,718,230)
Cash Flows from Financing Activities:
Proceeds from note payable to related party		200,000
Repayment of note payable to related party		(200,000)
Proceeds received from initial public offering, gross		410,718,230
Proceeds received from private placement		10,214,366
Offering costs paid		(8,797,978)
Reimbursement of offering costs from underwriters	4,877	529,057
Net cash provided by financing activities	4,877	412,663,675
Net change in cash, cash equivalents and restricted cash	(233,106)	1,696,491
Cash, cash equivalents and restricted cash at beginning of period	1,696,491
Cash, cash equivalents and restricted cash at end of period	1,463,385	1,696,491	$ 1,463,385
Supplemental disclosure of noncash activities:
Change in Value of Class A common stock subject to possible redemption	$ 19,019,091
Forfeiture of Class B common stock		123
Offering costs paid by Sponsor in exchange for issuance of Class B common stock		9,000
Prepaid expenses paid by Sponsor in exchange for issuance of Class B common stock		16,000
Offering costs included in accrued expenses		$ 70,000

Statement Of Shareholders Equity And Other Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Net (loss) income	$ 1,010,316	$ (900,233)
Other comprehensive income (loss):
Foreign currency translation adjustment	(5,536)	3,826
Total other comprehensive income (loss)	(5,536)	3,826
Comprehensive (loss) income	1,004,780	(896,407)
Comprehensive loss attributable to noncontrolling interests	(190,862)	(90,967)
Comprehensive (loss) income attributable to Roivant Sciences Ltd.	$ 1,195,642	$ (805,440)

- 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.

+ References + Details

- Definition

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

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21463-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121640130&loc=d3e1436-108581

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Description of Organization, Business Operations and Basis of Presentation	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Montes Archimedes Acquisition Corp.
Description of Organization, Business Operations and Basis of Presentation	Note 1—Description of Organization, Business Operations and Basis of Presentation Montes Archimedes Acquisition Corp. (the “Company”) was incorporated in Delaware on July 6, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of March 31, 2021, the Company had not commenced any operations. All activity for the period from July 6, 2020 (inception) through March 31, 2021 relates to the Company’s formation and the preparation for the initial public offering (the “Initial Public Offering”) described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. The Company’s sponsor is Patient Square Capital LLC (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on October 6, 2020. On October 9, 2020, the Company consummated its Initial Public Offering of 40,000,000 units (the “Units”) at $10.00 per Unit, generating gross proceeds of $400.0 million, and incurring offering costs of approximately $22.1 million (net of reimbursement of offering costs of $520,000 from the underwriters), inclusive of $14.0 million in deferred underwriting commissions (Note 5). The underwriters exercised the over-allotment option in full and on November 12, 2020 purchased an additional 1,071,823 Units (the “Over-Allotment Units”), generating gross proceeds of approximately $10.7 million, and incurred additional offering costs of approximately $576,000 in underwriting fees (net of reimbursement of offering costs of approximately $14,000 from the underwriters and inclusive of approximately $375,000 in deferred underwriting fees) (the “Over-Allotment”). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 10,000,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of $10.0 million (Note 4). Simultaneously with the closing of the Over-allotment on November 12, 2020, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 214,365 Private Placement Warrants by the Sponsor, generating gross proceeds to the Company of approximately $214,000. Upon the closing of the Initial Public Offering, the Over-Allotment, and the Private Placement, approximately $410.7 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and of the Private Placement Warrants in the Private Placement were placed in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. “government securities,” within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete an initial Business Combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account). However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). The Company will provide holders (the “Public Stockholders”) of the Company’s outstanding shares of Class A common stock sold in the Initial Public Offering (the “Public Shares”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share), calculated as of two business days prior to the initial Business Combination, including interest earned on the funds held in the trust account and not previously released to the Company to pay the Company’s taxes, net of taxes payable. The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). The Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination. The Company will not redeem the Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. If a stockholder vote is not required by applicable law or stock exchange rule and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its amended and restated certificate of incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange rule, or the Company decides to obtain stockholder approval for business or reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) agreed to vote any Founder Shares (as defined below in Note 4) and any Public Shares held by them in favor of a Business Combination. In addition, the initial stockholders agreed to waive their redemption rights with respect to any Founder Shares and any Public Shares held by them in connection with the completion of a Business Combination. The Certificate of Incorporation will provide that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. The Sponsor and the Company’s officers and directors (the “initial stockholders”) agreed, pursuant to a letter agreement with the Company, that they will not propose any amendment to the Certificate of Incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable) divided by the number of then outstanding Public Shares. If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or October 9, 2022, (as such period may be extended pursuant to the Certificate of Incorporation, the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, liquidate and dissolve, subject in each case, to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The initial stockholders agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares held by them if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to the deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only, or less than, $10.00. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (except for the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”), reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or Target that executed a waiver of any and all rights to the monies held in the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Proposed Business Combination On May 1, 2021, we entered into a business combination agreement (the “Business Combination Agreement”) with Roivant Sciences Ltd., a Bermuda exempted limited company (“Roivant”), and Rhine Merger Sub, Inc., a Delaware corporation (“Merger Sub”). The Business Combination Agreement and the transactions contemplated thereby (collectively, the “Transaction”) were approved by the boards of directors of each of MAAC, Roivant and Merger Sub, the requisite shareholders of Roivant and Roivant in its capacity as the sole stockholder of Merger Sub. The Business Combination Agreement provides for, among other things, the following transactions: (i) Roivant’s bye-laws will be amended and restated, each outstanding share of Roivant will be subdivided (and in the case of certain non-voting shares of Roivant, converted) into common shares of Roivant (the “Roivant Common Shares”) based on a fixed exchange ratio of 2.9262 (the “Roivant Exchange Ratio”), and each outstanding equity award of Roivant will be subdivided and adjusted into comparable equity awards of Roivant, based on the Roivant Exchange Ratio (the steps contemplated by this clause (i), collectively, the “Pre-Closing Steps”); and (ii) Merger Sub will merge with and into MAAC, with MAAC surviving the merger as a wholly-owned subsidiary of Roivant (the “Merger”). At the effective time of the Merger (the “Effective Time”), (a) each outstanding share of MAAC Class A common stock and MAAC Class B common stock (other than treasury shares and any shares held by Patient Square Capital LLC, a Delaware limited liability company (the “MAAC Sponsor”), or its affiliates) will be exchanged for one Roivant Common Share, (b) each outstanding share of MAAC Class B common stock held by the MAAC Sponsor or its affiliates will be exchanged for a number of Roivant Common Shares based on an exchange ratio (the “MAAC Sponsor Exchange Ratio”), with a portion of such Roivant Common Shares issued to the MAAC Sponsor by virtue of the Merger being subject to the vesting and other terms and conditions set forth in the Sponsor Support Agreement (as more fully described in the section entitled “Sponsor Support Agreement” below), and (c) each outstanding warrant to purchase shares of MAAC Class A common stock will be converted into a comparable warrant to purchase Roivant Common Shares on the terms and subject to the conditions set forth in the Warrant Agreement, dated as of October 6, 2020, by and between MAAC and the Continental Stock Transfer & Trust Company. The MAAC Sponsor Exchange Ratio is 1.0, subject to reduction in an amount equal to one-half of the percentage of shares of MAAC Class A common stock redeemed in connection with the Business Combination (i.e., if 10% of the shares of MAAC Class A common stock are so redeemed, then the MAAC Sponsor Exchange Ratio will be equal to 0.95), provided that in no event will the MAAC Sponsor Exchange Ratio be less than 0.75. The Transaction is expected to close (the “Closing”) in the third quarter of 2021, subject to the required approvals by MAAC’s stockholders and the fulfillment of other closing conditions. Refer to the Company’s current report on Form 8-K, filed with the SEC on May 01, 2021, for more information. Liquidity and Capital Resources As of March 31, 2021, the Company had approximately $1,463,000 cash and a working capital deficit of approximately $2,434,000. The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through a payment of $25,000 from the Sponsor to cover certain expenses on behalf of the Company in exchange for the issuance of the Founder Shares (as defined below), the loan under the Note from the Sponsor of $200,000 (see Note 4) to the Company. The Company fully repaid the Note on October 9, 2020. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the portion of the proceeds of the Initial Public Offering and the Private Placement held outside of the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 4). To date, there were no amounts outstanding under any Working Capital Loans. In connection with our assessment of going concern considerations in accordance with ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” as of March 31, 2021, we do not have sufficient liquidity to meet our obligations in the next twelve months. However, management has determined that we have access to funds from the Sponsor that are sufficient to fund our working capital needs until the earlier of the consummation of an Business Combination or a minimum one year from the date of issuance of these financial statements. Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.	Note 1—Description of Organization, Business Operations and Basis of Presentation Montes Archimedes Acquisition Corp, (the “Company”) is a blank check company incorporated in Delaware on July 6, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from July 6, 2020 (inception) through December 31, 2020 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below, and the search for a target for its initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering and placed in Trust Account (as defined below). The Company has selected December 31 as its fiscal year end. The Company’s sponsor is Patient Square Capital LLC (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on October 6, 2020. On October 9, 2020, the Company consummated its Initial Public Offering of 40,000,000 units (the “Units”) at $10.00 per Unit, generating gross proceeds of $400.0 million, and incurring offering costs of approximately $22.1 million (net of reimbursement of offering costs of $520,000 from the underwriters), inclusive of $14.0 million in deferred underwriting commissions (Note 6). The underwriters exercised the over-allotment option in part and on November 12, 2020 purchased an additional 1,071,823 Units (the “Over-Allotment Units”), generating gross proceeds of approximately $10.7 million, and incurred additional offering costs of approximately $576,000 in underwriting fees (net of reimbursement of offering costs of approximately $14,000 from the underwriters and inclusive of approximately $375,000 in deferred underwriting fees) (the “Over-Allotment”). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 10,000,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of $10.0 million (Note 5). Simultaneously with the closing of the Over-allotment on November 12, 2020, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 214,365 Private Placement Warrants by the Sponsor, generating gross proceeds to the Company of approximately $214,000. Upon the closing of the Initial Public Offering, the Over-Allotment, and the Private Placement, approximately $410.7 million ($10.00 per Unit) of the net proceeds of the sale of the Units in the Initial Public Offering and of the Private Placement Warrants in the Private Placement were placed in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. “government securities,” within the meaning set forth in Section 2(a)( 16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting discounts held in Trust and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company only intends to complete a Business Combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). The Company will provide holders (the “Public Stockholders”) of the Company’s outstanding shares of Class A common stock sold in the Initial Public Offering (the “Public Shares”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $10.00 per Public Share), calculated as of two business days prior to the initial Business Combination, including interest earned on the funds held in the trust account and not previously released to the Company to pay the Company’s taxes, net of taxes payable. The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). The Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination. The Company will not redeem the Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. If a stockholder vote is not required by applicable law or stock exchange rule and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its amended and restated certificate of incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange rule, or the Company decides to obtain stockholder approval for business or reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) agreed to vote any Founder Shares (as defined below in Note 5) and any Public Shares held by them in favor of a Business Combination. In addition, the initial stockholders agreed to waive their redemption rights with respect to any Founder Shares and any Public Shares held by them in connection with the completion of a Business Combination. The Certificate of Incorporation will provide that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. The Sponsor and the Company’s officers and directors (the “initial stockholders”) agreed, pursuant to a letter agreement with the Company, that they will not propose any amendment to the Certificate of Incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable) divided by the number of then outstanding Public Shares. If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or October 9, 2022, (as such period may be extended pursuant to the Certificate of Incorporation, the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, liquidate and dissolve, subject in each case, to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The initial stockholders agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares held by them if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to the deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only, or less than, $10.00. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (except for the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”), reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or Target that executed a waiver of any and all rights to the monies held in the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses and other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Basis of Presentation The accompanying financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period as of December 31, 2020, and the period from July 6, 2020 (inception) through December 31, 2020 (collectively, the “Affected Period”), are restated in this Annual Report on Form 10-K/A (Amendment No. 1) (this “Annual Report”) to correct the misapplication of accounting guidance related to the Company’s warrants in the Company’s previously issued audited and unaudited condensed financial statements for such periods. The restated financial statements are indicated as “Restated” in the audited and unaudited condensed financial statements and accompanying notes, as applicable. See Note 2—Restatement of Previously Issued Financial Statements for further discussion. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Liquidity and Capital Resources As of December 31, 2020, the Company had approximately $1.7 million in its operating bank account and working capital of approximately $1.5 million (not taking into account approximately $ 105,000 of taxes that may be paid using interest income from the Trust Account). The Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through a payment of $25,000 from the Sponsor to cover certain expenses on behalf of the Company in exchange for the issuance of the Founder Shares (as defined below), the loan under the Note from the Sponsor of $200,000 (see Note 5) to the Company. The Company folly repaid the Note on October 9, 2020. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the portion of the proceeds of the Initial Public Offering and the Private Placement held outside of the Trust Account. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 5). To date, there were no amounts outstanding under any Working Capital Loans. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. Risks and uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have an effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Restatement of Previously Issued Financial Statements

6 Months Ended

Dec. 31, 2020

Montes Archimedes Acquisition Corp.

Restatement of Previously Issued Financial Statements

Note 2 —Restatement of Previously Issued Financial Statements

In May 2021, the Audit Committee of the Company, in consultation with management, concluded that, because of a misapplication of the accounting guidance related to its public and private placement warrants to purchase common stock that the Company issued in October 2020 (the “Warrants”), the Company’s previously issued financial statements for the Affected Period should no longer be relied upon. As such, the Company is restating its financial statements for the Affected Period included in this Annual Report.

On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff’) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “Public Statement”). In the Public Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet and, based on our application of Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC 815-40”), our statement of operations did not include subsequent non-cash changes in estimated fair value of the Warrants. The views expressed in the Public Statement were not consistent with our historical interpretation of specific provisions within our warrant agreement, dated as of October 6, 2021 (“warrant agreement”), and our application of ASC 815-40 to the warrant agreement. Since issuance on October 9, 2020, the Company’s warrants were accounted for as equity within the Company’s previously reported balance sheets. After discussion and evaluation, including with the Company’s independent registered public accounting firm and the Company’s audit committee, management concluded that the warrants should be presented as liabilities with subsequent fair value remeasurement.

Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued Financial Statements as of December 31, 2020, and for the period from July 6, 2020 (inception) through December 31, 2020 should be restated because of a reclassification of of our outstanding warrants to purchase common stock (the “Warrants”) and, solely as a result of this material weakness, should no longer be relied upon.

Impact of the Restatement

The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Period is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities.


	As of December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
Balance Sheet
Total assets	$	412,780,872		$	—		$	412,780,872

Liabilities and stockholders’ equity
Total current liabilities	$	552,723		$	—		$	552,723
Deferred underwriting commissions		14,375,138			—			14,375,138
Derivative warrant liabilities		—			49,097,230			49,097,230

Total liabilities		14,927,861			49,097,230			64,025,091
Class A common stock, $0.0001 par value; shares subject to possible redemption		392,853,010			(49,097,230	)		343,755,780
Stockholders’ equity
Preferred stock- $0.0001 par value		—			—			—
Class A common stock—$0.0001 par value		179			491			670
Class B common stock—$0.0001 par value		1,027			—			1.027
Additional paid-in-capital		5,385,198			10,387,424			15,772,622
Accumulated deficit		(386,403	)		(10,387,915	)		(10,774,318	)

Total stockholders’ equity		5,000,001			—			5,000,001

Total liabilities and stockholders’ equity	$	412,780,872		$	—		$	412,780,872


	Period From July 6, 2020 (Inception) Through December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
Statement of Operations
Loss from operations	$	(454,875	)	$	—		$	(454,875	)
Other (expense) income:
Financing costs—derivative warrant liabilities		—			(6,800,025	)		(6,800,025	)
Change in fair value of derivative warrant liabilities		—			(3,587,890	)		(3,587,890	)
Interest earned on marketable securities held in Trust Account		79,568			—			79,568
Unrealized gain on marketable securtities held in Trust Account		5,613			—			5,613

Total other (expense) income		85,181			(10,387,915	)		(10,302,734	)
Income tax expense		16,709			—			16,709

Net loss	$	(386,403	)	$	(10,387,915	)	$	(10,774,318	)

Weighted average shares outstanding of common stock subject to redemption, basic and diluted		38,896,852			(4,510,304	)		34.386,548
Basic and diluted net loss per share, common stock subject to redemption	$	—		$	—		$	—

Weighted average shares outstanding of common stock, basic and diluted		10,985,515			2,338,676			13,324,191

Basic and diluted net loss per share, common stock	$	(0.04	) $		(0.77	) $		(0.81	)


	Period From July 6, 2020 (Inception) Through December 31, 2020
	As Previously Reported			Restatement Adjustment		As Restated
Statement of Cash Flows
Net cash used in operating activities		(248,954	)		—		(248,954	)
Net cash used in investing activities		(410,718,230	)		—		(410,718,230	)
Net cash provided by financing activities		412,663,675			—		412,663,675

Net change in cash	$	1,696,491		$	—	$	1,696,491

In addition, the impact to the balance sheet dated October 9, 2020, filed on Form 8-K on October 16, 2020 related to the impact of accounting for the Public Warrants and Private Placement Warrants as liabilities at fair value resulted in a $44.4 million increase to the derivative warrant liabilities line item at October 9, 2020 and offsetting decrease to the Class A common stock subject to possible redemption mezzanine equity line item. There was no change to total stockholders’ equity at the reported balance sheet date.

Summary of Significant Accounting Policies

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2021

Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies

(A) Basis of Presentation and Principles of Consolidation

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

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

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

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

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

Additionally, the Company concluded that the disposition of RSL’s ownership interests in Myovant Sciences Ltd. (“Myovant”), Urovant Sciences Ltd. (“Urovant”), Enzyvant Therapeutics Ltd. (“Enzyvant”), Altavant Sciences Ltd. (“Altavant”), and Spirovant Sciences Ltd. (“Spirovant”) (collectively, the “Sumitovant Vants”), pursuant to the transaction agreement entered into with Sumitomo Dainippon Pharma Co., Ltd. (“Sumitomo”) on October 31, 2019 (the “Sumitomo Transaction Agreement”) that closed on December 27, 2019 (the “Sumitomo Transaction”), met the requirements to be presented as discontinued operations. As such, results relating to the transferred interests prior to disposition are classified as discontinued operations in prior period consolidated financial statements. See Note 5, “Sumitomo Transaction Agreement” and Note 6, “Discontinued Operations” for further discussion. Certain prior year amounts were reclassified to conform to current year presentation.

In April 2012, the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) was enacted. Section 107(b) of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has irrevocably elected not to avail itself of this extended transition period, and, as a result, the Company will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.

(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.

Additionally, the Company assessed the impact that the COVID-19 pandemic has had on its operations and financial results as of March 31, 2021 and through the issuance of these consolidated financial statements. The Company’s analysis was informed by the facts and circumstances as they were known to the Company. This assessment considered the impact COVID-19 may have on financial estimates and assumptions that affect the reported amounts of assets and liabilities and expenses.

(C) Risks and Uncertainties

The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key products, dependence on third-party service providers, such as contract research organizations, and protection of intellectual property rights.

(D) Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk include cash and cash equivalents. The Company maintains cash deposits and cash equivalents 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.

(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.

Restricted cash classified as a current asset consists of the amount held in escrow relating to the Sumitomo Transaction (see Note 5, “Sumitomo Transaction Agreement”) and the legally restricted non-interest bearing deposit account relating to the Company’s corporate credit card program. Restricted cash classified as a long-term asset consists of restricted deposit accounts related to irrevocable standby letters of credit.

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


	March 31, 2021		March 31, 2020
Cash and cash equivalents	$	2,055,044	$	2,183,207
Restricted cash		86,632		86,045

Cash, cash equivalents and restricted cash	$	2,141,676	$	2,269,252

(F) Trade Receivables, Net

The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in customer credit profiles. The Company reserves against trade receivables for estimated losses that may arise from a customer’s inability to pay and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated losses was de minimis as of March 31, 2021 and 2020. Trade receivables, net is included in “Other current assets” on the accompanying consolidated balance sheets.

(G) Contingencies

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

(H) Property and Equipment

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


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

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

(I) Investments

For investments in entities over which the Company has significant influence but do not meet the requirements for consolidation and for which the Company has not elected the fair value option, the Company applies the equity method of accounting with the Company’s share of the underlying income or loss of such entities reported in “Other expense, net” on the consolidated statements of operations. The Company applies the equity method to investments in common stock and to other investments in entities that have risk and reward characteristics that are substantially similar to an investment in the investee’s common stock.

Investments in equity securities may also be accounted for using (i) the fair value option if elected, (ii) fair value through earnings if fair value is readily determinable or (iii) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. The election to use the measurement alternative is made for each eligible investment.

The Company has elected the fair value option to account for certain investments over which the Company has significant influence. The Company believes the fair value option best reflects the underlying economics of the investment. See Note 3, “Investments.”

(J) Research and Development Expenses

Research and development (“R&D”) costs are expensed as incurred. Preclinical and clinical study costs are accrued over the service periods specified in the contracts and adjusted as necessary based upon an ongoing review of the level of effort and costs actually incurred. Payments for a product license prior to regulatory approval of the product and payments for milestones achieved prior to regulatory approval of the product are expensed in the period incurred as R&D. Milestone payments made in connection with regulatory approvals are capitalized and amortized to cost of revenue over the remaining useful life of the asset. R&D costs primarily consist of the intellectual property and R&D materials acquired and expenses from third parties who conduct R&D activities on behalf of the Company.

The Company evaluates in-licensed agreements for in-process research and development projects (“IPR&D”) to determine if it meets the definition of a business and thus should be accounted for as a business combination. If the in-licensed agreement for IPR&D does not meet the definition of a business and the assets have not reached technological feasibility and therefore have no alternative future use, the Company expenses payments made under such license agreements as R&D expense in its consolidated statements of operations. The Company initially recognizes contingent consideration in an asset acquisition at fair value. The carrying value of contingent consideration is subsequently adjusted when the contingency is resolved and is paid or becomes payable.

(K) General and Administrative Expenses

General and administrative (“G&A”) expenses consist primarily of employee-related expenses for G&A personnel, including those responsible for the identification and acquisition or in-license of new drug candidates as well as for overseeing Vant operations and facilitating the use of the Company’s platform and technologies at Vants. G&A expenses also consist of legal and accounting fees, consulting services and other operating costs relating to corporate matters and daily operations. G&A expenses include costs incurred relating to the identification, acquisition or in-license and technology transfer of promising drug candidates along with costs incurred relating to the integration of new technologies.

(L) Income Taxes

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

When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances.

(M) Share-Based Compensation

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

The Company measures the fair value of its stock options that only have service vesting requirements or performance-based options without market conditions using the Black-Scholes option pricing model. For performance-based awards with market conditions, the Company determines the fair value of the awards as of the grant date using a Monte Carlo simulation model.

Certain assumptions need to be made with respect to utilizing the Black-Scholes option pricing model, including the expected life of the award, volatility of the underlying shares, the risk-free interest rate and the fair value of the Company’s common shares. Since the Company has no option exercise history, it has generally elected to estimate the expected life of an award based upon the “simplified method” with the continued use of this method extended until such time the Company has sufficient exercise history. The risk-free interest rate is based on the rates paid on securities issued by the U.S. Treasury with a term approximating the expected life of the equity award. The expected share price volatility for the Company’s common shares is estimated by taking the average historical price volatility for industry peers. The Company accounts for pre-vesting award forfeitures when they occur.

As part of the valuation of share-based compensation under the Black-Scholes option pricing model, it is necessary for the Company to estimate the fair value of its common shares for RSL and private Vants. Given the absence of a public trading market, and in accordance with the American Institute of Certified Public Accountants’ Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, the Company exercises reasonable judgment and considers numerous objective and subjective factors to determine its best estimate of the fair value of its common shares. The estimation of the fair value of the common shares considers factors including the following: the prices of the Company’s common shares sold to investors in arm’s length transactions, the estimated present value of the Company’s future cash flows; the Company’s business, financial condition and results of operations; the Company’s forecasted operating performance; the illiquid nature of the Company’s common shares; industry information such as market size and growth; market capitalization of comparable companies and the estimated value of transactions such companies have engaged in; and macroeconomic conditions.

(N) Fair Value Measurements

The Company utilizes fair value measurement guidance prescribed by accounting standards 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 that the Company has the ability to access.

•

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”); shares of Arbutus’s Series A participating convertible preferred shares (“Arbutus Preferred Shares”); shares of common stock of Sio Gene Therapies Inc. (“Sio”); liability instruments issued, including options granted to Sumitomo (the “Sumitomo Options”) to purchase all, or 75% in one case, of RSL’s ownership interests in certain subsidiaries under the Sumitomo Transaction Agreement; deferred consideration liability; its investments in other entities; cash and cash equivalents consisting of money market funds; accounts payable; and long term debt.

The shares of Arbutus and Sio common stock and investments in common stock with a readily determinable fair value are classified as Level 1, and their fair value is determined based upon quoted market prices in an active market. The Arbutus Preferred Shares held by the Company are classified as Level 2 as the fair value of such preferred shares is determined based upon the quoted market price of Arbutus common stock into which such preferred shares are convertible. The liability instruments issued, including the Sumitomo Options, 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, accounts payable, and deferred consideration liability are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature. The deferred consideration liability is based on a fixed monetary amount, and payment is based solely on the passage of time. 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. The carrying value of long term debt issued by Dermavant Sciences Ltd. (together with its wholly owned subsidiaries, “Dermavant”), which is stated at amortized cost, approximates fair value based on current interest rates for similar types of borrowings and therefore is included in Level 2 of the fair value hierarchy. Long term debt issued by Dermavant for which the fair value option has been elected is included in Level 3 of the fair value hierarchy as the assumptions and estimates used in the valuation are unobservable in the market.

(O) Foreign Currency

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

(P) Revenue Recognition

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

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

•

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

•

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

•

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

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

(Q) Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU No. 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU No. 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The adoption of ASU No. 2016-13 on April 1, 2020 did not have a material impact on the Company’s consolidated financial statements.

(R) Recently Issued Accounting Pronouncements Not Yet Adopted

In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU No. 2020-06”). ASU No. 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models will result in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. ASU No. 2020-06 also removes certain settlement conditions that are required for equity contracts to qualify for the derivatives scope exception, which will permit more equity contracts to qualify for it. Either a modified retrospective transition method or a fully retrospective transition method is permissible for the adoption of this standard. Update No. 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted no earlier than the fiscal year beginning after December 15, 2020. The adoption of ASU No. 2020-06 is not expected to have a material impact on the Company’s consolidated financial statements.

Montes Archimedes Acquisition Corp.

Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. At March 31, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021.

Cash and Marketable Securities Held in Trust Account

The Company’s portfolio of investments held in the Trust Account is comprised of cash and U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

•

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

•

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

•

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Use of Estimates

Offering Costs Associated with the Initial Public Offering

Offering costs consisted of legal, accounting, underwriting fees and other costs incurred that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Public Shares were charged to stockholders’ equity upon the completion of the Initial Public Offering.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable shares of Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. Shares of Class A common stock of the Company feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of March 31, 2021, 36,277,487 shares of Class A common stock subject to possible redemption were presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.

Net Income Per Common Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and Private Placement to purchase an aggregate of 30,750,277 shares of the Company’s common stock in the calculation of diluted income per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

The Company’s statement of operations includes a presentation of income (loss) per common share for Class A common shares subject to possible redemption in a manner similar to the two-class method of income (loss) per common share. Net income (loss) per common share, basic and diluted, for Class A common stock subject to possible redemption is calculated by dividing the proportionate share of income or loss on marketable securities held by the Trust Account, net of applicable franchise and income taxes, by the weighted average number of shares of Class A common stock subject to possible redemption outstanding since original issuance.

