Subsequent Events

6 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

[A] Initial Public Offering and Reverse Stock Split:

On October 18, 2016, the Board of Directors approved a 1-for-1.7727 reverse stock split of the Company's outstanding common shares. The reverse split became effective on October 18, 2016. These interim unaudited condensed consolidated financial statements give retroactive effect to the reverse stock split for all periods presented.

On November 1, 2016, the Company completed its IPO. The Company sold 14,500,000 of its common shares at a public offering price of $15.00 per common share, for gross proceeds of $217.5 million. The Company received net proceeds of $199.8 million, after deducting $15.2 million in underwriting discounts and commissions and $2.5 million in estimated offering expenses. The cash proceeds from the IPO are currently deposited with one banking institution and are substantially in excess of federally insured levels.

[B] Common Shares Issued to Takeda Upon Exercise of Warrant Following Initial Public Offering:

Upon the closing of its IPO, the Company issued an additional 1,977,269 common shares to Takeda, pursuant to the automatic exercise of the warrant, based upon the sale and issuance of 14,500,000 common shares to investors in the IPO.

[C] U.K. Tax Resident and Intellectual Property Assignment to Swiss Subsidiary

In November 2016, the Company moved its principal executive office from Bermuda to the United Kingdom and became a U.K. tax resident, and the Company assigned all of its intellectual property rights to its wholly-owned subsidiary, Myovant Sciences GmbH, a company with limited liability formed under the laws of Switzerland.  Myovant Sciences GmbH is the Company’s principal operating subsidiary and the Company remains incorporated in Bermuda.