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Share-Based Compensation
 3 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
(A) Myovant 2016 Equity Incentive Plan
In June 2016, the Company adopted its 2016 Equity Incentive Plan, as amended (the “2016 Plan”), under which 4.5 million common shares were originally reserved for issuance. Pursuant to the “evergreen” provision contained in the 2016 Plan, the number of common shares reserved for issuance under the 2016 Plan automatically increases on April 1 of each year, commencing on (and including) April 1, 2017 and ending on (and including) April 1, 2026, in an amount equal to 4% of the total number of shares of the Company’s capital stock outstanding on March 31 of the preceding fiscal year, or a lesser number of shares as determined by the Company’s board of directors. On April 1, 2020, the number of common shares authorized for issuance increased automatically by 3.6 million shares in accordance with the evergreen provision of the 2016 Plan. As of June 30, 2020, a total of 1.2 million common shares were available for future issuance under the 2016 Plan.
The Company’s employees, directors, officers and consultants are eligible to receive non-qualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other share awards under the 2016 Plan.
(B) Stock Options
A summary of stock option activity under the Company’s 2016 Plan is as follows:
Number of Options
Options outstanding at March 31, 20207,723,302  
Granted
1,571,323  
Exercised
(302,076) 
Forfeited
(344,471) 
Options outstanding at June 30, 20208,648,078  
Options vested and expected to vest at June 30, 20208,648,078  
Options exercisable at June 30, 20203,236,128  
(C) Restricted Stock Awards and Restricted Stock Units
A summary of restricted stock award and restricted stock unit activity under the Company’s 2016 Plan is as follows:
Number of Shares
Unvested balance at March 31, 20201,280,312  
Granted2,298,339  
Vested(71,450) 
Forfeited(171,320) 
Unvested balance at June 30, 20203,335,881  
(D) Performance Stock Units
A summary of performance stock unit activity under the Company's 2016 Plan is as follows:
Number of Shares
Unvested balance at March 31, 2020299,870  
Granted568,976  
Vested—  
Forfeited(37,415) 
Unvested balance at June 30, 2020831,431  
The vesting of performance stock units requires that certain performance conditions are achieved during the performance period and is subject to the employee’s continued service requirements. During the three months ended June 30, 2020, the Company recognized share-based compensation expense of $0.6 million related to performance stock units for which it determined the vesting to be probable.
(E) Share-Based Compensation Expense
Share-based compensation expense was as follows (in thousands):
Three Months Ended June 30,
20202019
Share-based compensation expense recognized as:
R&D expenses$4,024  $2,548  
G&A expenses3,788  3,904  
Total$7,812  $6,452  
Share-based compensation expense is included in R&D and G&A expenses in the accompanying unaudited condensed consolidated statements of operations consistent with the grantee’s salary. Total unrecognized share-based compensation expense was approximately $69.3 million as of June 30, 2020 and is expected to be recognized over a weighted-average period of approximately 3.0 years.