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Immunovant (IMVT)

Cover Page

Cover Page - shares6 Months Ended
Sep. 30, 2020Nov. 12, 2020
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateSep. 30,
2020
Document Transition Reportfalse
Entity File Number001-38906
Entity Registrant NameIMMUNOVANT, INC.
Entity Central Index Key0001764013
Amendment Flagfalse
Current Fiscal Year End Date--03-31
Document Fiscal Period FocusQ2
Document Fiscal Year Focus2021
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number83-2771572
Entity Address, Address Line One320 West 37th Street
Entity Address, City or TownNew York,
Entity Address, State or ProvinceNY
Entity Address, Postal Zip Code10018
City Area Code917
Local Phone Number580-3099
Title of 12(b) SecurityCommon Stock, $0.0001 par value per share
Trading SymbolIMVT
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryNon-accelerated Filer
Entity Small Businesstrue
Entity Emerging Growth Companytrue
Entity Ex Transition Periodtrue
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding97,890,705

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsSep. 30, 2020Mar. 31, 2020
Current assets:
Cash $ 444,372 $ 100,571
Prepaid expenses5,854 5,460
Income tax receivable40 36
Value-added tax receivable0 3,009
Total current assets450,266 109,076
Operating lease right-of-use assets3,493 0
Property and equipment, net136 65
Deferred offering costs0 246
Total assets453,895 109,387
Current liabilities:
Accounts payable5,787 1,190
Accrued expenses5,787 10,938
Current portion of operating lease liabilities1,102 0
Due to Roivant Sciences Ltd.134 3,190
Total current liabilities12,810 15,318
Operating lease liabilities, net of current portion2,679 0
Total liabilities15,489 15,318
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock value[1]0 0
Common stock, par value $0.0001 per share, 500,000,000 shares authorized, 97,890,705 shares issued and outstanding at September 30, 2020 and 500,000,000 shares authorized, 56,455,376 shares issued and 54,655,376 shares outstanding at March 31, 2020[1]10 5
Additional paid-in capital[1]577,341 185,306
Accumulated other comprehensive loss[1](222)(16)
Accumulated deficit[1](138,723)(91,226)
Total stockholders’ equity[1]438,406 94,069 [2]
Total liabilities and stockholders’ equity453,895 109,387
Series A  preferred stock
Stockholders' equity:
Preferred stock value[1] $ 0 $ 0
[1]Retroactively restated for the reverse recapitalization as described in Note 1.
[2]Retroactively restated for reverse recapitalization as described in Note 1.

Condensed Combined and Consolid

Condensed Combined and Consolidated Balance Sheets (Parenthetical) - $ / sharesSep. 30, 2020Mar. 31, 2020
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized (in shares)10,000,000 10,000,000
Preferred stock, issued (in shares)0 0
Preferred stock, outstanding (in shares)0 0
Common share, par value (in dollars per share) $ 0.0001 $ 0.0001
Common share, authorized (in shares)500,000,000 500,000,000
Common share, outstanding (in shares)97,890,705 54,655,376
Common share, issued (in shares)97,890,705 56,455,376
Series A  preferred stock
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized (in shares)10,000 10,000
Preferred stock, issued (in shares)10,000 10,000
Preferred stock, outstanding (in shares)10,000 10,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands3 Months Ended6 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Operating expenses:
Research and development $ 11,976 [1] $ 10,331 [1] $ 28,898 $ 28,807
General and administrative8,998 [2]4,163 [2]18,662 5,748
Total operating expenses20,974 14,494 47,560 34,555
Interest expense0 249 0 249
Other income, net(225)(294)(151)(319)
Loss before provision for income taxes(20,749)(14,449)(47,409)(34,485)
Provision for income taxes40 33 88 56
Net loss $ (20,789) $ (14,482) $ (47,497) $ (34,541)
Net loss per common share - basic and diluted (in dollars per share) $ (0.25)[3] $ (0.38)[3] $ (0.61) $ (0.90)
Weighted-average common shares outstanding – basic and diluted84,353,438 [3]38,590,381 [3]77,623,132 38,590,381
[1]Includes $68 and $176 of costs allocated from Roivant Sciences Ltd. for the three and six months ended September 30, 2020, respectively, and $1 and $152 of costs allocated from Roivant Sciences Ltd. for the three and six months ended September 30, 2019, respectively.
[2]Includes $173 and $337 of costs allocated from Roivant Sciences Ltd. for the three and six months ended September 30, 2020, respectively, and $270 and $514 of costs allocated from Roivant Sciences Ltd. for the three and six months ended September 30, 2019, respectively.
[3]Retroactively restated for the reverse recapitalization as described in Note 1.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Research and Development Expense
Share based compensation expense $ 999 $ 2,307 $ 1,476 $ 2,372
Research and Development Expense | Roivant Sciences Ltd. (RSL)
Costs allocated from related party68 1 176 152
General and Administrative Expense
Share based compensation expense2,362 830 5,866 1,337
General and Administrative Expense | Roivant Sciences Ltd. (RSL)
Costs allocated from related party $ 173 $ 270 $ 337 $ 514

