Roivant Sciences首季虧損收窄至每股0.26美元 與Moderna達成9.5億美元和解

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________
FORM 10-Q
_________________________________________________
(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-40782
_________________________________________________
ROIVANT SCIENCES LTD.
(Exact name of Registrant as specified in its Charter)
_________________________________________________

Bermuda
98-1173944

(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

7th Floor
50 Broadway
London SW1H 0DB
United Kingdom

Not Applicable

(Addresses of principal executive offices)
(Zip Code)

+44 207 400 3347
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name, former address and former fiscal year, if changed since last report)
_________________________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which 
registered
Common Shares, $0.0000000341740141 per share
ROIV
The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
As of July 31, 2026, the registrant had 722,323,015 common shares, par value $0.0000000341740141 per share, outstanding (the “Common Shares”).

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TABLE OF CONTENTS

Page
PART I—FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)
4

Condensed Consolidated Balance Sheets as of June 30, 2026 and March 31, 2026
4

Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2026 and 2025
5

Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended June 30, 2026 and 2025
6

Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended June 30, 2026 and 2025
7

Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2026 and 2025
8

Notes to Condensed Consolidated Financial Statements
9

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
23

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
34

Item 4.
Controls and Procedures
34

PART II—OTHER INFORMATION

Item 1.
Legal Proceedings
36

Item 1A.
Risk Factors
36

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
42

Item 3.
Defaults Upon Senior Securities
42

Item 4.
Mine Safety Disclosures
43

Item 5.
Other Information
43

Item 6.
Exhibits
44

SIGNATURES
45

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In this Quarterly Report on Form 10-Q, unless otherwise stated or as the context requires, references to “Roivant,” the “Company,” “we,” “us,” “our” or similar references refer to Roivant Sciences Ltd., together with its consolidated subsidiaries.
Where You Can Find More Information
We make available free of charge on our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission. In addition, investors and others should note that we may announce material business and financial information to our investors using our investor relations website (https://investor.roivant.com), filings we make with the Securities and Exchange Commission (the “SEC”), our corporate account on the social media platform X (formerly Twitter) (@Roivant), other social media platforms, webcasts, press releases and conference calls. Similarly, Immunovant, Inc., as well as our other subsidiaries, may announce material business and financial information to its investors and others using its investor relations website (https://immunovant.com/investors), filings it makes with the SEC, social media platforms, webcasts, press releases and conference calls. We and our subsidiaries use these mediums to communicate with our and our subsidiaries’ shareholders and the public about our company, our subsidiaries, our product candidates and other matters. It is possible that the information that we make available in this manner may be deemed to be material information. We therefore encourage investors and others interested in our company and our subsidiaries to review this information. Information contained on, or that can be accessed through, our website is not incorporated by reference into this Quarterly Report on Form 10-Q, and you should not consider information on our website to be part of this Quarterly Report on Form 10-Q. The above-referenced information is not incorporated by reference into this filing and the website addresses and X account name are provided only as inactive textual references.
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains statements, including matters discussed under Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” Part II, Item 1. “Legal Proceedings,” Part II, Item 1A. “Risk Factors” and in other sections of this report, that are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, and statements that are not historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to risk associated with:
•our relatively limited operating history and the inherent uncertainties and risks involved in biopharmaceutical product development and commercialization;
•our ability to acquire or in-license new product candidates;
•the allocation of capital and personnel across our businesses;
•our Vant structure;
•potential future payments we may owe in connection with our product candidates;
•acquisitions, divestitures and other strategic transactions;
1

