Shareholders' Deficit

12 Months Ended

Mar. 31, 2022

Equity [Abstract]

Shareholders' Deficit

Shareholders’ Deficit

(A) Overview

The Company’s Memorandum of Association, filed on February 2, 2016 in Bermuda, authorized the creation of one class of shares. As of March 31, 2022, the Company had 564,111,242 shares authorized with a par value of $0.000017727 per share.

(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.

The Company’s former majority shareholder, Roivant, purchased 2,424,242 of the Company’s common shares in the Company’s June 4, 2019 underwritten public equity offering at the same price offered to the public of $8.25 per common share, for a total purchase price of $20.0 million.

(C) 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 acted as the Company’s agent. During the year ended March 31, 2020, 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 and offering costs paid by the Company. No shares were sold under the Sales Agreement during the year ended March 31, 2021. The “at-the-market” equity offering program expired in March 2021.

(D) Warrants

As of March 31, 2022 and 2021, warrants exercisable for an aggregate of 49,800 of the Company’s common shares (exercise price of $15.06 per common share) and warrants exercisable for an aggregate of 23,910 of the Company’s common shares (exercise price of $18.82 per common share), were outstanding and exercisable. The warrants may be exercised on a cashless basis through October 2024 and March 2025, respectively.