Net income per common share, basic and diluted, for non-redeemable common stock is calculated by dividing the net income, adjusted for income or loss on marketable securities attributable to common stock subject to possible redemption, by the weighted average number of non-redeemable common stock outstanding for the period.

Non-redeemable common stock includes Founder Shares and non-redeemable shares of Class A common stock as these shares do not have any redemption features. Non-redeemable common stock participates in the income or loss on marketable securities based on non-redeemable shares’ proportionate interest.

The following table reflects the calculation of basic and diluted net income per common share:


	For the Three Months Ended March 31, 2021
*Class A Common stock subject to possible redemption*
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$	82,038
Less: Company’s portion available to be withdrawn to pay taxes		(60,788	)

Net income attributable	$	21,250

Denominator: Weighted average Class A common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		34,396,710

Basic and diluted net income per share	$	0.00


*Non-Redeemable Common Stock*
Numerator: Net Loss minus Net Earnings
Net gain	$	19,019,100
Less: Net income allocable to Class A common stock subject to possible redemption		(21,250	)

Non-redeemable net gain	$	18,997,850

Denominator: weighted average Non-redeemable common stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		16,943,069

Basic and diluted net income per share, Non-redeemable common stock	$	1.12

Income Taxes

The Company complies with the accounting and reporting requirements of FASB ASC 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

Derivative warrant liabilities

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

The Company accounts for its 30,750,277 warrants issued in connection with its Initial Public Offering (20,535,912) and Private Placement (10,214,365) as derivative warrant liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Public Warrants (if not market observed) and Private Placement Warrants is estimated using a Binomial Lattice in a risk-neutral framework. Specifically, the future stock price of the Company is modeled assuming a Geometric Brownian Motion in a risk-neutral framework. For each modeled future price, the Warrant payoff is calculated based on the contractual terms (incorporating any optimal early exercise / redemption), and then discounted at the term-matched risk-free rate. The value of the Warrants is calculated as the probability-weighted present value over all future modeled payoffs.

Recent Issued Accounting Standards

The Company’s management does not believe that any recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the accompanying financial statement.

Note 3—Summary of Significant Accounting Policies

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Cash and Marketable Securities Held in Trust Account

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. and any investments held in Trust Account. As of December 31, 2020. the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of December 31, 2020 is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less.

Fair Value of Financial Instruments

•

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

•

The fair value of the Public Warrants (if not market observed) and Private Placement Warrants is estimated using a Binomial Lattice in a risk-neutral framework. The future stock price of the Company is modeled assuming a Geometric Brownian Motion in a risk-neutral framework. For each modeled future price, the warrant payoff is calculated based on the contractual terms (incorporating any optimal early exercise / redemption), and then discounted at the term-matched risk-free rate. The value of the Warrants is calculated as the probability-weighted present value over all future modeled payoffs.

Offering Costs Associated with the Initial Public Offering

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable shares of Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. Shares of Class A common stock of the Company feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of December 31, 2020, 34,375,578 shares of Class A common stock subject to possible redemption were presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.

Derivative Warrant Liabilities

The Company issued 20,535,912 warrants in connection with the Initial Public Offering (the “Public Warrants”) 10,214,365 warrants in a Private Placement Placement (the “Private Placement Warrants”). These warrants are recognized as derivative liabilities in accordance with ASC 815-40. The excess of the fair value of the Private Placement Warrants over the proceeds received is recognized as a financing cost of the derivative liability. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Public Warrants (if not market observed) and Private Placement Warrants is estimated using a Binomial Lattice in a risk-neutral framework. The future stock price of the Company is modeled assuming a Geometric Brownian Motion in a risk-neutral framework. For each modeled future price, the Warrant payoff is calculated based on the contractual terms (incorporating any optimal early exercise / redemption), and then discounted at the term-matched risk-free rate. The value of the Warrants is calculated as the probability-weighted present value over all future modeled payoffs.

Income Taxes

Net Income (Loss) Per Common Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and Private Placement to purchase an aggregate of 30,750,277 shares of the Company’s common stock in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

Net income (loss) per common share, basic and diluted, for non-redeemable common stock is calculated by dividing the net income (loss), adjusted for income or loss on marketable securities attributable to common stock subject to possible redemption, by the weighted average number of non-redeemable common stock outstanding for the period.

The following table reflects the calculation of basic and diluted net income (loss) per common share:


	For the Period from July 6, 2020 (inception) through December 31, 2020
*Class A Common stock subject to possible redemption*
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in trust Account	$	71,296
Less: Company’s portion available to be withdrawn to pay taxes	$	(71,296	)

Net income attributable	$	—

Denominator: Weighted average Class A common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		34,386,548

Basic and diluted net income per share	$	—

*Non-Redeemable Common Stock*
Numerator: Net Loss minus Net Earnings
Net loss	$	(10,774,318	)
Net income allocable to Class A common stock subject to possible redemption		—

Non-redeemable net loss	$	(10,774,318	)

Denominator: weighted average Non-redeemable common stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		13,324,191

Basic and diluted net loss per share, Non-redeemable common stock	$	(0.81	)

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s financial statements.

Initial Public Offering	3 Months Ended	6 Months Ended
Initial Public Offering	Mar. 31, 2021	Dec. 31, 2020
Montes Archimedes Acquisition Corp.
Initial Public Offering	Note 3—Initial Public Offering On October 9, 2020, the Company consummated its Initial Public Offering of 40,000,000 Units at $10.00 per Unit, generating gross proceeds of $400.0 million, and incurring offering costs of approximately $22.1 million (net of reimbursement of offering costs of $520,000 from the underwriters), inclusive of $14.0 million in deferred underwriting commissions. The Underwriters exercised the over-allotment option in full and on November 12, 2020 purchased an additional 1,071,823 Over-Allotment Units, generating gross proceeds of approximately $10.7 million, and incurred additional offering costs of approximately $576,000 in underwriting fees (net of reimbursement of offering costs of approximately $14,000 from the underwriters and inclusive of approximately $375,000 in deferred underwriting fees). Each Unit consists of one share of Class A common stock, and one-half of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 6).	Note 4—Initial Public Offering On October 9, 2020, the Company consummated its Initial Public Offering of 40,000,000 Units at $ 10.00 per Unit, generating gross proceeds of $400.0 million, and incurring offering costs of approximately $22.1 million (net of reimbursement of offering costs of $520,000 from the underwriters), inclusive of $14.0 million in deferred underwriting commissions. The Underwriters exercised the over-allotment option in part and on November 12, 2020 purchased an additional 1,071,823 Over-Allotment Units, generating gross proceeds of approximately $10.7 million, and incurred additional offering costs of approximately $576,000 in underwriting fees (net of reimbursement of offering costs of approximately $14,000 from the underwriters and inclusive of approximately $375,000 in deferred underwriting fees). Each Unit consists of one share of Class A common stock, and one-half of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $ 11.50 per share, subject to adjustment (see Note 7).

Related Party Transactions	3 Months Ended	6 Months Ended	12 Months Ended
Related Party Transactions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Related Party Transactions			Note 9—Related Party Transactions Transition Services Agreement and Strategic Cooperation Agreement with Sumitomo Concurrently with the Sumitomo Transaction Agreement, (i) RSL, Sumitomo and Sumitovant entered into a transition services agreement, whereby each of the parties thereto agreed to provide certain services to one another at cost for a period of time following the Sumitomo Closing Date and (ii) RSL and Sumitomo entered into a strategic cooperation agreement relating to certain ongoing technology-related collaborations between the parties. Pursuant to the terms of the transition services agreement and strategic cooperation agreement, RSL billed Sumitovant $1.4 million and $0.2 million, net of amounts billed by Sumitovant to RSL, respectively, during the years ended March 31, 2021 and 2020 for costs incurred on behalf of Sumitovant, which were recorded as offsets to the general and administrative expenses initially charged. Additionally, during the years ended March 31, 2021 and 2020, the Company paid Sumitomo a $1.0 million access fee pursuant to the strategic cooperation agreement.
Montes Archimedes Acquisition Corp.
Related Party Transactions	Note 4—Related Party Transactions Founder Shares On July 23, 2020, an affiliate of the Sponsor paid an aggregate of $25,000 for certain expenses on behalf of the Company in exchange for issuance of 14,375,000 shares of the Company’s Class B common stock, par value $0.0001 per share (the “Founder Shares”), with such shares subsequently transferred to the Sponsor. On October 6, 2020, the Sponsor surrendered 2,875,000 shares of Class B common stock to the Company for no consideration, resulting in a decrease of the Founder Shares from 14,375,000 shares to 11,500,000 shares. All shares and associated amounts have been retroactively restated to reflect the share surrender. The initial stockholders agreed to forfeit up to 1,500,000 Founder Shares to the extent that the over-allotment option is not exercised in full by the underwriters, so that the Founder Shares will represent 20.0% of the Company’s issued and outstanding shares of common stock after the Initial Public Offering. The underwriters exercised their Over-Allotment option in part on November 12, 2020; and the remaining over-allotment expired unexercised on November 20, 2020 resulting in a forfeiture of 1,232,044 shares of Class B common stock. The Initial Stockholders agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination; (x) if the last reported sale price of Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination; or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the stockholders having the right to exchange their common stock for cash, securities or other property. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 10,000,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of $10.0 million. Simultaneously with the closing of the Over-allotment on November 12, 2020, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 214,365 Private Placement Warrants by the Sponsor, generating gross proceeds to the Company of approximately $214,000. Each whole Private Placement Warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share, subject to adjustment. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable for cash (except as described below) and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The Sponsor agreed, subject to limited exceptions, not to transfer, assign or sell the Private Placement Warrants until 30 days after the completion of the initial Business Combination. Related Party Loans On July 23, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. As of September 30, 2020, the Company borrowed $200,000 under the Note. The Note was fully repaid on October 9, 2020. In addition, in order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans could be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. To date, the Company had no borrowings under the Working Capital Loans. Administrative Services Agreement The Company entered into an agreement that will provide that, commencing on October 7, 2020 through the earlier of consummation of the Business Combination and the liquidation, the Company will pay an affiliate of the Sponsor $10,000 per month for office space and administrative support services. For the three months ended March 31, 2021, the Company incurred approximately $30,000 within General and administrative expenses – related party. As of March 31, 2021 there was $0 in accounts payable – related party outstanding, as reflected in the accompanying unaudited condensed balance sheets.	Note 5—Related Party Transactions *Founder Shares* On July 23, 2020, an affiliate of the Sponsor paid an aggregate of $25,000 for certain expenses on behalf of the Company in exchange for issuance of 14,375,000 shares of the Company’s Class B common stock, par value $0.0001 per share (the “Founder Shares”), with such shares subsequently transferred to the Sponsor. On October 6, 2020, the Sponsor surrendered 2,875,000 shares of Class B common stock to the Company for no consideration, resulting in a decrease of the Founder Shares from 14,375,000 shares to 11,500,000 shares. All shares and associated amounts have been retroactively restated to reflect the share surrender. The initial stockholders agreed to forfeit up to 1,500,000 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters, so that the Founder Shares will represent 20.0% of the Company’s issued and outstanding shares of common stock after the Initial Public Offering. The underwriters partially exercised their over-allotment option in part on November 12, 2020; and the remaining over-allotment expired unexercised on November 20, 2020 resulting in the forfeiture of 1,232,044 share of Class B common stock. At December 31, 2020, there were 10,267,956 shares of Class B common stock outstanding, none subject to forfeiture. The Initial Stockholders agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination; (x) if the last reported sale price of Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination; or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the stockholders having the right to exchange their common stock for cash, securities or other property. *Private Placement Warrants* Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 10,000,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant to the Sponsor, generating proceeds of $10.0 million. Simultaneously with the closing of the Over-allotment on November 12, 2020, the Company consummated the second closing of the Private Placement, resulting in the purchase of an aggregate of an additional 214,365 Private Placement Warrants by the Sponsor, generating gross proceeds to the Company of approximately $214,000. The excess of fair value of the Private Placement Warrants of $5.1 million has been recognized as financing costs—derivative warrant liabilities. Each whole Private Placement Warrant is exercisable for one whole share of Class A common stock at a price of $ 11.50 per share, subject to adjustment. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable for cash (except as described below) and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The Sponsor agreed, subject to limited exceptions, not to transfer, assign or sell the Private Placement Warrants until 30 days after the completion of the initial Business Combination. *Related Party Loans* On July 23, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable upon the completion of the Initial Public Offering. The Company borrowed $200,000 under the Note and fully repaid on October 9, 2020. In addition, in order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans could be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $ 1.00 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of December 31, 2020, the Company had no borrowings under the Working Capital Loans. *Administrative Services Agreement* Commencing October 7, 2020 through the earlier of consummation of the initial Business Combination and the liquidation, the Company has agreed to pay the Sponsor a total of $10,000 per month for office space, utilities, secretarial and administrative support services. The Company incurred and paid $28,065 for such services for the period from October 7, 2020 through December 31, 2020.

Commitments & Contingencies	3 Months Ended	6 Months Ended	12 Months Ended
Commitments & Contingencies	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Commitments & Contingencies			Note 14—Commitments and Contingencies (A) Significant Agreements The Company, primarily through its subsidiaries has entered into commitments under various asset acquisition and license agreements including those described in Note 4, “Asset Acquisitions and License Agreements.” Additionally, the Company through its subsidiaries enters into agreements with contract service providers to assist in the performance of its R&D 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. (B) Loss Contingencies The Company may be, from time to time, a party to various disputes and claims arising from normal business activities. The Company accrues for loss contingencies when available information indicates that it is probable that a liability has been incurred and the amount of such loss can be reasonably estimated, and if the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the litigation or claim, including an estimable range, if possible. The Company is currently not involved in any legal proceedings with a probable and estimable material loss. (C) Intellectual Property Agreements As of March 31, 2021, the Company did not have any ongoing material financial commitments, other than pursuant to various asset acquisition and license agreements including those described in Note 4, “Asset Acquisitions and License Agreements.” (D) COVID-19 Pandemic The Company has been actively monitoring the impact of the COVID-19 pandemic on its employees and business. Based on guidance issued by federal, state and local authorities, the Company transitioned to a remote work model for its employees in March 2020 and its workforce continues to primarily work remotely. The COVID-19 pandemic has had a variable impact on clinical trials by disrupting certain study sites. In the conduct of business activities, the Company continues to take actions designed to protect the safety and well-being of its patients and employees. Although some of the Company’s clinical development timelines have been impacted by delays related to the COVID-19 pandemic, the Company has not experienced material financial impacts on its business and operations as a result of the COVID-19 pandemic. However, the impact on the Company’s future results will largely depend on future developments related to COVID-19, which are highly uncertain and cannot be predicted with confidence, such as the emergence of new variants, the ultimate duration and spread of the outbreak, the continuing impact of the COVID-19 pandemic on financial markets and the global economy, travel restrictions and social distancing in the United States and other countries, business closures or business disruptions and the effectiveness of actions taken in the United States and other countries to contain, treat, and prevent the disease, including the availability and effectiveness of vaccines.
Montes Archimedes Acquisition Corp.
Commitments & Contingencies	Note 5—Commitments & Contingencies Registration and Stockholder Rights The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) are entitled to registration rights pursuant to the registration rights agreement. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters were entitled to an underwriting discount of $0.20 per unit, or $8.0 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $14.0 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. The underwriters agreed to make a payment to the Company in an amount of 0.13% of the gross proceeds of the Initial Public Offering, or $520,000, to reimburse certain of offering expenses. The Company received such reimbursement on October 27, 2020. Upon closing of the Over-allotment on November 12, 2020, the underwriters received approximately $214,000 in fees paid upfront and eligible for an additional deferred underwriting commissions of approximately $375,000. In addition, the underwriters agreed to make an addition payment to the Company in an amount of 0.13% of the gross proceeds of the Over-allotment, or approximately $14,000, to reimburse certain of offering expenses. As of March 31, 2021, there was no outstanding balance.	Note 6—Commitments and Contingencies *Registration Rights* The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) are entitled to registration rights pursuant to the registration rights agreement. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. *Underwriting Agreement* The underwriters were entitled to an underwriting discount of $0.20 per unit, or $8.0 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $14.0 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. The underwriters agreed to make a payment to the Company in an amount of 0.13% of the gross proceeds of the Initial Public Offering, or $520,000, to reimburse certain of offering expenses. The Company received such reimbursement on October 27, 2020. Upon closing of the Over-allotment on November 12, 2020, the underwriters received approximately $214,000 in fees paid upfront and eligible for an additional deferred underwriting commissions of approximately $375,000. In addition, the underwriters agreed to make an addition payment to the Company in an amount of 0.13% of the gross proceeds of the Over-allotment, or approximately $14,000, to reimburse certain of offering expenses. As of December 31, 2020, approximately $5,000 remained unpaid.

Derivative Warrant Liabilities

6 Months Ended

Dec. 31, 2020

Montes Archimedes Acquisition Corp.

Derivative Warrant Liabilities

Note 7—Derivative Warrant Liabilities

Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or holders are permitted to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement as a result of (i) the Company’s failure to have an effective registration statement by the 60th business day after the closing of the initial Business Combination or (ii) a notice of redemption described below under “Redemption of warrants when the price per Class A common stock equals or exceeds $10.00”). If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

The Company is not registering the shares of Class A common stock issuable upon exercise of the warrants at this time. However, the Company has agreed that as soon as practicable, but in no event later than twenty business days after the closing of the initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC and have an effective registration statement covering the shares of Class A common stock issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. If a registration statement covering the Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a) (9) of the Securities Act or another exemption.

The warrants will have an exercise price of $ 11.50 per share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. If (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company and, (i) in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance, and (ii) to the extent that such issuance is made to the Sponsor or its affiliates, without taking into account the transfer of Founder Shares or Private Placement Warrants (including if such transfer is effectuated as a surrender to the Company and subsequent reissuance by the Company) by the Sponsor in connection with such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the completion of the initial Business Combination (net of redemptions), and (z) the volume-weighted average trading price of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company completes its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described under “Redemption of warrants when the price per Class A common stock equals or exceeds $18.00” and “Redemption of warrants when the price per Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.

The Private Placement Warrants will be identical to the Public Warrants, except that the Private Placement Warrants (including the Class A common stock issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination and they will not be redeemable by the Company so long as they are held by the Sponsor or its permitted transferees.

Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00.

Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash (except as described herein with respect to the Private Placement Warrants):

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon a minimum of 30 days’ prior written notice of redemption; and

•

if, and only if, the last reported sale price of Class A common stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like.

However, in this case, the Company will not redeem the warrants unless an effective registration statement under the Securities Act covering the Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption period. Any such exercise would not be on a “cashless” basis and would require the exercising warrant holder to pay the exercise price for each warrant being exercised.

Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00.

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):

•

in whole and not in part;

•

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of the Shares of Class A common stock; and

•

if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like); and

•

if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), the Private Placement Warrants must also concurrently be called for redemption on the same terms (except as described herein with respect to a holder’s ability to cashless exercise its warrants) as the outstanding Public Warrants, as described above.

The “fair market value” of Class A common stock shall mean the volume-weighted average price of Class A common stock for the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 shares of Class A common stock per warrant (subject to adjustment).

In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Shareholders' Equity and Redeemable Noncontrolling Interest

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2021

Shareholders' Equity and Redeemable Noncontrolling Interest

Note 10—Shareholders’ Equity and Redeemable Noncontrolling Interest

(A) Sumitomo Transaction Agreement and Roivant Equity Repurchase

In December 2019, RSL and Sumitomo completed the transactions contemplated by the Sumitomo Transaction Agreement; see Note 5, “Sumitomo Transaction Agreement.” Pursuant to the Sumitomo Transaction Agreement, RSL issued 26,952,143 common shares to Sumitomo at closing at a price per share of $37.10 for allocated net proceeds of approximately $999.2 million, after offering expenses incurred. In connection with the Sumitomo Closing Date, RSL’s board of directors approved a repurchase of up to $1.0 billion of the Company’s equity securities using the proceeds received from Sumitomo.

In February 2020, the Company launched one-time offers to purchase up to $1.0 billion of issued and outstanding equity securities of the Company (the “Roivant Equity Repurchase”). The offers included (i) an offer to repurchase up to approximately 11.23% of the common stock held by each holder (and its affiliates) of the Company’s common stock as of December 26, 2019, at a price per share of $37.10 representing fair value of the common stock, (ii) an offer to purchase vested stock options whose fair market value (as determined as of December 27, 2019) was less than or equal to the fair market value of approximately 11.23% of the earliest-granted of such holder’s outstanding vested and unvested stock options, at a purchase price equal to such vested option’s fair market value, and (iii) an offer to holders of performance restricted stock units (“pRSUs”) to surrender 100% of their existing pRSUs in exchange for newly issued performance stock options and capped value appreciation rights. The offer to the holders of pRSUs included an offer by the Company to immediately purchase approximately 11.23% of the newly issued performance stock options and capped value appreciation rights for cash. The Company additionally entered into an agreement with the Company’s Founder to repurchase a portion of his common stock held and exchange his pRSUs for performance stock options and capped value appreciation rights. A summary of payments made during the year ended March 31, 2020 relating to the purchase of equity securities by the Company is as follows (in thousands):


	Cash Payment
Common stock	$	950,722
Other equity instruments		39,292

Total cash paid	$	990,014

(B) Consolidated Vant Equity Transactions

Cytovant Sciences HK Limited

In March 2020, Cytovant Sciences HK Limited (“Cytovant”), a subsidiary of the Company, issued and sold 20,085,301 Series A-1 preference shares at a purchase price of $1.17 per share to third party investors for aggregate net proceeds of $22.5 million after deducting offering costs. The preferred stock is convertible into ordinary shares of Cytovant at any time at the option of the investor, or automatically upon a qualified initial public offering (“Qualified IPO”) as defined in the subscription agreement. If a Qualified IPO is not completed within five years of the initial investment, Series A preference shareholders can force a sale or liquidation of Cytovant. As such events are not within the control of the Company, the Series A-1 preference shares are classified as redeemable noncontrolling interest in the accompanying consolidated balance sheets and consolidated statements of shareholders’ equity and redeemable noncontrolling interest. No dividends shall accrue or be payable on the convertible and redeemable preferred stock unless otherwise determined by the board of directors of Cytovant. The Company did not accrete changes in the redemption value as of March 31, 2021 as the Company considers the events leading to a redemption of the convertible and redeemable preferred stock as not probable.

Immunovant

In September 2019, Immunovant Sciences Ltd. (“ISL”) entered into a share exchange agreement (the “Share Exchange Agreement”) with Health Sciences Acquisitions Corporation (“HSAC”), and in December 2019, ISL and HSAC completed the transactions contemplated by the Share Exchange Agreement (the “Business Combination”). At closing, HSAC acquired 100% of the issued and outstanding common shares of ISL in exchange for 42,080,376 shares of HSAC’s common stock issued to HSAC, ISL, and the shareholders of ISL (together, the “Sellers”) and 10,000 shares of HSAC Series A preferred shares issued to RSL. Additionally, as part of its initial public offering in May 2019, HSAC issued common stock warrants, which are classified in equity. Upon completion of the Business Combination, 11,500,000 warrants were outstanding for the purchase of one-half of one share of common stock (an aggregate of 5,750,000 common shares) at a price of $11.50 per whole share. Upon closing, ISL became a wholly owned subsidiary of HSAC and HSAC was renamed “Immunovant, Inc.” The Business Combination was accounted for as a reverse recapitalization and HSAC was treated as the “acquired” company for accounting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of ISL issuing equity for the net assets of HSAC, accompanied by a recapitalization. Immunovant, Inc. received $111.0 million in cash as a result of the Business Combination, consisting of the funds held in HSAC’s trust account. The proceeds included $5.1 million related to common shares purchased by RSL.

The sellers were entitled to receive an additional 20,000,000 shares of Immunovant, Inc.’s common stock (the “Earnout Shares”) if the volume-weighted average price of Immunovant, Inc.’s shares equaled or exceeded the following prices for any 20 trading days within any 30 trading-day period (the “Trading Period”) following the closing of the Business Combination:

(i) during any Trading Period prior to March 31, 2023, 10,000,000 Earnout Shares upon the achievement of a volume-weighted average price of at least $17.50 per share; and

(ii) during any Trading Period prior to March 31, 2025, 10,000,000 Earnout Shares upon the achievement of a volume-weighted average price of at least $31.50 per share.

In May 2020 and September 2020, Immunovant, Inc. achieved the first earnout milestone and second earnout milestone, respectively, under the Share Exchange Agreement and, as a result, all of the 20,000,000 earnout shares of Immunovant, Inc.’s common stock were issued to former stockholders of ISL, including 17,547,938 shares of common stock issued to RSL. In addition, upon the achievement of the first earnout milestone and second earnout milestone and pursuant to the restricted stock agreement entered into between HSAC and Health Sciences Holdings, LLC (the “Sponsor”), all of the 1,800,000 shares of the Sponsor’s restricted shares vested and are no longer subject to forfeiture.

Immediately prior to the closing of the Business Combination, as described above, ISL’s convertible promissory notes were automatically converted into an aggregate of 7,156,495 common shares of ISL, which were then exchanged for an aggregate of 3,499,995 shares of Immunovant, Inc. common stock upon the closing of transactions contemplated by the Share Exchange Agreement. The conversion of ISL’s convertible promissory notes resulted in an increase to equity by $35.6 million, the carrying amount of the convertible promissory notes. The conversion included a convertible promissory note held by RSL for $2.5 million.

In April 2020, Immunovant, Inc. completed an underwritten public offering of 9,613,365 shares of its common stock, including 1,034,483 shares of common stock purchased by RSL, at a price of $14.50 per share for net proceeds to Immunovant, Inc. of approximately $131.0 million, after deducting underwriting discounts and commissions and offering expenses. The proceeds included $15.0 million received from RSL.

In May 2020, Immunovant, Inc.’s 11,500,000 outstanding warrants became exercisable for an aggregate of 5,750,000 shares of Immunovant, Inc.’s common stock at a price of $11.50 per share. An aggregate of 11,438,290 outstanding warrants were exercised for an aggregate of 5,719,145 shares of Immunovant, Inc.’s common stock at a price of $11.50 per share, for net proceeds of approximately $65.8 million. The remaining 61,710 warrants were cancelled.

In September 2020, Immunovant, Inc. completed an underwritten public offering of 6,060,606 shares of its common stock, including 380,000 shares of common stock purchased by RSL, at a price of $33.00 per share for net proceeds to Immunovant, Inc. of approximately $188.1 million, after deducting underwriting discounts and commissions and offering expenses. The proceeds included $12.5 million received from RSL.

Sinovant

Sinovant, a subsidiary of the Company, previously issued and sold preferred stock convertible into ordinary shares of Sinovant at any time at the option of the investors or automatically upon a qualified initial public offering (“Qualified IPO”) as defined in the subscription agreement relating to the sale of the preferred stock. The convertible preferred stock was redeemable at the option of the investor if a Qualified IPO was not completed within five years of the initial investment and was payable in cash equal to the investment amount plus an annualized return of 12%. As such events are not within the control of the Company, the preferred stock was previously classified as redeemable noncontrolling interest in the accompanying consolidated balance sheets and consolidated statements of shareholders’ equity and redeemable noncontrolling interest. No dividends accrued or were payable on the convertible preferred stock. In January 2020, Sinovant’s parent company, Roivant China Holdings Ltd. (“RCHL”), purchased all preferred stock of Sinovant held by third parties at a purchase price of $12.26 per preferred share for an aggregate purchase price of $132.9 million. Consideration paid in excess of the carrying value for the repurchase of redeemable noncontrolling interest of $77.8 million is considered a deemed dividend. See Note 18, “Earnings per Common Share” for resulting impact to earnings per share.

