Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The loss before income taxes and the related tax provision are as follows (in thousands):

	Years Ended March 31,
	2020			2019
(Loss) income before income taxes
United States	$	(9,245	)	$	(1,035	)
Switzerland		(53,413	)		(27,247	)
Bermuda		(3,661	)		(405	)
United Kingdom		10			(20	)
Other		18			127
Total loss before income taxes	$	(66,291	)	$	(28,580	)
Current taxes
United States – Federal	$	61		$	7
United States – State		34			12
Other		2			—
Total current tax expense		97			19
Deferred tax expense		—			—
Total provision for income taxes	$	97		$	19

Schedule of Reconsiliation of Income Tax Provision

A reconciliation of the provision for income taxes computed at the U.S. statutory rate (21%) for the year ended March 31, 2020 and at the Bermuda statutory rate (0%) for the year ended March 31, 2019 to the provision for income taxes reflected in the combined and consolidated statements of operations is as follows (in thousands):

	Years Ended March 31,
	2020			2019
Income tax at statutory rate	$	(13,921	)	$	—
Foreign rate differential		4,255			(3,877	)
Tax rate changes		—			(674	)
Research and development credits		(1,093	)		(605	)
Valuation allowance		9,988			5,122
Non-deductible expense		951			57
Other		(83	)		(4	)
Total provision for income taxes	$	97		$	19

Components of Deferred Tax Assets and Liabilities

Deferred taxes reflect the tax effects of the differences between the amounts recorded as assets and liabilities for financial reporting purposes and the comparable amounts recorded for income tax purposes. Significant components of the deferred tax assets (liabilities) at March 31, 2020 and 2019 are as follows (in thousands):

	March 31,
	2020			2019
Deferred tax assets
Intangible assets	$	6,445		$	5,000
Net operating losses		9,443			3,023
Stock-based compensation		1,610			290
Research and development credits		1,487			560
Accrued bonuses		187			65
Total deferred tax assets		19,172			8,938
Valuation allowance		(19,129	)		(8,910	)
Deferred tax assets, net of valuation allowance	$	43		$	28
Deferred tax liabilities
Depreciation	$	(13	)	$	(11	)
Others		(30	)		(17	)
Total deferred tax liabilities		(43	)		(28	)
Total net deferred taxes	$	—		$	—