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands3 Months Ended6 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss $ (20,789) $ (14,482) $ (47,497) $ (34,541)
Other comprehensive loss:
Foreign currency translation adjustments(232)(53)(206)(344)
Total other comprehensive loss(232)(53)(206)(344)
Comprehensive loss $ (21,021) $ (14,535) $ (47,703) $ (34,885)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in ThousandsTotalUnderwritten Public OfferingWarrant RedemptionRoivant Sciences Ltd. (RSL)Series A  preferred stockCommon stockCommon stockUnderwritten Public OfferingCommon stockUpon Achievement of Earnout Shares MilestoneCommon stockWarrant RedemptionCommon stock subscribedAdditional paid-in capitalAdditional paid-in capitalUnderwritten Public OfferingAdditional paid-in capitalUpon Achievement of Earnout Shares MilestoneAdditional paid-in capitalWarrant RedemptionAdditional paid-in capitalRoivant Sciences Ltd. (RSL)Accumulated other comprehensive income (loss)Accumulated deficit
Beginning balance (in shares) at Mar. 31, 2019[1]38,590,381
Beginning balance at Mar. 31, 2019[1] $ 7,339 $ 4 $ (3) $ 31,830 $ 346 $ (24,838)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution – stock-based compensation[1]35 35
Capital contribution – expenses allocated from Roivant Sciences Ltd.[1] $ 331 $ 331
Stock-based compensation[1]537 537
Foreign currency translation adjustments[1](291)(291)
Net loss[1](20,059)(20,059)
Ending balance (in shares) at Jun. 30, 2019[1]38,590,381
Ending balance at Jun. 30, 2019[1](12,108) $ 4 (3)32,733 55 (44,897)
Beginning balance (in shares) at Mar. 31, 2019[1]38,590,381
Beginning balance at Mar. 31, 2019[1]7,339 $ 4 (3)31,830 346 (24,838)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss(34,541)
Ending balance (in shares) at Sep. 30, 201938,590,381
Ending balance at Sep. 30, 2019(23,283) $ 4 0 36,090 2 (59,379)
Beginning balance (in shares) at Jun. 30, 2019[1]38,590,381
Beginning balance at Jun. 30, 2019[1](12,108) $ 4 (3)32,733 55 (44,897)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of common share subscription3 3
Capital contribution – stock-based compensation18 18
Capital contribution – expenses allocated from Roivant Sciences Ltd.220 220
Stock-based compensation3,119 3,119
Foreign currency translation adjustments(53)(53)
Net loss(14,482)(14,482)
Ending balance (in shares) at Sep. 30, 201938,590,381
Ending balance at Sep. 30, 2019(23,283) $ 4 0 36,090 2 (59,379)
Beginning balance (in shares) at Mar. 31, 2020[1]10,000 54,655,376
Beginning balance at Mar. 31, 202094,069 [1],[2] $ 5 [1]0 185,306 [1](16)[1](91,226)[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)[1]9,613,365 10,000,000 5,719,145
Issuance of common stock[1] $ 130,428 $ 65,752 $ 1 $ 1 $ 1 $ 130,427 $ (1) $ 65,751
Vesting of sponsor restricted shares (in shares)[1]900,000
Stock options exercised (in shares)[1]23,841
Stock options exercised[1]63 63
Capital contribution – stock-based compensation[1]63 63
Capital contribution – expenses allocated from Roivant Sciences Ltd.[1]164 164
Stock-based compensation[1]3,918 3,918
Foreign currency translation adjustments[1]26 26
Net loss[1](26,708)(26,708)
Ending balance (in shares) at Jun. 30, 2020[1]10,000 80,911,727
Ending balance at Jun. 30, 2020267,775 [1] $ 8 [1]0 385,691 [1]10 [1](117,934)[1]
Beginning balance (in shares) at Mar. 31, 2020[1]10,000 54,655,376
Beginning balance at Mar. 31, 2020 $ 94,069 [1],[2] $ 5 [1]0 185,306 [1](16)[1](91,226)[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)42,213
Net loss $ (47,497)
Ending balance (in shares) at Sep. 30, 202010,000 97,890,705
Ending balance at Sep. 30, 2020438,406 [2] $ 10 0 577,341 (222)(138,723)
Beginning balance (in shares) at Jun. 30, 2020[1]10,000 80,911,727
Beginning balance at Jun. 30, 2020267,775 [1] $ 8 [1]0 385,691 [1]10 [1](117,934)[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)6,060,606 10,000,000
Issuance of common stock $ 188,119 $ 1 $ 1 $ 188,118 $ (1)
Vesting of sponsor restricted shares (in shares)900,000
Stock options exercised (in shares)18,372
Stock options exercised119 119
Capital contribution – stock-based compensation54 54
Capital contribution – expenses allocated from Roivant Sciences Ltd. $ 53 $ 53
Stock-based compensation3,307 3,307
Foreign currency translation adjustments(232)(232)
Net loss(20,789)(20,789)
Ending balance (in shares) at Sep. 30, 202010,000 97,890,705
Ending balance at Sep. 30, 2020 $ 438,406 [2] $ 10 $ 0 $ 577,341 $ (222) $ (138,723)
[1]Retroactively restated for reverse recapitalization as described in Note 1.
[2]Retroactively restated for the reverse recapitalization as described in Note 1.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands6 Months Ended
Sep. 30, 2020Sep. 30, 2019
Cash flows from operating activities
Net loss $ (47,497) $ (34,541)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation7,342 3,709
Depreciation on property and equipment24 10
Foreign currency translation adjustments(206)(344)
Loss on disposal of property and equipment0 14
Noncash lease expense431
Write-off of deferred offering costs0 1,398
Other0 (40)
Changes in operating assets and liabilities:
Prepaid expenses(394)2,120
Income tax receivable(4)44
Value-added tax receivable3,009 (8)
Accounts payable4,737 963
Accrued expenses(5,166)664
Due to Roivant Sciences Ltd.(149)111
Income tax payable0 11
Operating lease liabilities(143)
Net cash used in operating activities(38,016)(25,889)
Cash flows from investing activities
Purchase of property and equipment(86)(8)
Net cash used in investing activities(86)(8)
Cash flows from financing activities
Capital contributions217 551
Proceeds from stock options exercised182 0
Payment of deferred offering costs(975)(554)
Proceeds from notes payable0 35,000
Repayment of convertible promissory notes payable0 (2,500)
Net cash provided by financing activities381,903 37,904
Net change in cash343,801 12,007
Cash – beginning of period100,571 6,985
Cash – end of period444,372 18,992
Non-cash operating activity
Operating lease right-of-use assets obtained and exchanged for operating lease liabilities3,924 0
Non-cash investing activity
Purchase of property and equipment in accounts payable0 6
Non-cash financing activity
Deferred offering costs in accrued expenses261 1,178
Supplemental disclosure of cash paid:
Income taxes92 0
Underwritten Public Offering
Cash flows from financing activities
Proceeds from issuance of common stock319,783 0
Warrant Redemption
Cash flows from financing activities
Proceeds from issuance of common stock65,752 0
Roivant Sciences Ltd. (RSL)
Cash flows from financing activities
Proceeds from notes payable0 7,907
Repayment of note payable to Roivant Sciences Ltd. $ (3,056) $ (2,500)

Description of Business and Liq

Description of Business and Liquidity6 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and LiquidityDescription of Business and Liquidity [A] Description of Business Immunovant, Inc. together with its wholly owned subsidiaries (the “Company” or “Immunovant”) (formerly known as Health Sciences Acquisitions Corporation) is a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases. The Company is developing a novel, fully human monoclonal antibody, IMVT-1401 (formerly referred to as “RVT-1401” ) , that selectively binds to and inhibits the neonatal fragment crystallizable receptor. The Company intends to develop IMVT-1401 for indications in which there is robust evidence that pathogenic immunoglobulin G antibodies drive disease manifestation and for which reduction of these antibodies should lead to clinical benefit for patients with autoimmune diseases. The Company has determined that it has one operating and reporting segment. Reverse Recapitalization On December 18, 2019, Health Sciences Acquisitions Corporation (“HSAC”) completed the acquisition of Immunovant Sciences Ltd. (“ISL”) pursuant to the share exchange agreement dated as of September 29, 2019 (the “Share Exchange Agreement”), by and among HSAC, ISL, the stockholders of ISL (the “Sellers”), and Roivant Sciences Ltd. (“RSL”), as representative of the Sellers (the “Business Combination”). As of immediately prior to the closing of the Business Combination, the Sellers owned 100% of the issued and outstanding common shares of ISL (“ISL Shares”). At the closing of the Business Combination, HSAC acquired 100% of the issued and outstanding ISL Shares, in exchange for 42,080,376 shares of HSAC’s common stock issued to the Sellers and 10,000 shares of HSAC Series A preferred stock issued to RSL. Upon the closing of the Business Combination, ISL became a wholly owned subsidiary of HSAC and HSAC was renamed “Immunovant, Inc.”. The Business Combination was accounted for as a reverse recapitalization and HSAC was treated as the “acquired” company for accounting purposes. The Business Combination was accounted as the equivalent of ISL issuing stock for the net assets of HSAC, accompanied by a recapitalization. Accordingly, all historical financial information presented in these unaudited condensed consolidated financial statements represents the accounts of ISL and its wholly owned subsidiaries “as if” ISL is the predecessor to the Company. The shares and net loss per common share, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination (0.48906624 Immunovant, Inc. shares for 1 ISL Share). One of the primary purposes of the Business Combination was to provide a platform for ISL to gain access to the U.S. capital markets. See Note 3 – Business Combination and Recapitalization for additional details. [B] Liquidity The Company has incurred significant losses and negative cash flows from operations since its inception. As of September 30, 2020, the Company’s cash totaled $444.4 million and its accumulated deficit was $138.7 million. The Company has not generated any revenues to date and does not anticipate generating any revenues unless and until it successfully completes development and obtains regulatory approval for IMVT-1401 or any future product candidate. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. The Company intends to raise such additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidates. Based on anticipated spend and timing of expenditure assumptions, the Company currently expects that its existing cash as of September 30, 2020, will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of calendar year 2023 from the date the unaudited condensed consolidated financial statements are issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies6 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesSummary of Significant Accounting Policies [A] Basis of Presentation The Company’s fiscal year ends on March 31 and its first three fiscal quarters end on June 30, September 30, and December 31. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they 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 combined and consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is 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”). In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three and six months ended September 30, 2020 are not necessarily indicative of those expected for the year ending March 31, 2021 or for any future period. The condensed consolidated balance sheet as of March 31, 2020 included herein was derived from the audited combined and consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited combined and consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on June 29, 2020. All share and per-share data reported in the unaudited condensed consolidated financial statements herein have been retroactively restated to reflect the effect of the Business Combination (as discussed in Note 3). [B] Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, operating leases, research and development costs and income taxes. 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. Additionally, the Company assessed the impact that the COVID-19 pandemic has had on its operations and financial results as of September 30, 2020 and through the issuance of this report. The Company’s analysis was informed by the facts and circumstances as they were known to the Company. This assessment considered the impact COVID-19 may have on financial estimates and assumptions that affect the reported amounts of assets and liabilities and expenses. [C] Risks and Uncertainties The Company is subject to risks common to early stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key products, key personnel, third-party service providers such as contract research organizations, protection of intellectual property rights and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements. [D] Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk include cash. As of September 30, 2020, the cash balance is kept in one banking institution that the Company believes is of high credit quality and is in excess of federally insured levels. The Company maintains its cash with an accredited financial institution and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash. [E] Research and Development Expense Research and development costs with no alternative future use are expensed as incurred. Payments for a product license prior to regulatory approval of the product and payments for milestones achieved prior to regulatory approval of the product are expensed in the period incurred as research and development. Milestone payments made in connection with regulatory approvals are capitalized and amortized to cost of product sales over the remaining useful life of the asset. Research and development expenses primarily consist of employee-related costs and expenses from third parties who conduct research and development activities on behalf of the Company. The estimated costs of research and development activities conducted by third-party service providers, which primarily include the conduct of clinical trials and contract manufacturing activities, are accrued over the service periods specified in the contracts and adjusted as necessary based upon an ongoing review of the level of effort and costs actually incurred. The estimate of the work completed is developed through discussions with internal personnel and external services providers as to the progress toward completion of the services and the agreed-upon fee to be paid for such services. As actual costs become known, the accrued estimates are adjusted. Such estimates are not expected to be materially different from amounts actually incurred, however the Company’s understanding of the status and timing of services performed, the number of subjects enrolled, and the rate of subject enrollment may vary from estimates and could result in reporting amounts that are higher or lower than incurred in any particular period. The estimate of accrued research and development expense is dependent, in part, upon the receipt of timely and accurate reporting from clinical research organizations and other third-party service providers. [F] Leases The Company's operating leases primarily relate to its three subleased premises, two in New York and one in North Carolina. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are initially recognized based on the present value of the future fixed lease payments over the expected lease term at commencement date calculated using the Company’s incremental borrowing rate applicable to the lease asset, unless the implicit rate is readily determinable. Operating lease ROU assets also include any lease payments made at or before lease commencement, adjusted by any initial direct costs and exclude any lease incentives received. The Company determines the lease term as the non-cancelable period of the lease and may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of 12 months or less are not recognized on the unaudited condensed consolidated balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease costs such as common area costs and other operating costs are expensed as incurred. The Company accounts for lease and non-lease components as a single lease component for all its facilities leases. [G] Fair Value of Financial Instruments The Company applies a fair value framework in order to measure and disclose its financial assets and liabilities. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Fair values are determined by utilizing quoted prices for similar assets and liabilities in active markets or other market observable inputs such as interest rates and yield curves. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments consist of cash, accounts payable, accrued expenses and amounts due to RSL. These financial instruments are stated at their respective historical carrying amounts, which approximates fair value due to their short-term nature. There were no Level 2 or Level 3 financial instruments as of September 30, 2020 or March 31, 2020. [H] Net Loss per Common Share Basic net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted-average number of common stock outstanding during the period. Diluted net loss per common share is computed by dividing the net loss applicable to common stockholders by the diluted weighted-average number of common stock outstanding during the period. In periods in which the Company reports a net loss, all common stock equivalents are deemed anti-dilutive such that basic net loss per common share and diluted net loss per common share are equivalent. Potentially dilutive common stock have been excluded from the diluted net loss per common share computations in all periods presented because such securities have an anti-dilutive effect on net loss per common share due to the Company’s net loss. There are no reconciling items used to calculate the weighted-average number of total common stock outstanding for basic and diluted net loss per common share data. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Six Months Ended September 30, 2020 2019 Preferred stock as converted 10,000 — Options 5,834,682 3,130,588 Restricted stock units (unvested) 127,200 — Total 5,971,882 3,130,588 In addition, the convertible promissory notes issued in the six months ended September 30, 2019 were not included in the calculation of diluted weighted-average number of common shares outstanding because they were anti-dilutive given the net loss of the Company. [I] Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 removes, modifies, and adds certain recurring and nonrecurring fair value measurement disclosures, including removing disclosures around the amount(s) of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation process for Level 3 fair value measurements, among other things. ASU 2018-13 adds disclosure requirements around changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and a narrative description of measurement uncertainty. The amendments in ASU 2018-13 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company has adopted this ASU as of April 1, 2020, with no impact to the Company’s unaudited condensed consolidated financial statements from the adoption of this new standard. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company has adopted this ASU as of April 1, 2020, with no impact to the Company’s unaudited condensed consolidated financial statements from the adoption of this new standard. Recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s consolidated financial statements and related disclosures.