Montes Archimedes Acquisition Corp.

Shareholders' Equity and Redeemable Noncontrolling Interest

Note 6—Stockholders’ Equity

Preferred Stock—The Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of March 31, 2021, there were no shares of preferred stock issued or outstanding.

Class A Common Stock — The Company is authorized to issue 400,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of March 31, 2021, there were 41,071,823 shares of Class A common stock outstanding, including 36,277,487 shares of Class A common stock subject to possible redemption that were classified as temporary equity in the accompanying balance sheet.

Class B Common Stock — The Company is authorized to issue 40,000,000 shares of Class B common stock with a par value of $0.0001 per share. On July 23, 2020, an affiliate of the Sponsor paid an aggregate of $25,000 for certain expenses on behalf of the Company in exchange for issuance of 14,375,000 shares of Class B common stock, with such shares subsequently transferred to the Sponsor. On October 6, 2020, the Sponsor surrendered 2,875,000 shares of Class B common stock to the Company for no consideration, resulting in a decrease of the outstanding Class B common stock from 14,375,000 shares to 11,500,000 shares. All shares and associated amounts have been retroactively restated to reflect the share surrender. Of these, an aggregate of up to 1,500,000 shares of Class B common stock that are subject to forfeiture to the Company by the initial stockholders for no consideration to the extent that the underwriters’ over-allotment option is not exercised in full or in part, so that the number of Founder Shares will equal 20% of the Company’s issued and outstanding shares of common stock after the Initial Public Offering. The underwriters partially exercised their over-allotment option on November 12, 2020, and the remaining over-allotment expired unexercised on November 20, 2020 resulting in the forfeiture of 1,232,044 Class B common shares. As of March 31, 2021, 10,267,956 shares of Class B common stock were outstanding with no shares subject to forfeiture.

Stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of our Class A common stock and holders of our Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders except as required by law.

The Class B common stock will automatically convert into Class A common stock on the first business day following the completion of the Business Combination at a ratio such that the number of shares of Class A common stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of shares of Class A common stock issued and outstanding upon completion of the Initial Public Offering, plus (ii) the sum of (a) the total number of shares of Class A common stock issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the completion of the Business Combination, excluding any shares of Class A common stock or equity-linked securities exercisable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor upon conversion of Working Capital Loans, minus (b) the number of Public Shares redeemed by Public Stockholders in connection with the initial Business Combination. In no event will the shares of Class B common stock convert into shares of Class A common stock at a rate of less than one to one.

Note 8—Stockholders’ Equity

Class A Common Stock—The Company is authorized to issue 400,000,000 shares of Class A common stock with a par value of $0.0001 per share. As of December 31, 2020, there were 41,071,823 shares of Class A common stock outstanding, including 34,375,578 shares of Class A common stock subject to possible redemption that were classified as temporary equity in the accompanying balance sheet.

Class B Common Stock—The Company is authorized to issue 40,000,000 shares of Class B common stock with a par value of $0.0001 per share. On July 23, 2020, an affiliate of the Sponsor paid an aggregate of $25,000 for certain expenses on behalf of the Company in exchange for issuance of 14,375,000 shares of Class B common stock, with such shares subsequently transferred to the Sponsor. On October 6, 2020, the Sponsor surrendered 2,875,000 shares of Class B common stock to the Company for no consideration, resulting in a decrease of the outstanding Class B common stock from 14,375,000 shares to 11,500,000 shares. All shares and associated amounts have been retroactively restated to reflect the share surrender. Of these, an aggregate of up to 1,500,000 shares of Class B common stock that are subject to forfeiture to the Company by the initial stockholders for no consideration to the extent that the underwriters’ over-allotment option is not exercised in full or in part, so that the number of Founder Shares will equal 20% of the Company’s issued and outstanding shares of common stock after the Initial Public Offering. The underwriters partially exercised their over-allotment option on November 12, 2020, and the remaining over-allotment expired unexercised on November 20, 2020 resulting in the forfeiture of 1,232,044 Class B common shares. As of December 31, 2020, 10,267,956 shares of Class B common stock were outstanding with no shares subject to forfeiture.

The Class B common stock will automatically convert into Class A common stock on the first business day following the completion of the initial Business Combination at a ratio such that the number of shares of Class A common stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of shares of Class A common stock issued and outstanding upon completion of the Initial Public Offering, plus (ii) the sum of (a) the total number of shares of Class A common stock issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the completion of the initial Business Combination, excluding any shares of Class A common stock or equity-linked securities exercisable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor upon conversion of Working Capital Loans, minus (b) the number of Public Shares redeemed by Public Stockholders in connection with the initial Business Combination. In no event will the shares of Class B common stock convert into shares of Class A common stock at a rate of less than one to one.

Preferred Stock—The Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2020, there were no shares of preferred stock issued or outstanding.

Fair Value Measurements

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2021

Fair Value Measurements

Note 15—Fair Value Measurements

Recurring Fair Value Measurements

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and 2020, by level, within the fair value hierarchy (in thousands):


	As of March 31, 2021								As of March 31, 2020
	Level 1		Level 2		Level 3		Balance as of March 31, 2021		Level 1		Level 2		Level 3		Balance as of March 31, 2020
Assets:
Money market funds	$	1,420,597	$	—	$	—	$	1,420,597	$	1,874,662	$	—	$	—	$	1,874,662
Investment in Sio common shares		48,487		—		—		48,487		45,329		—		—		45,329
Investment in Arbutus common shares		53,325		—		—		53,325		16,174		—		—		16,174
Investment in Arbutus convertible preferred shares		—		76,037		—		76,037		—		23,062		—		23,062
Other investments		11,129		—		—		11,129		8,880		—		—		8,880

Total assets at fair value	$	1,533,538	$	76,037	$	—	$	1,609,575	$	1,945,045	$	23,062	$	—	$	1,968,107

Liabilities:
Debt held by Dermavant with NovaQuest	$	—	$	—	$	150,100	$	150,100	$	—	$	—	$	89,100	$	89,100
Liability instruments measured at fair value		—		—		67,893		67,893		—		—		102,373		102,373

Total liabilities at fair value	$	—	$	—	$	217,993	$	217,993	$	—	$	—	$	191,473	$	191,473

There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy that occurred during the years ended March 31, 2021 and 2020.

Level 3 Disclosures

The Company measures its Level 3 liabilities, including debt issued by Dermavant to NovaQuest and the Sumitomo Options, 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 liabilities uses assumptions and estimates the Company believes would be made by a market participant in making the same valuation. The Company assesses these assumptions and estimates on an ongoing basis as additional data impacting the assumptions and estimates are obtained. Changes in the fair value related to updated assumptions and estimates are recorded within the statements of operations at the end of each reporting period.

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

The changes in fair value of the Level 3 liabilities during the years ended March 31, 2021 and 2020 were as follows (in thousands):


Balance at March 31, 2019	$	103,628
Issuance of liability instruments measured at fair value		101,567
Changes in fair value of debt and liability instruments, included in net loss		(13,722	)

Balance at March 31, 2020		191,473
Changes in fair value of debt and liability instruments, included in net loss		29,845
Liability instruments disposed due to deconsolidation of subsidiary		(3,325	)

Balance at March 31, 2021	$	217,993

Debt issued by Dermavant to NovaQuest

The fair value of the debt instrument as of March 31, 2021 and 2020 represents the fair value of amounts payable to NovaQuest using a Monte Carlo simulation model under the income approach determined by using probability assessments of the expected future payments through 2032 and applying discount rates ranging from 6% to 17%. The future payments are based on significant inputs that are not observable in the market which are subject to remeasurement at each reporting date. The estimates of fair value may not be indicative of the amounts that could ultimately be paid by Dermavant to NovaQuest.

Sumitomo Options

The fair value of the options to acquire the Company’s interest in Dermavant, Genevant, Lysovant, Metavant, Cytovant Parent, and Sinovant (collectively, the “Option Vants”) granted to Sumitomo under the Sumitomo Transaction Agreement as of March 31, 2021 and 2020 was calculated using significant unobservable inputs including the following:


	Range or Point Estimate Used
Input	As of March 31, 2021	As of March 31, 2020
Time to expiration (in years)	3.59	0.49 - 4.59
Risk-free rate	0.52%	0.15% - 0.35%
Volatility	89.0% - 95.0%	91.0% - 110.0%

As of March 31, 2021 and 2020, the fair value of the Sumitomo Options was $62.4 million and $95.9 million, respectively. Sumitomo Options are included in “Liability instruments measured at fair value” in the accompanying consolidated balance sheets.

In June 2021, the Company completed a transaction with Sumitomo pursuant to which Sumitomo terminated all of its existing options to acquire the Company’s equity interests in certain subsidiaries. See Note 19, “Subsequent Events” for additional information.

Montes Archimedes Acquisition Corp.

Fair Value Measurements

Note 8—Fair Value Measurements

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.


	Fair Value Measured as of March 31, 2021
Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investment held in Trust Account
U.S. Treasury securties maturing on April 8, 2021	$	410,790,002	$	—	$	—
Cash		994		—		—
Liabilities:
Derivative warrant liabilities—public warrants		17,455,520		—		—
Derivative warrant liabilities—private warrants		—		—		8,682,210

Total Fair Value	$	428,246,515	$	—	$	8,682,210

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 by level within the fair value hierarchy:


	Fair Value Measured as of December 31, 2020
Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investment held in Trust Account
U.S. Treasury securties maturing on April 8, 2021	$	410,803,122	$	—	$	—
Cash		289		—		—
Liabilities:
Derivative warrant liabilities—public warrants		32,652,100		—		—
Derivative warrant liabilities—private warrants		—		—		16,445,130

Total Fair Value	$	443,455,511	$	—	$	16,445,130

Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement as of December 2020 as the Public Warrants were separately listed and traded beginning in November 2020. The amount transferred to Level 1 was $30.2 million. There were no transfers between levels for the three months ended March 31, 2021.

The fair value of the Public Warrants (if not market observed) and Private Placement Warrants is estimated using a Binomial Lattice in a risk-neutral framework. Specifically, the future stock price of the Company is modeled assuming a Geometric Brownian Motion in a risk-neutral framework. For each modeled future price, the Warrant payoff is calculated based on the contractual terms (incorporating any optimal early exercise / redemption), and then discounted at the term-matched risk-free rate. The value of the Warrants is calculated as the probability-weighted present value over all future modeled payoffs with changes in fair value recognized in the statement of operations. For the three months ended March 31, 2021, the Company recognized change in the fair value of warrant liabilities of approximately $22,959,500 presented on the accompanying statement of operations.

The change in the fair value of the level 3 derivative warrant liabilities for three months ended March 31, 2021 is summarized as follows:


Derivative warrant liabilities at December 31, 2020	$	16,445,130
Change in fair value of derivative warrant liabilities		(7,762,920	)

Derivative warrant liabilities at March 31, 2021	$	8,682,210

The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:


	As of March 31, 2021
Exercise price	$	11.50
Stock Price	$	9.78
Volatility		14.9	%
Risk-free rate		1.01	%
Dividend yield		0.0	%

Note 9—Fair Value Measurements

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.


Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash and Marketable Securities held in Trust Accounting:
U.S. Treasury securities maturing on April 8, 2021	$	410,803,122	$	—	$	—
Cash	$	289		—		—

	$	410,803,411	$	—	$	—

Liabilities:

Derivative warrant liabilities	$	32,652,100	$	—	$	16,445,130

Transfers to/from Levels 1. 2. and 3 are recognized at the end of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement as of December 2020 as the Public Warrants were separately listed and traded beginning in November 2020. The amount transferred to Level 1 was $30.2 million.

Level 1 instruments include investments in mutual funds invested in government securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:


	As of October 9, 2020
Volatility		22.5	%
Expected date of Business Combination		Mar-21
Risk-free rate		0.39	%
Dividend yield		0.0	%

The change in the fair value of the derivative warrant liabilities for the period from July 6, 2020 (inception) through December 31, 2020 is summarized as follows:


Derivative warrant liabilities at July 6, 2020 (inception)	$	—
Issuance of Public and Private Placement Warrants		45,509,340
Change in fair value of derivative warrant liabilities		3,587,890

Derivative warrant liabilities at December 31, 2020	$	49,097,230

- 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 + Details

Income Taxes

6 Months Ended

12 Months Ended

Dec. 31, 2020

Mar. 31, 2021

Income Taxes

Note 12—Income Taxes

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


	Years Ended March 31,
	2021			2020
Loss before income taxes:
United States	$	(212,921	)	$	(69,264	)
Switzerland		(424,494	)		(355,422	)
Bermuda		(227,471	)		(105,604	)
Other⁽¹⁾		(33,661	)		(30,696	)

Total loss before income taxes	$	(898,547	)	$	(560,986	)

⁽¹⁾	Primarily Greater China and United Kingdom activity


	Years Ended March 31,
	2021		2020
Current taxes:
United States	$	1,365	$	6,327
Switzerland		—		—
Bermuda		—		—
Other⁽¹⁾		321		797

Total current tax expense	$	1,686	$	7,124

Deferred taxes:
United States	$	—	$	—
Switzerland		—		—
Bermuda		—		—
Other⁽¹⁾		—		—

Total deferred tax benefit	$	—	$	—

Total income tax expense	$	1,686	$	7,124

⁽¹⁾	Primarily Greater China, United States state and local and United Kingdom activity

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


	Year Ended March 31, 2021					Year Ended March 31, 2020
Income tax benefit at Bermuda statutory rate	$	—		—	%	$	—		—	%
Foreign rate differential⁽¹⁾		(150,778	)	16.78	%		(74,922	)	13.36	%
Permanent disallowed IPR&D		111,432		(12.40	)%		—		—	%
Nondeductible changes in the fair value of investments and loss from equity method investment		(22,472	)	2.50	%		20,840		(3.72	)%
Nontaxable (loss) gain on deconsolidation of business		(16,438	)	1.83	%		29,041		(5.18	)%
Permanent adjustments		2,923		(0.33	)%		(20,395	)	3.64	%
R&D tax credits		(10,555	)	1.17	%		(5,990	)	1.07	%
Rate changes		2,443		(0.27	)%		(29,238	)	5.21	%
Valuation allowance		85,046		(9.46	)%		87,677		(15.63	)%
Other		85		(0.01	)%		111		(0.02	)%

Total income tax expense	$	1,686		(0.19	)%	$	7,124		(1.27	)%

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

The Company’s effective tax rates were (0.19)% and (1.27)% for the years ended March 31, 2021 and 2020, respectively, driven by the Company’s jurisdictional earnings by location and a valuation allowance that eliminates the Company’s global net deferred tax assets.

Deferred taxes reflect the tax effects of the differences between the amounts recorded as assets and liabilities for financial reporting purposes and the comparable amounts recorded for income tax purposes. Significant components of the deferred tax assets (liabilities) at March 31, 2021 and 2020 are as follows (in thousands):


	March 31, 2021			March 31, 2020
Deferred tax assets
Research tax credits	$	19,063		$	6,303
Intangible assets		50,564			43,626
Net operating loss		202,906			116,619
Share-based compensation		26,623			18,413
Lease liabilities		16,638			17,194
Other		7,303			7,060

Subtotal		323,097			209,215
Valuation allowance		(303,287	)		(187,831	)

Deferred tax liabilities
Depreciation		(1,214	)		(1,833	)
Right-of-use assets		(13,908	)		(15,409	)
Other		(4,688	)		(4,142	)

Total deferred tax assets (liabilities)	$	—		$	—

The Company has Federal net operating losses in Switzerland, the United States, the United Kingdom and other jurisdictions in the amount of $1,181.1 million, $122.2 million, $28.6 million, and $75.8 million, respectively. The Switzerland net operating losses will expire in varying amounts between March 31, 2025 and March 31, 2028. The United States net operating losses can be carried forward indefinitely with utilization limited to 80% of future taxable income for tax years beginning on or after January 1, 2021, while the United Kingdom and other net operating losses can be carried forward indefinitely as well, with an annual limitation on utilization. The Company has generated net operating losses from United States state and local jurisdictions in the amount of $69.7 million which will expire in varying amounts between March 31, 2035 and March 31, 2041. The Company has generated $19.1 million of research tax credit carryforwards primarily in the United States, which will expire in varying amounts between March 31, 2035 and March 31, 2041.

The Company assesses the realizability of the deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and record a valuation allowance as necessary. Due to the Company’s cumulative loss position which provides significant negative evidence difficult to overcome, the Company has recorded a valuation allowance of $303.3 million as of March 31, 2021, representing the portion of the deferred tax asset that is not more likely than not to be realized. The amount of the deferred tax asset considered realizable could be adjusted for future factors that would impact the assessment of the objective and subjective evidence of the Company. For the period April 1, 2020 through March 31, 2021, the valuation allowance increased by $115.5 million primarily as a result of corresponding increases in our global net operating losses, as well as our Research Tax Credits. For the period April 1, 2019 through March 31, 2020, the valuation allowance decreased by $168.0 million primarily as a result of the Sumitomo Transaction and the deconsolidation of Sio. The Company will continue to assess the realizability of deferred tax assets at each balance sheet date in order to determine the amount, if any, required for a valuation allowance.

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

The Company is subject to tax and is required to file United States, United Kingdom, and Switzerland federal income tax returns, as well as income tax returns in various state, local, and foreign jurisdictions. The Company is subject to tax examinations for tax years ended March 31, 2018 and forward in major taxing jurisdictions. Tax audits and examinations can involve complex issues, interpretations and judgments. The resolution of matters may span multiple years particularly if subject to litigation or negotiation. The Company believes it has appropriately recorded its tax position using reasonable estimates and assumptions, however, the potential tax benefits may impact the results of operations or cash flows in the period of resolution, settlement or when the statutes of limitations expire. There are no unrecognized tax benefits recorded as of March 31, 2021 and 2020.

Montes Archimedes Acquisition Corp.

Income Taxes

Note 10—Income Taxes

The Company does not currently have taxable income but will generate taxable income in the future primarily consisting of interest income earned on the Trust Account. The Company’s general and administrative costs are generally considered start-up costs and are not currently deductible. The income tax provision (benefit) consists of the following:


	For the Period from July 6, 2020 (inception) through December 31, 2020
Current		—
Federal	$	16,709
State		—
Deferred
Federal		94,345
State
Valuation on allowance		(94,345	)

Income tax provision	$	16,709

The Company’s net deferred tax assets are as follows:


	December 31, 2020
Deferred tax assets:
Start-up/Organization costs	$	95,524

Total deferred tax assets		95,524

Valuation allowance		(94,345	)

Deferred tax asset, net of allowance	$	1,179
Deferred tax liabilities:
Unrealized gain on marketable securities held in the Trust Account	$	(1,179	)

Total deferred tax liabilities		(1,179	)

Net Deferred tax assets/(liabilities), net of valuation allowance	$	—

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance.

A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate (benefit) is as follows:


	For the Period from July 6, 2020 (inception) through December 31, 2020
Statutory Federal income tax rate		21.0	%
Change in fair value of derivative warrant liabilities		(7.0	)
Financing Cost		(13.3	)
Change in Valuation Allowance		(0.9	)%
Income Taxes Benefit		(0.2	)%

There were no unrecognized tax benefits as of December 31, 2020. No amounts were accrued for the payment of interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Subsequent Events	3 Months Ended	6 Months Ended	12 Months Ended
Subsequent Events	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Subsequent Events			Note 19—Subsequent Events The Company has evaluated subsequent events for appropriate disclosures through June 30, 2021, the date that the consolidated financial statements were available to be issued. All subsequent events requiring recognition as of March 31, 2021 have been incorporated in these financial statements. *Option Vants Transaction* On May 1, 2021, the Company entered into an Asset Purchase Agreement with Sumitomo and its subsidiary Sumitomo Pharmaceuticals (Suzhou) Co., Ltd. (“SPC”) (the “Asset Purchase Agreement”). The transactions contemplated by the Asset Purchase Agreement closed in June 2021. Pursuant to the Asset Purchase Agreement: (i) Sumitomo terminated all of its existing options to acquire the Company’s equity interests in the Option Vants; (ii) the Company transferred and assigned to SPC all of its intellectual property, development and commercialization rights for (a) lefamulin in Mainland China, Taiwan, Hong Kong, and Macau (collectively “Greater China”), (b) vibegron in Mainland China, (c) rodatristat ethyl in Greater China and South Korea and (d) RVT-802 in Greater China and South Korea; (iii) we will receive a $5.0 million cash payment; and (iv) Sumitomo entered into an agreement with the Company to pursue future collaborations with Genevant. *Dermavant* On May 14, 2021, Dermavant entered into a $160.0 million revenue interest purchase and sale agreement (the “RIPSA”) for its investigational product tapinarof with three institutional investors. Under the terms of the RIPSA, the participants purchased a capped single-digit revenue interest in net sales of tapinarof for all dermatological indications in the United States in exchange for $160.0 million in committed funding to be paid to Dermavant, subject to approval of tapinarof by the FDA. Dermavant concurrently entered into a $40.0 million senior secured credit facility (the “Credit Facility”) with one of the institutional investors. The Credit Facility has a five-year maturity and bears an interest rate of 10% per annum. In connection with the funding of the Credit Facility, Dermavant issued to the institutional investor a warrant to purchase 1,199,072 common shares of Dermavant at an exercise price of $0.01 per common share. The proceeds from the Credit Facility were used to repay all amounts outstanding under the loan and security agreement with Hercules, with the remainder of net proceeds used for working capital and general corporate purposes. The Company reclassified $3.1 million on the consolidated balance sheets as of March 31, 2021 from current to long-term given that Dermavant had the intent and ability to refinance the short-term obligation on a long-term basis after March 31, 2021 and before the financial statements were issued. *Datavant* In June 2021, Datavant and CIOX Health, LLC entered into a definitive agreement to merge the two companies. The merger is subject to regulatory approvals and is expected to close in the third quarter of 2021.
Montes Archimedes Acquisition Corp.
Subsequent Events	Note 9—Subsequent Events Management has evaluated subsequent events and transactions that occurred after the balance sheet date through the date the balance sheet was available for issuance. Based on this evaluation, the Company identified the following subsequent events for disclosure. On May 1, 2021, the Company entered into a business combination agreement (the “Business Combination Agreement”) with Roivant Sciences Ltd., a Bermuda exempted limited company (“Roivant”), and Rhine Merger Sub, Inc., a Delaware corporation (“Merger Sub”). The Business Combination Agreement and the transactions contemplated thereby (collectively, the “Business Combination”) were approved by the boards of directors of each of MAAC, Roivant and Merger Sub, the requisite shareholders of Roivant and Roivant in its capacity as the sole stockholder of Merger Sub. The Business Combination is expected to close (the “Closing”) in the third quarter of 2021, subject to the required approvals by MAAC’s stockholders and the fulfillment of other closing conditions.	Note 11—Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring through March 22, 2021, the date the financial statements were available for issuance, require potential adjustment to or disclosure in the financial statements and has concluded that all such events that would require recognition or disclosure have been recognized or disclosed.

Warrants

3 Months Ended

Mar. 31, 2021

Montes Archimedes Acquisition Corp.

Warrants

Note 7—Warrants

The warrants will have an exercise price of $11.50 per share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. If (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company and, (i) in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance, and (ii) to the extent that such issuance is made to the Sponsor or its affiliates, without taking into account the transfer of Founder Shares or Private Placement Warrants (including if such transfer is effectuated as a surrender to the Company and subsequent reissuance by the Company) by the Sponsor in connection with such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the completion of the initial Business Combination (net of redemptions), and (z) the volume-weighted average trading price of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company completes its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described under “Redemption of warrants when the price per Class A common stock equals or exceeds $18.00” and “Redemption of warrants when the price per Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.

Redemption of warrants when the price per share of our Class A common stock equals or exceeds $18.00:

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon a minimum of 30 days’ prior written notice of redemption; and

•

Redemption of warrants when the price per share of our Class A common stock equals or exceeds $10.00

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):

•

in whole and not in part;

•

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption, provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A common stock;

•

Description of Business and Liquidity	12 Months Ended
Description of Business and Liquidity	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Liquidity	Note 1—Description of Business and Liquidity (A) Description of Business Roivant Sciences Ltd., inclusive of its consolidated subsidiaries (the “Company” or “RSL”), aims to improve health by rapidly delivering innovative medicines and technologies to patients. The Company does this by building biotech and healthcare technology companies (“Vants”) and deploying technology to drive greater efficiency in research and development and commercialization. In addition to biopharmaceutical subsidiaries, the Company also builds technology Vants focused on improving the process of developing and commercializing medicines. The Company was founded on April 7, 2014 as a Bermuda exempted limited company. The Company has determined that it has one operating and reporting segment as it allocates resources and assesses financial performance on a consolidated basis. The Company’s subsidiaries are wholly owned subsidiaries and majority-owned or controlled subsidiaries. Refer to Note 3, “Investments” for further discussion of the Company’s investments in unconsolidated entities. (B) Liquidity The Company has incurred significant losses and negative cash flows from operations since its inception. As of March 31, 2021, the Company had cash and cash equivalents of approximately $2.1 billion and its accumulated deficit was approximately $1.9 billion. For the years ended March 31, 2021 and 2020, the Company incurred losses from continuing operations of $900.2 million and $568.1 million, respectively. The Company has historically financed its operations primarily through the sale of equity securities, sale of subsidiary interests, debt financings and revenue generated from licensing and collaboration arrangements. The Company has not generated any revenues to date from the sale of its product candidates and does not anticipate generating any revenues from the sale of its product candidates unless and until it successfully completes development and obtains regulatory approval to market its product candidates. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. The Company intends to raise such additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidates or take other steps to conserve capital. The Company expects its existing cash and cash equivalents will be sufficient to fund its committed operating expenses and capital expenditure requirements for at least the next 12 months from the date of issuance of these consolidated financial statements.

