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Share-Based Compensation | 9 Months Ended
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Dec. 31, 2023
Share-Based Compensation [Abstract] |
Share-Based Compensation | Note 9—Share-Based Compensation (A) RSL Equity Incentive Plans RSL has three equity incentive plans: the Roivant Sciences Ltd. 2021 Equity Incentive Plan (the “RSL 2021 EIP”), the Roivant Sciences Ltd. Amended and Restated 2015 Equity Incentive Plan, and the Roivant Sciences Ltd. Amended and Restated 2015 Restricted Stock Unit Plan (collectively, the “RSL Equity Plans”). The RSL 2021 EIP was approved and adopted in connection with the Business Combination and became effective immediately prior to closing. At December 31, 2023, a total of 41,986,389 common shares were available for future grants under the RSL 2021 EIP. Stock Options and Performance Stock Options Activity for stock options and performance stock options under the RSL Equity Plans for the nine months ended December 31, 2023 was as follows:
|  | Number of Options |
Options outstanding at March 31, 2023 |  |  | 154,271,791 |
Granted |  |  | 4,497,911 |
Exercised |  |  | (10,796,348 | )
Forfeited/Canceled |  |  | (604,245 | )
Options outstanding at December 31, 2023 |  |  | 147,369,109 |
Options exercisable at December 31, 2023 |  |  | 91,671,364 |
Restricted Stock Units and Performance Stock Units Activity for restricted stock units and performance stock units under the RSL Equity Plans for the nine months ended December 31, 2023 was as follows:
|  | Number of Shares |
Non-vested balance at March 31, 2023 |  |  | 20,700,788 |
Granted |  |  | 4,199,120 |
Vested |  |  | (5,498,323 | )
Forfeited |  |  | (1,175,450 | )
Non-vested balance at December 31, 2023 |  |  | 18,226,135 |
Capped Value Appreciation Rights March 2020 CVAR Grants As of December 31, 2023, 27,531,825 CVARs remain outstanding and subject to the applicable hurdle price and knock-in condition. All outstanding capped value appreciation rights (“CVARs”) relating to the March 2020 grants had met the service vesting condition as of December 31, 2023. During the nine months ended December 31, 2023, 4,499,113 service-vested CVARs satisfied their applicable hurdle price and the knock-in condition, if relevant, on the applicable measurement date, and as a result, 1,445,420 common shares were issued upon their settlement. November 2021 CVAR Grants Activity for CVARs under the RSL 2021 EIP for the nine months ended December 31, 2023 was as follows:
|  | Number of CVARs |
Non-vested balance at March 31, 2023 |  |  | 3,222,645 |
Vested |  |  | (955,782 | )
Forfeited |  |  | (128,377 | )
Non-vested balance at December 31, 2023 |  |  | 2,138,486 |
During the nine months ended December 31, 2023, 955,782 common shares were issued upon their settlement. (B) Subsidiary Equity Incentive Plans Certain subsidiaries of RSL adopt their own equity incentive plan (“EIP”). Each EIP is generally structured so that the applicable subsidiary, and its affiliates’ employees, directors, officers and consultants are eligible to receive non-qualified and incentive stock options, stock appreciation rights, restricted share awards, restricted stock unit awards, and other share awards under their respective EIP. The Company recorded share-based compensation expense of $23.3 million and $53.1 million for the three and nine months ended December 31, 2023, respectively, and $13.7 million and $37.8 million for the three and nine months ended December 31, 2022, respectively, related to subsidiary EIPs.

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