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Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Taxes and Related Tax Benefit
The loss before income taxes and the related tax expense are as follows (in thousands):
 
Years Ended March 31,
 
2020
 
2019
 
2018
Income (loss) before income taxes:
 
 
 
 
 
United States
$
(29,509
)
 
$
(11,246
)
 
$
(7,229
)
Switzerland
(239,666
)
 
(247,445
)
 
(129,261
)
Bermuda
(19,054
)
 
(14,357
)
 
(6,513
)
Other(1)
1

 
(27
)
 
(39
)
Total loss before income taxes
$
(288,228
)
 
$
(273,075
)
 
$
(143,042
)
 
 
 
 
 
 
Current taxes:
 
 
 
 
 
United States
$
758

 
$
473

 
$
13

Switzerland
—

 
—

 
—

Bermuda
—

 
—

 
—

Other(1)
3

 
3

 
(8
)
Total current tax expense
761

 
476

 
5

Deferred taxes:
 
 
 
 
 
United States
—

 
—

 
208

Switzerland
—

 
—

 
—

Bermuda
—

 
—

 
—

Other(1)
—

 
—

 
—

Total deferred tax expense
—

 
—

 
208

Total income tax expense
$
761

 
$
476

 
$
213


(1) Primarily United States state and local, Ireland and United Kingdom activity.
Schedule of Effective Income Tax Reconciliation
A reconciliation of income tax expense computed at the Bermuda statutory rate to income tax expense reflected in the consolidated statements of operations is as follows (dollars in thousands):
 
 
Years Ended March 31,
 
 
2020
 
2019
 
2018
Income tax expense at Bermuda statutory rate
 
$
—

 
—
 %
 
$
—

 
—
 %
 
$
—

 
—
 %
Foreign rate differential(2)
 
(40,056
)
 
13.90

 
(31,252
)
 
11.44

 
(14,802
)
 
10.35

Impact of changes in enacted income tax rates
 
(27,150
)
 
9.42

 
—

 
—

 
—

 
—

R&D tax credits
 
(4,224
)
 
1.47

 
—

 
—

 
—

 
—

Share-based compensation deferral adjustment
 
4,089

 
(1.42
)
 
—

 
—

 
—

 
—

Change in uncertain tax positions
 
3,016

 
(1.05
)
 
—

 
—

 
—

 
—

Valuation allowance
 
65,193

 
(22.62
)
 
32,335

 
(11.83
)
 
13,966

 
(9.77
)
Tax reform
 
—

 
—

 
—

 
—

 
1,049

 
(0.73
)
Other
 
(107
)
 
0.04

 
(607
)
 
0.22

 
—

 
—

Total income tax expense
 
$
761

 
(0.26
)%
 
$
476

 
(0.17
)%
 
$
213

 
(0.15
)%

(2) Primarily related to current tax on United States operations including permanent differences 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 as of March 31, 2020 and 2019 are as follows (in thousands):
 
March 31,
 
2020
 
2019
Deferred tax assets:
 
 
 
Research tax credits
$
6,521

 
$
7,224

Net operating losses
84,694

 
38,194

Share-based compensation
8,573

 
6,106

Intangibles(3)
52,922

 
38,673

Lease liability
2,633

 
—

Other
4,936

 
2,539

Subtotal
160,279

 
92,736

Valuation allowance
(157,525
)
 
(92,330
)
Deferred tax liabilities:
 
 
 
Depreciation
(409
)
 
(406
)
Right-of-use assets
(2,345
)
 
—

Total deferred tax assets
$
—

 
$
—


(3) In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 requires the income tax consequences of intra-entity transfers of assets, other than inventory, to be recognized when the transfer occurs. ASU 2016-16 was effective for the Company on April 1, 2018 and was adopted using a modified retrospective approach. The adoption of this standard resulted in the recognition of a deferred tax asset of $38.7 million with a corresponding valuation allowance of $38.7 million
Schedule of Unrecognized Tax Benefits Roll Forward
Activity related to unrecognized tax benefits for the year ended March 31, 2020 is as follows (in thousands):
 
Amount
Unrecognized tax benefit at April 1, 2019
$
—

Gross increases — prior period tax positions
2,067

Gross decreases — prior period tax positions
—

Gross increases — current period tax positions
1,110

Unrecognized tax benefit at March 31, 2020
$
3,177