Business Combination and Recapi

Business Combination and Recapitalization6 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]
Business Combination and RecapitalizationBusiness Combination and Recapitalization As discussed in Note 1, on December 18, 2019, HSAC completed the acquisition of ISL and acquired 100% of the ISL Shares for total consideration of $420.9 million, consisting of 42,080,376 shares of HSAC’s common stock and 10,000 shares of HSAC’s Series A preferred stock, in each case, valued at $10.00 per share (the deemed value of the shares issued pursuant to the Share Exchange Agreement). The Business Combination was accounted for as a reverse recapitalization whereby HSAC was treated as the “acquired” company for accounting purposes. This determination was primarily based on the fact that subsequent to the Business Combination, the Sellers have a majority of the voting power of the combined company, ISL will comprise all of the ongoing operations of the combined entity, a majority of the governing body of the combined company, and ISL’s senior management will comprise all of the senior management of the combined company. The Business Combination was accounted as the equivalent of ISL issuing stock for the net assets of HSAC, accompanied by a recapitalization. The net assets of HSAC were stated at historical cost with no goodwill or other intangible assets recorded. Reported amounts from operations included herein prior to the Business Combination are those of ISL. The shares, options and net loss per share available to holders of the Company’s common stock, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination (0.48906624 Immunovant, Inc. shares for 1 ISL Share). In connection with the Business Combination, the Company incurred direct and incremental costs of $2.8 million, consisting of legal, accounting, financial advisory and other professional fees, which are included in additional paid-in capital in the consolidated balance sheets as of September 30, 2020. The Company incurred additional financial advisory fees related to the Business Combination of $2.3 million, which are included in accumulated deficit within the consolidated balance sheets as of September 30, 2020. Earnout Shares Pursuant to the Share Exchange Agreement, the Sellers were entitled to receive up to an aggregate of 20,000,000 additional shares of the Company’s common stock (the “Earnout Shares”) if the volume-weighted average price of the Company’s shares equals or exceeds the following prices for any 20 trading days within any 30-trading-day period (the “Trading Period”) following December 18, 2019, the date of the closing of the Business Combination: (i) during any Trading Period prior to March 31, 2023, 10,000,000 Earnout Shares upon the achievement of a volume-weighted average price of at least $17.50 per share (the “First Earnout Milestone”); and (ii) during any Trading Period prior to March 31, 2025, 10,000,000 Earnout Shares upon the achievement of a volume-weighted average price of at least $31.50 per share (the “Second Earnout Milestone”). On May 12 and September 17, 2020, the Company achieved the First Earnout Milestone and the Second Earnout Milestone, respectively. Accordingly, the Company issued all of the 20,000,000 Earnout Shares to the Sellers (including 17,547,938 Earnout Shares issued to RSL) in the six months ended September 30, 2020. See Note 8 – Stockholders’ Equity for additional details. Sponsor Restricted Stock Agreement

Material Agreements

Material Agreements6 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Material AgreementsMaterial Agreements License Agreement On December 19, 2017, Roivant Sciences GmbH (“RSG”), a wholly owned subsidiary of RSL, entered into a license agreement (the “HanAll Agreement”) with HanAll Biopharma Co., Ltd. (“HanAll”). Under the HanAll Agreement, RSG received (1) the non-exclusive right to manufacture and (2) the exclusive, royalty-bearing right to develop, import, use and commercialize the antibody referred to as IMVT-1401 and certain back-up and next-generation antibodies, and products containing such antibodies, in the United States, Canada, Mexico, the European Union, the United Kingdom, Switzerland, the Middle East, North Africa and Latin America (the “Licensed Territory”). In exchange for this license, RSG provided or agreed to provide the following consideration: • Upfront, non-refundable payment of $30.0 million; • Up to $20.0 million in shared (50/50)% research, development, and out-of-pocket costs incurred by HanAll; • Up to an aggregate of $452.5 million upon the achievement of certain development, regulatory and sales milestones; and • Tiered royalties ranging from the mid-single digits to mid-teens on net product sales subject to reduction on a product-by-product and country-by-country basis, until the later of (1) expiration of patent and regulatory exclusivity or (2) the 11th anniversary of the first commercial sale of such product in such country. Since the acquisition of IMVT-1401, RSL and the Company have performed all the development associated with IMVT-1401 and no amounts were incurred by HanAll and reported to the Company, to research or develop the technology for the three and six months ended September 30, 2020 and September 30, 2019, respectively. On August 18, 2018, RSG entered into a sublicense agreement (the “Sublicense Agreement”) with Immunovant Sciences GmbH (“ISG”), a wholly-owned subsidiary of the Company, to sublicense this technology, as well as RSG’s knowhow and patents necessary for the development, manufacture or commercialization of any compound or product that pertain to immunology. On December 7, 2018, RSG issued a notice to terminate the Sublicense Agreement with ISG and entered into an assignment and assumption agreement to assign to ISG all the rights, title, interest, and future obligations under the HanAll Agreement from RSG, including all rights to IMVT-1401 from RSG in the Licensed Territory, for an aggregate purchase price of $37.8 million. As a result of the assignment of IMVT-1401 by RSG to ISG, the Company recorded a Swiss value-added tax receivable of $3.0 million which was reflected as a capital contribution from RSL as of March 31, 2020. In April 2020, the Company received the payment related to this receivable. In May 2019, the Company achieved its first development and regulatory milestone under the HanAll Agreement which resulted in a $10.0 million milestone payment that the Company subsequently paid in August 2019. The milestone payment was recorded as a research and development expense in the period incurred.

