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Fair Value Measurements (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2021 | Mar. 31, 2021
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and March 31, 2021, by level, within the fair value hierarchy (in thousands):
|  | As of June 30, 2021 |  |  | As of March 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Balance as of June 30, 2021 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Balance as of March 31, 2021 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 1,340,662 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,340,662 |  |  | $ | 1,420,597 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,420,597 |
Investment in Sio common shares |  |  | 50,716 |  |  |  | — |  |  |  | — |  |  |  | 50,716 |  |  |  | 48,487 |  |  |  | — |  |  |  | — |  |  |  | 48,487 |
Investment in Arbutus common shares |  |  | 48,521 |  |  |  | — |  |  |  | — |  |  |  | 48,521 |  |  |  | 53,325 |  |  |  | — |  |  |  | — |  |  |  | 53,325 |
Investment in Arbutus convertible preferred shares |  |  | — |  |  |  | 69,187 |  |  |  | — |  |  |  | 69,187 |  |  |  | — |  |  |  | 76,037 |  |  |  | — |  |  |  | 76,037 |
Other investment |  |  | 11,935 |  |  |  | — |  |  |  | — |  |  |  | 11,935 |  |  |  | 11,129 |  |  |  | — |  |  |  | — |  |  |  | 11,129 |
Total assets at fair value |  | $ | 1,451,834 |  |  | $ | 69,187 |  |  | $ | — |  |  | $ | 1,521,021 |  |  | $ | 1,533,538 |  |  | $ | 76,037 |  |  | $ | — |  |  | $ | 1,609,575 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt issued by Dermavant to NovaQuest |  | $ | — |  |  | $ | — |  |  | $ | 155,200 |  |  | $ | 155,200 |  |  | $ | — |  |  | $ | — |  |  | $ | 150,100 |  |  | $ | 150,100 |
Liability instruments measured at fair value |  |  | — |  |  |  | — |  |  |  | 5,906 |  |  |  | 5,906 |  |  |  | — |  |  |  | — |  |  |  | 67,893 |  |  |  | 67,893 |
Total liabilities at fair value |  | $ | — |  |  | $ | — |  |  | $ | 161,106 |  |  | $ | 161,106 |  |  | $ | — |  |  | $ | — |  |  | $ | 217,993 |  |  | $ | 217,993 |
| The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and 2020, by level, within the fair value hierarchy (in thousands):
|  | As of March 31, 2021 |  |  | As of March 31, 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Balance as of March 31, 2021 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Balance as of March 31, 2020 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 1,420,597 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,420,597 |  |  | $ | 1,874,662 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,874,662 |
Investment in Sio common shares |  |  | 48,487 |  |  |  | — |  |  |  | — |  |  |  | 48,487 |  |  |  | 45,329 |  |  |  | — |  |  |  | — |  |  |  | 45,329 |
Investment in Arbutus common shares |  |  | 53,325 |  |  |  | — |  |  |  | — |  |  |  | 53,325 |  |  |  | 16,174 |  |  |  | — |  |  |  | — |  |  |  | 16,174 |
Investment in Arbutus convertible preferred shares |  |  | — |  |  |  | 76,037 |  |  |  | — |  |  |  | 76,037 |  |  |  | — |  |  |  | 23,062 |  |  |  | — |  |  |  | 23,062 |
Other investments |  |  | 11,129 |  |  |  | — |  |  |  | — |  |  |  | 11,129 |  |  |  | 8,880 |  |  |  | — |  |  |  | — |  |  |  | 8,880 |
Total assets at fair value |  | $ | 1,533,538 |  |  | $ | 76,037 |  |  | $ | — |  |  | $ | 1,609,575 |  |  | $ | 1,945,045 |  |  | $ | 23,062 |  |  | $ | — |  |  | $ | 1,968,107 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt held by Dermavant with NovaQuest |  | $ | — |  |  | $ | — |  |  | $ | 150,100 |  |  | $ | 150,100 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,100 |  |  | $ | 89,100 |
Liability instruments measured at fair value |  |  | — |  |  |  | — |  |  |  | 67,893 |  |  |  | 67,893 |  |  |  | — |  |  |  | — |  |  |  | 102,373 |  |  |  | 102,373 |
Total liabilities at fair value |  | $ | — |  |  | $ | — |  |  | $ | 217,993 |  |  | $ | 217,993 |  |  | $ | — |  |  | $ | — |  |  | $ | 191,473 |  |  | $ | 191,473 |
Schedule of Fair Value of Unobservable Input Related To Options to Acquire Under Sumitomo Transaction Agreement |  | The fair value of the options to acquire the Company’s interest in Dermavant, Genevant, Lysovant, Metavant, Cytovant Parent, and Sinovant (collectively, the “Option Vants”) granted to Sumitomo under the Sumitomo Transaction Agreement as of March 31, 2021 and 2020 was calculated using significant unobservable inputs including the following:
|  | Range or Point Estimate Used
Input |  | As of March 31, 2021 |  | As of March 31, 2020
Time to expiration (in years) |  | 3.59 |  | 0.49 - 4.59
Risk-free rate |  | 0.52% |  | 0.15% - 0.35%
Volatility |  | 89.0% - 95.0% |  | 91.0% - 110.0%
Schedule of change in the fair value of the derivative warrant liabilities | The changes in fair value of the Level 3 liabilities during the three months ended June 30, 2021 and 2020 were as follows (in thousands):
Balance at March 31, 2020 |  | $ | 191,473 |
Changes in fair value of debt and liability instruments, included in net loss |  |  | 17,125 |
Liability instruments disposed due to deconsolidation of subsidiary |  |  | (3,325 | )
Balance at June 30, 2020 |  | $ | 205,273 |
Balance at March 31, 2021 |  | $ | 217,993 |
Changes in fair value of debt and liability instruments, included in net loss |  |  | 4,585 |
Termination of DSP Options |  |  | (61,472 | )
Balance at June 30, 2021 |  | $ | 161,106 |
| The changes in fair value of the Level 3 liabilities during the years ended March 31, 2021 and 2020 were as follows (in thousands):
Balance at March 31, 2019 |  | $ | 103,628 |
Issuance of liability instruments measured at fair value |  |  | 101,567 |
Changes in fair value of debt and liability instruments, included in net loss |  |  | (13,722 | )
Balance at March 31, 2020 |  |  | 191,473 |
Changes in fair value of debt and liability instruments, included in net loss |  |  | 29,845 |
Liability instruments disposed due to deconsolidation of subsidiary |  |  | (3,325 | )
Balance at March 31, 2021 |  | $ | 217,993 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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