Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the Company’s liabilities that are measured at fair value on a recurring basis as of March 31, 2018 and 2017, by level, within the fair value hierarchy (in thousands):

	As of March 31, 2018								As of March 31, 2017
	Level 1		Level 2		Level 3		Balance as of March 31, 2018		Level 1		Level 2		Level 3		Balance as of March 31, 2017
Liabilities:
Takeda warrant liability	$	—	$	—	$	—	$	—	$	—	$	—	$	52	$	52
Total liabilities at fair value	$	—	$	—	$	—	$	—	$	—	$	—	$	52	$	52

Schedule of Significant Unobservable Inputs

The fair value of the Takeda warrant liability as of March 31, 2017 was calculated using the following significant unobservable inputs:

Input	Range or Point Estimate Used
Projected time frame to an equity financing	April 2017
Probability of a successful equity financing	2.0	%
Annualized equity volatility	73.4	%
Risk-free interest rate	0.74	%

Schedule of Changes in Fair Value of Level 3 Warrant Liability

The changes in fair value of the Takeda warrant liability during the years ended March 31, 2018 and 2017 were as follows (in thousands):

Balance at March 31, 2016	$	—
Fair value of the Takeda warrant liability issued	5,377
Changes in the fair value of the Takeda warrant liability, included in net loss	27,518
Settlements	(32,843		)
Balance at March 31, 2017	52
Fair value of the warrant liability issued	—
Changes in the fair value of the warrant liability, included in net loss	—
Settlements	(52		)
Balance at March 31, 2018	$	—