Accrued Expenses

Accrued Expenses6 Months Ended
Sep. 30, 2020
Payables and Accruals [Abstract]
Accrued ExpensesAccrued Expenses Accrued expenses consist of the following (in thousands): September 30, 2020 March 31, 2020 Research and development expenses $ 3,423 $ 8,332 Accrued bonuses 1,339 859 Legal and other professional fees 772 1,231 Other expenses 253 516 Total accrued expenses $ 5,787 $ 10,938

Related Party Transactions

Related Party Transactions6 Months Ended
Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party TransactionsRelated Party Transactions Roivant Sciences Inc. (“RSI”) and RSG Services Agreements In addition to the agreements discussed in Note 4, in August 2018, the Company entered into services agreements (the “Services Agreements”) with RSI and RSG, under which RSI and RSG agreed to provide services related to development, administrative and financial activities to the Company during its formative period. Under each Services Agreement, the Company will pay or reimburse RSI or RSG, as applicable, for any expenses it, or third parties acting on its behalf, incurs for the Company. For any general and administrative and research and development activities performed by RSI or RSG employees, RSI or RSG, as applicable, will charge back the employee compensation expense plus a pre-determined mark-up. RSI and RSG also provided such services prior to the formalization of the Services Agreements, and such costs have been recognized by the Company in the period in which the services were rendered. Employee compensation expense, inclusive of base salary and fringe benefits, is determined based upon the relative percentage of time utilized on Company matters. All other costs will be billed back at cost. The term of the Services Agreements will continue until terminated by the Company, RSI or RSG, as applicable, upon 90 days’ written notice. For the three and six months ended September 30, 2020, the Company was charged $0.2 million and $0.5 million, respectively, by RSI, RSG and RSL, of which $0.1 million and $0.3 million, respectively, were treated as capital contributions and $0.1 million and $0.2 million, respectively, were treated as amounts due to RSL in the accompanying unaudited condensed consolidated financial statements. For the three and six months ended September 30, 2019, the Company was charged $0.3 million and $0.7 million, respectively, by RSI, RSG, and RSL, of which $0.3 million and $0.6 million, respectively, were treated as capital contributions. The remaining amount of $0.1 million for the six months ended September 30, 2019 was treated as an amount due to RSL in the accompanying unaudited condensed consolidated financial statements. RSL Promissory Note In June 2019, the Company entered into an interest-free promissory note payable to RSL in the amount of $5.0 million (the “June Promissory Note”). The June Promissory Note was due and payable at the earlier of December 12, 2019 or upon demand by RSL. Subsequently, in August 2019, the Company cancelled the June Promissory Note and entered into a convertible promissory note with RSL in the amount of $5.0 million (the “RSL Convertible Promissory Note”) under the same terms as other convertible promissory notes entered into with RTW Master Fund, Ltd. and RTW Innovation Master Fund, Ltd. (the “RTW Entities”). In September 2019, the Company repaid $2.5 million aggregate principal amount of the RSL Convertible Promissory Note, and accrued interest on such amount was forgiven. The remaining aggregate principal balance of the RSL Convertible Note of $2.5 million automatically converted immediately prior to the closing of the Business Combination into shares of ISL exchangeable for an aggregate of 250,000 shares of the Company’s common stock upon the closing of the Business Combination. All interest under the RSL Convertible Promissory Note was waived and cancelled immediately prior to the closing of the Business Combination. In July 2019, the Company entered into an interest-free promissory note payable to RSL in the amount of $2.9 million (the “July Promissory Note”). The July Promissory Note had a 180-day term and was payable on demand upon the expiration of the term. In May 2020, the Company paid and settled the July Promissory Note. RSL Information Sharing and Cooperation Agreement In December 2018, the Company entered into an amended and restated information sharing and cooperation agreement (the “Cooperation Agreement”) with RSL. The Cooperation Agreement, among other things: (1) obligates the Company to deliver to RSL periodic financial statements and other information upon reasonable request and to comply with other specified financial reporting requirements; (2) requires the Company to supply certain material information to RSL to assist it in preparing any future SEC filings; and (3) requires the Company to implement and observe certain policies and procedures related to applicable laws and regulations. The Company has agreed to indemnify RSL and its affiliates and their respective officers, employees and directors against all losses arising out of, due to or in connection with RSL’s status as a stockholder under the Cooperation Agreement and the operations of or services provided by RSL or its affiliates or their respective officers, employees or directors to the Company or any of its subsidiaries, subject to certain limitations set forth in the Cooperation Agreement. No amounts have been paid or received under this agreement; however, the Company believes this agreement is material to its business and operations. Subject to specified exceptions, the Cooperation Agreement will terminate upon the earlier of (1) the mutual written consent of the parties or (2) the later of when RSL no longer (a) is required by U.S. GAAP to consolidate the Company’s results of operations and financial position, account for its investment in the Company under the equity method of accounting or, by any rule of the SEC, include the Company’s separate financial statements in any filings it may make with the SEC and (b) has the right to elect directors constituting a majority of the Company’s board of directors. RSI Subleases See Note 10 for a discussion of the subleases the Company has entered into with RSI.

Income Taxes

Income Taxes6 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes The Company’s effective tax rates were (0.19)% and (0.18)% for the three and six months ended September 30, 2020, respectively and (0.23)% and (0.16)% for the three and six months ended September 30, 2019, respectively. The Company's effective rate is primarily driven by its 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.

Stockholders' Equity

Stockholders' Equity6 Months Ended
Sep. 30, 2020
Equity [Abstract]
Stockholders' EquityStockholders’ Equity Series A Preferred Stock In connection with the closing of the Business Combination, the Company designated and issued 10,000 shares of Series A preferred stock, par value $0.0001 per share, to RSL, all of which shares are outstanding as of September 30, 2020. Each share of Series A preferred stock will automatically convert into one share of common stock at such time as the holder(s) of Series A preferred stock hold less than 25% of the total voting power of the Company’s outstanding shares. In the event of the Company’s liquidation, dissolution, or winding up, the holder(s) of the Series A preferred stock will receive first an amount per share equal to $0.01 and then will be entitled to share ratably in the assets legally available for distribution to all stockholders. Preferred Stock In connection with the closing of the Business Combination, the Company authorized 10,010,000 shares of preferred stock par value $0.0001 per share. Other than the 10,000 shares of preferred stock designated as Series A preferred stock, there were no issued and outstanding shares of preferred stock as of September 30, 2020. Common Stock In connection with the closing of the Business Combination, the Company authorized 500,000,000 shares of common stock, par value $0.0001 per share. Immediately after giving effect to the Business Combination, there were 56,455,376 shares of common stock issued and 54,655,376 shares of common stock outstanding. In April 2020, the Company completed an underwritten public offering of 9,613,365 shares of its common stock (including 1,034,483 shares of common stock purchased by RSL and the full exercise of the underwriters’ option to purchase 1,253,917 additional shares of common stock) at a price to the public of $14.50 per share, for net proceeds to the Company of approximately $131.0 million, after deducting underwriting discounts and commissions and offering expenses. On May 12 and September 17, 2020, the Company achieved the First Earnout Milestone and the Second Earnout Milestone, respectively, under the Share Exchange Agreement (See Note 3). As a result, the Company issued all of the 20,000,000 Earnout Shares to the Sellers, (including 17,547,938 Earnout Shares issued to RSL) in the six months ended September 30, 2020. In addition, upon the achievement of the First Earnout Milestone and the Second Earnout Milestone and pursuant to the Sponsor Restricted Stock Agreement, all of the 1,800,000 Sponsor Restricted Shares vested and are no longer subject to forfeiture. In September 2020, the Company completed an underwritten public offering of 6,060,606 shares of its common stock (including 380,000 shares of common stock purchased by RSL and the full exercise of the underwriters’ option to purchase 790,513 additional shares of common stock) at a price to the public of $33.00 per share, for net proceeds to the Company of approximately $188.1 million after deducting underwriting discounts and commissions and offering expenses. The Company has reserved the following shares of common stock for issuance: September 30, 2020 March 31, 2020 Conversion of Series A preferred stock 10,000 10,000 Options outstanding 5,834,682 3,873,888 Restricted stock units outstanding 127,200 — Options available for future option grants 5,101,557 5,283,520 Common stock warrants — 5,750,000 Earnout shares — 20,000,000 Total 11,073,439 34,917,408 Common Stock Warrants In connection with HSAC’s initial public offering in May 2019, HSAC issued 11,500,000 warrants for the purchase of one-half of one share of common stock (an aggregate of 5,750,000 shares) at a price of $11.50 per whole share, subject to adjustment. The warrants were classified as equity. All of the warrants remained outstanding as of and were exercisable commencing on May 14, 2020. The warrants were set to expire in December 2024 or earlier upon redemption or liquidation. The warrants were redeemable, at the Company’s option, in whole and not in part, at a price of $0.01 per warrant, upon a minimum of 30 days’ prior written notice of redemption, and if, and only if, the last sale price of the Company’s common stock equaled or exceeded $16.50 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends a notice of redemption to the warrant holders. In May 2020, the Company delivered a notice of the redemption to the warrant holders, and an aggregate of 11,438,290 outstanding warrants were subsequently exercised for an aggregate of 5,719,145 shares of the Company’s common stock at a price of $11.50 per share, for net proceeds of approximately $65.8 million. The remaining 61,710 warrants were cancelled, and the holders thereof paid $0.01 per cancelled warrant. No warrants remain outstanding as of September 30, 2020.

