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Share-Based Compensation
 6 Months Ended
Sep. 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 September 30, 2020, a total of 1.1 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
1,679,338 
Exercised
(496,078)
Forfeited
(422,505)
Options outstanding at September 30, 20208,484,057 
Options vested and expected to vest at September 30, 20208,484,057 
Options exercisable at September 30, 20204,360,312 
(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 
Granted2,465,139 
Vested(212,079)
Forfeited(265,974)
Unvested balance at September 30, 20203,267,398 
(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(109,360)
Forfeited(37,415)
Unvested balance at September 30, 2020722,071 
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.
(E) Share-Based Compensation Expense
Share-based compensation expense was as follows (in thousands):
Three Months Ended September 30,Six Months Ended September 30,
2020201920202019
Share-based compensation expense recognized as:
R&D expenses$3,725 $3,618 $7,749 $6,166 
G&A expenses3,199 4,313 6,987 8,217 
Total$6,924 $7,931 $14,736 $14,383 
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 $65.2 million as of September 30, 2020 and is expected to be recognized over a weighted-average period of approximately 2.8 years.