Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes and Related Tax Benefit

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

	Years Ended March 31,						Period from February 2, 2016 (Date of Inception) to March 31,
	2018			2017			2016
Loss before income taxes:
United States	$	(7,229	)	$	(2,924	)	$	—
Switzerland	(129,261		)	(29,745		)	—
Bermuda	(6,513		)	(50,845		)	(1,657		)
Other(1)	(39		)	—			—
Total loss before income taxes	$	(143,042	)	$	(83,514	)	$	(1,657	)
Current taxes:
United States	$	13		$	125		$	—
Switzerland	—			—			—
Bermuda	—			—			—
Other(1)	(8		)	9			—
Total current tax expense	5			134			—
Deferred taxes:
United States	208			(208		)	—
Switzerland	—			—			—
Bermuda	—			—			—
Other(1)	—			—			—
Total deferred tax benefit	208			(208		)	—
Total income tax expense (benefit)	$	213		$	(74	)	$	—

(1) Primarily United States state and local, Ireland and United Kingdom activity.

Schedule of Effective Income Tax Reconciliation

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

	Years Ended March, 31										Period from February 2, 2016 (Date of Inception) to March 31,
	2018					2017					2016
Income tax benefit at Bermuda statutory rate	$	—		—	%	$	—		—	%	$	—	—	%
Foreign rate differential(2)	(14,802		)	10.35		(7,592		)	9.09		—		—
Valuation allowance	13,966			(9.77	)	7,378			(8.83	)	—		—
Tax reform	1,049			(0.73	)	—			—		—		—
Other	—			—		140			(0.17	)	—		—
Total income tax expense (benefit)	$	213		(0.15	)%	$	(74	)	0.09	%	$	—	—	%

(2) Primarily related to current tax on United States operations including permanent and temporary differences (e.g. research and development credits, etc.) as well as operations in Switzerland and the United Kingdom at rates different than the Bermuda rate.

Schedule of Deferred Taxes

Significant components of the deferred tax assets and liabilities at March 31, 2018 and 2017 are as follows (in thousands):

	March 31, 2018			March 31, 2017
Deferred tax assets:
Research tax credits	$	2,948		$	163
Net operating loss(3)	16,045			6,019
Share-based compensation	2,380			1,382
Other	169			300
Subtotal	21,542			7,864
Valuation allowance	(21,367		)	(7,401		)
Deferred tax liabilities:
Depreciation	(175		)	(255		)
Total deferred tax assets	$	—		$	208

(3) The Company operates under a tax holiday in Switzerland which is effective through March 31, 2027. The tax holiday is conditional upon the Company meeting certain employment thresholds. The impact of this tax holiday did not impact the Company’s income tax expense for the period but has been accounted for in considering the tax effected net operating losses for this jurisdiction disclosed above.