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Income Taxes
 9 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Income Taxes
Note 10—Income Taxes


The Company’s effective tax rate for the three and nine months ended December 31, 2023 was 0.5% and 0.7%, respectively, and the effective tax rate for the three and nine months ended December 31, 2022 was (0.7)% and (0.9)%, respectively. The effective tax rates for three and nine months ended December 31, 2023 are driven by the Company’s gain on sale of Telavant net assets, which qualifies for the substantial shareholding exemption and consequently is not subject to the corporation income tax, as well as the jurisdictional earnings by location and a valuation allowance that eliminates the Company’s global net deferred tax assets. The effective tax rates for three and nine months ended December 31, 2022 are driven by the jurisdictional earnings by location and a valuation allowance that eliminates the Company’s global net deferred tax assets.


The Company assesses the realizability of its deferred tax assets at each balance sheet date based on available positive and negative evidence in order to determine the amount which is more likely than not to be realized and records a valuation allowance as necessary.