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Fair Value Measurements (Tables) | 9 Months Ended
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Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Assets and Liabilities are Measured at Fair Value on 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 December 31, 2023 and March 31, 2023, by level, within the fair value hierarchy (in thousands):
|  | As of December 31, 2023 |  |  | As of March 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Balance as of December 31, 2023 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Balance as of March 31, 2023 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 6,513,936 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,513,936 |  |  | $ | 1,496,726 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,496,726 |
Investment in Datavant Class A units |  |  | — |  |  |  | — |  |  |  | 135,934 |  |  |  | 135,934 |  |  |  | — |  |  |  | — |  |  |  | 178,579 |  |  |  | 178,579 |
Investment in Arbutus common shares |  |  | 97,119 |  |  |  | — |  |  |  | — |  |  |  | 97,119 |  |  |  | 117,708 |  |  |  | — |  |  |  | — |  |  |  | 117,708 |
Other investments |  |  | 6,874 |  |  |  | — |  |  |  | — |  |  |  | 6,874 |  |  |  | 8,030 |  |  |  | — |  |  |  | — |  |  |  | 8,030 |
Total assets at fair value |  | $ | 6,617,929 |  |  | $ | — |  |  | $ | 135,934 |  |  | $ | 6,753,863 |  |  | $ | 1,622,464 |  |  | $ | — |  |  | $ | 178,579 |  |  | $ | 1,801,043 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt issued by Dermavant to NovaQuest |  | $ | — |  |  | $ | — |  |  | $ | 221,510 |  |  | $ | 221,510 |  |  | $ | — |  |  | $ | — |  |  | $ | 207,640 |  |  | $ | 207,640 |
Liability instruments measured at fair value(1) |  |  | — |  |  |  | — |  |  |  | 28,374 |  |  |  | 28,374 |  |  |  | 29,895 |  |  |  | — |  |  |  | 33,651 |  |  |  | 63,546 |
Total liabilities at fair value |  | $ | — |  |  | $ | — |  |  | $ | 249,884 |  |  | $ | 249,884 |  |  | $ | 29,895 |  |  | $ | — |  |  | $ | 241,291 |  |  | $ | 271,186 |
(1) | At December 31, 2023, Level 3 includes the fair value of the Earn-Out Shares of $24.9 million and other liability instruments issued of $3.5 million. At March 31, 2023, Level 1 includes the fair value of the Public Warrants of $29.9 million, and Level 3 includes the fair value of the Earn-Out Shares of $15.2 million, Private Placement Warrants of $15.2 million, and other liability instruments issued of $3.3 million.
Changes in Fair Value of the Level 3 Assets | The changes in fair value of the Level 3 assets during the nine months ended December 31, 2023 and 2022 were as follows (in thousands):
Balance at March 31, 2022 |  | $ | 193,963 |
Changes in fair value of investment in Datavant, included in net loss |  |  | (21,452 | )
Balance at December 31, 2022 |  | $ | 172,511 |
Balance at March 31, 2023 |  | $ | 178,579 |
Changes in fair value of investment in Datavant, included in net loss |  |  | (42,645 | )
Balance at December 31, 2023 |  | $ | 135,934 |
Changes in Fair Value of the Level 3 Liabilities | The changes in fair value of the Level 3 liabilities during the nine months ended December 31, 2023 and 2022 were as follows (in thousands):
Balance at March 31, 2022 |  | $ | 204,293 |
Fair value of liability instrument issued |  |  | 248 |
Payments related to long-term debt |  |  | (22,031 | )
Changes in fair value of debt and liability instruments, included in net loss |  |  | 68,328 |
Balance at December 31, 2022 |  | $ | 250,838 |
Balance at March 31, 2023 |  | $ | 241,291 |
Payments related to long-term debt |  |  | (22,031 | )
Exercise of Private Placement Warrants |  |  | (28,090 | )
Changes in fair value of debt and liability instruments, included in net loss |  |  | 58,714 |
Balance at December 31, 2023 |  | $ | 249,884 |
Private Placement Warrants [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Fair Value Calculation Using Significant Unobservable Inputs | Significant unobservable inputs used to calculate the fair value of the Private Placement Warrants included the following:
|  | Point Estimate Used |
Input |  | As of March 31, 2023 |
Volatility |  |  | 50.5% |
Risk-free rate |  |  | 3.76% |
Term (in years) |  |  | 3.50 |
Earn-Out Shares [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Fair Value Calculation Using Significant Unobservable Inputs | Significant unobservable inputs used to calculate the fair value of the Earn-Out Shares included the following:
|  | Point Estimate Used |
Input |  | As of December 31, 2023 |  |  | As of March 31, 2023 |
Volatility |  |  | 61.9% |  |  |  | 79.9% |
Risk-free rate |  |  | 4.07% |  |  |  | 3.76% |
Datavant [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Fair Value Calculation Using Significant Unobservable Inputs | The fair value was calculated using significant unobservable inputs including the following:
|  | Point Estimate Used |
Input |  | As of December 31, 2023 |  |  | As of March 31, 2023 |
Volatility |  |  | 95.0% |  |  |  | 100.0% |
Risk-free rate |  |  | 4.46% |  |  |  | 4.02% |

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