Investments	12 Months Ended
Investments	Mar. 31, 2021
Investments, All Other Investments [Abstract]
Investments	Note 3—Investments (A) Investments Measured at Fair Value Investment in Arbutus RSL owns 16,013,540 shares of common stock of Arbutus and 1,164,000 Arbutus Preferred Shares that are mandatorily convertible into shares of Arbutus common stock on October 18, 2021 subject to conversion earlier upon a sale, merger or other transaction considered a fundamental change of control of Arbutus. The Arbutus Preferred Shares are non-voting and are convertible into common shares of Arbutus based on the subscription price plus 8.75% per annum, compounded annually, divided by a conversion price of $7.13 per share (which represented a 15% premium to the closing price of $6.20 per share on September 29, 2017). RSL’s investments in Arbutus have been measured using the fair value option. Due to the Company’s significant influence over operating and financial policies, Arbutus is considered a related party of the Company. After conversion of the Arbutus Preferred Shares into common shares, based on the number of Arbutus’s common shares outstanding on October 2, 2017, the Company would hold 49.90% of Arbutus’s common shares. In addition, the Company agreed to a four-year standstill to not acquire greater than 49.99% of common shares or securities convertible into common shares of Arbutus. At March 31, 2021 and 2020, the aggregate fair value of the Company’s investment in Arbutus was $129.4 million and $39.2 million, respectively, with the Company recognizing an unrealized gain on its investments in Arbutus of $90.2 million and an unrealized loss of $99.9 million in the accompanying consolidated statements of operations for the years ended March 31, 2021 and 2020, respectively. The fair value of the common stock and preferred shares held by the Company was determined using the closing price of Arbutus’s common stock on March 31, 2021 and 2020 of $3.33 and $1.01, respectively. Investment in Sio Following the completion of Sio’s underwritten public offering in February 2020, RSL’s ownership interest fell below 50.0%. As such, the Company no longer has a controlling financial interest in Sio. Accordingly, the Company deconsolidated Sio in February 2020. Due to the Company’s significant influence over operating and financial policies, Sio remains a related party of the Company following deconsolidation. As the Company still has the ability to exercise significant influence over the operating and financial policies of Sio, the Company has determined that its retained interest represents an equity method investment after the date of deconsolidation. Upon deconsolidation, the retained interest was recorded at fair market value based on the closing price of Sio’s common stock. The Company recognized a gain on deconsolidation of $107.3 million in the accompanying consolidated statements of operations for the year ended March 31, 2020. The fair value option was elected to continuously measure the investment after the initial measurement. At March 31, 2021 and 2020, the fair value of the Company’s investment in Sio was $48.5 million and $45.3 million, respectively, with the Company recognizing an unrealized gain on its investment in Sio of $3.2 million and an unrealized loss of $31.6 million in the accompanying consolidated statements of operations for the years ended March 31, 2021 and 2020, respectively. The fair value of common shares held by the Company was determined using the closing price of Sio’s common stock on March 31, 2021 and 2020 of $2.61 and $2.44, respectively. Other Investment The Company holds an additional equity investment that is measured using the fair value option. The fair value of this investment was $11.1 million and $8.9 million as of March 31, 2021 and 2020, respectively. (B) Investment Accounted for Using Measurement Alternative Investment in Datavant In April 2020, Datavant Holdings, Inc. (“Datavant”) completed an initial round of a Series B equity raise by which 13,411,311 Series B preferred shares were issued in April 2020 for gross proceeds of $27.2 million, including 1,065,234 Series B preferred shares issued and sold to RSL for a total purchase price of $2.5 million and 1,800,253 Series B shares issued relating to the conversion of certain liability instruments. As a result of this transaction, along with a restructuring of Datavant’s equity classes, RSL no longer controls Datavant. As such, the Company deconsolidated Datavant as of April 2020. Due to the Company’s significant influence over operating and financial policies, Datavant remains a related party of the Company following deconsolidation. Upon deconsolidation, the Company recorded its investment in Datavant based on the fair value of Datavant preferred shares held of $99.0 million. The Company accounts for its investment in Datavant using the measurement alternative to fair value. The investment will be remeasured upon future observable price changes in orderly transactions or upon impairment, if any. The Company recognized a gain on deconsolidation of $86.5 million in the accompanying consolidated statements of operations for the year ended March 31, 2021. In July 2020, Datavant issued and sold 639,140 Series B preferred shares to RSL at a price consistent with that of the initial round of Datavant’s Series B equity raise. At March 31, 2021, the carrying value of the Company’s investment in Datavant was $100.6 million.

Asset Acquisitions and License Agreements

12 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Asset Acquisitions and License Agreements

Note 4—Asset Acquisitions and License Agreements

During the years ended March 31, 2021 and 2020, the Company, directly or indirectly through Vants, completed the following key asset acquisitions and license agreements. The Company evaluated the below agreements, except the collaboration and license agreement entered into between Dermavant and Japan Tobacco Inc. that is evaluated separately below, and determined that the acquired assets did not meet the definition of a business as substantially all the fair value of the assets acquired were concentrated in a single asset or group of similar assets and/or the acquired assets were not capable of producing outputs due to the lack of an assembled workforce and early stage of development and thus, each transaction was accounted for as an asset acquisition.

The Company then evaluated whether each in-process research and development asset had an alternative future use and concluded it did not. As a result, the Company recorded the consideration attributable to in-process research and development under the below agreements as research and development expense in the accompanying consolidated statements of operations for the years ended March 31, 2021 and 2020.

Dermavant

In August 2018, Dermavant acquired the worldwide rights (other than with respect to certain rights in China) to tapinarof, an investigational therapeutic aryl hydrocarbon receptor modulating agent for the treatment of psoriasis and atopic dermatitis, from GlaxoSmithKline Intellectual Property Development Ltd. and Glaxo Group Limited (collectively “GSK”) pursuant to an asset purchase agreement (the “GSK Agreement”). GSK previously acquired rights to a predecessor formulation of tapinarof from Welichem Biotech Inc. (“Welichem”) pursuant to an asset purchase agreement between GSK and Welichem entered into in May 2012 (the “Welichem Agreement”). Under the GSK Agreement, Dermavant made an upfront payment of £150.0 million (approximately $191 million) and agreed to a contingent payment of £100.0 million (approximately $133 million) upon the first approval of an NDA by the FDA for a product that contains tapinarof. Dermavant assumed responsibility for all obligations under the Welichem Agreement, including payment of up to C$180.0 million (approximately $137 million) in potential development and commercial milestones. The purchase was funded in part by a $117.5 million borrowing from NovaQuest Co-Investment Fund VIII, L.P. (“NovaQuest”), an affiliate of NovaQuest Capital Management, LLC, as described in Note 8, “Long-Term Debt.” In connection with the GSK Agreement, Dermavant and GSK have entered into a clinical manufacturing and supply agreement for tapinarof pursuant to which Dermavant will obtain supply of tapinarof for clinical trials on a cost-plus basis. In May 2019, Dermavant achieved a development and regulatory milestone under the GSK Agreement, which resulted in a C$30.0 million (approximately $23 million) milestone payment that Dermavant subsequently paid to Welichem in August 2019. The milestone payment was recorded as research and development expense in the accompanying consolidated statements of operations for the year ended March 31, 2020.

In January 2020, Dermavant entered into a collaboration and license agreement with Japan Tobacco Inc. (“JT”) for exclusive rights to develop, register, and market tapinarof in Japan for the treatment of dermatological diseases and conditions, including psoriasis and atopic dermatitis. In conjunction with this agreement, JT executed an exclusive license agreement with its subsidiary, Torii Pharmaceutical Co., Ltd., for co-development and commercialization of tapinarof in Japan. Under the terms of the license agreement, Dermavant received a nonrefundable, upfront payment of $60.0 million in January 2020 and may receive up to $53.0 million upon the achievement of certain development milestones for tapinarof for the treatment of psoriasis and atopic dermatitis. In addition, Dermavant will have the right to receive royalties based on product sales of tapinarof in the indications.

The Company evaluated the collaboration and license agreement and concluded that JT is a customer. The Company’s performance obligations under the agreement are the following: (i) an exclusive license to JT of the right to develop, register and market tapinarof in Japan and (ii) the associated transfer to JT of technology and know-how related to the license. The Company determined that the monetary value of participation in the Joint Steering Committee under the agreement was immaterial in the context of the contract and therefore was disregarded when identifying the performance obligations. The Company determined that the exclusive license is not capable of being distinct from the associated technology transfer because the customer cannot benefit from or utilize the license without the technology and know-how transfer and as such does not have standalone value as JT cannot benefit from the exclusive license without the associated technology and know-how transfer. Accordingly, the Company concluded that these performance obligations should be combined into a single performance obligation.

Based on management’s evaluation, the non-refundable, up-front payment of $60.0 million constituted the amount of consideration to be included in the transaction price. The remaining $53.0 million of consideration related to potential development and regulatory approval milestones constitutes variable consideration and has not been recognized because of the inherent uncertainty of the occurrence of the future events and because it is highly susceptible to factors outside of the Company’s control. Any consideration related to potential royalty payments will be recognized when the related sales occur, since these amounts have been determined to relate predominantly to the license granted to JT and therefore are recognized at the later of when the performance obligations are satisfied or the related sales occur. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. Upon transfer of the technology and know-how related to the license, the Company recognized the $60.0 million non-refundable upfront payment as license revenue in the accompanying consolidated statements of operations for the year ended March 31, 2020.

Genevant

In July 2020, RSL increased its investment in Genevant Sciences Ltd. (“Genevant”) as part of a recapitalization transaction (the “Recapitalization”). Genevant, an entity focused on the discovery, development, and commercialization of a broad range of RNA-based therapeutics enabled by Arbutus’ proprietary lipid nanoparticle and ligand conjugate delivery technologies, was created in April 2018 as part of an agreement between RSL and Arbutus. As part of the initial transaction entered into in April 2018, RSL contributed $38.7 million in cash, including transaction costs, for an equity ownership interest in Genevant. Prior to the Recapitalization, RSL accounted for its investment in Genevant under the equity method of accounting as it had determined that it was not the primary beneficiary of Genevant since it did not have the power to direct its most significant activities. Additionally, RSL made additional investments in the form of promissory notes issued by Genevant amounting to $20.1 million aggregate principal amount outstanding (the “Genevant Outstanding Notes”) prior to the Recapitalization. RSL applied its share of losses relating to its equity method investment in Genevant against the Company’s carrying value of its investment in Genevant’s common shares and against the carrying value of the Genevant Outstanding Notes. The carrying value of RSL’s investment in Genevant was reduced to zero prior to the Recapitalization.

Pursuant to the Recapitalization, the following transactions were completed:

•

Genevant issued 74,272,043 common shares to RSL for an aggregated purchase price of $20.5 million;

•

$15.1 million aggregate principal amount of the Genevant Outstanding Notes were converted into 54,526,549 common shares; and

•

Genevant issued 9,057,566 common shares to Arbutus for an aggregated purchase price of $2.5 million.

Following the Recapitalization, RSL held an 82.9% controlling interest in Genevant.

Concurrent with the Recapitalization, the composition of Genevant’s Board of Directors was restructured to include two directors designated by RSL and one director who is a senior officer of Genevant.

As a result of the Recapitalization and changes to the bye-laws, RSL determined that it controls the most significant activities of Genevant and is the primary beneficiary of Genevant following the Recapitalization. As such, RSL began consolidating Genevant into the Company’s consolidated financial statements from the date of the Recapitalization. The Company evaluated the acquired set of assets and activities and determined that the acquired set did not meet the definition of a business and thus the transaction was not considered a business combination.

The transactions completed as part of the Recapitalization represent an acquisition achieved in stages, which required the remeasurement of RSL’s previously held interest in Genevant. As such, RSL’s investments in Genevant were remeasured to fair value of $28.8 million, also resulting in a gain of $28.8 million in the accompanying consolidated statements of operations for the year ended March 31, 2021. Along with the fair value of noncontrolling interests in Genevant of $9.2 million and cash paid of $20.5 million for common shares of Genevant as part of the Recapitalization, total consideration paid was $58.5 million. Of this amount, $41.4 million was attributed to in-process research and development, which was determined by the Company to have not reached technological feasibility and therefore have no alternative future use. Accordingly, the Company recorded $41.4 million as research and development expense in the accompanying consolidated statements of operations for the year ended March 31, 2021.

Proteovant

In November 2020, Proteovant Sciences, Inc. (formerly known as Pharmavant 5, Inc.) (“ProteoVant”) entered into a stock purchase agreement to acquire Oncopia Therapeutics, Inc. (“Oncopia”), a preclinical biotechnology company developing small molecule protein degraders primarily against certain oncology targets. Upfront proceeds to Oncopia’s shareholders were $105.0 million, prior to certain adjustments in accordance with the terms of the agreement. Proteovant is also obligated to make future development and commercial milestone payments of up to $100.0 million for the first product targeting each of the two specified initial targets, and up to $51.0 million for the first product targeting each of certain specified additional molecular targets. Additionally, the Company’s investments in promissory notes issued by Oncopia for an aggregate principal amount of $11.5 million were settled through either conversion to equity or cancellation.

Oncopia’s intellectual property was developed by the University of Michigan laboratory run by Oncopia’s co-founder (the “Co-Founder”). In connection with Proteovant’s acquisition, Oncopia amended and restated its existing license agreements with the University of Michigan. Under the new license agreement, Oncopia will be obligated to make future development and commercial milestone payments of up to $8.6 million for the first product for each molecular target covered by intellectual property included in the agreement, in addition to paying tiered royalties on net sales ranging from low- to mid-single digits, subject to certain adjustments.

The Co-Founder’s lab at the University of Michigan had been providing on-going discovery and optimization services to Oncopia under a sponsored research agreement (the “SRA”). Immediately after closing the acquisition, Oncopia extended the SRA through at least December 31, 2023, and expanded the potential molecular targets to be pursued under the SRA. As revised, Oncopia is obligated to pay the University of Michigan approximately $15.5 million under the SRA.

Lastly, in connection with the acquisition of Oncopia, the Co-Founder entered into an agreement with the Company to serve as a consultant. In exchange for these services, the Company has agreed to grant the Co-Founder RSL restricted stock units for which the majority will vest upon achievement of development milestones for products directed to targets for which no milestones are payable to Oncopia shareholders and the remaining portion will be subject to time-based service requirements. All of these restricted stock units are subject to a liquidity requirement to vest. The Company will also make a cash payment to the Co-Founder upon achievement of development milestones for each such product.

During the year ended March 31, 2021, the Company recorded $116.5 million, relating to the net upfront cash payment of $101.2 million, settlement of promissory notes receivable, including accrued interest, of $11.9 million, and fair value of future contingent consideration payments of $3.4 million, as research and development expense in the accompanying consolidated statements of operations.

In December 2020, RSL, Proteovant and SK, Inc. (formerly known as SK Holdings Co., Ltd.) (“SK”) entered into a subscription agreement (the “Subscription Agreement”) pursuant to which SK agreed to make a $200.0 million equity investment in Proteovant, representing an ownership interest of 40.0% on the closing date. In January 2021, in accordance with the terms of the Subscription Agreement, SK made the first payment of $100.0 million to Proteovant. A second $100.0 million payment is expected to be made by SK to Proteovant on or about July 12, 2021, the date six months from the closing date. The second $100.0 million payment is classified as a subscription receivable in the accompanying consolidated balance sheets and consolidated statements of shareholders’ equity and redeemable noncontrolling interest as of March 31, 2021.

Affivant

In November 2020, RSL and its indirect subsidiary Affivant Sciences GmbH (“Affivant”) entered into a licensing and strategic collaboration agreement with Affimed N.V. (“Affimed”) to develop and commercialize novel innate cell engagers for multiple cancer targets in exchange for consideration that includes $40.0 million in upfront cash and pre-paid R&D funding and $20.0 million of newly issued shares in RSL. Affimed could receive further short-term proceeds in the form of option fees contingent on the commencement of additional programs contemplated under the agreement. Affimed is eligible to receive up to an additional approximately $2.0 billion in milestones over time upon achievement of specified development, regulatory and commercial milestones, as well as tiered royalties on net sales.

Acquisition of Silicon Therapeutics

In March 2021, the Company completed the acquisition of the business of Silicon Therapeutics, LLC (“SiTX”), a physics-driven computational drug discovery company, for total consideration of approximately $450.0 million, with additional cash payments payable subject to the satisfaction of certain regulatory and commercial milestones. This acquisition did not include one of SiTX’s subsidiaries, Silicon SWAT, Inc. Approximately $350.0 million of the consideration was payable primarily in the Company’s common stock at or near closing of the acquisition (the “First Tranche”). At closing of the acquisition, the Company issued 7,316,583 common shares and paid approximately $14.0 million in cash, net of cash received, to SiTX after giving effect to certain transaction adjustments and holdbacks. The remainder of the First Tranche is expected to be paid in a combination of common shares and cash as certain holdbacks are released. Approximately $100.0 million (the “Second Tranche Consideration”) is payable to SiTX on the earlier of (x) approximately 30 to 60 days following the public listing of the Company’s common shares, in either cash or common shares (at the Company’s election), and (y) 12 months following the closing of the acquisition, in cash.

The transaction was accounted for as an asset acquisition as substantially all of the fair value of the assets acquired were concentrated in a single asset, IPR&D related to the computational drug discovery platform that designs and develops small molecule therapeutics. For accounting purposes, the fair value of consideration transferred was $402.4 million, consisting of $281.7 million relating to the fair value of common shares issued upfront and expected to be issued shortly thereafter; $105.1 million relating to the fair value of liabilities due to the sellers, including the Second Tranche Consideration, future contingent consideration payments, and closing consideration to be paid in cash; and cash of $15.6 million paid at closing. Of this amount, $399.6 million was attributed to IPR&D, which was determined to have no alternative future use. Accordingly, the Company recorded $399.6 million as research and development expense in the accompanying consolidated statement of operations for the year ended March 31, 2021.

In connection with the transaction, the vesting of certain outstanding SiTX share-based compensation awards held by employees of SiTX was discretionarily accelerated at closing. As a result, the Company recorded share-based compensation expense of $23.5 million in the accompanying consolidated statements of operations for the year ended March 31, 2021.

In addition, certain share-based compensation awards of SiTX were exchanged with restricted common stock of the Company, subject to certain service-based vesting requirements, with a fair value of $22.6 million. Of this amount, $15.6 million was attributed to precombination service and therefore included in the total fair value of consideration transferred. Refer to Note 11, “Share-Based Compensation,” for additional detail regarding this restricted common stock.

Sumitomo Transaction Agreement	12 Months Ended
Sumitomo Transaction Agreement	Mar. 31, 2021
Transaction Agreement [Abstract]
Sumitomo Transaction Agreement	Note 5—Sumitomo Transaction Agreement On December 27, 2019 (the “Sumitomo Closing Date”), RSL and Sumitomo completed the transactions contemplated by the Sumitomo Transaction Agreement. Pursuant to the Sumitomo Transaction Agreement, RSL transferred its entire ownership interest in Myovant, Urovant, Enzyvant, Altavant, and Spirovant to a newly formed, wholly-owned entity (“Sumitovant”). RSL’s ownership interest in Sumitovant was then transferred to Sumitomo, such that following the Sumitomo Closing Date, Sumitovant and its subsidiaries, including the Sumitovant Vants, were each directly or indirectly owned by Sumitomo. Additionally, in connection with the Sumitomo Transaction Agreement, RSL (i) granted Sumitomo options to purchase all, or in the case of Dermavant, 75%, of RSL’s ownership interests in six other subsidiaries (Dermavant, Genevant, Lysovant Sciences Ltd. (“Lysovant”), Metavant Sciences Ltd. (“Metavant”), Roivant Asia Cell Therapy Holdings Ltd. (“Cytovant Parent”), and Sinovant Sciences HK Limited (“Sinovant”)), (ii) provided Sumitomo and Sumitovant with certain rights over and access to RSL’s proprietary technology platforms, DrugOme and Digital Innovation, and (iii) transferred 26,952,143 common shares of RSL to Sumitomo. On the Sumitomo Closing Date, the Company received approximately $2.9 billion in cash, resulting in a gain of $2.0 billion after taking into account all of the components of the transaction. Additionally, on the Sumitomo Closing Date, $75.0 million of the consideration was deposited into a segregated escrow account for the purpose of fulfilling indemnification obligations of RSL that may become due to Sumitomo. Upon the expiration of the escrow period, being 18 months from the Sumitomo Closing Date, any remaining escrow funds will be disbursed to RSL. As of March 31, 2021, the Company does not believe that a reasonably possible loss of the funds in the escrow account exists. As such, the full escrow amount of $75.0 million was recorded by the Company as restricted cash on the accompanying consolidated balance sheets as of March 31, 2021. In connection with the Sumitomo Transaction, RSL’s board of directors approved a repurchase of RSL’s equity securities for up to $1.0 billion of the proceeds received from Sumitomo. Refer to Note 10, “Shareholders’ Equity and Redeemable Noncontrolling Interest” for further detail. In conjunction with the Sumitomo Transaction, certain employees of the Company became employees of Sumitovant or its subsidiaries. The Company issued certain instruments with an aggregate fair value of $39.1 million to these employees, of which $24.8 million was classified within shareholders’ equity and $14.3 million was classified as a liability. The liability classified awards were subsequently surrendered and exchanged for cash and other newly issued equity as part of the repurchase in March 2020. The remaining instruments vest based on the achievement of time-based, performance or liquidity event requirements. As of March 31, 2021 and 2020, there were 1,865,416 and 1,880,980 outstanding instruments, respectively, held by Sumitovant employees for which aggregate fair value was recorded against the gain on sale of business. In June 2021, RSL completed a transaction with Sumitomo pursuant to which Sumitomo terminated its existing options to acquire RSL’s equity interests in certain of its subsidiaries. See Note 19, “Subsequent Events” for additional information.

Discontinued Operations

12 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 6—Discontinued Operations

As a result of the Sumitomo Transaction Agreement, see Note 5, “Sumitomo Transaction Agreement,” the financial results of the Sumitovant Vants are presented as “Income from discontinued operations, net of tax” in the accompanying consolidated statements of operations for the year ended March 31, 2020. There were no operating results from discontinued operations for the year ended March 31, 2021.

The following table presents components of discontinued operations included in “Income from discontinued operations, net of tax” for the year ended March 31, 2020 (in thousands).


	Year Ended March 31, 2020
Operating expenses:
Research and development	$	265,452
General and administrative		119,885

Total operating expenses		385,337

Loss from operations		(385,337	)

Gain on sale of business		(1,985,949	)
Interest income		(2,305	)
Interest expense⁽¹⁾		13,733
Other expense		8,866

Income from discontinued operations before income taxes		1,580,318
Income tax expense		1,892

Income from discontinued operations, net of tax	$	1,578,426

Loss from discontinued operations before income taxes attributable to noncontrolling interests	$	(141,783	)
Income from discontinued operations before income taxes attributable to Roivant Sciences Ltd.		1,722,101

Income from discontinued operations before income taxes	$	1,580,318

⁽¹⁾	Interest expense consists of interest payments related to outstanding debt held by Myovant and Urovant as well as the associated non-cash amortization of debt discounts and issuance costs.

In the accompanying consolidated statements of cash flows, the cash flows from discontinued operations are not separately classified. The significant cash flow items from discontinued operations were as follows (in thousands):


	Year Ended March 31, 2020
Gain on sale of business	$	(1,985,949	)
Share-based compensation	$	54,821
Acquired in-process research and development	$	16,405

Balance Sheet Components

12 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Note 7—Balance Sheet Components

(A) Other Current Assets

Other current assets at March 31, 2021 and 2020 consisted of the following (in thousands):


	March 31, 2021		March 31, 2020
Prepaid expenses	$	39,544	$	16,344
Receivables for value added tax (VAT) paid		807		5,978
Note receivable		—		5,000
Trade receivables, net		11,222		3,669
Income tax receivable		1,803		632
Other		874		2,140

Total other current assets	$	54,250	$	33,763

(B) Accrued Expenses

Accrued expenses at March 31, 2021 and 2020 consisted of the following (in thousands):


	March 31, 2021		March 31, 2020
Research and development expenses	$	20,755	$	21,607
Compensation-related expenses		38,552		29,113
Professional services expenses		10,267		5,135
Other general and administrative expenses		7,362		12,766

Total accrued expenses	$	76,936	$	68,621

(C) Other Current Liabilities

Other current liabilities at March 31, 2021 and 2020 consisted of the following (in thousands):


	March 31, 2021		March 31, 2020
Deferred revenue	$	5,918	$	3,621
Income tax payable		207		1,497
Other		3,037		234

Total other current liabilities	$	9,162	$	5,352

Long Term Debt

12 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long Term Debt

Note 8—Long Term Debt

(A) Long Term Debt

Long term debt, net consists of the following (in thousands):


	March 31, 2021			March 31, 2020
Principal amount	$	171,490		$	110,490
Less: unamortized debt discount and issuance costs		(1,210	)		(1,898	)

Total debt, net		170,280			108,592
Less: current portion		—			—

Total long term debt, net	$	170,280		$	108,592

Dermavant

In May 2019, Dermavant and certain of its subsidiaries entered into a loan and security agreement (the “Hercules Loan Agreement”) with Hercules Capital, Inc. (“Hercules”), pursuant to which Dermavant borrowed an aggregate of $20.0 million which bears interest at a variable per annum rate at the greater of (i) 9.95% or (ii) the prime rate plus 4.45%. Dermavant is obligated to pay an end of term charge of $1.4 million with the debt maturing 36 months from closing, subject to extension with the achievement of a clinical milestone. Dermavant is obligated to make monthly payments of accrued interest for the first 15 months after closing (the “Interest-only Period”), followed by monthly installments of principal and interest through the maturity date, subject to extension upon certain milestone achievements. In January 2020, the Interest-only Period was extended through June 2021 upon Dermavant’s receipt of net proceeds from equity or debt financings, capital contributions, and proceeds from business development or similar transaction of at least $110.0 million. In July 2020, the clinical milestone was achieved and the term loan maturity was extended to June 1, 2023 and the Interest-only Period was further extended through December 2021. As of March 31, 2021 and March 31, 2020, an aggregate principal amount of $20.0 million and end of term charge of $1.4 million remained outstanding. In May 2021, Dermavant repaid all amounts outstanding under the Hercules Loan Agreement using the proceeds from the $40.0 million Credit Facility entered into by Dermavant and certain of its subsidiaries in May 2021. Refer to Note 19, “Subsequent Events” for additional detail.

In connection with Dermavant’s acquisition of tapinarof from GSK, Dermavant and NovaQuest Co-Investment Fund VIII, L.P.(“NovaQuest”) entered into a funding agreement (the “NovaQuest Agreement”). Pursuant to the NovaQuest Agreement, Dermavant borrowed $100.0 million in August 2018 and $17.5 million in October 2018 in exchange for an obligation to make certain variable future payments calculated as a function of the achievement of regulatory and commercial milestones or events of termination. The aggregate maximum amount of regulatory milestone payments that Dermavant could be required to make under the NovaQuest Agreement is $440.6 million, and the maximum aggregate amount of commercial milestone payments is $141.0 million. In some circumstances, Dermavant may be able to offset certain of the regulatory milestone payments with up to $88.1 million of the commercial milestone payments. At issuance, the Company concluded that certain features of the long-term debt would be considered derivatives that would require bifurcation. In lieu of bifurcating various features in the agreement, the Company has elected the fair value option for this financial instrument and will record the changes in the fair value within the statements of operations at the end of each reporting period. Direct costs and fees related to the debt issued under the NovaQuest Agreement were recognized in earnings. As of March 31, 2021 and 2020, the fair value of the debt was $150.1 million and $89.1 million, respectively. Refer to Note 15, “Fair Value Measurements” for additional details regarding the fair value measurement.

(B) Debt Maturities

Annual maturities, including the end of term charge, of debt outstanding as of March 31, 2021 are as follows (in thousands). Long term debt held by Dermavant for which the fair value option has been elected is excluded from the below as the repayment terms are variable.


Years Ending March 31,
2022	$	3,129
2023		13,306
2024		4,955
2025		—
2026		—
Thereafter		—

Total	$	21,390

Share-Based Compensation

12 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Note 11—Share-Based Compensation

(A) RSL 2015 Equity Incentive Plan

As of March 31, 2021, 22,800,000 of the Company’s common shares (the “Share Reserve”) are reserved for issuance under the RSL Amended and Restated 2015 Equity Incentive Plan (the “RSL 2015 EIP”). At March 31, 2021, a total of 10,296,392 common shares are available for future grants under the RSL 2015 EIP. The Company’s employees, directors, and consultants are eligible to receive nonstatutory and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other stock awards under the RSL 2015 EIP.

As of March 31, 2021, an aggregate of 26,558,238 of the Company’s common shares (the “Special Reserve”) were reserved for the granting under RSL 2015 EIP of performance stock options (“Performance Options”) and capped value appreciation rights (“CVARs”) to the Company’s employees, directors and consultants. At March 31, 2021, there are no common shares available for future grant under the Special Reserve.

Stock Options

For the years ended March 31, 2021 and 2020, the Company recorded share-based compensation expense related to stock options issued under the RSL 2015 EIP to employees and directors of approximately $32.3 million and $31.8 million, respectively, and was included in research and development and general and administrative expenses in the accompanying consolidated statements of operations.

At March 31, 2021, total unrecognized compensation expense related to non-vested stock options was approximately $70.8 million and is expected to be recognized over the remaining weighted-average service period of 2.96 years.

The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes closed form option-pricing model applying the weighted average assumptions in the following table.