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•the use of our cash, cash equivalents and marketable securities;
•the potential future need for additional capital to fund our operations;
•unfavorable, uncertain and rapidly changing global and regional economic, political and public health conditions;
•the fact that designing and implementing clinical trials and preclinical studies is very expensive, time-consuming and difficult;
•difficulties we may encounter enrolling and retaining patients in clinical trials, which could adversely affect or otherwise delay clinical development activities;
•the results of our preclinical studies and clinical trials not supporting our proposed claims for a product candidate or regulatory approval;
•interim, preliminary or topline data from our clinical trials changing as more data become available or data being delayed due to audit or verification procedures;
•changes in product candidate manufacturing or formulation that could result in additional costs or delays;
•the fact that obtaining approval of a new drug is an extensive, lengthy, expensive and inherently uncertain process and the FDA or another regulatory authority may delay, limit or deny approval;
•the failure of our clinical trials to demonstrate substantial evidence of the safety and efficacy of our product candidates;
•undesirable side effects caused by our product candidates that halt their clinical development, delay or prevent their regulatory approval, limit the scope of any approved label or market acceptance or result in negative consequences;
•our inability to obtain regulatory approval for a product candidate in certain jurisdictions, even if we are able to obtain approval in certain other jurisdictions;
•the failure of any third-party we rely upon to conduct, supervise and monitor our clinical trials to perform in a satisfactory manner or to comply with applicable legal, regulatory or other requirements;
•our reliance on third parties to produce clinical and commercial supplies of our product candidates;
•our dependence on key personnel and our ability to attract, motivate and retain highly qualified personnel;
•the potential that our use of AI could expose us to liability;
•our ability to obtain and maintain patent and other intellectual property protection for our technology and product candidates;
•the failure to issue (or the threatening of their validity, patentability, enforceability, breadth or strength of protection) or provide meaningful exclusivity for our product candidates of our patent applications that we own or have in-licensed;
•the inadequacy of patent terms and their scope to protect our competitive position;
•the fact that our largest shareholders own a significant percentage of our stock and will be able to exert significant control over matters subject to shareholder approval;
•dilution of ownership caused by future sales and issuances of our or the Vants’ equity securities or rights to purchase equity securities;
2

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•future sales, or the perception of future sales, of our common shares by us or our existing shareholders, and the impact thereof on the price of our common shares;
•the outcome of any pending or potential litigation, including but not limited to our expectations regarding the outcome of any such litigation and costs and expenses associated with such litigation;
•changes in applicable laws or regulations;
•the possibility that we may be adversely affected by other economic, business or competitive factors; and
•any other risks and uncertainties, including those described herein and those in the section titled “Risk Factors” set forth in Part I, Item 1A. of our Annual Report on Form 10-K filed with SEC. 
These risks are not exhaustive. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. References to our “product candidates” include our current and any future products or product candidates. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These forward-looking statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
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PART I—FINANCIAL INFORMATION

Item 1.      Financial Statements (Unaudited).

ROIVANT SCIENCES LTD.
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share and per share amounts)

June 30, 2026March 31, 2026
Assets
Current assets:
Cash and cash equivalents$1,248,456 $1,419,232 
Marketable securities2,593,626 2,872,601 
Litigation settlement receivable771,627 770,235 
Other current assets128,371 105,316 
Total current assets4,742,080 5,167,384 
Property and equipment, net11,320 11,986 
Operating lease right-of-use assets78,886 80,416 
Investments measured at fair value444,622 407,985 
Other assets29,585 40,916 
Total assets$5,306,493 $5,708,687 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable$25,084 $18,002 
Accrued expenses168,740 205,823 
Operating lease liabilities12,384 11,147 
Income tax payable74,182 45,689 
Other current liabilities3,213 583 
Total current liabilities283,603 281,244 
Operating lease liabilities, noncurrent94,768 96,291 
Income tax payable, noncurrent— 38,670 
Other liabilities6,253 70 
Total liabilities384,624 416,275 
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common shares, par value $0.0000000341740141 per share, 7,000,000,000 shares authorized and 722,668,062 and 720,352,386 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively
— — 
Additional paid-in capital5,130,926 5,024,826 
Accumulated deficit(900,354)(501,814)
Accumulated other comprehensive income701 4,358 
Shareholders’ equity attributable to Roivant Sciences Ltd.4,231,273 4,527,370 
Noncontrolling interests690,596 765,042 
Total shareholders’ equity4,921,869 5,292,412 
Total liabilities and shareholders’ equity$5,306,493 $5,708,687 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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ROIVANT SCIENCES LTD.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except share and per share amounts)