Stock-Based Compensation

Stock-Based Compensation6 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-Based CompensationStock-Based Compensation 2019 Equity Incentive Plan In December 2019, in connection with the Business Combination, 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 2019 Plan became effective immediately upon the closing of the Business Combination. 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. On April 1, 2020, the number of common shares reserved for issuance increased automatically by 4.0% of the total number of shares of common stock outstanding on the last day of the preceding month (i.e. 2,186,215 shares of common stock) in accordance with the evergreen provision of the 2019 incentive plan. As of September 30, 2020, options to purchase 2,457,458 shares of common stock and 127,200 restricted stock units (“RSUs”) have been granted under the 2019 Plan and 5,101,557 shares remained available for future grant. 2018 Equity Incentive Plan Pursuant to the Share Exchange Agreement, upon the closing of the Business Combination, all vested or unvested outstanding options to purchase common shares of ISL under its 2018 Equity Incentive Plan (the “2018 Plan”) were automatically assumed by the Company and converted into options to purchase 4,408,287 shares of the Company’s common stock with no changes to the terms of the awards. As of the effective date of the 2019 Plan, no further stock awards have been or will be made under 2018 Plan. As of September 30, 2020, 3,377,224 stock options were outstanding under the 2018 Plan. Stock Option Activity A summary of the stock option activity under the Company’s equity incentive plans is as follows: Options Outstanding Number of Weighted- Remaining Aggregate Balance - March 31, 2020 3,873,888 $ 8.33 9.37 $ 28,029 Granted 2,290,978 23.51 Exercised (42,213) 4.31 Forfeited (61,738) 14.86 Canceled (226,233) 7.86 Balance - September 30, 2020 5,834,682 $ 14.27 9.21 $ 122,505 Exercisable - September 30, 2020 945,851 $ 8.08 8.74 $ 25,646 The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable stock options and the fair value of the Company’s common stock as of September 30, 2020. The options granted during the three and six months ended September 30, 2020 had a weighted-average fair value of $23.26 and $16.05 per share, respectively, at the grant date. The options granted during the three and six months ended September 30, 2019 had a weighted-average fair value of $5.63 and $5.26 per share, respectively, at the grant date. 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 September 30, Six Months Ended September 30, 2020 2019 2020 2019 Risk-free interest rate 0.30% - 0.40% 1.88% - 1.88% 0.30% - 0.44% 1.78% - 2.25% Expected term, in years 5.81 - 6.11 6.05 - 6.11 5.56 - 6.11 5.75 - 6.11 Expected volatility 83.31% - 84.05% 75.67% - 75.73% 78.16% - 84.05% 74.69% - 75.73% Expected dividend yield —% —% —% —% Restricted Stock Unit Awards A summary of RSUs activity under the Company’s equity incentive plans is as follows: Number of RSUs Weighted- Average Grant Date Fair Value Unvested as of March 31, 2020 — $ — Issued 127,200 19.01 Unvested as of September 30, 2020 127,200 $ 19.01 Stock-based Compensation Expense For the three and six months ended September 30, 2020 and 2019, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 Research and development expenses $ 951 $ 2,306 $ 1,370 $ 2,369 General and administrative expenses 2,356 813 5,855 1,287 Total stock-based compensation $ 3,307 $ 3,119 $ 7,225 $ 3,656 As of September 30, 2020, total unrecognized compensation expense related to non-vested stock options and RSUs was $47.1 million and $2.0 million, respectively, which is expected to be recognized over the remaining weighted-average service period of 2.9 years and 1.6 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 RSL, RSI, RSG and the Company, stock-based compensation expense of $0.1 million was recorded for the three and six months ended September 30, 2020, respectively, and $0.1 million for the three and six months ended September 30, 2019, respectively in the accompanying unaudited condensed consolidated statements of operations.

Leases

Leases6 Months Ended
Sep. 30, 2020
Leases [Abstract]
LeasesLeasesIn June 2020, the Company entered into two sublease agreements with RSI, for two floors of the building the Company currently occupies as its headquarters in New York. The subleases will expire on February 27, 2024 and April 29, 2024, respectively, and have scheduled rent increases each year. In April 2020, the Company entered into a sublease agreement with an unrelated party for one floor of a building in North Carolina. The sublease will expire on February 28, 2022 and has no scheduled rent increases. These leases are classified as operating leases. Operating lease ROU assets of $4.2 million and lease liabilities of $4.2 million, were recognized based on the present value of remaining fixed lease payments over the expected lease term using an incremental borrowing rate of 3.9%. As the Company’s operating leases do not provide an implicit rate, estimated incremental borrowing rates were used based on the information available at the time of execution of sublease agreement in determining the present value of lease payments. The aggregate weighted-average remaining lease term were 3.4 years as of September 30, 2020. Variable lease costs such as common area costs and other operating costs are expensed as incurred and were minimal for the three and six months ended September 30, 2020. During the three and six months ended September 30, 2020, the Company incurred $0.3 million and $0.5 million, respectively, in rent expense and paid $0.1 million and $0.2 million, respectively, in cash related to contractual rent obligations under the operating leases. The following table provides a reconciliation of the Company’s remaining undiscounted contractual rent obligations due within each respective fiscal year ending March 31 to the operating lease liabilities recognized as of September 30, 2020 (in thousands): Years Ending March 31, Operating Leases 2021 $ 587 2022 1,198 2023 1,152 2024 1,132 2025 47 Thereafter — Total undiscounted payments 4,116 Less: present value adjustment (335) Present value of future payments 3,781 Less: current portion of operating lease liabilities (1,102) Operating lease liabilities, net of current portion $ 2,679