	Years Ended March 31,
Assumptions	2021			2020
Expected stock price volatility		74.84	%		66.47	%
Expected risk free interest rate		0.43	%		2.27	%
Expected term, in years		6.25			6.72
Expected dividend yield		—	%		—	%

A summary of stock option activity and data under the RSL 2015 EIP for the year ended March 31, 2021 is as follows:


	Number of Stock Options			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life
Stock options outstanding at March 31, 2020		8,176,814		$	24.52	$	16.53		7.93
Granted		1,482,604		$	38.71	$	25.37
Forfeited/Canceled		(270,047	)	$	29.89	$	19.85

Stock options outstanding at March 31, 2021		9,389,371		$	26.61	$	17.90		7.26

Stock options exercisable at March 31, 2021		5,533,848		$	21.52	$	14.95		6.49

At March 31, 2021 and 2020, there were 5,533,848 and 4,123,953 vested stock options, respectively. Additional information regarding stock options is set forth below (in thousands, except per share data).


	Years Ended March 31,
	2021		2020
Grant date fair value of stock options vested	$	25,711	$	33,789
Weighted-average grant date fair value per share of stock options granted	$	25.37	$	20.63

Restricted Stock Units

Restricted stock units will vest upon the achievement of both time-based service requirements and liquidity requirements on or before the grant expiration date. Restricted stock units expire eight years after the date of grant. During the year ended March 31, 2021, the Company recorded no share-based compensation expense related to these restricted stock units as the liquidity event requirement had not been met and was deemed not probable of being met. At March 31, 2021, there was approximately $83.8 million of unrecognized compensation expense related to non-vested restricted stock units. The Company will recognize the expense upon achievement of both the time-based service requirement and liquidity requirements through the requisite service period.

A summary of restricted stock units under the RSL 2015 EIP is as follows:


	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2020		1,008,175		$	32.50
Granted		1,454,199		$	39.19
Forfeited		(169,636	)	$	36.36

Non-vested balance at March 31, 2021		2,292,738		$	36.53

Performance Options

Performance Options will vest upon the achievement of both time-based service requirements and liquidity requirements on or before the grant expiration date of March 31, 2026. During the year ended March 31, 2021, the Company recorded no share-based compensation expense related to these Performance Options as the liquidity event requirement had not been met and was deemed not probable of being met. At March 31, 2021, there was approximately $337.8 million of unrecognized compensation expense related to non-vested Performance Options. The Company will recognize the expense upon achievement of both the time-based service requirement and liquidity requirements through the requisite service period.

The Company estimated the fair value of each Performance Option on the date of grant using the Black-Scholes closed form option-pricing model applying the weighted average assumptions in the following table.


	Year Ended March 31,
Assumptions	2020
Expected stock price volatility		73.60	%
Expected risk free interest rate		0.62	%
Expected term		6 years
Expected dividend yield		—	%

A summary of Performance Option activity and data under the RSL 2015 EIP for the year ended March 31, 2021 is as follows:


	Number of Options			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life
Performance Options outstanding at March 31, 2020		14,518,870		$	38.97	$	23.78		6.00
Granted		—		$	—	$	—
Forfeited		(93,207	)	$	46.38	$	22.18

Performance Options outstanding at March 31, 2021		14,425,663		$	38.93	$	23.42		5.00

No Performance Options were exercisable at March 31, 2021.

CVARs

CVARs will vest upon the achievement of both time-based service requirements and liquidity requirements on or before the grant expiration date of March 31, 2026. At settlement, each CVAR pays in common shares the excess of (a) the lesser of (i) the fair market value of a common share as of the settlement date or (ii) the cap of $37.10, over (b) the hurdle price of either $18.70 or $33.63, as applicable to each grant. During the year ended March 31, 2021, the Company recorded no share-based compensation expense related to these CVARs as the liquidity event requirement had not been met and was deemed not probable of being met. At March 31, 2021, there was approximately $23.0 million of unrecognized compensation expense related to non-vested CVARs. The Company will recognize the expense upon achievement of both the time-based service requirement and liquidity requirements through the requisite service period.

A summary of CVARs under the RSL 2015 EIP is as follows:


	Number of CVARs		Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2020		11,088,658	$	2.07
Granted		—	$	—
Forfeited		—	$	—

Non-vested balance at March 31, 2021		11,088,658	$	2.07

(B) RSL 2015 Restricted Stock Unit Plan

Under the Amended and Restated RSL 2015 Restricted Stock Unit Plan (the “pRSU Plan”), as of March 31, 2021, there are 200,000 of the Company’s common shares reserved for issuance in connection with pRSUs that may be granted to employees, officers, directors and consultants of the Company under the pRSU Plan. The pRSUs expire eight years after the date of grant. At March 31, 2021, none of the Company’s common shares were reserved for future grants under this plan.

As part of the Roivant Equity Repurchase, 17,044,465 existing pRSUs were surrendered and exchanged for newly issued Performance Options and CVARs issued under an amended and restated RSL 2015 EIP (see above), of which approximately 11.23% were then immediately purchased by the Company, during the year ended March 31, 2020. Refer to Note 10, “Shareholders’ Equity and Redeemable Noncontrolling Interest” for additional detail regarding the Roivant Equity Repurchase.

A summary of pRSU activity under the pRSU Plan is as follows:


	Number of pRSUs			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2020		266,845		$	13.92
Granted		—		$	—
Forfeited		(66,845	)	$	13.92

Non-vested balance at March 31, 2021		200,000		$	13.92

These pRSUs will vest to the extent certain performance criteria are achieved and certain liquidity conditions are satisfied within specified years of the grant date, provided that the recipient has provided continued service through such date. As of March 31, 2021, the performance conditions had not been met and were deemed not probable of being met. During the year ended March 31, 2021, the Company recorded no share-based compensation expense related to these pRSUs. During the year ended March 31, 2020, the Company recorded $12.3 million of share-based compensation expense relating to cash payments made for the purchase of a portion of the Performance Options and CVARs issued in replacement of pRSUs. At March 31, 2021, there was approximately $2.8 million of unrecognized compensation expense related to non-vested pRSUs. The Company will recognize the expense upon achievement of the performance and liquidity conditions through the requisite service period.

(C) RSL Restricted Common Stock

In March 2021, certain employees holding share-based compensation awards of Silicon Therapeutics, which were fully vested under their original terms and conditions, were exchanged, on a one-for-one basis, with restricted common stock of RSL, subject to certain service-based vesting requirements. As the Company added an additional service period to such awards, a portion of the fair value of the restricted common stock issued to these employees was attributed to postcombination service and will be recorded as share-based compensation expense over the respective service periods.

A summary of RSL restricted common stock activity as of March 31, 2021 is as follows:


	Number of Restricted Common Stock		Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2020		—	$	—
Granted		587,824	$	38.50
Vested		—	$	—
Forfeited		—	$	—

Non-vested balance at March 31, 2021		587,824	$	38.50

For the year ended March 31, 2021, the Company recorded share-based compensation expense of $0.1 million in relation to the RSL restricted common stock. At March 31, 2021, total unrecognized compensation expense related to non-vested restricted common stock was approximately $6.9 million and is expected to be recognized over the remaining weighted-average service period of 3.39 years. $15.6 million of the fair value associated with this restricted common stock was attributed to precombination service and therefore included in the total fair value of consideration transferred for the acquisition of Silicon Therapeutics. Refer to Note 4, “Asset Acquisitions and License Agreements” for additional detail.

(D) Subsidiary Equity Incentive Plans

Certain wholly owned and majority-owned or controlled subsidiaries of RSL adopt their own equity incentive plan (“EIP”). Each EIP is generally structured so that the applicable subsidiary, and its affiliates’ employees, directors, officers and consultants are eligible to receive non-qualified and incentive stock options, stock appreciation rights, restricted share awards, restricted stock unit awards, and other share awards under their respective EIP. Standard option grants have time-based vesting requirements, generally vesting over a period of four years with a contractual term of ten years. Such time-based stock options use the Black-Scholes option pricing model. The grant date fair value of awards subject to market conditions is estimated using a Monte Carlo valuation model. For the years ended March 31, 2021 and 2020, the Company recorded share-based compensation expense of $29.1 million and $22.1 million, respectively, in relation to subsidiary EIPs.

(E) Share-Based Compensation Expense

Share-based compensation expense from continuing operations was as follows (in thousands):


	Years Ended March 31,
	2021		2020
Share-based compensation expense recognized as:
R&D expenses	$	22,637	$	7,738
G&A expenses		62,321		60,013

Total	$	84,958	$	67,751

The classification of share-based compensation expense between R&D and G&A expenses in the accompanying consolidated statements of operations is consistent with the classification of grantee’s salary expense.

Leases

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Note 13—Leases

The Company’s operating leases consist primarily of real estate leases, including those entered into by certain wholly owned and majority-owned or controlled subsidiaries of RSL. The Company determines if an agreement is or contains a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. For real estate leases, the Company elected the expedient to account for lease and non-lease components as a single component.

Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are based on the estimated present value of fixed lease payments over the expected lease term and are recognized at the lease commencement date.

As most of the Company’s leases do not provide an implicit rate, the Company uses an estimated incremental borrowing rate in determining the present value of fixed lease payments based on information available at the lease commencement date. The Company’s incremental borrowing rates are determined based on the term of the lease, the economic environment of the lease, and the effect of collateralization. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and, as such, the Company typically determines that exercise of these renewal options is not reasonably certain. As a result, the Company does not include the renewal option period in the expected lease term and the associated lease payments are not included in the measurement of the ROU asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the expected lease term. The Company recognizes operating lease expense on a straight-line basis over the lease term.

Leases generally provide for payments of nonlease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. For lease agreements entered into or modified after April 1, 2019, the Company accounts for lease components and nonlease components together as a single lease component and, as such, includes fixed payments of nonlease components in the measurement of the ROU assets and lease liabilities. Variable lease payments, such as periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property are expensed as incurred as variable lease costs and are not recorded on the balance sheet.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants.

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


	Years Ended March 31,
	2021		2020
Operating lease cost	$	11,931	$	11,515
Short-term lease cost		237		872
Variable lease cost		704		379

Total operating lease cost	$	12,872	$	12,766

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


	During the Year Ended March 31,
	2021		2020
Cash paid for operating lease liabilities	$	8,830	$	8,108
Operating lease ROU assets obtained in exchange for operating lease liabilities	$	5,491	$	56,025


	March 31, 2021			March 31, 2020
Weighted average remaining lease term (in years)		9.6			10.2
Weighted average discount rate		7.1	%		7.1	%

As of March 31, 2021, maturities of operating lease liabilities were as follows (in thousands):


Years Ending March 31,
2022	$	13,386
2023		11,814
2024		11,718
2025		9,734
2026		8,617
Thereafter		51,674

Total lease payments		106,943
Less: present value adjustment		(29,348	)
Less: tenant improvement allowance		(2,898	)

Total	$	74,697

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Mar. 31, 2021
Retirement Benefits [Abstract]
Defined Contribution Plan	Note 16—Defined Contribution Plan The Company and certain of its subsidiaries sponsor defined contribution plans pursuant to Section 401(k) of the U.S. Internal Revenue Code. Employee contributions are voluntary and subject to the maximum allowable under federal tax regulations. For the years ended March 31, 2021 and 2020, the Company recorded total expense for employer matching contributions of $1.7 million and $1.7 million, respectively.

Other Expense, Net

12 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Other Expense, Net

Note 17—Other Expense, Net

Other expense, net from continuing operations was as follows (in thousands):


	Years Ended March 31,
	2021			2020
Loss from equity method investment	$	3,750		$	21,386
Interest income		(1,418	)		(17,990	)
Interest expense		2,809			7,683
Other expense		3,560			2,543

Total	$	8,701		$	13,622

Earnings per Common Share

12 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings per Common Share

Note 18—Earnings per Common Share

The computations of the numerator to derive the basic and diluted earnings per share amounts presented on the face of the accompanying consolidated statements of operations are as follows (in thousands):


	Years Ended March 31,
	2021			2020
Loss from continuing operations, net of tax	$	(900,233	)	$	(568,110	)
Net loss from continuing operations, net of tax, attributable to noncontrolling interest		(90,999	)		(48,716	)

Loss from continuing operations, net of tax, attributable to Roivant Sciences Ltd.		(809,234	)		(519,394	)
Deemed dividend on repurchase of redeemable noncontrolling interest relating to subsidiary convertible and redeemable preferred stock⁽¹⁾		—			(77,777	)

Basic and diluted loss from continuing operations, net of tax, attributable to Roivant Sciences Ltd.	$	(809,234	)	$	(597,171	)

Income from discontinued operations, net of tax	$	—		$	1,578,426
Net loss from discontinued operations, net of tax, attributable to noncontrolling interest		—			(141,477	)

Net income from discontinued operations, net of tax, attributable to Roivant Sciences Ltd.	$	—		$	1,719,903

Basic and diluted income from discontinued operations, net of tax	$	—		$	1,719,903

Basic and diluted net (loss) income attributable to Roivant Sciences	$	(809,234	)	$	1,122,732

⁽¹⁾

Consideration paid in excess of carrying value for the repurchase of redeemable noncontrolling interest relating to subsidiary convertible and redeemable preferred stock of $77.8 million is considered a deemed dividend and, for purposes of calculating net loss per share, increases the loss from continuing operations, net of tax, attributable to Roivant Sciences Ltd. for the year ended March 31, 2020. See Note 10, “Shareholders’ Equity and Redeemable Noncontrolling Interest.”

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

For periods of loss from continuing operations, diluted loss per share is calculated similar to basic loss per share as the effect of including all potentially dilutive common share equivalents is anti-dilutive. All outstanding common stock equivalents have been excluded from the computation of diluted loss per share because their effect was anti-dilutive due to the loss from continuing operations. Refer to Note 11, “Share-Based Compensation” and Note 5, “Sumitomo Transaction Agreement” for additional detail regarding outstanding common stock equivalents.

Description of Organization, Business Operations and Basis of Presentation (Policies)

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2021

Basis of Presentation

(A) Basis of Presentation and Principles of Consolidation

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

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

Use of Estimates

(B) Use of Estimates

Concentration of Credit Risk

(D) Concentrations of Credit Risk

Income Taxes

(L) Income Taxes

Recent Accounting Pronouncements

(Q) Recently Adopted Accounting Pronouncements

Risks and Uncertainties

(C) Risks and Uncertainties

Cash, Cash Equivalents, and Restricted Cash

(E) Cash, Cash Equivalents, and Restricted Cash


	March 31, 2021		March 31, 2020
Cash and cash equivalents	$	2,055,044	$	2,183,207
Restricted cash		86,632		86,045

Cash, cash equivalents and restricted cash	$	2,141,676	$	2,269,252

Trade Receivables, Net

(F) Trade Receivables, Net

Contingencies

(G) Contingencies

Property and Equipment

(H) Property and Equipment


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

Investments

(I) Investments

Research and Development Expenses

(J) Research and Development Expenses

General and Administrative Expenses

(K) General and Administrative Expenses

Share-Based Compensation

(M) Share-Based Compensation

Fair Value Measurements

(N) Fair Value Measurements

•

Level 1-Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•

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

(O) Foreign Currency

Revenue Recognition

(P) Revenue Recognition

•

Recently Issued Accounting Pronouncements Not Yet Adopted

(R) Recently Issued Accounting Pronouncements Not Yet Adopted

Montes Archimedes Acquisition Corp.

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021.

Basis of Presentation

The accompanying financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC.

As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period as of December 31, 2020, and the period from July 6, 2020 (inception) through December 31, 2020 (collectively, the “Affected Period”), are restated in this Annual Report on Form 10-K/A (Amendment No. 1) (this “Annual Report”) to correct the misapplication of accounting guidance related to the Company’s warrants in the Company’s previously issued audited and unaudited condensed financial statements for such periods. The restated financial statements are indicated as “Restated” in the audited and unaudited condensed financial statements and accompanying notes, as applicable. See Note 2—Restatement of Previously Issued Financial Statements for further discussion.

Emerging Growth Company

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Use of Estimates

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021.

Cash and Marketable Securities Held in Trust Account

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Cash and Marketable Securities Held in Trust Account

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. At March 31, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. and any investments held in Trust Account. As of December 31, 2020. the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of December 31, 2020 is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

•

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

•

Fair Value of Financial Instruments

•

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

•

Offering Costs Associated with the Initial Public Offering

Offering Costs Associated with the Initial Public Offering

Offering Costs Associated with the Initial Public Offering

Class A Common Stock Subject to Possible Redemption

Class A Common Stock Subject to Possible Redemption

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable shares of Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. Shares of Class A common stock of the Company feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of December 31, 2020, 34,375,578 shares of Class A common stock subject to possible redemption were presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.

Derivative warrant liabilities

Derivative warrant liabilities

Derivative Warrant Liabilities

Income Taxes

Income Taxes

Income Taxes

Net Income (Loss) Per Common Share

Net Income Per Common Share

The following table reflects the calculation of basic and diluted net income per common share:


	For the Three Months Ended March 31, 2021
*Class A Common stock subject to possible redemption*
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$	82,038
Less: Company’s portion available to be withdrawn to pay taxes		(60,788	)

Net income attributable	$	21,250

Denominator: Weighted average Class A common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		34,396,710

Basic and diluted net income per share	$	0.00


*Non-Redeemable Common Stock*
Numerator: Net Loss minus Net Earnings
Net gain	$	19,019,100
Less: Net income allocable to Class A common stock subject to possible redemption		(21,250	)

Non-redeemable net gain	$	18,997,850

Denominator: weighted average Non-redeemable common stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		16,943,069

Basic and diluted net income per share, Non-redeemable common stock	$	1.12

Net Income (Loss) Per Common Share

The following table reflects the calculation of basic and diluted net income (loss) per common share:


	For the Period from July 6, 2020 (inception) through December 31, 2020
*Class A Common stock subject to possible redemption*
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in trust Account	$	71,296
Less: Company’s portion available to be withdrawn to pay taxes	$	(71,296	)

Net income attributable	$	—

Denominator: Weighted average Class A common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		34,386,548

Basic and diluted net income per share	$	—

*Non-Redeemable Common Stock*
Numerator: Net Loss minus Net Earnings
Net loss	$	(10,774,318	)
Net income allocable to Class A common stock subject to possible redemption		—

Non-redeemable net loss	$	(10,774,318	)

Denominator: weighted average Non-redeemable common stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		13,324,191

Basic and diluted net loss per share, Non-redeemable common stock	$	(0.81	)

Recent Accounting Pronouncements

Recent Issued Accounting Standards

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s financial statements.

Restatement of Previously Issued Financial Statements (Tables)

6 Months Ended

Dec. 31, 2020

Montes Archimedes Acquisition Corp.

Schedule of restatement on the balance sheets and statements of operations

The restatement had no impact on net cash flows from operating, investing or financing activities.


	As of December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
Balance Sheet
Total assets	$	412,780,872		$	—		$	412,780,872

Liabilities and stockholders’ equity
Total current liabilities	$	552,723		$	—		$	552,723
Deferred underwriting commissions		14,375,138			—			14,375,138
Derivative warrant liabilities		—			49,097,230			49,097,230

Total liabilities		14,927,861			49,097,230			64,025,091
Class A common stock, $0.0001 par value; shares subject to possible redemption		392,853,010			(49,097,230	)		343,755,780
Stockholders’ equity
Preferred stock- $0.0001 par value		—			—			—
Class A common stock—$0.0001 par value		179			491			670
Class B common stock—$0.0001 par value		1,027			—			1.027
Additional paid-in-capital		5,385,198			10,387,424			15,772,622
Accumulated deficit		(386,403	)		(10,387,915	)		(10,774,318	)

Total stockholders’ equity		5,000,001			—			5,000,001

Total liabilities and stockholders’ equity	$	412,780,872		$	—		$	412,780,872


	Period From July 6, 2020 (Inception) Through December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
Statement of Operations
Loss from operations	$	(454,875	)	$	—		$	(454,875	)
Other (expense) income:
Financing costs—derivative warrant liabilities		—			(6,800,025	)		(6,800,025	)
Change in fair value of derivative warrant liabilities		—			(3,587,890	)		(3,587,890	)
Interest earned on marketable securities held in Trust Account		79,568			—			79,568
Unrealized gain on marketable securtities held in Trust Account		5,613			—			5,613

Total other (expense) income		85,181			(10,387,915	)		(10,302,734	)
Income tax expense		16,709			—			16,709

Net loss	$	(386,403	)	$	(10,387,915	)	$	(10,774,318	)

Weighted average shares outstanding of common stock subject to redemption, basic and diluted		38,896,852			(4,510,304	)		34.386,548
Basic and diluted net loss per share, common stock subject to redemption	$	—		$	—		$	—

Weighted average shares outstanding of common stock, basic and diluted		10,985,515			2,338,676			13,324,191

Basic and diluted net loss per share, common stock	$	(0.04	) $		(0.77	) $		(0.81	)


	Period From July 6, 2020 (Inception) Through December 31, 2020
	As Previously Reported			Restatement Adjustment		As Restated
Statement of Cash Flows
Net cash used in operating activities		(248,954	)		—		(248,954	)
Net cash used in investing activities		(410,718,230	)		—		(410,718,230	)
Net cash provided by financing activities		412,663,675			—		412,663,675

Net change in cash	$	1,696,491		$	—	$	1,696,491

Earnings per Common Share (Tables)

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2021

Schedule of basic and diluted per share of common stock


	Years Ended March 31,
	2021			2020
Loss from continuing operations, net of tax	$	(900,233	)	$	(568,110	)
Net loss from continuing operations, net of tax, attributable to noncontrolling interest		(90,999	)		(48,716	)

Loss from continuing operations, net of tax, attributable to Roivant Sciences Ltd.		(809,234	)		(519,394	)
Deemed dividend on repurchase of redeemable noncontrolling interest relating to subsidiary convertible and redeemable preferred stock⁽¹⁾		—			(77,777	)

Basic and diluted loss from continuing operations, net of tax, attributable to Roivant Sciences Ltd.	$	(809,234	)	$	(597,171	)

Income from discontinued operations, net of tax	$	—		$	1,578,426
Net loss from discontinued operations, net of tax, attributable to noncontrolling interest		—			(141,477	)

Net income from discontinued operations, net of tax, attributable to Roivant Sciences Ltd.	$	—		$	1,719,903

Basic and diluted income from discontinued operations, net of tax	$	—		$	1,719,903

Basic and diluted net (loss) income attributable to Roivant Sciences	$	(809,234	)	$	1,122,732

⁽¹⁾

Montes Archimedes Acquisition Corp.

Schedule of basic and diluted per share of common stock

The following table reflects the calculation of basic and diluted net income per common share:


	For the Three Months Ended March 31, 2021
*Class A Common stock subject to possible redemption*
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account	$	82,038
Less: Company’s portion available to be withdrawn to pay taxes		(60,788	)

Net income attributable	$	21,250

Denominator: Weighted average Class A common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		34,396,710

Basic and diluted net income per share	$	0.00


*Non-Redeemable Common Stock*
Numerator: Net Loss minus Net Earnings
Net gain	$	19,019,100
Less: Net income allocable to Class A common stock subject to possible redemption		(21,250	)

Non-redeemable net gain	$	18,997,850

Denominator: weighted average Non-redeemable common stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		16,943,069

Basic and diluted net income per share, Non-redeemable common stock	$	1.12

The following table reflects the calculation of basic and diluted net income (loss) per common share:


	For the Period from July 6, 2020 (inception) through December 31, 2020
*Class A Common stock subject to possible redemption*
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in trust Account	$	71,296
Less: Company’s portion available to be withdrawn to pay taxes	$	(71,296	)

Net income attributable	$	—

Denominator: Weighted average Class A common stock subject to possible redemption
Basic and diluted weighted average shares outstanding		34,386,548

Basic and diluted net income per share	$	—

*Non-Redeemable Common Stock*
Numerator: Net Loss minus Net Earnings
Net loss	$	(10,774,318	)
Net income allocable to Class A common stock subject to possible redemption		—

Non-redeemable net loss	$	(10,774,318	)

Denominator: weighted average Non-redeemable common stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock		13,324,191

Basic and diluted net loss per share, Non-redeemable common stock	$	(0.81	)

Fair Value Measurements (Tables)

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2021

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis


	As of March 31, 2021								As of March 31, 2020
	Level 1		Level 2		Level 3		Balance as of March 31, 2021		Level 1		Level 2		Level 3		Balance as of March 31, 2020
Assets:
Money market funds	$	1,420,597	$	—	$	—	$	1,420,597	$	1,874,662	$	—	$	—	$	1,874,662
Investment in Sio common shares		48,487		—		—		48,487		45,329		—		—		45,329
Investment in Arbutus common shares		53,325		—		—		53,325		16,174		—		—		16,174
Investment in Arbutus convertible preferred shares		—		76,037		—		76,037		—		23,062		—		23,062
Other investments		11,129		—		—		11,129		8,880		—		—		8,880

Total assets at fair value	$	1,533,538	$	76,037	$	—	$	1,609,575	$	1,945,045	$	23,062	$	—	$	1,968,107

Liabilities:
Debt held by Dermavant with NovaQuest	$	—	$	—	$	150,100	$	150,100	$	—	$	—	$	89,100	$	89,100
Liability instruments measured at fair value		—		—		67,893		67,893		—		—		102,373		102,373

Total liabilities at fair value	$	—	$	—	$	217,993	$	217,993	$	—	$	—	$	191,473	$	191,473

Schedule of Fair Value of Unobservable Input Related To Options to Acquire Under Sumitomo Transaction Agreement


	Range or Point Estimate Used
Input	As of March 31, 2021	As of March 31, 2020
Time to expiration (in years)	3.59	0.49 - 4.59
Risk-free rate	0.52%	0.15% - 0.35%
Volatility	89.0% - 95.0%	91.0% - 110.0%

Schedule of change in the fair value of the derivative warrant liabilities

The changes in fair value of the Level 3 liabilities during the years ended March 31, 2021 and 2020 were as follows (in thousands):


Balance at March 31, 2019	$	103,628
Issuance of liability instruments measured at fair value		101,567
Changes in fair value of debt and liability instruments, included in net loss		(13,722	)

Balance at March 31, 2020		191,473
Changes in fair value of debt and liability instruments, included in net loss		29,845
Liability instruments disposed due to deconsolidation of subsidiary		(3,325	)

Balance at March 31, 2021	$	217,993

Montes Archimedes Acquisition Corp.

