Shareholders' Equity

6 Months Ended

Sep. 30, 2016

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

[A] Overview:

The Company’s Memorandum of Association, filed on February 2, 2016 in Bermuda, authorized the creation of one class of shares. As of September 30, 2016, the Company had 564,111,242 shares authorized with a par value of $0.000017727 per share.

[B] Restricted Share Award and Options Granted:

During the six months ended September 30, 2016, the Company granted a restricted share award for 1,128,222 common shares to the Company’s Principal Executive Officer under the 2016 Equity Incentive Plan. No restricted share awards were granted during the three months ended September 30, 2016. During the three and six months ended September 30, 2016, the Company granted options to its employees, consultants and directors to purchase 1,175,311 of its common shares.

[C] Warrant Liability:

During the six months ended September 30, 2016, the Company issued 153,846 common shares to Takeda upon the automatic exercise of the warrant, which was initiated by the grant of a restricted share award for 1,128,222 common shares during that same period. No common shares were issued to Takeda upon the automatic exercise of the warrant as a result of the grant of restricted share awards during the three months ended September 30, 2016. During the three and six months ended September 30, 2016, the Company issued 160,273 common shares to Takeda upon the automatic exercise of the warrant, which was initiated by the grant of options to purchase 1,175,311 common shares during those same periods.