Three Months Ended June 30,
20262025
Revenue$1,442 $2,170 
Operating expenses:
Cost of revenues284 154 
Research and development (includes $8,721 and $11,099 of share-based compensation expense for the three months ended June 30, 2026 and 2025, respectively)
202,016 152,919 
General and administrative (includes $74,621 and $71,079 of share-based compensation expense for the three months ended June 30, 2026 and 2025, respectively)
165,527 134,019 
Total operating expenses367,827 287,092 
Gain on litigation settlement392 — 
Loss from operations(365,993)(284,922)
Change in fair value of investments(36,637)19,125 
Change in fair value of liability instruments— 2,329 
Interest income(36,922)(48,322)
Other expense, net2,130 11,208 
Loss before income taxes(294,564)(269,262)
Income tax (benefit) expense (3,958)4,649 
Net loss(290,606)(273,911)
Net loss attributable to noncontrolling interests(100,769)(50,556)
Net loss attributable to Roivant Sciences Ltd.$(189,837)$(223,355)
Net loss per common share—basic and diluted$(0.26)$(0.33)
Weighted average shares outstanding—basic and diluted720,776,739 680,286,922 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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ROIVANT SCIENCES LTD.
Condensed Consolidated Statements of Comprehensive Loss
(unaudited, in thousands)

Three Months Ended June 30,
20262025
Net loss$(290,606)$(273,911)
Other comprehensive (loss) income:
Unrealized (losses) gains on available-for-sale securities(2,987)470 
Foreign currency translation adjustment(454)7,739 
Total other comprehensive (loss) income(3,441)8,209 
Comprehensive loss(294,047)(265,702)
Comprehensive loss attributable to noncontrolling interests(100,553)(50,046)
Comprehensive loss attributable to Roivant Sciences Ltd.$(193,494)$(215,656)
    
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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ROIVANT SCIENCES LTD.
Condensed Consolidated Statements of Shareholders’ Equity
(unaudited, in thousands, except share data)

Shareholders’ Equity
Common StockAdditional 
Paid-in 
CapitalAccumulated 
Other 
Comprehensive
Income
Accumulated
 DeficitNoncontrolling
InterestsTotal 
Shareholders’
Equity
SharesAmount
Balance at March 31, 2026720,352,386 $— $5,024,826 $4,358 $(501,814)$765,042 $5,292,412 
Issuance of the Company’s common shares in connection with equity incentive plans, net of tax withholding payments9,208,139 — 24,596 — — — 24,596 
Exercise and vesting of subsidiary share awards— — 13,470 — — 10,164 23,634 
Issuance of subsidiary shares to the Company and cash contributions to majority-owned subsidiaries— — (1,265)— — 1,265 — 
Repurchase of the Company’s common shares(6,892,463)— — — (208,703)— (208,703)
Issuance of the Company’s common shares under employee stock purchase plan— — 635 — — — 635 
Share-based compensation— — 68,664 — — 14,678 83,342 
Unrealized losses on available-for-sale securities— — — (2,987)— — (2,987)
Foreign currency translation adjustment— — — (670)— 216 (454)
Net loss— — — — (189,837)(100,769)(290,606)
Balance at June 30, 2026722,668,062 $— $5,130,926 $701 $(900,354)$690,596 $4,921,869 

Shareholders’ Equity
Common StockAdditional 
Paid-in 
CapitalAccumulated 
Other 
Comprehensive
 IncomeRetained 
Earnings/(Accumulated Deficit)Noncontrolling 
InterestsTotal 
Shareholders’
Equity
SharesAmount
Balance at March 31, 2025695,938,323 $— $4,562,107 $9,438 $116,060 $499,593 $5,187,198 
Issuance of the Company’s common shares in connection with equity incentive plans, net of forfeitures, and tax withholding payments6,560,959 — 16,912 — — — 16,912 
Exercise and vesting of subsidiary share awards— — 2,325 — — 1,288 3,613 
Cash contributions to majority-owned subsidiaries— — (290)— — 290 — 
Unrealized gains on available-for-sale securities— — — 470 — — 470 
Repurchase of the Company’s common shares(20,269,450)— — — (208,293)— (208,293)
Share-based compensation— — 63,031 — — 19,147 82,178 
Foreign currency translation adjustment— — — 7,229 — 510 7,739 
Net loss— — — — (223,355)(50,556)(273,911)
Balance at June 30, 2025682,229,832 $— $4,644,085 $17,137 $(315,588)$470,272 $4,815,906 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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ROIVANT SCIENCES LTD.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
Three Months Ended June 30,
20262025
Cash flows from operating activities:
Net loss$(290,606)$(273,911)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation83,342 82,178 
Change in fair value of investments(36,637)19,125 
Change in fair value of debt and liability instruments— 2,329 
Accretion of discount and amortization of premium on available-for-sale marketable securities, net(5,691)(884)
Accretion of discount and amortization of premium on held-to-maturity marketable securities, net— (10,177)