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis


	Fair Value Measured as of March 31, 2021
Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investment held in Trust Account
U.S. Treasury securties maturing on April 8, 2021	$	410,790,002	$	—	$	—
Cash		994		—		—
Liabilities:
Derivative warrant liabilities—public warrants		17,455,520		—		—
Derivative warrant liabilities—private warrants		—		—		8,682,210

Total Fair Value	$	428,246,515	$	—	$	8,682,210


	Fair Value Measured as of December 31, 2020
Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investment held in Trust Account
U.S. Treasury securties maturing on April 8, 2021	$	410,803,122	$	—	$	—
Cash		289		—		—
Liabilities:
Derivative warrant liabilities—public warrants		32,652,100		—		—
Derivative warrant liabilities—private warrants		—		—		16,445,130

Total Fair Value	$	443,455,511	$	—	$	16,445,130


Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash and Marketable Securities held in Trust Accounting:
U.S. Treasury securities maturing on April 8, 2021	$	410,803,122	$	—	$	—
Cash	$	289		—		—

	$	410,803,411	$	—	$	—

Liabilities:

Derivative warrant liabilities	$	32,652,100	$	—	$	16,445,130

Schedule of Fair Value of Unobservable Input Related To Options to Acquire Under Sumitomo Transaction Agreement

The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:


	As of March 31, 2021
Exercise price	$	11.50
Stock Price	$	9.78
Volatility		14.9	%
Risk-free rate		1.01	%
Dividend yield		0.0	%

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:


	As of October 9, 2020
Volatility		22.5	%
Expected date of Business Combination		Mar-21
Risk-free rate		0.39	%
Dividend yield		0.0	%

Schedule of change in the fair value of the derivative warrant liabilities

The change in the fair value of the level 3 derivative warrant liabilities for three months ended March 31, 2021 is summarized as follows:


Derivative warrant liabilities at December 31, 2020	$	16,445,130
Change in fair value of derivative warrant liabilities		(7,762,920	)

Derivative warrant liabilities at March 31, 2021	$	8,682,210

The change in the fair value of the derivative warrant liabilities for the period from July 6, 2020 (inception) through December 31, 2020 is summarized as follows:


Derivative warrant liabilities at July 6, 2020 (inception)	$	—
Issuance of Public and Private Placement Warrants		45,509,340
Change in fair value of derivative warrant liabilities		3,587,890

Derivative warrant liabilities at December 31, 2020	$	49,097,230

Income Taxes (Tables)

6 Months Ended

12 Months Ended

Dec. 31, 2020

Mar. 31, 2021

Schedule of Company's net deferred tax assets

Significant components of the deferred tax assets (liabilities) at March 31, 2021 and 2020 are as follows (in thousands):


	March 31, 2021			March 31, 2020
Deferred tax assets
Research tax credits	$	19,063		$	6,303
Intangible assets		50,564			43,626
Net operating loss		202,906			116,619
Share-based compensation		26,623			18,413
Lease liabilities		16,638			17,194
Other		7,303			7,060

Subtotal		323,097			209,215
Valuation allowance		(303,287	)		(187,831	)

Deferred tax liabilities
Depreciation		(1,214	)		(1,833	)
Right-of-use assets		(13,908	)		(15,409	)
Other		(4,688	)		(4,142	)

Total deferred tax assets (liabilities)	$	—		$	—

Reconciliation of Federal Statutory Income Taxes Rate


	Year Ended March 31, 2021					Year Ended March 31, 2020
Income tax benefit at Bermuda statutory rate	$	—		—	%	$	—		—	%
Foreign rate differential⁽¹⁾		(150,778	)	16.78	%		(74,922	)	13.36	%
Permanent disallowed IPR&D		111,432		(12.40	)%		—		—	%
Nondeductible changes in the fair value of investments and loss from equity method investment		(22,472	)	2.50	%		20,840		(3.72	)%
Nontaxable (loss) gain on deconsolidation of business		(16,438	)	1.83	%		29,041		(5.18	)%
Permanent adjustments		2,923		(0.33	)%		(20,395	)	3.64	%
R&D tax credits		(10,555	)	1.17	%		(5,990	)	1.07	%
Rate changes		2,443		(0.27	)%		(29,238	)	5.21	%
Valuation allowance		85,046		(9.46	)%		87,677		(15.63	)%
Other		85		(0.01	)%		111		(0.02	)%

Total income tax expense	$	1,686		(0.19	)%	$	7,124		(1.27	)%

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

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

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


	Years Ended March 31,
	2021			2020
Loss before income taxes:
United States	$	(212,921	)	$	(69,264	)
Switzerland		(424,494	)		(355,422	)
Bermuda		(227,471	)		(105,604	)
Other⁽¹⁾		(33,661	)		(30,696	)

Total loss before income taxes	$	(898,547	)	$	(560,986	)

⁽¹⁾	Primarily Greater China and United Kingdom activity


	Years Ended March 31,
	2021		2020
Current taxes:
United States	$	1,365	$	6,327
Switzerland		—		—
Bermuda		—		—
Other⁽¹⁾		321		797

Total current tax expense	$	1,686	$	7,124

Deferred taxes:
United States	$	—	$	—
Switzerland		—		—
Bermuda		—		—
Other⁽¹⁾		—		—

Total deferred tax benefit	$	—	$	—

Total income tax expense	$	1,686	$	7,124

⁽¹⁾	Primarily Greater China, United States state and local and United Kingdom activity

Montes Archimedes Acquisition Corp.

Schedule of components of income tax provision (benefit)

The income tax provision (benefit) consists of the following:


	For the Period from July 6, 2020 (inception) through December 31, 2020
Current		—
Federal	$	16,709
State		—
Deferred
Federal		94,345
State
Valuation on allowance		(94,345	)

Income tax provision	$	16,709

Schedule of Company's net deferred tax assets

The Company’s net deferred tax assets are as follows:


	December 31, 2020
Deferred tax assets:
Start-up/Organization costs	$	95,524

Total deferred tax assets		95,524

Valuation allowance		(94,345	)

Deferred tax asset, net of allowance	$	1,179
Deferred tax liabilities:
Unrealized gain on marketable securities held in the Trust Account	$	(1,179	)

Total deferred tax liabilities		(1,179	)

Net Deferred tax assets/(liabilities), net of valuation allowance	$	—

Reconciliation of Federal Statutory Income Taxes Rate

A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate (benefit) is as follows:


	For the Period from July 6, 2020 (inception) through December 31, 2020
Statutory Federal income tax rate		21.0	%
Change in fair value of derivative warrant liabilities		(7.0	)
Financing Cost		(13.3	)
Change in Valuation Allowance		(0.9	)%
Income Taxes Benefit		(0.2	)%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Schedule of Aggregate Amounts of Cash, Cash Equivalents, and Restricted Cash


	March 31, 2021		March 31, 2020
Cash and cash equivalents	$	2,055,044	$	2,183,207
Restricted cash		86,632		86,045

Cash, cash equivalents and restricted cash	$	2,141,676	$	2,269,252

Schedule of Estimated Useful Lives Used for Asset Type

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


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

Discontinued Operations (Tables)

12 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Summary Of Disposal Groups Including Discontinued Operations Income Statement

The following table presents components of discontinued operations included in “Income from discontinued operations, net of tax” for the year ended March 31, 2020 (in thousands).


	Year Ended March 31, 2020
Operating expenses:
Research and development	$	265,452
General and administrative		119,885

Total operating expenses		385,337

Loss from operations		(385,337	)

Gain on sale of business		(1,985,949	)
Interest income		(2,305	)
Interest expense⁽¹⁾		13,733
Other expense		8,866

Income from discontinued operations before income taxes		1,580,318
Income tax expense		1,892

Income from discontinued operations, net of tax	$	1,578,426

Loss from discontinued operations before income taxes attributable to noncontrolling interests	$	(141,783	)
Income from discontinued operations before income taxes attributable to Roivant Sciences Ltd.		1,722,101

Income from discontinued operations before income taxes	$	1,580,318

⁽¹⁾	Interest expense consists of interest payments related to outstanding debt held by Myovant and Urovant as well as the associated non-cash amortization of debt discounts and issuance costs.

Summary of Cash Flows from Discontinued Operations

The significant cash flow items from discontinued operations were as follows (in thousands):


	Year Ended March 31, 2020
Gain on sale of business	$	(1,985,949	)
Share-based compensation	$	54,821
Acquired in-process research and development	$	16,405

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 205
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Balance Sheet Components (Tables)

12 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

Other current assets at March 31, 2021 and 2020 consisted of the following (in thousands):


	March 31, 2021		March 31, 2020
Prepaid expenses	$	39,544	$	16,344
Receivables for value added tax (VAT) paid		807		5,978
Note receivable		—		5,000
Trade receivables, net		11,222		3,669
Income tax receivable		1,803		632
Other		874		2,140

Total other current assets	$	54,250	$	33,763

Schedule of Accrued Expenses

Accrued expenses at March 31, 2021 and 2020 consisted of the following (in thousands):


	March 31, 2021		March 31, 2020
Research and development expenses	$	20,755	$	21,607
Compensation-related expenses		38,552		29,113
Professional services expenses		10,267		5,135
Other general and administrative expenses		7,362		12,766

Total accrued expenses	$	76,936	$	68,621

Schedule of Other Current Liabilities

Other current liabilities at March 31, 2021 and 2020 consisted of the following (in thousands):


	March 31, 2021		March 31, 2020
Deferred revenue	$	5,918	$	3,621
Income tax payable		207		1,497
Other		3,037		234

Total other current liabilities	$	9,162	$	5,352

Long Term Debt (Tables)

12 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long Term Debt

Long term debt, net consists of the following (in thousands):


	March 31, 2021			March 31, 2020
Principal amount	$	171,490		$	110,490
Less: unamortized debt discount and issuance costs		(1,210	)		(1,898	)

Total debt, net		170,280			108,592
Less: current portion		—			—

Total long term debt, net	$	170,280		$	108,592

Schedule of Company's Annual Payments


Years Ending March 31,
2022	$	3,129
2023		13,306
2024		4,955
2025		—
2026		—
Thereafter		—

Total	$	21,390

Shareholders' Equity and Redeemable Noncontrolling Interest (Tables)

12 Months Ended

Mar. 31, 2021

Equity [Abstract]

Shareholders' Equity and Redeemable Non-Controlling Interest

A summary of payments made during the year ended March 31, 2020 relating to the purchase of equity securities by the Company is as follows (in thousands):


	Cash Payment
Common stock	$	950,722
Other equity instruments		39,292

Total cash paid	$	990,014

Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2021

Schedule of Fair Value Assumptions


	Years Ended March 31,
Assumptions	2021			2020
Expected stock price volatility		74.84	%		66.47	%
Expected risk free interest rate		0.43	%		2.27	%
Expected term, in years		6.25			6.72
Expected dividend yield		—	%		—	%

Summary of Stock Option Activity

A summary of stock option activity and data under the RSL 2015 EIP for the year ended March 31, 2021 is as follows:


	Number of Stock Options			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life
Stock options outstanding at March 31, 2020		8,176,814		$	24.52	$	16.53		7.93
Granted		1,482,604		$	38.71	$	25.37
Forfeited/Canceled		(270,047	)	$	29.89	$	19.85

Stock options outstanding at March 31, 2021		9,389,371		$	26.61	$	17.90		7.26

Stock options exercisable at March 31, 2021		5,533,848		$	21.52	$	14.95		6.49

Summary of Fair Value of Vested Stock Option

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


	Years Ended March 31,
	2021		2020
Grant date fair value of stock options vested	$	25,711	$	33,789
Weighted-average grant date fair value per share of stock options granted	$	25.37	$	20.63

Summary of Restricted Stock Units

A summary of restricted stock units under the RSL 2015 EIP is as follows:


	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2020		1,008,175		$	32.50
Granted		1,454,199		$	39.19
Forfeited		(169,636	)	$	36.36

Non-vested balance at March 31, 2021		2,292,738		$	36.53

Summary of Share-Based Compensation Expense

Share-based compensation expense from continuing operations was as follows (in thousands):


	Years Ended March 31,
	2021		2020
Share-based compensation expense recognized as:
R&D expenses	$	22,637	$	7,738
G&A expenses		62,321		60,013

Total	$	84,958	$	67,751

Performance Options [Member]

Schedule of Fair Value Assumptions


	Year Ended March 31,
Assumptions	2020
Expected stock price volatility		73.60	%
Expected risk free interest rate		0.62	%
Expected term		6 years
Expected dividend yield		—	%

Summary of Stock Option Activity

A summary of Performance Option activity and data under the RSL 2015 EIP for the year ended March 31, 2021 is as follows:


	Number of Options			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life
Performance Options outstanding at March 31, 2020		14,518,870		$	38.97	$	23.78		6.00
Granted		—		$	—	$	—
Forfeited		(93,207	)	$	46.38	$	22.18

Performance Options outstanding at March 31, 2021		14,425,663		$	38.93	$	23.42		5.00

CVARs [Member]

Summary of Restricted Stock Units

A summary of CVARs under the RSL 2015 EIP is as follows:


	Number of CVARs		Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2020		11,088,658	$	2.07
Granted		—	$	—
Forfeited		—	$	—

Non-vested balance at March 31, 2021		11,088,658	$	2.07

Performance RSU [Member]

Summary of Restricted Stock Units

A summary of pRSU activity under the pRSU Plan is as follows:


	Number of pRSUs			Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2020		266,845		$	13.92
Granted		—		$	—
Forfeited		(66,845	)	$	13.92

Non-vested balance at March 31, 2021		200,000		$	13.92

RSL Common Share Award

Summary of Stock Option Activity

A summary of RSL restricted common stock activity as of March 31, 2021 is as follows:


	Number of Restricted Common Stock		Weighted Average Grant Date Fair Value
Non-vested balance at March 31, 2020		—	$	—
Granted		587,824	$	38.50
Vested		—	$	—
Forfeited		—	$	—

Non-vested balance at March 31, 2021		587,824	$	38.50

Leases (Tables)

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Operating Lease Costs

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


	Years Ended March 31,
	2021		2020
Operating lease cost	$	11,931	$	11,515
Short-term lease cost		237		872
Variable lease cost		704		379

Total operating lease cost	$	12,872	$	12,766

Summary of Operating Lease ROU Assets and Operating Lease Liabilities

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


	During the Year Ended March 31,
	2021		2020
Cash paid for operating lease liabilities	$	8,830	$	8,108
Operating lease ROU assets obtained in exchange for operating lease liabilities	$	5,491	$	56,025


	March 31, 2021			March 31, 2020
Weighted average remaining lease term (in years)		9.6			10.2
Weighted average discount rate		7.1	%		7.1	%

Schedule of Maturities of Operating Lease Liabilities

As of March 31, 2021, maturities of operating lease liabilities were as follows (in thousands):


Years Ending March 31,
2022	$	13,386
2023		11,814
2024		11,718
2025		9,734
2026		8,617
Thereafter		51,674

Total lease payments		106,943
Less: present value adjustment		(29,348	)
Less: tenant improvement allowance		(2,898	)

Total	$	74,697

Other Expense, Net (Tables)

12 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Summary of Other Expense, Net From Continuing Operations

Other expense, net from continuing operations was as follows (in thousands):


	Years Ended March 31,
	2021			2020
Loss from equity method investment	$	3,750		$	21,386
Interest income		(1,418	)		(17,990	)
Interest expense		2,809			7,683
Other expense		3,560			2,543

Total	$	8,701		$	13,622

Description of Organization, Business Operations and Basis of Presentation - Additional Information (Detail)				3 Months Ended	6 Months Ended	12 Months Ended
	Nov. 12, 2020 USD ($) shares	Oct. 09, 2020 USD ($) $ / shares shares	Jul. 23, 2020 USD ($)	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Offering cost paid						$ 286,000	$ 3,082,000
Montes Archimedes Acquisition Corp.
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Revenues				$ 0	$ 0
Gross proceeds	$ 10,700,000
Offering cost paid	576,000				8,797,978
Deferred underwriting commissions	375,000
Reimbursement of offering costs from underwriters	$ 14,000			$ 4,877	$ 529,057
Maximum shares subject to forfeiture \| shares	1,071,823
Proceeds from IPO and Private Placement placed in a Trust Account		$ 410,700,000
Proceeds per unit from IPO and Private Placement placed in a Trust Account \| $ / shares		$ 10.00
Threshold business days prior to Initial Business Combination for redemption of public shares				2 days	2 days
Threshold period from closing of public offering the company is obligated to complete business combination				24 months	24 months
Threshold trading days to redeem the shares				10 days	10 days
Cash				$ 1,463,385	$ 1,696,491	1,463,385
Working capital				$ 2,434,000	1,500,000	2,434,000
Interest income from Trust Account which may be used to pay taxes					105,000
Repayment of note payable to related party					200,000
Fixed exchange ratio				2.9262
Montes Archimedes Acquisition Corp. \| Founder Shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds received from related party to cover certain expense payments in exchange for shares issued		$ 25,000	$ 25,000
Montes Archimedes Acquisition Corp. \| Related Party Loans \| Working Capital Loans
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Loan amount outstanding				$ 0	$ 0	$ 0
Montes Archimedes Acquisition Corp. \| Sponsor
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Exchange Ratio				1.0		1.0
Montes Archimedes Acquisition Corp. \| Sponsor \| Related Party Loans \| Promissory Note
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Repayment of note payable to related party		$ 200,000
Loan amount outstanding				$ 200,000		$ 200,000
Montes Archimedes Acquisition Corp. \| Class A common stock \| Sponsor
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of shares of stock the Company is obligated to redeem without consummating a business combination				10.00%
Exchange Ratio				0.95		0.95
Montes Archimedes Acquisition Corp. \| Class A common stock \| Sponsor \| Minimum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Exchange Ratio				0.75		0.75
Montes Archimedes Acquisition Corp. \| IPO
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Sale of units in initial public offering, gross (in shares) \| shares		40,000,000
Price per share \| $ / shares		$ 10.00
Gross proceeds		$ 400,000,000
Offering cost paid		22,100,000
Deferred underwriting commissions		14,000,000
Reimbursement of offering costs from underwriters		$ 520,000
Percentage of aggregate fair market value of assets				80.00%	80.00%
Ownership interest to be acquired on post-transaction company				50.00%	50.00%
Minimum net tangible assets upon consummation of business combination				$ 5,000,001	$ 5,000,001
Per share value of residual assets in trust account \| $ / shares				$ 10.00	$ 10.00
Maximum percentage of shares that can be redeemed without prior consent of the Company				15.00%	15.00%
Percentage of shares of stock the Company is obligated to redeem without consummating a business combination				100.00%	100.00%
Interest to pay dissolution expenses				$ 100,000	$ 100,000
Proceeds received from related party to cover certain expense payments in exchange for shares issued				25,000
Montes Archimedes Acquisition Corp. \| IPO \| Related Party Loans \| Working Capital Loans
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Loan amount outstanding				$ 0		$ 0
Montes Archimedes Acquisition Corp. \| Private Placement \| Sponsor
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Price per share \| $ / shares		$ 1.00
Gross proceeds	$ 214,000	$ 10,000,000
Number of warrants issued \| shares	214,365	10,000,000

Restatement of Previously Issued Financial Statements - Balance Sheet (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Jul. 05, 2020	Mar. 31, 2020
Restatement of Previously Issued Financial Statements
Total assets	$ 2,589,692,000			$ 2,477,051,000
Liabilities and stockholders' equity
Total current liabilities	218,961,000			92,118,000
Total liabilities	527,687,000			368,356,000
Stockholders' equity
Class A common stock-$0.0001 par value	0			0
Additional paid-in-capital	3,814,805,000			3,143,739,000
Accumulated deficit	(1,918,462,000)			(1,109,228,000)
Shareholders' equity attributable to Roivant Sciences Ltd.	1,797,788,000			2,032,162,000
Total liabilities and stockholders' equity	2,589,692,000			$ 2,477,051,000
Montes Archimedes Acquisition Corp.
Restatement of Previously Issued Financial Statements
Total assets	412,490,902	$ 412,780,872
Liabilities and stockholders' equity
Total current liabilities	4,203,154	552,723
Deferred underwriting commissions	14,375,138	14,375,138
Derivative warrant liabilities	26,137,730	49,097,230
Total liabilities	44,716,022	64,025,091
Class A common stock, $0.0001 par value; shares subject to possible redemption	362,774,870	343,755,780
Stockholders' equity
Preferred stock- $0.0001 par value		0
Additional paid-in-capital	0	15,772,622
Accumulated deficit	4,998,504	(10,774,318)
Shareholders' equity attributable to Roivant Sciences Ltd.	5,000,010	5,000,001	$ 0
Total liabilities and stockholders' equity	412,490,902	412,780,872
Montes Archimedes Acquisition Corp. \| Restatement of warrants as derivative liabilities
Restatement of Previously Issued Financial Statements
Total assets		412,780,872
Liabilities and stockholders' equity
Total current liabilities		552,723
Deferred underwriting commissions		14,375,138
Derivative warrant liabilities		49,097,230
Total liabilities		64,025,091
Class A common stock, $0.0001 par value; shares subject to possible redemption		343,755,780
Stockholders' equity
Preferred stock- $0.0001 par value
Additional paid-in-capital		15,772,622
Accumulated deficit		(10,774,318)
Shareholders' equity attributable to Roivant Sciences Ltd.		5,000,001
Total liabilities and stockholders' equity		412,780,872
Montes Archimedes Acquisition Corp. \| Restatement of warrants as derivative liabilities \| As Previously Reported
Restatement of Previously Issued Financial Statements
Total assets		412,780,872
Liabilities and stockholders' equity
Total current liabilities		552,723
Deferred underwriting commissions		14,375,138
Total liabilities		14,927,861
Class A common stock, $0.0001 par value; shares subject to possible redemption		392,853,010
Stockholders' equity
Preferred stock- $0.0001 par value
Additional paid-in-capital		5,385,198
Accumulated deficit		(386,403)
Shareholders' equity attributable to Roivant Sciences Ltd.		5,000,001
Total liabilities and stockholders' equity		412,780,872
Montes Archimedes Acquisition Corp. \| Restatement of warrants as derivative liabilities \| Restatement Adjustment
Liabilities and stockholders' equity
Derivative warrant liabilities		49,097,230
Total liabilities		49,097,230
Class A common stock, $0.0001 par value; shares subject to possible redemption		(49,097,230)
Stockholders' equity
Preferred stock- $0.0001 par value
Additional paid-in-capital		10,387,424
Accumulated deficit		(10,387,915)
Montes Archimedes Acquisition Corp. \| Class A common stock
Stockholders' equity
Class A common stock-$0.0001 par value	479	670
Montes Archimedes Acquisition Corp. \| Class A common stock \| Restatement of warrants as derivative liabilities
Stockholders' equity
Class A common stock-$0.0001 par value		670
Montes Archimedes Acquisition Corp. \| Class A common stock \| Restatement of warrants as derivative liabilities \| As Previously Reported
Stockholders' equity
Class A common stock-$0.0001 par value		179
Montes Archimedes Acquisition Corp. \| Class A common stock \| Restatement of warrants as derivative liabilities \| Restatement Adjustment
Stockholders' equity
Class A common stock-$0.0001 par value		491
Montes Archimedes Acquisition Corp. \| Class B common stock
Stockholders' equity
Class A common stock-$0.0001 par value	$ 1,027	1,027
Montes Archimedes Acquisition Corp. \| Class B common stock \| Restatement of warrants as derivative liabilities
Stockholders' equity
Class A common stock-$0.0001 par value		1,027
Montes Archimedes Acquisition Corp. \| Class B common stock \| Restatement of warrants as derivative liabilities \| As Previously Reported
Stockholders' equity
Class A common stock-$0.0001 par value		$ 1,027

Restatement of Previously Issued Financial Statements - Balance Sheet (Parenthetical) (Detail) - $ / shares	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Restatement of Previously Issued Financial Statements
Common stock, par value	$ 0.0000001		$ 0.0000001
Montes Archimedes Acquisition Corp.
Restatement of Previously Issued Financial Statements
Common stock subject to possible redemption, par value	0.0001	$ 0.0001
Preferred stock, par value	0.0001	0.0001
Montes Archimedes Acquisition Corp. \| Restatement of warrants as derivative liabilities
Restatement of Previously Issued Financial Statements
Preferred stock, par value		0.0001
Class A common stock \| Montes Archimedes Acquisition Corp.
Restatement of Previously Issued Financial Statements
Common stock, par value	0.0001	0.0001
Class A common stock \| Montes Archimedes Acquisition Corp. \| Restatement of warrants as derivative liabilities
Restatement of Previously Issued Financial Statements
Common stock subject to possible redemption, par value		0.0001
Common stock, par value		0.0001
Class B common stock \| Montes Archimedes Acquisition Corp.
Restatement of Previously Issued Financial Statements
Common stock, par value	$ 0.0001	0.0001
Class B common stock \| Montes Archimedes Acquisition Corp. \| Restatement of warrants as derivative liabilities
Restatement of Previously Issued Financial Statements
Common stock, par value		$ 0.0001

Restatement of Previously Issued Financial Statements - Statement of Operations (Detail) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Restatement of Previously Issued Financial Statements
Loss from operations			$ (1,070,898,000)	$ (532,425,000)
Other (expense) income:
Total other (expense) income			(8,701,000)	(13,622,000)
Income tax expense			1,686,000	7,124,000
Net (loss) income attributable to Roivant Sciences Ltd.			$ (809,234,000)	$ 1,200,509,000
Basic and diluted net loss per share, common stock			$ (3.76)	$ 5.13
Montes Archimedes Acquisition Corp.
Restatement of Previously Issued Financial Statements
Loss from operations	$ (4,013,773)	$ (454,875)
Other (expense) income:
Financing costs-derivative warrant liabilities		(6,800,025)
Change in fair value of derivative warrant liabilities	22,959,500	(3,587,890)
Interest earned on marketable securities held in Trust Account	92,877	79,568
Unrealized gain on marketable securtities held in Trust Account		5,613
Income tax expense	19,504	16,709
Net (loss) income attributable to Roivant Sciences Ltd.	$ 19,019,100	$ (10,774,318)
Weighted average shares outstanding of common stock subject to redemption, basic and diluted	34,396,710	34,386,548
Weighted average shares outstanding of common stock, basic and diluted	16,943,069	13,324,191
Basic and diluted net loss per share, common stock	$ 1.12	$ (0.81)
Montes Archimedes Acquisition Corp. \| Restatement of warrants as derivative liabilities
Restatement of Previously Issued Financial Statements
Loss from operations		$ (454,875)
Other (expense) income:
Financing costs-derivative warrant liabilities		(6,800,025)
Change in fair value of derivative warrant liabilities		(3,587,890)
Interest earned on marketable securities held in Trust Account		79,568
Unrealized gain on marketable securtities held in Trust Account		5,613
Total other (expense) income		(10,302,734)
Income tax expense		16,709
Net (loss) income attributable to Roivant Sciences Ltd.		$ (10,774,318)
Weighted average shares outstanding of common stock subject to redemption, basic and diluted		34,386,548
Weighted average shares outstanding of common stock, basic and diluted		13,324,191
Basic and diluted net loss per share, common stock		$ (0.81)
Montes Archimedes Acquisition Corp. \| As Previously Reported
Restatement of Previously Issued Financial Statements
Loss from operations		$ (454,875)
Other (expense) income:
Interest earned on marketable securities held in Trust Account		79,568
Unrealized gain on marketable securtities held in Trust Account		5,613
Total other (expense) income		85,181
Income tax expense		16,709
Net (loss) income attributable to Roivant Sciences Ltd.		$ (386,403)
Weighted average shares outstanding of common stock subject to redemption, basic and diluted		38,896,852
Weighted average shares outstanding of common stock, basic and diluted		10,985,515
Basic and diluted net loss per share, common stock		$ (0.04)
Montes Archimedes Acquisition Corp. \| Restatement Adjustment \| Restatement of warrants as derivative liabilities
Other (expense) income:
Financing costs-derivative warrant liabilities		$ (6,800,025)
Change in fair value of derivative warrant liabilities		(3,587,890)
Total other (expense) income		(10,387,915)
Net (loss) income attributable to Roivant Sciences Ltd.		$ (10,387,915)
Weighted average shares outstanding of common stock subject to redemption, basic and diluted		(4,510,304)
Weighted average shares outstanding of common stock, basic and diluted		2,338,676
Basic and diluted net loss per share, common stock		$ (0.77)

