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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net loss $ (47,497) $ (34,541)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 7,342 3,709
Depreciation on property and equipment 24 10
Foreign currency translation adjustments (206) (344)
Loss on disposal of property and equipment 0 14
Noncash lease expense 431  
Write-off of deferred offering costs 0 1,398
Other 0 (40)
Changes in operating assets and liabilities:    
Prepaid expenses (394) 2,120
Income tax receivable (4) 44
Value-added tax receivable 3,009 (8)
Accounts payable 4,737 963
Accrued expenses (5,166) 664
Due to Roivant Sciences Ltd. (149) 111
Income tax payable 0 11
Operating lease liabilities (143)  
Net cash used in operating activities (38,016) (25,889)
Cash flows from investing activities    
Purchase of property and equipment (86) (8)
Net cash used in investing activities (86) (8)
Cash flows from financing activities    
Capital contributions 217 551
Proceeds from stock options exercised 182 0
Payment of deferred offering costs (975) (554)
Proceeds from notes payable 0 35,000
Repayment of convertible promissory notes payable 0 (2,500)
Net cash provided by financing activities 381,903 37,904
Net change in cash 343,801 12,007
Cash – beginning of period 100,571 6,985
Cash – end of period 444,372 18,992
Non-cash operating activity    
Operating lease right-of-use assets obtained and exchanged for operating lease liabilities 3,924 0
Non-cash investing activity    
Purchase of property and equipment in accounts payable 0 6
Non-cash financing activity    
Deferred offering costs in accrued expenses 261 1,178
Supplemental disclosure of cash paid:    
Income taxes 92 0
Underwritten Public Offering    
Cash flows from financing activities    
Proceeds from issuance of common stock 319,783 0
Warrant Redemption    
Cash flows from financing activities    
Proceeds from issuance of common stock 65,752 0
Roivant Sciences Ltd. (RSL)    
Cash flows from financing activities    
Proceeds from notes payable 0 7,907
Repayment of note payable to Roivant Sciences Ltd. $ (3,056) $ (2,500)