Depreciation and amortization600 1,098 
Non-cash lease expense1,394 1,943 
Other9,789 11,082 
Changes in assets and liabilities:
Other current assets(23,836)128 
Other assets1,868 (2,940)
Litigation settlement receivable(1,392)— 
Accounts payable7,109 (11,745)
Accrued expenses(13,911)(25,000)
Operating lease liabilities(286)(478)
Income tax payable(10,177)(2,996)
Other liabilities7,930 5,865 
Net cash used in operating activities(270,504)(204,383)
Cash flows from investing activities:
Marketable securities, available-for-sale
Purchases(286,510)(1,801,681)
Proceeds from maturities568,189 — 

Marketable securities, held-to-maturity

Proceeds from maturities— 720,000 
Purchase of property and equipment(419)(4,035)

Net cash provided by (used in) investing activities281,260 (1,085,716)
Cash flows from financing activities:
Repurchase of the Company’s common shares
(206,729)(208,293)
Proceeds from exercise of the Company’s and subsidiary stock options76,019 30,057 
Taxes paid related to net settlement of equity awards(51,435)(9,532)
Proceeds from issuance of the Company’s common shares under employee stock purchase plan635 — 
Net cash used in financing activities(181,510)(187,768)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash315 815 
Net change in cash, cash equivalents and restricted cash(170,439)(1,477,052)
Cash, cash equivalents and restricted cash at beginning of period1,430,982 2,725,661 
Cash, cash equivalents and restricted cash at end of period$1,260,543 $1,248,609 
Non-cash investing and financing activities:
Taxes payable related to net settlement of equity awards$7,410 $— 
Other$2,517 $44 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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ROIVANT SCIENCES LTD.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1—Description of Business and Liquidity
(A) Description of Business
Roivant Sciences Ltd. (inclusive of its consolidated subsidiaries, the “Company” or “RSL”) aims to improve the lives of patients by accelerating the development and commercialization of medicines that matter. The Company does this by creating nimble subsidiaries or “Vants” to develop and commercialize its medicines and technologies. Beyond therapeutics, the Company also incubates discovery-stage companies and health technology startups complementary to its biopharmaceutical business. The Company was founded on April 7, 2014 as a Bermuda exempted limited company.
The Company’s subsidiaries are wholly owned subsidiaries and majority-owned or controlled subsidiaries. Refer to Note 4, “Equity Method Investments” for further discussion of the Company’s investments in unconsolidated entities.
(B) Liquidity
The Company has incurred significant operating losses and negative cash flows from operations since its inception. As of June 30, 2026, the Company had cash, cash equivalents, and marketable securities of approximately $3.8 billion and its accumulated deficit was $900.4 million. For the three months ended June 30, 2026 and 2025, the Company incurred net losses of $290.6 million and $273.9 million, respectively. The Company has historically financed its operations primarily through the sale of equity securities, sale of subsidiary interests, debt financings and revenue generated from licensing and collaboration arrangements.
The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals to market its product candidates, dependence on key products, dependence on third-party service providers, such as contract research organizations, and protection of intellectual property rights. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and may require additional capital to fully implement its business plan.

