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Fair Value Measurements (Tables)
9 Months Ended
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%