Commitments and Contingencies

Commitments and Contingencies6 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCommitments and ContingenciesThe ongoing COVID-19 pandemic has resulted in transitions to remote workforces, business closures and disruptions and a slowdown of economic activity across the globe. The COVID-19 pandemic had a variable impact on the Company’s clinical trials from March through September 2020. Some sites closed enrollment for new patients in early March, whereas other sites remained partially open for new patient enrollment. At this time, many sites globally have re-opened for new enrollment, though disruptions remain in some locations due to local restrictions. Given the uncertain course of the pandemic, it is impossible to predict with certainty which sites will remain open. To date, the Company has not experienced significant impacts on its business and operations as a result of the COVID-19 pandemic. However, the extent of the impact of COVID-19 on the Company’s future operational and financial performance will depend on certain developments, including the ultimate duration and spread of the outbreak, the continuing impact of the pandemic on financial markets and the global economy, and the impact of the outbreak on the Company’s employees and vendors, all of which are uncertain and cannot be predicted.As of September 30, 2020, other than contingent payments pursuant to the HanAll Agreement discussed in Note 4 and the subleases discussed in Note 10, the Company did not have any ongoing material financial commitments. The Company expects to enter into other commitments as the business further develops. In the normal course of business, the Company enters into agreements with contract service providers to assist in the performance of its research and development activities. Subject to required notice periods and the Company’s obligations under binding purchase orders, the Company can elect to discontinue the work under these agreements at any time. The Company expects to enter into additional collaborative research, contract research, manufacturing, and supplier agreements in the future, which may require upfront payments and long-term commitments of capital resources.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)6 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation[A] Basis of Presentation The Company’s fiscal year ends on March 31 and its first three fiscal quarters end on June 30, September 30, and December 31. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they 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 combined and consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is 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”). In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three and six months ended September 30, 2020 are not necessarily indicative of those expected for the year ending March 31, 2021 or for any future period. The condensed consolidated balance sheet as of March 31, 2020 included herein was derived from the audited combined and consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited combined and consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on June 29, 2020. All share and per-share data reported in the unaudited condensed consolidated financial statements herein have been retroactively restated to reflect the effect of the Business Combination (as discussed in Note 3).
Use of Estimates[B] Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, operating leases, research and development costs and income taxes. 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. Additionally, the Company assessed the impact that the COVID-19 pandemic has had on its operations and financial results as of September 30, 2020 and through the issuance of this report. The Company’s analysis was informed by the facts and circumstances as they were known to the Company. This assessment considered the impact COVID-19 may have on financial estimates and assumptions that affect the reported amounts of assets and liabilities and expenses.
Risks and Uncertainties[C] Risks and Uncertainties The Company is subject to risks common to early stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key products, key personnel, third-party service providers such as contract research organizations, protection of intellectual property rights and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements.
Concentrations of Credit Risk[D] Concentration of Credit RiskFinancial instruments that potentially subject the Company to concentration of credit risk include cash. As of September 30, 2020, the cash balance is kept in one banking institution that the Company believes is of high credit quality and is in excess of federally insured levels. The Company maintains its cash with an accredited financial institution and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash.
Research and Development Expense[E] Research and Development Expense Research and development costs with no alternative future use are expensed as incurred. Payments for a product license prior to regulatory approval of the product and payments for milestones achieved prior to regulatory approval of the product are expensed in the period incurred as research and development. Milestone payments made in connection with regulatory approvals are capitalized and amortized to cost of product sales over the remaining useful life of the asset. Research and development expenses primarily consist of employee-related costs and expenses from third parties who conduct research and development activities on behalf of the Company. The estimated costs of research and development activities conducted by third-party service providers, which primarily include the conduct of clinical trials and contract manufacturing activities, are accrued over the service periods specified in the contracts and adjusted as necessary based upon an ongoing review of the level of effort and costs actually incurred. The estimate of the work completed is developed through discussions with internal personnel and external services providers as to the progress toward completion of the services and the agreed-upon fee to be paid for such services. As actual costs become known, the accrued estimates are adjusted. Such estimates are not expected to be materially different from amounts actually incurred, however the Company’s understanding of the status and timing of services performed, the number of subjects enrolled, and the rate of subject enrollment may vary from estimates and could result in reporting amounts that are higher or lower than incurred in any particular period. The estimate of accrued research and development expense is dependent, in part, upon the receipt of timely and accurate reporting from clinical research organizations and other third-party service providers.
Leases[F] Leases The Company's operating leases primarily relate to its three subleased premises, two in New York and one in North Carolina. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are initially recognized based on the present value of the future fixed lease payments over the expected lease term at commencement date calculated using the Company’s incremental borrowing rate applicable to the lease asset, unless the implicit rate is readily determinable. Operating lease ROU assets also include any lease payments made at or before lease commencement, adjusted by any initial direct costs and exclude any lease incentives received. The Company determines the lease term as the non-cancelable period of the lease and may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of 12 months or less are not recognized on the unaudited condensed consolidated balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease costs such as common area costs and other operating costs are expensed as incurred. The Company accounts for lease and non-lease components as a single lease component for all its facilities leases.
Fair Value of Financial Instruments[G] Fair Value of Financial Instruments The Company applies a fair value framework in order to measure and disclose its financial assets and liabilities. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Fair values are determined by utilizing quoted prices for similar assets and liabilities in active markets or other market observable inputs such as interest rates and yield curves. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments consist of cash, accounts payable, accrued expenses and amounts due to RSL. These financial instruments are stated at their respective historical carrying amounts, which approximates fair value due to their short-term nature. There were no Level 2 or Level 3 financial instruments as of September 30, 2020 or March 31, 2020.
Net Loss Per Common Share[H] Net Loss per Common Share Basic net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted-average number of common stock outstanding during the period. Diluted net loss per common share is computed by dividing the net loss applicable to common stockholders by the diluted weighted-average number of common stock outstanding during the period. In periods in which the Company reports a net loss, all common stock equivalents are deemed anti-dilutive such that basic net loss per common share and diluted net loss per common share are equivalent. Potentially dilutive common stock have been excluded from the diluted net loss per common share computations in all periods presented because such securities have an anti-dilutive effect on net loss per common share due to the Company’s net loss. There are no reconciling items used to calculate the weighted-average number of total common stock outstanding for basic and diluted net loss per common share data.
Recently Adopted Accounting Pronouncements[I] Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 removes, modifies, and adds certain recurring and nonrecurring fair value measurement disclosures, including removing disclosures around the amount(s) of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation process for Level 3 fair value measurements, among other things. ASU 2018-13 adds disclosure requirements around changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and a narrative description of measurement uncertainty. The amendments in ASU 2018-13 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company has adopted this ASU as of April 1, 2020, with no impact to the Company’s unaudited condensed consolidated financial statements from the adoption of this new standard.
Recently Issued Accounting PronouncementsIn June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company has adopted this ASU as of April 1, 2020, with no impact to the Company’s unaudited condensed consolidated financial statements from the adoption of this new standard. Recent authoritative guidance issued by the FASB (including technical corrections to the Accounting Standards Codification), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)6 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Potentially Dilutive Securities that Have Been Excluded from the Calculation of Diluted Net Loss Per Share Due to their Anti-Dilutive EffectThe following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Six Months Ended September 30, 2020 2019 Preferred stock as converted 10,000 — Options 5,834,682 3,130,588 Restricted stock units (unvested) 127,200 — Total 5,971,882 3,130,588

Accrued Expenses (Tables)

Accrued Expenses (Tables)6 Months Ended
Sep. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accrued ExpensesAccrued expenses consist of the following (in thousands): September 30, 2020 March 31, 2020 Research and development expenses $ 3,423 $ 8,332 Accrued bonuses 1,339 859 Legal and other professional fees 772 1,231 Other expenses 253 516 Total accrued expenses $ 5,787 $ 10,938

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)6 Months Ended
Sep. 30, 2020
Equity [Abstract]
Schedule of Common Stock Reserved for Future IssuanceThe Company has reserved the following shares of common stock for issuance: September 30, 2020 March 31, 2020 Conversion of Series A preferred stock 10,000 10,000 Options outstanding 5,834,682 3,873,888 Restricted stock units outstanding 127,200 — Options available for future option grants 5,101,557 5,283,520 Common stock warrants — 5,750,000 Earnout shares — 20,000,000 Total 11,073,439 34,917,408

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)6 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of Stock Option ActivityA summary of the stock option activity under the Company’s equity incentive plans is as follows: Options Outstanding Number of Weighted- Remaining Aggregate Balance - March 31, 2020 3,873,888 $ 8.33 9.37 $ 28,029 Granted 2,290,978 23.51 Exercised (42,213) 4.31 Forfeited (61,738) 14.86 Canceled (226,233) 7.86 Balance - September 30, 2020 5,834,682 $ 14.27 9.21 $ 122,505 Exercisable - September 30, 2020 945,851 $ 8.08 8.74 $ 25,646
Schedule of Fair Value AssumptionsThe 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 September 30, Six Months Ended September 30, 2020 2019 2020 2019 Risk-free interest rate 0.30% - 0.40% 1.88% - 1.88% 0.30% - 0.44% 1.78% - 2.25% Expected term, in years 5.81 - 6.11 6.05 - 6.11 5.56 - 6.11 5.75 - 6.11 Expected volatility 83.31% - 84.05% 75.67% - 75.73% 78.16% - 84.05% 74.69% - 75.73% Expected dividend yield —% —% —% —%
Schedule of Restricted Stock Unit Awards ActivityA summary of RSUs activity under the Company’s equity incentive plans is as follows: Number of RSUs Weighted- Average Grant Date Fair Value Unvested as of March 31, 2020 — $ — Issued 127,200 19.01 Unvested as of September 30, 2020 127,200 $ 19.01
Summary of Stock-based Compensation ExpenseFor the three and six months ended September 30, 2020 and 2019, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands): Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 Research and development expenses $ 951 $ 2,306 $ 1,370 $ 2,369 General and administrative expenses 2,356 813 5,855 1,287 Total stock-based compensation $ 3,307 $ 3,119 $ 7,225 $ 3,656

Leases (Tables)