Note 2—Summary of Significant Accounting Policies
(A) Basis of Presentation and Principles of Consolidation
The Company’s fiscal year ends on March 31, and its fiscal quarters end on June 30, September 30, and December 31.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and follow the requirements of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements.
These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended March 31, 2026 filed with the SEC. The unaudited condensed consolidated balance sheet at March 31, 2026 has been derived from the audited consolidated financial statements at that date. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, that are considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented. Operating results for the three months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2027, for any other interim period, or for any other future year.
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Any references in these notes to applicable accounting guidance are meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of RSL and the subsidiaries in which it has a controlling financial interest, most often through a majority voting interest. All intercompany balances and transactions have been eliminated in consolidation.
For consolidated entities where the Company owns or is exposed to less than 100% of the economics, the Company records net loss attributable to noncontrolling interests in its unaudited condensed consolidated statements of operations equal to the noncontrolling interest’s proportionate share of the respective operations. The Company presents noncontrolling interests as a component of shareholders’ equity on its unaudited condensed consolidated balance sheets.
The Company accounts for changes in its ownership interest in its subsidiaries while control is retained as equity transactions. The carrying amount of the noncontrolling interest is adjusted to reflect the change in the ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted is recognized within shareholders’ equity attributable to RSL.
(B) Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, costs, expenses, contingent liabilities, share-based compensation and research and development costs. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
(C) Concentrations
Financial instruments that potentially subject the Company to credit risk concentration include cash, cash equivalents, and marketable securities. The Company maintains cash deposits, cash equivalents, and marketable securities in highly-rated, federally-insured financial institutions in excess of federally insured limits. The Company has established guidelines relative to diversification and maturities to maintain safety and liquidity. The Company has not experienced any credit losses related to these financial instruments and does not believe that it is exposed to any significant credit risk related to these instruments.
The Company has long-lived assets in different geographic locations. As of June 30, 2026 and March 31, 2026, a majority of the Company’s long-lived assets were located in the United States (“U.S.”).
(D) Segment Reporting
Operating segments are defined as components of an entity about which separate, discrete information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker views the operations and manages the business in a single operating and reportable segment focused on the discovery, development and commercialization of medicines and technologies. The accounting policies of the segment are the same as those described in this Note 2, “Summary of Significant Accounting Policies.” See Note 13, “Segment Information” for further detail.
(E) Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents include cash deposits in banks and all highly liquid investments that are readily convertible to cash. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash equivalents consist of amounts invested in money market funds.
Cash as reported in the accompanying condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents, and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows (in thousands):
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June 30, 2026March 31, 2026
Cash and cash equivalents$1,248,456 $1,419,232 
Restricted cash (included in “Other current assets”)4,195 3,858 
Restricted cash (included in “Other assets”)7,892 7,892 
Cash, cash equivalents and restricted cash$1,260,543 $1,430,982 

(F) Marketable Securities
The Company considers all highly liquid investments in securities with original maturities of greater than three months at the time of purchase to be marketable securities. Marketable securities, including those that have maturity dates beyond one year from the balance sheet date, are included in current assets on the condensed consolidated balance sheets due to their availability for use in current operations. As of June 30, 2026, marketable securities consist of U.S. Treasury securities and corporate bonds. All of the Company’s marketable securities are classified as available-for-sale and are carried at fair value as of June 30, 2026. Unrealized holding gains and losses, net of income taxes, on available-for-sale debt securities are reported as a separate component of accumulated other comprehensive income in stockholders’ equity until realized. The cost of available-for-sale securities sold and the amount reclassified out of accumulated other comprehensive income into earnings is determined using the specific identification method. Prior to December 31, 2025, a portion of the Company’s marketable securities were classified as held-to-maturity and carried at amortized cost. Interest income is recorded as earned within “Interest income” in the condensed consolidated statements of operations.
(G) Contingencies
The Company may, from time to time, be a party to various disputes and claims arising from normal business activities. The Company continually assesses any litigation or other claims it may confront to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss which could be estimated. The Company accrues for all contingencies at the earliest date at which the Company deems it probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely than another, the Company accrues the minimum of the range. In the cases where the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the contingent loss, including an estimable range, if possible.
(H) Investments
Investments in equity securities for which the Company does not have control or significant influence may be accounted for using (i) the fair value option, if elected, (ii) fair value through earnings, if fair value is readily determinable or (iii) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. The election to use the measurement alternative is made for each eligible investment.
The Company has elected the fair value option to account for certain investments over which the Company has significant influence. The Company believes the fair value option best reflects the underlying economics of these investments. See Note 4, “Equity Method Investments.”
(I) Fair Value Measurements
The Company utilizes fair value measurement guidance prescribed by U.S. GAAP to value its financial instruments. The guidance establishes a fair value hierarchy for financial instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. Fair value is defined as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a three-tier fair value hierarchy that distinguishes among the following:
•Level 1-Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.
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•Level 2-Valuations are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly.
•Level 3-Valuations are based on inputs that are unobservable (supported by little or no market activity) and significant to the overall fair value measurement.
To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the d