Shareholders' Deficit

9 Months Ended

Dec. 31, 2020

Equity [Abstract]

Shareholders' Deficit

Shareholders’ Deficit

(A) At-the-Market Equity Offering Program

In April 2018, the Company entered into a sales agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”), to sell its common shares having an aggregate offering price of up to $100.0 million from time to time through an “at-the-market” equity offering program under which Cowen acts as the Company’s agent. During the nine months ended December 31, 2019, the Company issued and sold 106,494 of its common shares under the Sales Agreement. The common shares were sold at a weighted-average price of $24.65 per common share for aggregate net proceeds to the Company of approximately $2.5 million after deducting underwriting commissions paid by the Company. No shares were sold under the Sales Agreement during the three and nine months ended December 31, 2020 and the three months ended December 31, 2019. As of December 31, 2020, the Company had approximately $10.4 million of capacity available to it under its “at-the-market” equity offering program (the “ATM Program”). Given the Company’s financial position of approximately $745.8 million of cash, cash equivalents, and marketable securities as of December 31, 2020, it currently does not expect to sell additional common shares pursuant to this ATM Program prior to its scheduled expiration in March 2021.

(B) Underwritten Public Equity Offering of Common Shares

On June 4, 2019, the Company completed an underwritten public equity offering of 17,424,243 of its common shares at a public offering price of $8.25 per common share. After deducting the underwriting discounts and commissions and offering costs paid by the Company, the net proceeds to the Company in connection with the underwritten public equity offering, including from the exercise of the underwriters’ option to purchase additional common shares, were approximately $134.5 million.