Leases (Tables)6 Months Ended
Sep. 30, 2020
Leases [Abstract]
Schedule of Remaining Undiscounted Contractual Rent ObligationsThe following table provides a reconciliation of the Company’s remaining undiscounted contractual rent obligations due within each respective fiscal year ending March 31 to the operating lease liabilities recognized as of September 30, 2020 (in thousands): Years Ending March 31, Operating Leases 2021 $ 587 2022 1,198 2023 1,152 2024 1,132 2025 47 Thereafter — Total undiscounted payments 4,116 Less: present value adjustment (335) Present value of future payments 3,781 Less: current portion of operating lease liabilities (1,102) Operating lease liabilities, net of current portion $ 2,679

Description of Business and L_2

Description of Business and Liquidity - Additional Information (Detail) $ in ThousandsDec. 18, 2019sharesSep. 30, 2020USD ($)segmentMar. 31, 2020USD ($)
Business Acquisition [Line Items]
Number of operating segments | segment1
Number of reportable segments | segment1
Cash | $ $ 444,372 $ 100,571
Accumulated deficit | $[1] $ 138,723 $ 91,226
Common stock
Business Acquisition [Line Items]
Number of shares issued in business combination42,080,376
Series A  preferred stock | Roivant Sciences Ltd. (RSL)
Business Acquisition [Line Items]
Number of shares issued in business combination10,000
Immunovant Sciences Ltd
Business Acquisition [Line Items]
Percentage of business acquisition100.00%
Number of shares issued in business combination42,080,376
Immunovant Sciences Ltd | Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Shares exchange ratio0.48907%
Immunovant Sciences Ltd | Sellers
Business Acquisition [Line Items]
Ownership percentage100.00%
[1]Retroactively restated for the reverse recapitalization as described in Note 1.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (Detail) - shares3 Months Ended
Sep. 30, 2020Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)5,971,882 3,130,588
Preferred stock as converted
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)10,000 0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)5,834,682 3,130,588
Restricted stock units (unvested)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)127,200 0

Business Combination and Reca_2

Business Combination and Recapitalization - Additional Information (Detail)Sep. 17, 2020sharesDec. 18, 2019USD ($)tradingDay$ / sharessharesSep. 29, 2019sharesSep. 30, 2020USD ($)sharesJun. 30, 2020shares[1]Sep. 30, 2020USD ($)sharesMar. 31, 2025$ / sharessharesMar. 31, 2023$ / sharessharesMar. 31, 2020shares
Business Acquisition [Line Items]
Business combination consideration | $ $ 420,900,000
Business acquisition price per share (in dollars per share) | $ / shares $ 10
Acquisition related costs | $ $ 2,800,000
Financial advisory fees | $ $ 2,300,000
Earnout shares reserved for issuance (in shares)0 0 20,000,000
Number of trading days | tradingDay20
Number of days within a trading period | tradingDay30
Common stock to potential forfeiture in the event that the milestones are not achieved (in shares)1,800,000
Vesting of sponsor restricted shares (in shares)1,800,000
Sponsor
Business Acquisition [Line Items]
Vesting of sponsor restricted shares (in shares)900,000
Forecast | Milestone Achievement One
Business Acquisition [Line Items]
Volume-weighted average price (in dollars per share) | $ / shares $ 31.50 $ 17.50
Common stock
Business Acquisition [Line Items]
Number of shares issued in business combination42,080,376
Earnout shares reserved for issuance (in shares)20,000,000
Vesting of sponsor restricted shares (in shares)900,000 900,000
Common stock | Forecast | Milestone Achievement One
Business Acquisition [Line Items]
Earnout shares reserved for issuance (in shares)10,000,000 10,000,000
Immunovant Sciences Ltd
Business Acquisition [Line Items]
Percentage of business acquisition100.00%
Number of shares issued in business combination42,080,376
Immunovant Sciences Ltd | Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Shares exchange ratio0.48907%
Immunovant Sciences Ltd | Common stock
Business Acquisition [Line Items]
Earnout shares for issuance (in shares) | $ $ 20,000,000 $ 20,000,000
Roivant Sciences Ltd. (RSL) | Common stock
Business Acquisition [Line Items]
Earnout shares for issuance (in shares) | $ $ 17,547,938 $ 17,547,938
Series A  preferred stock | Roivant Sciences Ltd. (RSL)
Business Acquisition [Line Items]
Number of shares issued in business combination10,000
[1]Retroactively restated for reverse recapitalization as described in Note 1.

Material Agreements - Additiona

Material Agreements - Additional Information (Detail) - USD ($)Dec. 07, 2018Dec. 19, 2017May 31, 2019Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019Mar. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront, non-refundable payment $ 30,000,000
Research and development and out-of-pocket50.00%
Costs incurred and reported to the company $ 11,976,000 [1] $ 10,331,000 [1] $ 28,898,000 $ 28,807,000
Purchase price $ 37,800,000
Swiss value-added tax receivable $ 3,000,000
HanAll Biopharma Co., Ltd
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Costs incurred and reported to the company $ 0 $ 0 $ 0 $ 0
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consideration paid $ 20,000,000
Maximum | Upon Achievement Of Development Regulatory And Sales Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contingent milestone payments $ 452,500,000
Achievement of Development and Regulatory
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Payments $ 10,000,000
[1]Includes $68 and $176 of costs allocated from Roivant Sciences Ltd. for the three and six months ended September 30, 2020, respectively, and $1 and $152 of costs allocated from Roivant Sciences Ltd. for the three and six months ended September 30, 2019, respectively.

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in ThousandsSep. 30, 2020Mar. 31, 2020
Payables and Accruals [Abstract]
Research and development expenses $ 3,423 $ 8,332
Accrued bonuses1,339 859
Legal and other professional fees772 1,231
Other expenses253 516
Total accrued expenses $ 5,787 $ 10,938

