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Stock-Based Compensation
 9 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
2019 Equity Incentive Plan

In December 2019, the Company’s stockholders approved the 2019 Equity Incentive Plan (the “2019 Plan”) and reserved 5,500,000 shares of common stock for issuance thereunder. The maximum number of shares of common stock that may be issued pursuant to the exercise of incentive options under the 2019 Plan is 16,500,000. The number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on April 1 of each year, continuing through April 1, 2029, by 4.0% of the total number of shares of common stock outstanding on the last day of the preceding month, or a lesser number of shares as may be determined by the board of directors on or prior to March 31 of such year. On April 1, 2024, 5,823,319 shares of common stock were added to the 2019 Plan pool in accordance with the evergreen provision of the 2019 Plan. As of December 31, 2024, options to purchase 10,590,968 shares of common stock and 3,537,920 restricted stock units (“RSUs”) were outstanding under the 2019 Plan and 5,937,555 shares of common stock remained available for future grant under the 2019 Plan.

2018 Equity Incentive Plan

As of the effective date of the 2019 Plan, no further stock awards have been or will be made under the 2018 Equity Incentive Plan (the “2018 Plan”). As of December 31, 2024, options to purchase 2,606,773 shares of common stock were outstanding under the 2018 Plan.
2023 Inducement Plan

On February 1, 2023, the Company’s board of directors approved the adoption of the 2023 Inducement Plan (the “Inducement Plan”), which is to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company (or following a bona fide period of non-employment) as a material inducement to such individuals’ entry into employment with the Company, pursuant to Nasdaq Listing Rule 5635(c)(4). The Company has reserved 5,000,000 shares of its common stock that may be issued under the Inducement Plan. The terms and conditions of the Inducement Plan are substantially similar to those of the 2019 Plan. As of December 31, 2024, no awards were granted or outstanding under the Inducement Plan.

Stock Option Activity

A summary of the stock option activity under the Company’s equity incentive plans is as follows:

 Number of Stock
Options		Weighted-
Average
Exercise Price		Remaining
Contractual
Term (Years)		Aggregate
Intrinsic Value
(in thousands)
Balance - March 31, 202413,026,329 $9.85 7.51$293,920 
Granted1,581,823 29.65 
Exercised(477,761)7.87 
Forfeited(923,526)14.43 
Expired(9,124)15.73 
Balance - December 31, 202413,197,741 $11.97 6.50$178,900 
Exercisable - December 31, 20249,121,704 $8.92 5.63$144,877 

The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table:

 Three Months Ended December 31,Nine Months Ended December 31,
 2024202320242023
Risk-free interest rate
4.11% - 4.48%
3.90% - 4.94%
3.59% - 4.71%
3.45% - 4.94%
Expected term, in years6.116.116.116.11
Expected volatility
78.64% - 79.44%
 96.54% - 97.68%
78.64% - 83.31%
 93.66% - 98.15%
Expected dividend yield—%—%—%—%

Restricted Stock Unit Awards

A summary of RSUs activity under the Company’s equity incentive plans is as follows:
Number of RSUsWeighted- Average Grant Date Fair Value
Nonvested as of March 31, 2024
3,466,057 $12.32 
Issued2,006,217 29.38 
Vested(1,255,095)12.17 
Forfeited(679,259)16.90 
Nonvested as of December 31, 2024
3,537,920 $21.17 
Stock-based Compensation Expense

For the three and nine months ended December 31, 2024 and 2023, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):

 Three Months Ended
December 31,		Nine Months Ended
December 31,
 2024202320242023
Research and development expenses$6,604 $5,145 $20,545 $15,205 
General and administrative expenses5,045 5,052 17,232 16,146 
Total stock-based compensation$11,649 $10,197 $37,777 $31,351 
As of December 31, 2024, total unrecognized compensation expense related to nonvested stock options and RSUs was $50.4 million and $64.5 million, respectively, which is expected to be recognized over the remaining weighted-average service period of 2.32 years and 2.62 years, respectively.

Stock-based Compensation Allocated to the Company by RSL

In relation to the RSL common share awards and options issued by RSL to employees of Roivant and the Company, the Company did not have any stock-based compensation expense for the three and nine months ended December 31, 2024 and 2023 in the accompanying unaudited condensed consolidated statements of operations.

RSL RSUs
The Company’s Chief Executive Officer was granted 73,155 RSUs of RSL in January 2021, which are vesting over a period of four years. For the three and nine months ended December 31, 2024 and 2023, stock-based compensation recorded by the Company related to these RSUs was de minimis. As of December 31, 2024, the amount of unrecognized compensation expense related to unvested RSL RSUs was de minimis.