Restatement of Previously Issued Financial Statements - Statement Of Cash Flow (Detail) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Restatement of Previously Issued Financial Statements
Net cash used in operating activities			$ (552,138,000)	$ (758,750,000)
Net cash used in investing activities			(31,702,000)	1,694,790,000
Net cash provided by financing activities			456,264,000	214,081,000
Net change in cash			$ (127,576,000)	$ 1,150,121,000
Montes Archimedes Acquisition Corp.
Restatement of Previously Issued Financial Statements
Net cash used in operating activities	$ (237,983)	$ (248,954)
Net cash used in investing activities		(410,718,230)
Net cash provided by financing activities	4,877	412,663,675
Net change in cash	$ (233,106)	1,696,491
Montes Archimedes Acquisition Corp. \| Restatement of warrants as derivative liabilities
Restatement of Previously Issued Financial Statements
Net cash used in operating activities		(248,954)
Net cash used in investing activities		(410,718,230)
Net cash provided by financing activities		412,663,675
Net change in cash		1,696,491
Montes Archimedes Acquisition Corp. \| As Previously Reported \| Restatement of warrants as derivative liabilities
Restatement of Previously Issued Financial Statements
Net cash used in operating activities		(248,954)
Net cash used in investing activities		(410,718,230)
Net cash provided by financing activities		412,663,675
Net change in cash		$ 1,696,491

Restatement Of Previously Issued Financial Statements - Additional Information (Detail) $ in Millions	Oct. 09, 2020 USD ($)
Montes Archimedes Acquisition Corp. \| Restatement of warrants as derivative liabilities
Restatement of Previously Issued Financial Statements
Increase in derivative liabilities	$ 44.4

Summary of Significant Accounting Policies - Additional Information (Detail) - Montes Archimedes Acquisition Corp. - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Accounting Policies [Line Items]
Concentrations of credit risk, financial instruments		$ 250,000
Shares subject to possible redemption	36,277,487	34,375,578
Warrants issued	30,750,277
Number of anti-dilutive shares subject to forfeiture excluded from weighted-average shares calculation	30,750,277	30,750,277
IPO
Schedule Of Accounting Policies [Line Items]
Warrants issued	20,535,912	20,535,912
Private Placement
Schedule Of Accounting Policies [Line Items]
Warrants issued	10,214,365	10,214,365
Class A common stock
Schedule Of Accounting Policies [Line Items]
Shares subject to possible redemption	36,277,487	34,375,578
Warrants issued	36,277,487	34,375,578

Summary of Significant Accounting Policies - Net Income Per Share of Common Stock (Detail) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Numerator: Net Loss minus Net Earnings
Net (loss) income			$ (809,234,000)	$ 1,200,509,000
Denominator: weighted average Non-redeemable common stock
Basic and diluted net income per share, Non-redeemable common stock			$ (3.76)	$ 5.13
Montes Archimedes Acquisition Corp.
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in trust Account	$ 82,038	$ 71,296
Less: Company's portion available to be withdrawn to pay taxes	(60,788)	$ (71,296)
Net income attributable	$ 21,250
Denominator: Weighted average Class A common stock subject to possible redemption
Basic and diluted weighted average shares outstanding	34,396,710	34,386,548
Basic and diluted net income per share	$ 0.00
Numerator: Net Loss minus Net Earnings
Net (loss) income	$ 19,019,100	$ (10,774,318)
Less: Net income allocable to Class A common stock subject to possible redemption	21,250
Non-redeemable net gain	$ 18,997,850	$ (10,774,318)
Denominator: weighted average Non-redeemable common stock
Basic and diluted weighted average shares outstanding, Non-redeemable common stock	16,943,069	13,324,191
Basic and diluted net income per share, Non-redeemable common stock	$ 1.12	$ (0.81)

Initial Public Offering - Additional Information (Detail) - USD ($)			3 Months Ended	6 Months Ended	12 Months Ended
	Nov. 12, 2020	Oct. 09, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Initial Public Offering Details [Line Items]
Offering cost paid					$ 286,000	$ 3,082,000
Montes Archimedes Acquisition Corp.
Initial Public Offering Details [Line Items]
Gross proceeds	$ 10,700,000
Offering cost paid	576,000			$ 8,797,978
Reimbursement of offering costs from underwriters	$ 14,000		$ 4,877	$ 529,057
Maximum shares subject to forfeiture	1,071,823
Deferred underwriting commissions	$ 375,000
Montes Archimedes Acquisition Corp. \| Class A common stock
Initial Public Offering Details [Line Items]
Number of shares issuable per warrant (in shares)		1
Montes Archimedes Acquisition Corp. \| Public Warrants
Initial Public Offering Details [Line Items]
Exercise price of warrants (in dollars per share)			$ 11.50	$ 11.50	$ 11.50
Montes Archimedes Acquisition Corp. \| Public Warrants \| Class A common stock
Initial Public Offering Details [Line Items]
Exercise price of warrants (in dollars per share)			$ 10.00	$ 10.00	$ 10.00
Montes Archimedes Acquisition Corp. \| IPO
Initial Public Offering Details [Line Items]
Gross proceeds		$ 400,000,000
Offering cost paid		22,100,000
Reimbursement of offering costs from underwriters		520,000
Deferred underwriting commissions		$ 14,000,000
Sale of units in initial public offering, gross (in shares)		40,000,000
Price per share		$ 10.00

Related Party Transactions - Founder Shares - Additional Information (Detail) - USD ($)	Nov. 20, 2020	Oct. 09, 2020	Oct. 06, 2020	Jul. 23, 2020	Mar. 31, 2021	Dec. 31, 2020	Nov. 12, 2020	Oct. 05, 2020	Mar. 31, 2020
Related Party Transaction [Line Items]
Common stock, par value					$ 0.0000001				$ 0.0000001
Common stock outstanding (in shares)					222,669,799				214,879,058
Montes Archimedes Acquisition Corp.
Related Party Transaction [Line Items]
Maximum shares subject to forfeiture							1,071,823
Montes Archimedes Acquisition Corp. \| Class B common stock
Related Party Transaction [Line Items]
Common stock, par value					$ 0.0001	$ 0.0001
Number of shares surrendered by the Sponsor			2,875,000
Common stock outstanding (in shares)					10,267,956	10,267,956
Maximum shares subject to forfeiture						0
Number of shares forfeited (in shares)	1,232,044
Montes Archimedes Acquisition Corp. \| Founder Shares
Related Party Transaction [Line Items]
Proceeds received from related party to cover certain expense payments in exchange for shares issued		$ 25,000		$ 25,000
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share)			$ 12.00
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences			20 days
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination			150 days
Montes Archimedes Acquisition Corp. \| Founder Shares \| Maximum
Related Party Transaction [Line Items]
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences			30 days
Montes Archimedes Acquisition Corp. \| Founder Shares \| Class B common stock
Related Party Transaction [Line Items]
Common stock outstanding (in shares)			11,500,000					14,375,000
Maximum shares subject to forfeiture					1,500,000	1,500,000
Common stock, shares subject to forfeiture, as a percent of issued and outstanding shares (as a percent)					20.00%	20.00%
Montes Archimedes Acquisition Corp. \| Founder Shares \| Class B common stock \| Affiliate of Sponsor
Related Party Transaction [Line Items]
Number of shares issued				14,375,000
Common stock, par value				$ 0.0001

Related Party Transactions - Private Placement Warrants - Additional Information (Detail) - Montes Archimedes Acquisition Corp. - USD ($)			6 Months Ended
	Nov. 12, 2020	Oct. 09, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Gross proceeds	$ 10,700,000
Financing costs - derivative warrant liability			$ 6,800,025
Class A common stock
Related Party Transaction [Line Items]
Number of shares issuable per warrant (in shares)		1
Private Placement \| Sponsor
Related Party Transaction [Line Items]
Number of warrants to purchase the shares issued (in shares)	214,365	10,000,000
Price of warrants (in dollars per share)		$ 1.00
Proceeds from issuance of warrants		$ 10,000,000
Gross proceeds	$ 214,000	$ 10,000,000
Financing costs - derivative warrant liability	$ 5,100,000
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination		30 days
Private Placement \| Class A common stock
Related Party Transaction [Line Items]
Exercise price of warrants (in dollars per share)		$ 11.50

Related Party Transactions - Related Party Loans and Administrative Services Agreement - Additional Information (Detail) - Montes Archimedes Acquisition Corp. - USD ($)			1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 09, 2020	Jul. 23, 2020	Sep. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Oct. 07, 2020
Related Party Transaction [Line Items]
Proceeds from related party loan					$ 200,000
Repayment of loan					200,000
General and administrative expenses - related party				$ 30,000	28,065
Related Party Loans \| Working Capital Loans
Related Party Transaction [Line Items]
Maximum loans convertible into warrants		$ 1,500,000
Conversion price per warrant		$ 1.00
Loan amount outstanding				0	0
Related Party Loans \| Sponsor \| Promissory Note
Related Party Transaction [Line Items]
Maximum borrowing capacity of related party promissory note		$ 300,000
Proceeds from related party loan		$ 200,000	$ 200,000
Repayment of loan	$ 200,000
Loan amount outstanding				200,000
Administrative Services Agreement
Related Party Transaction [Line Items]
Expenses incurred					$ 28,065
General and administrative expenses - related party				30,000
Accounts payable - related party outstanding				0
Administrative Services Agreement \| Affiliate of Sponsor
Related Party Transaction [Line Items]
Monthly office space and administrative support expenses				$ 10,000		$ 10,000

Commitments and Contingencies - Additional Information (Detail) - Montes Archimedes Acquisition Corp.		3 Months Ended	6 Months Ended
	Nov. 12, 2020 USD ($)	Mar. 31, 2021 USD ($) Item $ / shares	Dec. 31, 2020 USD ($) Item $ / shares
Maximum number of demands for registration of securities \| Item		3	3
Cash underwriting discount per unit \| $ / shares		$ 0.20	$ 0.20
Cash underwriting discount		$ 8,000,000	$ 8,000,000
Deferred underwriting commissions per unit \| $ / shares		$ 0.35	$ 0.35
Deferred underwriting commissions	$ 375,000	$ 14,000,000	$ 14,000,000
Reimbursement of offering costs receivable from the underwriter (as a percent)	0.13%	0.13%	0.13%
Reimbursement of offering costs receivable from the underwriter	$ 14,000	$ 520,000	$ 520,000
Underwriter fees payable	$ 214,000
Due from underwriters		$ 0	4,877
Over-allotment option
Due from underwriters			$ 5,000

Derivative Warrant Liabilities - Additional Information (Detail) - Montes Archimedes Acquisition Corp. - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Threshold trading days for calculating volume-weighted average price	10 days	10 days
Closing of Initial Business Combination
Class of Warrant or Right [Line Items]
Newly Issued Price (in dollars per share)	$ 9.20	$ 9.20
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	115.00%	115.00%
Closing of Initial Business Combination \| Maximum
Class of Warrant or Right [Line Items]
Newly Issued Price (in dollars per share)	$ 18.00	$ 18.00
Redemption of Warrants when price per share of Class A common stock equals or exceeds $10.00
Class of Warrant or Right [Line Items]
Newly Issued Price (in dollars per share)	$ 10.00	$ 10.00
Public Warrants
Class of Warrant or Right [Line Items]
Warrants exercisable term after the completion of a business combination	30 days	30 days
Warrants exercisable term from the closing of the public offering	12 months	12 months
Threshold maximum period for registration statement to become effective after business combination	60 days	60 days
Exercise price of warrants (in dollars per share)	$ 11.50	$ 11.50
Maximum redemption feature per warrant	0.361	0.361
Public Warrants \| Redemption of Warrants when price per share of Class A common stock equals or exceeds $18.00
Class of Warrant or Right [Line Items]
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	100.00%	100.00%
Stock price trigger for redemption of warrants (in dollars per share)	$ 10.00	$ 10.00
Redemption price per warrant (in dollars per share)	$ 0.01	$ 0.01
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Public Warrants \| Redemption of Warrants when price per share of Class A common stock equals or exceeds $18.00 \| Maximum
Class of Warrant or Right [Line Items]
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	180.00%	180.00%
Private Placement Warrants
Class of Warrant or Right [Line Items]
Threshold trading days for redemption of warrants	30 days	30 days
Private Placement Warrants \| Closing of Initial Business Combination
Class of Warrant or Right [Line Items]
Newly Issued Price (in dollars per share)	$ 18.00	$ 18.00
Private Placement Warrants \| Redemption of Warrants when price per share of Class A common stock equals or exceeds $18.00
Class of Warrant or Right [Line Items]
Stock price trigger for redemption of warrants (in dollars per share)	18.00	18.00
Redemption price per warrant (in dollars per share)	$ 0.01	$ 0.01
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Threshold trading days for redemption of warrants	20 days	20 days
Class A common stock
Class of Warrant or Right [Line Items]
Threshold minimum percentage of gross proceeds on total equity proceeds (as a percent)	60.00%	60.00%
Class A common stock \| Closing of Initial Business Combination
Class of Warrant or Right [Line Items]
Newly Issued Price (in dollars per share)	$ 9.20	$ 9.20
Class A common stock \| Redemption of Warrants when price per share of Class A common stock is less than $18.00
Class of Warrant or Right [Line Items]
Threshold consecutive trading days for redemption of warrants	20 days	20 days
Class A common stock \| Public Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 10.00	$ 10.00

Stockholders' Equity - Additional Information (Detail)					3 Months Ended	6 Months Ended
Stockholders' Equity - Additional Information (Detail)	Nov. 20, 2020 shares	Oct. 09, 2020 USD ($)	Oct. 06, 2020 shares	Jul. 23, 2020 USD ($)	Mar. 31, 2021 Vote $ / shares shares	Dec. 31, 2020 $ / shares shares	Nov. 12, 2020 shares	Oct. 05, 2020 shares	Mar. 31, 2020 $ / shares shares
Common stock, shares authorized					100,000,000,000				100,000,000,000
Common stock, par value \| $ / shares					$ 0.0000001				$ 0.0000001
Common stock, shares outstanding					222,669,799				214,879,058
Montes Archimedes Acquisition Corp.
Shares subject to possible redemption					36,277,487	34,375,578
Maximum shares subject to forfeiture							1,071,823
Common stock, number of votes per share \| Vote \| Vote					1
Preferred stock, shares authorized					1,000,000	1,000,000
Preferred stock, par value \| $ / shares					$ 0.0001	$ 0.0001
Preferred stock, shares issued					0	0
Preferred stock, shares outstanding					0	0
Montes Archimedes Acquisition Corp. \| Founder Shares
Proceeds received from related party to cover certain expense payments in exchange for shares issued \| $		$ 25,000		$ 25,000
Class A common stock \| Montes Archimedes Acquisition Corp.
Common stock, shares authorized					400,000,000	400,000,000
Common stock, par value \| $ / shares					$ 0.0001	$ 0.0001
Common stock outstanding (in shares)					41,071,823	41,071,823
Shares subject to possible redemption					36,277,487	34,375,578
Common stock, shares outstanding					4,794,336	6,696,245
Class B common stock \| Montes Archimedes Acquisition Corp.
Common stock, shares authorized					40,000,000	40,000,000
Common stock, par value \| $ / shares					$ 0.0001	$ 0.0001
Common stock outstanding (in shares)					10,267,956	10,267,956
Number of shares surrendered by sponsor			2,875,000
Common stock, shares outstanding					10,267,956	10,267,956
Maximum shares subject to forfeiture						0
Number of shares forfeited (in shares)	1,232,044
Number of common stock issuable pursuant to Initial Business Combination, as a percent of outstanding shares (in shares)					20.00%	20.00%
Class B common stock \| Montes Archimedes Acquisition Corp. \| Founder Shares
Common stock, shares outstanding			11,500,000					14,375,000
Maximum shares subject to forfeiture					1,500,000	1,500,000
Common stock, shares subject to forfeiture, as a percent of issued and outstanding shares (as a percent)					20.00%	20.00%

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	$ 188,978,000		$ 93,445,000
Liability instruments measured at fair value	67,893,000		102,373,000
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in Trust Account	1,609,575,000		1,968,107,000
Debt held by Dermavant with NovaQuest	150,100,000		89,100,000
Liability instruments measured at fair value	67,893,000		102,373,000
Total liabilities at fair value	217,993,000		191,473,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in Trust Account	1,533,538,000		1,945,045,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in Trust Account	76,037,000		23,062,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt held by Dermavant with NovaQuest	150,100,000		89,100,000
Liability instruments measured at fair value	67,893,000		102,373,000
Total liabilities at fair value	217,993,000		191,473,000
Money Market Funds [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	1,420,597,000		1,874,662,000
Money Market Funds [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	1,420,597,000		1,874,662,000
Other Investments [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	11,129,000		8,880,000
Other Investments [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	11,129,000		8,880,000
Montes Archimedes Acquisition Corp.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative warrant liabilities	26,137,730	$ 49,097,230
Montes Archimedes Acquisition Corp. \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in Trust Account		410,803,411
Derivative warrant liabilities		32,652,100
Total Fair Value	428,246,515	443,455,511
Montes Archimedes Acquisition Corp. \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative warrant liabilities		16,445,130
Total Fair Value	8,682,210	16,445,130
Montes Archimedes Acquisition Corp. \| Fair Value, Recurring [Member] \| Public Warrants \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative warrant liabilities	17,455,520	32,652,100
Montes Archimedes Acquisition Corp. \| Fair Value, Recurring [Member] \| Private Warrants \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative warrant liabilities	8,682,210	16,445,130
Montes Archimedes Acquisition Corp. \| U.S. Treasury Securities maturing on April 8, 2021 \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in Trust Account	410,790,002	410,803,122
Montes Archimedes Acquisition Corp. \| Cash \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in Trust Account	994	$ 289
Sio Gene Therapies Inc [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	48,500,000		45,300,000
Sio Gene Therapies Inc [Member] \| Common Stock [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	48,487,000		45,329,000
Sio Gene Therapies Inc [Member] \| Common Stock [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	48,487,000		45,329,000
Arbutus Biopharma Corporation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	129,400,000		39,200,000
Arbutus Biopharma Corporation [Member] \| Common Stock [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	53,325,000		16,174,000
Arbutus Biopharma Corporation [Member] \| Common Stock [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	53,325,000		16,174,000
Arbutus Biopharma Corporation [Member] \| Convertible Preferred Stock [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	76,037,000		23,062,000
Arbutus Biopharma Corporation [Member] \| Convertible Preferred Stock [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	$ 76,037,000		$ 23,062,000

Fair Value Measurements - Additional Information (Detail)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Fair Value Disclosures [Line Items]
Fair value of options			$ 25,711,000	$ 33,789,000
Montes Archimedes Acquisition Corp.
Fair Value Disclosures [Line Items]
Transfer between levels	$ 0	$ 0	0
Amount transferred to level 1	30,200,000	30,200,000	30,200,000
Change in fair value of derivative warrant liabilities	$ 22,959,500	$ (3,587,890)
Liability Instruments Measured At Fair Value [Member]
Fair Value Disclosures [Line Items]
Fair value of options			$ 62,400,000	$ 95,900,000
Minimum \| Measurement Input, Discount Rate [Member]
Fair Value Disclosures [Line Items]
Discount rate	0.06		0.06
Maximum \| Measurement Input, Discount Rate [Member]
Fair Value Disclosures [Line Items]
Discount rate	0.17		0.17

Fair Value Measurements - Measurement Inputs (Detail) - Montes Archimedes Acquisition Corp. - Fair Value, Inputs, Level 3 [Member]	Mar. 31, 2021	Oct. 09, 2020
Volatility
Measurement input	0.149	0.225
Risk-free rate
Measurement input	0.0101	0.0039
Dividend yield
Measurement input	0.000	0.000
Exercise price
Measurement input	11.50
Stock Price
Measurement input	9.78

Fair Value Measurements - Change in the Fair Value of the Derivative Warrant Liabilities (Detail) - Montes Archimedes Acquisition Corp. - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Balance at beginning of period	$ 49,097,230	$ 45,509,340
Change in fair value of derivative warrant liabilities		3,587,890
Balance at end of period		49,097,230
Fair Value, Inputs, Level 3 [Member]
Balance at beginning of period	16,445,130
Change in fair value of derivative warrant liabilities	(7,762,920)
Balance at end of period	$ 8,682,210	$ 16,445,130

Income Taxes - Schedule Components of Income Tax Expense (Benefit) (Detail) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2021

Mar. 31, 2020

Current taxes:

Total current tax expense

$ 1,686,000

$ 7,124,000

Deferred taxes:

Total deferred tax benefit

Income tax provision

1,686,000

7,124,000

Valuation on allowance

(115,500,000)

168,000,000

Income tax provision

1,686,000

7,124,000

United States [Member]

Current taxes:

Total current tax expense

1,365,000

6,327,000

Deferred taxes:

Total deferred tax benefit

Switzerland [Member]

Deferred taxes:

Total deferred tax benefit

Bermuda [Member]

Deferred taxes:

Total deferred tax benefit

Other [Member]

Current taxes:

Total current tax expense

^[1]

321,000

797,000

Deferred taxes:

Total deferred tax benefit

^[1]

$ 0

Montes Archimedes Acquisition Corp.

Current taxes:

$ 16,709

Deferred taxes:

94,345

$ 19,504

16,709

Valuation on allowance

(94,345)

Income tax provision

$ 19,504

$ 16,709

[1]	Primarily Greater China, United States state and local and United Kingdom activity

Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Deferred tax assets
Research tax credits	$ 19,063,000		$ 6,303,000
Intangible assets	50,564,000		43,626,000
Net operating loss	202,906,000		116,619,000
Share-based compensation	26,623,000		18,413,000
Lease liabilities	16,638,000		17,194,000
Other	7,303,000		7,060,000
Subtotal	323,097,000		209,215,000
Valuation allowance	(303,287,000)		(187,831,000)
Deferred tax liabilities
Depreciation	(1,214,000)		(1,833,000)
Right-of-use assets	(13,908,000)		(15,409,000)
Other	(4,688,000)		(4,142,000)
Net Deferred tax assets/(liabilities), net of valuation allowance	$ 0		$ 0
Montes Archimedes Acquisition Corp.
Deferred tax assets
Start-up/Organizationcosts		$ 95,524
Subtotal		95,524
Valuation allowance		(94,345)
Deferred tax asset, net of allowance		1,179
Deferred tax liabilities
Unrealized gain on marketable securities held in the Trust Account		(1,179)
Total deferred tax liabilities		(1,179)
Net Deferred tax assets/(liabilities), net of valuation allowance		$ 0

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2021

Mar. 31, 2020

Effective Income Tax Rate Reconciliation, Amount [Abstract]

Income tax benefit at Bermuda statutory rate

$ 0

Foreign rate differential

^[1]

(150,778,000)

(74,922,000)

Permanent disallowed IPR&D

111,432,000

Nondeductible changes in the fair value of investments and loss from equity method investment

(22,472,000)

20,840,000

Nontaxable (loss) gain on deconsolidation of business

(16,438,000)

29,041,000

Permanent adjustments

2,923,000

(20,395,000)

R&D tax credits

(10,555,000)

(5,990,000)

Rate changes

2,443,000

(29,238,000)

Valuation allowance

85,046,000

87,677,000

Other

85,000

111,000

Income tax provision

$ 1,686,000

$ 7,124,000

Effective Income Tax Rate Reconciliation, Percent [Abstract]

Foreign rate differential(1)

^[1]

16.78%

13.36%

Permanent disallowed IPR&D

(12.40%)

Nondeductible changes in the fair value of investments and loss from equity method investment

2.50%

(3.72%)

Nontaxable (loss) gain on deconsolidation of business

1.83%

(5.18%)

Permanent adjustments

(0.33%)

3.64%

R&D tax credits

1.17%

1.07%

Rate changes

(0.27%)

5.21%

Change in Valuation Allowance

(9.46%)

(15.63%)

Other

(0.01%)

(0.02%)

Total income tax expense

(0.19%)

(1.27%)

Montes Archimedes Acquisition Corp.

Effective Income Tax Rate Reconciliation, Amount [Abstract]

Income tax provision

$ 19,504

$ 16,709

Effective Income Tax Rate Reconciliation, Percent [Abstract]

Income tax benefit at Bermuda statutory rate

21.00%

Change in fair value of derivative warrant liabilities

(7.00%)

Financing Cost

(13.30%)

Change in Valuation Allowance

(0.90%)

Total income tax expense

(0.20%)

[1]	Primarily related to operations in Switzerland, the United Kingdom, and other jurisdictions with statutory tax rates different than the Bermuda rate.

