Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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

	Year ended March 31, 2020			Year ended March 31, 2019
Loss before income taxes:
United States	$	(4,403	)	$	(11,345	)
Switzerland	(62,520		)	(111,383		)
Bermuda (1)	(5,216		)	(6,206		)
Other (2)	(51		)	2
Total loss before income taxes	$	(72,190	)	$	(128,932	)
Current taxes:
United States	$	403		$	123
Switzerland	—			—
Bermuda (1)	—			—
Other (3)	35			10
Total current tax expense	438			133
Deferred taxes:
United States	—			—
Switzerland	—			—
Bermuda (1)	—			—
Other (2)	—			—
Total deferred tax expense	—			—
Total income tax expense	$	438		$	133
(1) Bermuda entity is centrally controlled and managed in the United Kingdom.
(2)AHL (United Kingdom) and ASEU (Ireland).
(3) Includes state income tax expense.

Reconciliation of Income Tax Benefit to Statutory Rate

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

	Year Ended					Year Ended
	March 31, 2020					March 31, 2019
	$			%		$			%
Income tax benefit at Bermuda statutory rate	$	—		—	%	$	—		—	%
Foreign rate differential (1)	(15,415		)	21.35		(14,653		)	11.37
Valuation allowance	16,759			(23.21	)	29,962			(23.24	)
Research and development credit	(621		)	0.86		(1,437		)	1.12
Research and development true-up	(285		)	0.39		318			(0.25	)
Switzerland rate change	—			—		(14,057		)	10.90
Total income tax expense	$	438		(0.61	)%	$	133		(0.10	)%

⁽¹⁾ Primarily related to current tax on United States operations including permanent and temporary differences, Swiss net operating losses and United Kingdom taxation of the parent company.

Schedule of Deferred Tax Assets and Liabilities

ignificant components of the deferred tax assets (liabilities) at March 31, 2020 and 2019 are as follows (in thousands):

	March 31, 2020			March 31, 2019
Deferred tax assets:
Research tax credits	$	10,782		$	9,876
Intangibles	6,738			5,995
Other	78			18
Net operating loss	160,319			144,866
Share-based compensation	10,738			10,249
Lease liability	206			—
Subtotal	188,861			171,004
Valuation allowance	(187,762		)	(171,004		)
Deferred tax liabilities:
Right of use	(334		)	—
Other	(765		)	—
Total net deferred tax assets	$	—		$	—