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Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following table summarizes share option activity:

	Number of Share Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Months)
Outstanding — March 31, 2018		2,096,283		$	7.79		84
Granted		189,552			6.59		120
Exercised		(253,066	)		5.14		—
Forfeited		(96,372	)		12.69		—
Outstanding — March 31, 2019		1,936,397		$	7.77		78
Granted		110,623			8.44		120
Exercised		(103,264	)		4.77		—
Forfeited		(95,704	)		12.53		—
Outstanding — March 31, 2020		1,848,052		$	7.73		70
Granted		258,026			5.38		120
Exercised		(147,264	)		1.18		—
Forfeited		(148,029	)		10.76		—
Outstanding — March 31, 2021		1,810,785		$	7.69		68
Exercisable —March 31, 2021		1,497,464		$	8.11		59

Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value

The following table summarizes the options granted in the year ended March 31, 2021 with their exercise prices, the fair value of ordinary shares as of the applicable grant date, and the intrinsic value, if any:

Grant Date	Number of Options Granted		Exercise Price		Ordinary Shares Fair Value Per Share at Grant Date		Per Share Intrinsic Value of Options
May 24, 2020		60,438	$	7.69	$	7.69	$	4.96
September 1, 2020 (1)		45,922	4.81		4.81		3.07
October 29, 2020		81,666		4.55		4.55		2.93
October 31, 2020		70,000	4.72		4.72		3.05

(1)

On September 1, 2020, in connection with the appointment of Dr Catherine Larue and Dr Isabelle Buckle to the Board of Directors, we granted each of Dr Larue and Dr Buckle 20,790 options to purchase ordinary shares at an exercise price of $4.81 per share. These grants, which were issued outside of our 2014 Stock Incentive Plan, were approved by our Board of Directors and the Remuneration Committee of our Board pursuant to the inducement grant exception under Nasdaq Rule

5635(c)(4), as an inducement that is material to Dr Larue and Dr Buckle joining our Board. The options vest in three equal installments on each first, second and third anniversary of the grant date. The options have a term of ten years and will be forfeited if not exercised before the expiration of their term. In addition, in the event Dr Larue’s or Dr Buckle’s Board service is terminated, any options not vested shall be forfeited upon termination.

Summary of Weighted-Average Assumptions to Share Options Issued

A summary of the weighted-average assumptions applicable to the share options is as follows:

	Year ended March 31,
	2021			2020			2019
Risk-free interest rate		0.77	%		1.84	%		3.08	%
Expected lives (years)	6				6			6
Volatility		73.70	%		69.43	%		67.19	%
Dividend yield		—			—			—
Grant date fair value (per share)	$	5.38		$	8.44		$	6.14
Number granted		258,026			110,623			189,552

Summary of RSUs

A summary of the RSUs in issue at March 31, 2021 is as follows:

Number

of RSUs

Outstanding

Weighted

Average

Remaining

Vesting Period

(Months)

Period in which the

target must be

achieved

RSUs subject to time based vesting

783,759

N/A

RSUs subject to milestone based vesting

118,650

N/A