Income Taxes - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Line Items]
Unrecognized tax benefits		$ 0	$ 0
Effective tax rate		(0.19%)	(1.27%)
Valuation allowance		$ 303,287,000	$ 187,831,000
Valuation allowance increase (decrease)		115,500,000	(168,000,000)
Unrecognized tax benefits		0	$ 0
United States and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Net operating losses		$ 69,700,000
Minimum \| United States and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Net operating losses expiration date		Mar. 31, 2035
Maximum \| United States and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Net operating losses expiration date		Mar. 31, 2041
Switzerland [Member]
Income Tax Disclosure [Line Items]
Net operating losses		$ 1,181,100,000
United States [Member]
Income Tax Disclosure [Line Items]
Net operating losses		$ 122,200,000
Percentage of future taxable income		80.00%
Research and development tax credit carryforwards		$ 19,100,000
United States [Member] \| Minimum
Income Tax Disclosure [Line Items]
Research and development tax credit expiration date		Mar. 31, 2035
United States [Member] \| Maximum
Income Tax Disclosure [Line Items]
Research and development tax credit expiration date		Mar. 31, 2041
United Kingdom [Member]
Income Tax Disclosure [Line Items]
Net operating losses		$ 28,600,000
Other Jurisdictions [Member]
Income Tax Disclosure [Line Items]
Net operating losses		$ 75,800,000
Montes Archimedes Acquisition Corp.
Income Tax Disclosure [Line Items]
Unrecognized tax benefits	$ 0
Accrued for payment of interest and penalties	$ 0
Effective tax rate	(0.20%)
Valuation allowance	$ 94,345
Valuation allowance increase (decrease)	94,345
Unrecognized tax benefits	$ 0

Description of Business and Liquidity - Additional Information (Detail) $ in Thousands	12 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($) Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating and reporting segments \| Segment		1
Cash and cash equivalents	$ 2,055,044	$ 2,183,207
Accumulated deficit	(1,918,462)	(1,109,228)
Loss from continuing operations	$ (900,233)	$ (568,110)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

+ Details

Summary of Significant Accounting Policies - Schedule of Aggregate Amounts of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 2,055,044	$ 2,183,207
Restricted cash	86,632	86,045
Cash, cash equivalents and restricted cash	$ 2,141,676	$ 2,269,252

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Detail)	12 Months Ended
	Mar. 31, 2021
Computer [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	Lesser of estimated useful life or remaining lease term

Investments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		9 Months Ended	12 Months Ended
	Sep. 29, 2017	Jul. 31, 2021	Apr. 30, 2020	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Investments [Line Items]
Common stock					222,669,799	214,879,058
Aggregate fair value investment					$ 188,978	$ 93,445
Carrying value of long-term investment					100,563	0
Other Investments [Member]
Investments [Line Items]
Aggregate fair value investment					$ 11,100	$ 8,900
Arbutus Biopharma Corporation [Member]
Investments [Line Items]
Common stock					16,013,540	16,013,540
Preferred stock					1,164,000	1,164,000
Premium on the conversion price, percentage	15.00%
Annual compounded conversion rate for preferred share					8.75%
Conversion price					$ 7.13
Closing price	$ 6.20
Ownership interest, percentage				49.90%
Maximum allowed ownership interest percentage				49.99%
Aggregate fair value investment					$ 129,400	$ 39,200
Unrealized gain (loss) on investments					$ 90,200	$ (99,900)
Closing price of common stock					$ 3.33	$ 1.01
Sio Gene Therapies Inc [Member]
Investments [Line Items]
Aggregate fair value investment					$ 48,500	$ 45,300
Unrealized gain (loss) on investments					$ 3,200	$ (31,600)
Closing price of common stock					$ 2.61	$ 2.44
Gain on deconsolidation						$ 107,300
Datavant Holdings, Inc [Member]
Investments [Line Items]
Aggregate fair value investment					$ 99,000
Gain on deconsolidation					86,500
Preferred stock issued and sold		639,140
Carrying value of long-term investment					$ 100,600
Datavant Holdings, Inc [Member] \| Series B Preferred Stock [Member]
Investments [Line Items]
Preferred stock issued and sold			13,411,311
Gross proceeds from issuance of stock			$ 27,200
Preferred stock issued and sold			1,065,234
Total purchase price			$ 2,500
Issued relating to the conversion of certain liability instruments			1,800,253

Asset Acquisitions and License Agreements -Additional Information (Detail) $ in Thousands, € in Millions, $ in Millions		1 Months Ended												12 Months Ended		26 Months Ended
	Jul. 31, 2020 USD ($) shares	Mar. 31, 2021 USD ($) shares	Jan. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 30, 2020 USD ($)	Jul. 31, 2020 USD ($)	Jan. 31, 2020 USD ($)	Aug. 31, 2019 USD ($)	Aug. 31, 2019 CAD ($)	Apr. 30, 2018 USD ($)	May 31, 2012 USD ($)	May 31, 2012 EUR (€)	May 31, 2012 CAD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)
Business Acquisition [Line Items]
Long term debt		$ 170,280												$ 170,280	$ 108,592
Stock issued, value														301,744	999,193
Gain (loss) on remeasurement of investment														95,533	(136,005)
Research and development expense														832,758	263,217
Subscription receivable		100,000												100,000	0
Payment to acquire business, net															500
Share-based compensation expense														84,958	122,572
Silicon Therapeutics [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 450,000
Research and development expense														399,600
Number of shares issued in business combination \| shares		7,316,583
Payment to acquire business, net		$ 14,000												15,600
Business combination, recognized identifiable assets acquired and liabilities assumed, assets		402,400												402,400
Business combination, recognized identifiable assets acquired and liabilities assumed, current liabilities, accounts payable		281,700												281,700
Business acquisition, equity interest issued or issuable, value assigned		105,100												105,100
Share-based compensation expense														23,500
Fair value of common shares		22,600												22,600
Fair value of restricted stock														15,600
Silicon Therapeutics [Member] \| First Tranche [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred, liabilities incurred		350,000
Silicon Therapeutics [Member] \| Second Tranche [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred, liabilities incurred		100,000
Dermavant Sciences Ltd [Member]
Business Acquisition [Line Items]
Net upfront cash payment											$ 191,000	€ 150.0
Contingent payment											133,000	€ 100.0
Future development and commercial milestone payments											137,000		$ 180.0
Long term debt											$ 117,500
Milestone payment								$ 23,000	$ 30.0
Nonrefundable, upfront payment							$ 60,000
Nonrefundable, upfront payment							$ 53,000
Non-refundable, up-front payment recognized															$ 60,000
Genevant Sciences Ltd [Member]
Business Acquisition [Line Items]
Equity ownership interest, additional cash contribution										$ 38,700
Promissory notes issued																$ 20,100
Stock issued \| shares	74,272,043
Stock issued, value	$ 20,500
Aggregate principal amount of notes converted	$ 15,100
Notes converted, shares issued \| shares	54,526,549
Percentage controlling interest	82.90%					82.90%
Investment, fair value		28,800												28,800
Gain (loss) on remeasurement of investment						$ 28,800								28,800
Fair value of noncontrolling interests	$ 9,200	9,200				9,200								9,200
Cash paid for common shares														20,500
Business combination, consideration transferred						$ 58,500
Research and development expense														41,400
Genevant Sciences Ltd [Member] \| Arbutus Biopharma Corporation [Member]
Business Acquisition [Line Items]
Stock issued \| shares	9,057,566
Stock issued, value	$ 2,500
ProteoVant Sciences, Inc [Member]
Business Acquisition [Line Items]
Net upfront cash payment														101,200
Milestone payment			$ 100,000
Aggregate principal amount of notes converted					$ 11,500
Research and development expense														116,500
Upfront proceeds					105,000
Payment under SRA					15,500
Settlement of promissory notes receivable														11,900
Fair value of future contingent consideration payments		$ 3,400												$ 3,400
Equity investment				$ 200,000
Ownership interest				40.00%
Subscription receivable			$ 100,000
ProteoVant Sciences, Inc [Member] \| First Product First Product for Each Molecular Target Covered by Intellectual Property [Member] \| Maximum
Business Acquisition [Line Items]
Future development and commercial milestone payments					8,600
ProteoVant Sciences, Inc [Member] \| First Product Targets Targeting Each of Two Specified Initial Targets [Member] \| Maximum
Business Acquisition [Line Items]
Future development and commercial milestone payments					100,000
ProteoVant Sciences, Inc [Member] \| First Product Targets Each of Certain Specified Additional MolecularTargets [Member] \| Maximum
Business Acquisition [Line Items]
Future development and commercial milestone payments					51,000
Affivant Sciences [Member]
Business Acquisition [Line Items]
Net upfront cash payment					40,000
Newly issued shares					20,000
Affivant Sciences [Member] \| Maximum
Business Acquisition [Line Items]
Future development and commercial milestone payments					$ 2,000,000

Sumitomo Transaction Agreement - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 27, 2019	Dec. 31, 2019	Mar. 31, 2020	Mar. 31, 2021
Transaction Agreement [Line Items]
Gain (loss) on sale of stock transactions			$ (43,398)
Sumitomo [Member]
Transaction Agreement [Line Items]
Percentage of granted option to purchase ownership interest	75.00%
Number of shares transferred	26,952,143	26,952,143
Consideration received in transaction	$ 2,900,000	$ 999,200
Gain (loss) on sale of stock transactions			$ 2,000,000
Escrow amount	$ 75,000
Restricted cash				$ 75,000
Sumitomo [Member] \| Employee [Member]
Transaction Agreement [Line Items]
Aggregate fair value of issued instruments to employees on transaction		39,100
Deferred compensation equity		24,800
Deferred compensation liability		14,300
Outstanding instruments vest based on the achievement of time-based, performance or liquidity event requirements			1,880,980	1,865,416
Sumitomo [Member] \| Maximum
Transaction Agreement [Line Items]
Repurchase of RSL's equity securities approved amount		$ 1,000,000

Discontinued Operations - Summary Of Disposal Groups Including Discontinued Operations Income Statement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expenses:
Research and development		$ 265,452
General and administrative		119,885
Total operating expenses		385,337
Loss from operations		(385,337)
Gain on sale of business		(1,985,949)
Interest income		(2,305)
Interest expense(1)		13,733
Other expense		8,866
Income from discontinued operations before income taxes		1,580,318
Income tax expense		1,892
Income from discontinued operations, net of tax	$ 0	1,578,426
Loss from discontinued operations before income taxes attributable to noncontrolling interests		(141,783)
Income from discontinued operations before income taxes attributable to Roivant Sciences Ltd.		1,722,101
Income from discontinued operations before income taxes		$ 1,580,318

Discontinued Operations - Summary of Cash Flows From Discontinued Operations (Detail) $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Gain on sale of business	$ (1,985,949)
Share-based compensation	54,821
Acquired in-processresearch and development	$ 16,405

Balance Sheet Components - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 39,544	$ 16,344
Receivables for value added tax (VAT) paid	807	5,978
Note receivable	0	5,000
Trade receivables, net	11,222	3,669
Income tax receivable	1,803	632
Other	874	2,140
Total other current assets	$ 54,250	$ 33,763

Balance Sheet Components - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Balance Sheet Components [Line Items]
Total accrued expenses	$ 76,936	$ 68,621
R&D Expenses [Member]
Balance Sheet Components [Line Items]
Total accrued expenses	20,755	21,607
Employee Related Expenses [Member]
Balance Sheet Components [Line Items]
Total accrued expenses	38,552	29,113
Professional Services Expenses [Member]
Balance Sheet Components [Line Items]
Total accrued expenses	10,267	5,135
Other General and Administrative Expenses [Member]
Balance Sheet Components [Line Items]
Total accrued expenses	$ 7,362	$ 12,766

Balance Sheet Components - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Deferred revenue	$ 5,918	$ 3,621
Income tax payable	207	1,497
Other	3,037	234
Total other current liabilities	$ 9,162	$ 5,352

Long Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Long-term Debt, Unclassified [Abstract]
Principal amount	$ 171,490	$ 110,490
Less: unamortized debt discount and issuance costs	(1,210)	(1,898)
Total debt, net	170,280	108,592
Less: current portion	0	0
Total long term debt, net	$ 170,280	$ 108,592

Long Term Debt - Additional Information (Detail) - Dermavant Sciences Ltd [Member] - USD ($) $ in Millions	1 Months Ended
	May 31, 2021	Jan. 31, 2020	May 31, 2019	Mar. 31, 2021	Mar. 31, 2020	Oct. 31, 2018	Aug. 31, 2018
Debt Instrument [Line Items]
Debt principal amount			$ 20.0	$ 20.0	$ 20.0
Debt interest rate			9.95%
Debt Fee, end of term charge			$ 1.4	1.4	1.4
Proceed from equity and debt financing		$ 110.0
Proceeds from credit facility	$ 40.0
Prime Rate [Member]
Debt Instrument [Line Items]
Debt interest rate			4.45%
NovaQuest Agreement [Member]
Debt Instrument [Line Items]
Debt principal amount						$ 17.5	$ 100.0
Debt fair value				150.1	$ 89.1
NovaQuest Agreement [Member] \| Regulatory Milestone [Member]
Debt Instrument [Line Items]
Maximum amount required milestone payments				440.6
Possible offset of regulatory milestone payments with commercial milestone				88.1
NovaQuest Agreement [Member] \| Commercial Milestone [Member]
Debt Instrument [Line Items]
Maximum amount required milestone payments				$ 141.0

Long Term Debt and Convertible Notes Payable - Schedule of Company's Annual Payments (Detail) $ in Thousands	Mar. 31, 2021 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2022	$ 3,129
2023	13,306
2024	4,955
2025	0
2026	0
Thereafter	0
Total	$ 21,390

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Sumitovant [Member]
Related Party Transaction [Line Items]
Cost incurred and recorded as offsets to general and administrative expenses	$ 1.4	$ 0.2
Sumitomo [Member]
Related Party Transaction [Line Items]
Access fee paid pursuant to strategic cooperation agreement	$ 1.0	$ 1.0

Shareholders' Equity and Redeemable Non-Controlling Interest - Additional Information (Detail) - USD ($)			1 Months Ended								12 Months Ended
	Dec. 27, 2019	Dec. 26, 2019	Mar. 31, 2021	Sep. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Jan. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Feb. 29, 2020
Class of Stock [Line Items]
Earnout shares											(i) during any Trading Period prior to March 31, 2023, 10,000,000 Earnout Shares upon the achievement of a volume-weighted average price of at least $17.50 per share; and (ii) during any Trading Period prior to March 31, 2025, 10,000,000 Earnout Shares upon the achievement of a volume-weighted average price of at least $31.50 per share.
Common stock issued			222,669,799	17,547,938	17,547,938		214,879,058				222,669,799	214,879,058
Net proceeds of common stock												$ 999,193,000
Convertible Notes Payable [Member]
Class of Stock [Line Items]
Conversion of stock , share converted											2,500,000
Carrying amount of the convertible promissory			$ 35,600,000								$ 35,600,000
Common Stock [Member]
Class of Stock [Line Items]
Public offering shares of common stock											7,202,917	26,952,143
Underwritten Public Offering [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Public offering shares of common stock				380,000		1,034,483
Net proceeds of common stock				$ 12,500,000		$ 15,000,000
Sumitomo Transaction Agreement [Member] \| Roivant Equity Repurchase [Member]
Class of Stock [Line Items]
Offer to repurchase common stock held by each holder		11.23%
Common stock per share		$ 37.10
Description of share repurchase offer											The offers included an offer to repurchase up to approximately 11.23% of the common stock held by each holder (and its affiliates) of the Company’s common stock as of December 26, 2019, at a price per share of $37.10 representing fair value of the common stock, an offer to purchase vested stock options whose fair market value (as determined as of December 27, 2019) was less than or equal to the fair market value of approximately 11.23% of the earliest-granted of such holder’s outstanding vested and unvested stock options, at a purchase price equal to such vested option’s fair market value, and an offer to holders of performance restricted stock units to surrender 100% of their existing performance restricted stock units in exchange for newly issued performance stock options and capped value appreciation rights which were issued under an amended and restated RSL 2015 Equity Incentive Plan.
Maximum \| Sumitomo Transaction Agreement [Member] \| Roivant Equity Repurchase [Member]
Class of Stock [Line Items]
Equity securities authorized for repurchase													$ 1,000,000,000
Sumitomo [Member]
Class of Stock [Line Items]
Number of shares transferred	26,952,143								26,952,143
Share price									$ 37.10
Net proceeds from sale of stock	$ 2,900,000,000								$ 999,200,000
Sumitomo [Member] \| Maximum
Class of Stock [Line Items]
Equity securities authorized for repurchase									$ 1,000,000,000
Cytovant Science HK Ltd [Member] \| Series A 1 Preferred Stock [Member]
Class of Stock [Line Items]
Number of shares transferred							20,085,301
Share price							$ 1.17					$ 1.17
Net proceeds from sale of stock							$ 22,500,000
Health Sciences [Member]
Class of Stock [Line Items]
Number of outstanding warrants										11,500,000
Warrant exercise price per share										$ 11.50
Health Sciences [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Stock acquired related to business acquisition										42,080,376
Number of outstanding warrants										5,750,000
Health Sciences [Member] \| Immunovant, Inc [Member]
Class of Stock [Line Items]
Percentage of common stock acquired related to business acquisition										100.00%
Cash as a result of the Business Combination										$ 111,000,000
Proceeds related to common stock purchase by RSL										$ 5,100,000
Health Sciences [Member] \| Series A 1 Preferred Stock [Member]
Class of Stock [Line Items]
Stock acquired related to business acquisition										10,000
Immunovant, Inc [Member]
Class of Stock [Line Items]
Earnout shares											20,000,000
Immunovant, Inc [Member] \| Convertible Notes Payable [Member]
Class of Stock [Line Items]
Conversion of stock , share converted											7,156,495
Immunovant, Inc [Member] \| Warrant
Class of Stock [Line Items]
Number of outstanding warrants			5,719,145		5,750,000						5,719,145
Warrant exercise price per share			$ 11.50		$ 11.50						$ 11.50
Number of exercisable outstanding warrants			11,438,290		11,500,000						11,438,290
Proceeds of warrants											$ 65,800,000
Warrants cancellation											$ 61,710
Immunovant, Inc [Member] \| Underwritten Public Offering [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Common stock per share				$ 33.00		$ 14.50
Public offering shares of common stock				6,060,606		9,613,365
Net proceeds of common stock				$ 188,100,000		$ 131,000,000
Immunovant Sciences Ltd [Member]
Class of Stock [Line Items]
Common stock issued				20,000,000	20,000,000
Immunovant Sciences Ltd [Member] \| Restricted Stock [Member]
Class of Stock [Line Items]
Restricted shares vested				1,800,000	1,800,000
Immunovant Sciences Ltd [Member] \| Convertible Notes Payable [Member]
Class of Stock [Line Items]
Conversion of stock , share converted											3,499,995
Sinovant Inc [Member]
Class of Stock [Line Items]
Annualized return rate			12.00%
Preferred stock purchase price per share								$ 12.26
Preferred stock purchase price								$ 132,900,000
Repurchase of redeemable noncontrolling interest								$ 77,800,000

Shareholders' Equity and Redeemable Non-Controlling Interest - Schedule of payments of equity securities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Payments for Repurchase of Equity [Abstract]
Common stock		$ 950,722
Other equity instruments		39,292
Total cash paid	$ 113	$ 990,014

Share-Based Compensation - Additional Information (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 84,958,000	$ 67,751,000
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0
Grant expiration period	8 years
Unrecognized compensation expense related to non-vested stock	$ 83,800,000
Performance Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0
Unrecognized compensation expense related to non-vested stock	337,800,000
CVARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0
Grant expiration date	Mar. 31, 2026
Grant, Description	Each CVAR pays in common shares the excess of (a) the lesser of (i) the fair market value of a common share as of the settlement date or (ii) the cap of $37.10, over (b) the hurdle price of either $18.70 or $33.63, as applicable to each grant.
Unrecognized compensation expense	$ 23,000,000
Performance RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	12,300,000
Unrecognized compensation expense	2,800,000
RSL Common Share Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,600,000
Remaining weighted-average service period	3 years 4 months 20 days
Unrecognized compensation expense	$ 6,900,000
Restricted common stock fair value	$ 15,600,000
2015 EIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance	22,800,000
Common shares available for grant	10,296,392
Share-based compensation expense	$ 32,300,000	$ 31,800,000
Unrecognized compensation expense related to non-vested stock	$ 70,800,000
Remaining weighted-average service period	2 years 11 months 15 days
Stock options vested	5,533,848	4,123,953
2015 EIP [Member] \| Special Reserve [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance	26,558,238
Common shares available for grant	0
Subsidiary EIPs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 29,100,000	$ 22,100,000
Grant vesting period	4 years
Grant contractual term	10 years
pRSU Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance	200,000
Grant expiration period	8 years
Equity repurchase	$ 17,044,465
Percentage of share repurchased	11.23%

Share-Based Compensation - Schedule of Fair Value Assumptions (Detail)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	74.84%	66.47%
Expected risk free interest rate	0.43%	2.27%
Expected term	6 years 3 months	6 years 8 months 19 days
Expected dividend yield	0.00%	0.00%
Performance Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	73.60%
Expected risk free interest rate	0.62%
Expected term	6 years
Expected dividend yield	0.00%

Share-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Option [Member] - 2015 EIP [Member] - $ / shares	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding at March 31, 2020	8,176,814
Options Granted	1,482,604
Options Forfeited/Canceled	(270,047)
Stock options outstanding at March 31, 2021	9,389,371	8,176,814
Stock options exercisable	5,533,848
Weighted average exercise price, Beginning balance	$ 24.52
Weighted average exercise price, Granted	38.71
Weighted average exercise price,Forfeited/Canceled	29.89
Weighted average exercise price, Ending balance	26.61	$ 24.52
Weighted average exercise price, exercisable	21.52
Weighted Average Grant Date Fair Value, Beginning balance	16.53
Weighted average grant date fair value, Granted	25.37
Weighted Average Grant Date Fair Value, Granted	19.85
Weighted Average Grant Date Fair Value, Ending balance	17.90	$ 16.53
Weighted Average Grant Date Fair Value, exercisable	$ 14.95
Weighted Average Remaining Contractual Life	7 years 3 months 3 days	7 years 11 months 4 days
Weighted Average Remaining Contractual Life, exercisable	6 years 5 months 26 days

Share-Based Compensation - Summary of Fair Value of Vested Stock Option (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Grant date fair value of stock options vested	$ 25,711	$ 33,789
Weighted-average grant date fair value per share of stock options granted	$ 25.37	$ 20.63

Share-Based Compensation - Summary of Restricted Stock Units (Detail) - RSUs [Member] - 2015 EIP [Member]	12 Months Ended
	Mar. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested balance, beginning \| shares	1,008,175
Granted \| shares	1,454,199
Forfeited \| shares	(169,636)
Non-vested balance, ending \| shares	2,292,738
Non-vested units, Beginning balance \| $ / shares	$ 32.50
Weighted Average Grant Date Fair Value,Granted \| $ / shares	39.19
Weighted Average Grant Date Fair Value,Forfeited \| $ / shares	36.36
Non-vested units , Ending balance \| $ / shares	$ 36.53

Share-Based Compensation - Summary of Performance Options Activity (Detail) - Performance Options [Member] - 2015 EIP [Member] - $ / shares	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding at March 31, 2020	14,518,870
Options Granted	0
Options Forfeited	(93,207)
Stock options outstanding at March 31, 2021	14,425,663	14,518,870
Weighted average exercise price, Beginning balance	$ 38.97
Weighted average exercise price, Granted	0
Weighted average exercise price, Forfeited	46.38
Weighted average exercise price, Ending balance	38.93	$ 38.97
Weighted average grant date fair value, Beginning balance	23.78
Weighted average grant date fair value, Granted	0
Weighted average grant date fair value, Forfeited	22.18
Weighted average grant date fair value, Ending balance	$ 23.42	$ 23.78
Performance Options outstanding at March 31, 2020	5 years	6 years

Share-Based Compensation - Summary of Capped Value Appreciation Rights (Detail) - CVARs [Member] - 2015 EIP [Member]	12 Months Ended
	Mar. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested balance, beginning \| shares	11,088,658
Granted \| shares	0
Forfeited \| shares	0
Non-vested balance, ending \| shares	11,088,658
Non-vested units, Beginning balance \| $ / shares	$ 2.07
Weighted average grant date fair value, Granted \| $ / shares	0
Weighted average grant date fair value, forfeited \| $ / shares	0
Non-vested units , Ending balance \| $ / shares	$ 2.07

Share-Based Compensation - Summary of Performance Restricted Stock Units (Detail) - Performance RSU [Member] - pRSU Plan [Member]	12 Months Ended
	Mar. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested balance, beginning \| shares	266,845
Units Granted \| shares	0
Units Forfeited \| shares	(66,845)
Non-vested balance, ending \| shares	200,000
Non-vested units, Beginning balance \| $ / shares	$ 13.92
Units Granted \| $ / shares	0
Units Forfeited \| $ / shares	13.92
Non-vested units , Ending balance \| $ / shares	$ 13.92

Share-Based Compensation - Summary of Common Share Award Activity (Detail) - RSL Common Share Award	12 Months Ended
	Mar. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted \| shares	587,824
Vested \| shares	0
Forfeited \| shares	0
Non-vested balance, ending \| shares	587,824
Weighted Average Grant Date Fair Value, vested \| $ / shares	$ 38.50
Weighted Average Grant Date Fair Value, vested \| $ / shares	0
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	0
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 38.50

Share-Based Compensation - Summary of Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 84,958	$ 67,751
R&D Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	22,637	7,738
G&A Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 62,321	$ 60,013

Income Taxes - Schedule of Loss Before Income Taxes by Geographic Region (Detail) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Loss before income taxes:

Total loss before income taxes

$ (898,547)

$ (560,986)

United States [Member]

Loss before income taxes:

Total loss before income taxes

(212,921)

(69,264)

Switzerland [Member]

Loss before income taxes:

Total loss before income taxes

(424,494)

(355,422)

Bermuda [Member]

Loss before income taxes:

Total loss before income taxes

(227,471)

(105,604)

Other [Member]

Loss before income taxes:

Total loss before income taxes

^[1]

$ (33,661)

$ (30,696)

[1]	Primarily Greater China and United Kingdom activity

Leases - Schedule of Operating Lease Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease, Cost [Abstract]
Operating lease cost	$ 11,931	$ 11,515
Short-term lease cost	237	872
Variable lease cost	704	379
Total operating lease cost	$ 12,872	$ 12,766

Leases - Summary of Operating Lease ROU Assets and Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Cash paid for operating lease liabilities	$ 8,830	$ 8,108
Operating lease ROU assets obtained in exchange for operating lease liabilities	$ 5,491	$ 56,025
Weighted average remaining lease term (in years)	9 years 7 months 6 days	10 years 2 months 12 days
Weighted average discount rate	7.10%	7.10%

Leases - Schedule of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2021 USD ($)
Maturities of operating lease liabilities [Abstract]
2022	$ 13,386
2023	11,814
2024	11,718
2025	9,734
2026	8,617
Thereafter	51,674
Total lease payments	106,943
Total lease payments	106,943
Less: present value adjustment	(29,348)
Less: tenant improvement allowance	(2,898)
Total	$ 74,697

Fair Value Measurements - Schedule of Changes of Fair Value Liabilities Measured On Level 3 (Detail) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 191,473	$ 103,628
Issuance of liability instruments measured at fair value		101,567
Changes in fair value of debt and liability instruments, included in net loss	29,845	(13,722)
Liability instruments disposed due to deconsolidation of subsidiary	(3,325)
Balance at end of period	$ 217,993	$ 191,473

Fair Value Measurements - Schedule of Fair Value of Unobservable Input Related To Options to Acquire Under Sumitomo Transaction Agreement (Detail)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Measurement Input, Expected Term [Member] \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Time to expiration (in years)	3 years 7 months 2 days	5 months 26 days
Measurement Input, Expected Term [Member] \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Time to expiration (in years)	3 years 7 months 2 days	4 years 7 months 2 days
Risk-free rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	0.0052	0.0015
Risk-free rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	0.0052	0.0035
Measurement Input, Option Volatility [Member] \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	0.890	0.910
Measurement Input, Option Volatility [Member] \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	0.950	1.100

Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Retirement Benefits [Abstract]
Defined contribution plan, employer matching contribution	$ 1.7	$ 1.7

Other (Income) Expense, Net - Summary of Other Expense, Net From Continuing Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other (income) expense [Abstract]
Loss from equity method investment	$ 3,750	$ 21,386
Interest income	(1,418)	(17,990)
Interest expense	2,809	7,683
Other expense	3,560	2,543
Total	$ 8,701	$ 13,622

Net Earnings per Common Share - Summary of Basic and Diluted Net Income Per Share of Common Stock (Detail) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Loss from continuing operations, net of tax	$ (900,233)	$ (568,110)
Net loss from continuing operations, net of tax, attributable to noncontrolling interest	(90,999)	(48,716)
Loss from continuing operations, net of tax, attributable to Roivant Sciences Ltd.	(809,234)	(519,394)
Deemed dividend on repurchase of redeemable noncontrolling interest relating to subsidiary convertible and redeemable preferred stock		(77,777)
Basic and diluted loss from continuing operations, net of tax, attributable to Roivant Sciences Ltd.	(809,234)	(597,171)
Income from discontinued operations, net of tax	0	1,578,426
Net loss from discontinued operations, net of tax, attributable to noncontrolling interest		(141,477)
Net income from discontinued operations, net of tax, attributable to Roivant Sciences Ltd.	0	1,719,903
Basic and diluted income from discontinued operations, net of tax		1,719,903
Basic and diluted net (loss) income attributable to Roivant Sciences	$ (809,234)	$ 1,122,732

Net Earnings per Common Share - Summary of Basic and Diluted Net Income Per Share of Common Stock (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)
Earnings Per Share [Abstract]
Deemed dividend on repurchase of redeemable noncontrolling interest relating to subsidiary convertible and redeemable preferred stock	$ 77,777

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	May 01, 2021	Mar. 14, 2021	May 14, 2021	Mar. 31, 2021	Mar. 31, 2020	May 31, 2019
Long term debt				$ 170,280	$ 108,592
Dermavant Sciences Ltd [Member]
Debt principal amount				20,000	$ 20,000	$ 20,000
Dermavant Sciences Ltd [Member] \| Subsequent Event [Member]
Warrants issued to purchase common shares		1,199,072
Percentage of common stock shares issued and outstanding at closing		1.00%
Warrants exercise price		$ 0.01
Dermavant Sciences Ltd [Member] \| Subsequent Event [Member] \| Credit Facility [Member]
Debt principal amount		$ 40,000
Interest rate		10.00%
Maturity date		5 years
Dermavant Sciences Ltd [Member] \| Subsequent Event [Member] \| Revenue Interest Purchase and Sale Agreement [Member]
Revenue interest purchase and sale agreement amount			$ 160,000
Revenue interest purchase and sale agreement committed fund to be paid			$ 160,000
Dermavant Sciences Ltd [Member] \| Subsequent Event [Member] \| Revision of Prior Period, Reclassification, Adjustment
Long term debt				$ 3,100
Sumitomo Pharmaceuticals (Suzhou) Co., Ltd. [Member] \| Subsequent Event [Member]
Business combination, paid in cash	$ 5,000

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