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands1 Months Ended3 Months Ended6 Months Ended
Sep. 30, 2019Jul. 31, 2019Sep. 30, 2020Jun. 30, 2020[1]Sep. 30, 2019Jun. 30, 2019Sep. 30, 2020Sep. 30, 2019Mar. 31, 2020Aug. 31, 2019
Related Party Transaction [Line Items]
Related party transaction, amounts $ 200 $ 300 $ 500 $ 700
Due to related parties134 134 $ 3,190
Business combination number of shares exchanged250,000
Roivant Sciences Ltd. (RSL)
Related Party Transaction [Line Items]
Related party transaction, amounts100 200 100
Capital contribution – expenses allocated from Roivant Sciences Ltd.53 $ 164 220 $ 331 [1]
Due to related parties $ 2,500 $ 2,900 2,500 $ 5,000 2,500 $ 5,000
Promissory note term180 days
Roivant Sciences Ltd. (RSL) | Capital Contributions
Related Party Transaction [Line Items]
Capital contribution – expenses allocated from Roivant Sciences Ltd. $ 100 $ 300 $ 300 $ 600
[1]Retroactively restated for reverse recapitalization as described in Note 1.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)3 Months Ended6 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate(0.19%)(0.23%)(0.18%)(0.16%)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail)Sep. 17, 2020sharesMay 14, 2020tradingDay$ / sharesSep. 30, 2020USD ($)$ / sharessharesMay 31, 2020USD ($)$ / sharessharesApr. 30, 2020USD ($)$ / sharessharesSep. 30, 2020USD ($)$ / sharessharesJun. 30, 2020shares[1]Sep. 30, 2020USD ($)$ / sharessharesSep. 30, 2019USD ($)Mar. 31, 2020$ / sharessharesMay 31, 2019$ / sharesshares
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, issued (in shares)0 0 0 0
Preferred stock, outstanding (in shares)0 0 0 0
Preferred stock, par value (in dollars per share) | $ / shares $ 0.0001 $ 0.0001 $ 0.0001 $ 0.0001
Preferred stock, authorized (in shares)10,000,000 10,000,000 10,000,000 10,000,000
Common share, authorized (in shares)500,000,000 500,000,000 500,000,000 500,000,000
Common share, issued (in shares)97,890,705 97,890,705 97,890,705 56,455,376
Common share, outstanding (in shares)97,890,705 97,890,705 97,890,705 54,655,376
Vesting of sponsor restricted shares (in shares)1,800,000
Number of warrants outstanding0 11,438,290 0 0
Number of securities called by warrants (in shares)0 0 0 5,750,000
Exercise price of warrant (in dollars per share) | $ / shares $ 11.50
Number of shares exercised5,719,145
Proceeds from warrant exercises | $ $ 65,800,000
Warrants canceled (in shares)61,710
Series A  preferred stock
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, issued (in shares)10,000 10,000 10,000 10,000
Preferred stock, outstanding (in shares)10,000 10,000 10,000 10,000
Preferred stock, par value (in dollars per share) | $ / shares $ 0.0001 $ 0.0001 $ 0.0001 $ 0.0001
Percentage of voting power of outstanding shares25.00%25.00%25.00%
Liquidation amount per share (in dollars per share) | $ / shares $ 0.01 $ 0.01 $ 0.01
Preferred stock, authorized (in shares)10,000 10,000 10,000 10,000
Two Series A Preferred Stock | Minimum
Subsidiary or Equity Method Investee [Line Items]
Percentage of voting power of outstanding shares25.00%25.00%25.00%
Roivant Sciences Ltd. (RSL) | Series A  preferred stock
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, issued (in shares)10,000 10,000 10,000
Preferred stock, outstanding (in shares)10,000 10,000 10,000
Preferred stock, par value (in dollars per share) | $ / shares $ 0.0001 $ 0.0001 $ 0.0001
Underwritten Public Offering
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued in transaction6,060,606 9,613,365
Common stock, sale price (in dollars per share) | $ / shares $ 33 $ 14.50 $ 33 $ 33
Proceeds from issuance of common stock | $ $ 188,100,000 $ 131,000,000 $ 319,783,000 $ 0
Underwritten Public Offering | Roivant Sciences Ltd. (RSL)
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued in transaction380,000 1,034,483
Over-Allotment Option
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued in transaction790,513 1,253,917
IPO
Subsidiary or Equity Method Investee [Line Items]
Common stock, sale price (in dollars per share) | $ / shares $ 16.50
Number of warrants outstanding11,500,000
Exercise price of warrant (in dollars per share) | $ / shares $ 11.50
Redemption price per warrant (in dollars per share) | $ / shares $ 0.01
Required number of trading days | tradingDay20
Consecutive number of trading days | tradingDay30
Series A  preferred stock
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, authorized (in shares)10,010,000 10,010,000 10,010,000
Common stock
Subsidiary or Equity Method Investee [Line Items]
Common share, authorized (in shares)500,000,000 500,000,000 500,000,000
Common stock, par value (in dollars per share) | $ / shares $ 0.0001 $ 0.0001 $ 0.0001
Common share, issued (in shares)56,455,376 56,455,376 56,455,376
Common share, outstanding (in shares)54,655,376 54,655,376 54,655,376
Vesting of sponsor restricted shares (in shares)900,000 900,000
Common stock | Roivant Sciences Ltd. (RSL)
Subsidiary or Equity Method Investee [Line Items]
Earnout shares for issuance (in shares) | $ $ 17,547,938 $ 17,547,938 $ 17,547,938
Common stock | Immunovant Sciences Ltd
Subsidiary or Equity Method Investee [Line Items]
Earnout shares for issuance (in shares) | $ $ 20,000,000 $ 20,000,000 $ 20,000,000
Warrant | IPO
Subsidiary or Equity Method Investee [Line Items]
Number of securities called by each warrant (in shares)0.5
Number of securities called by warrants (in shares)5,750,000
[1]Retroactively restated for reverse recapitalization as described in Note 1.

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of common stock reserved for future issuance (Detail) - sharesSep. 30, 2020Apr. 01, 2020Mar. 31, 2020
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Conversion of Series A preferred stock (in shares)10,000 10,000
Options outstanding (in shares)5,834,682 3,873,888
Options available for future option grants (in shares)5,101,557 5,283,520
Common stock warrants (in shares)0 5,750,000
Earnout shares reserved for issuance (in shares)0 20,000,000
Total (in shares)11,073,439 2,186,215 34,917,408
Restricted stock units outstanding
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Restricted stock units outstanding (in shares)127,200 0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in ThousandsApr. 01, 2020Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019Mar. 31, 2020Dec. 31, 2019Dec. 18, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available for future issuance2,186,215 11,073,439 11,073,439 34,917,408
Common shares reserved for grant (in shares)5,101,557 5,101,557 5,283,520
Weighted average fair value at the grant date (in dollars per share) $ 23.26 $ 5.63 $ 16.05 $ 5.26
Unrecognized equity-based compensation related to unvested stock options $ 47,100 $ 47,100
Remaining weighted average service period for recognition2 years 10 months 24 days
Share based compensation expense $ 3,307 $ 3,119 7,225 $ 3,656
Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense951 2,306 1,370 2,369
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense2,356 813 $ 5,855 $ 1,287
Restricted stock units (unvested)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, grants in period (in shares)127,200
Unrecognized equity-based compensation related to unvested stock options $ 2,000 $ 2,000
Remaining weighted average service period for recognition1 year 7 months 6 days
Roivant Sciences Ltd. (RSL) | Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense $ 100 $ 100
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares available for future issuance5,101,557 5,101,557 5,500,000
Maximum number of shares issued16,500,000
Percentage of common stock outstanding4.00%
Common shares reserved for grant (in shares)2,457,458 2,457,458
2019 Equity Incentive Plan | Restricted stock units (unvested)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, grants in period (in shares)127,200
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for grant (in shares)3,377,224 3,377,224
Number of shares assumed and converted into options to purchase shares (in shares)4,408,287

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of stock option activity (Detail) $ / shares in Units, $ in Thousands6 Months Ended12 Months Ended
Sep. 30, 2020USD ($)$ / sharessharesMar. 31, 2020USD ($)$ / sharesshares
Number of options
Number of options, beginning balance | shares3,873,888
Number of options, granted | shares2,290,978
Number of options, exercised | shares(42,213)
Number of options, forfeited | shares(61,738)
Number of options, canceled | shares(226,233)
Number of options, ending balance | shares5,834,682 3,873,888
Weighted- Average Exercise Price
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares $ 8.33
Weighted average exercise price, granted (in dollars per share) | $ / shares23.51
Weighted average exercise price, exercised (in dollars per share) | $ / shares4.31
Weighted average exercise price, forfeited (in dollars per share) | $ / shares14.86
Weighted average exercise price, canceled (in dollars per share) | $ / shares7.86
Weighted average exercise price, ending balance (in dollars per share) | $ / shares $ 14.27 $ 8.33
Additional Disclosures
Remaining contractual term9 years 2 months 15 days9 years 4 months 13 days
Aggregate intrinsic value | $ $ 122,505 $ 28,029
Number of options, exercisable | shares945,851
Weighted average exercise price, exercisable (in dollars per share) | $ / shares $ 8.08
Remaining contractual term, exercisable8 years 8 months 26 days
Aggregate intrinsic value, exercisable | $ $ 25,646

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of fair value assumptions (Detail)3 Months Ended6 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield0.00%0.00%0.00%0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate0.30%1.88%0.30%1.78%
Expected term, in years5 years 9 months 21 days6 years 18 days5 years 6 months 21 days5 years 9 months
Expected volatility83.31%75.67%78.16%74.69%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate0.40%1.88%0.44%2.25%
Expected term, in years6 years 1 month 9 days6 years 1 month 9 days6 years 1 month 9 days6 years 1 month 9 days
Expected volatility84.05%75.73%84.05%75.73%

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Unit Awards (Details) - Restricted stock units (unvested)6 Months Ended
Sep. 30, 2020$ / sharesshares
Unvested Restricted Stock Outstanding
Outstanding, beginning balance (in shares) | shares0
Restricted stock units, grants in period (in shares) | shares127,200
Outstanding, ending balance (in shares) | shares127,200
Weighted Average Grant Date Fair Value
Outstanding, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares $ 0
Issued, weighted average grant date fair value (in dollars per share) | $ / shares19.01
Outstanding, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares $ 19.01

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of share based compensation expense (Detail) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense $ 3,307 $ 3,119 $ 7,225 $ 3,656
Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense951 2,306 1,370 2,369
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense $ 2,356 $ 813 $ 5,855 $ 1,287

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands3 Months Ended6 Months Ended
Sep. 30, 2020USD ($)Sep. 30, 2020USD ($)Jun. 30, 2020subleaseAgreementApr. 30, 2020USD ($)Mar. 31, 2020USD ($)
Leases [Abstract]
Number of sublease agreements | subleaseAgreement2
Operating lease right-of-use assets $ 3,493 $ 3,493 $ 4,200 $ 0
Present value of future payments $ 3,781 $ 3,781 $ 4,200
Incremental borrowing rate3.90%
Operating lease, weighted average remaining lease term3 years 4 months 24 days3 years 4 months 24 days
Operating lease rent expense $ 300 $ 500
Operating lease payments $ 100 $ 200

Leases - Schedule of Remaining

Leases - Schedule of Remaining Undiscounted Contractual Rent Obligations (Details) - USD ($) $ in ThousandsSep. 30, 2020Apr. 30, 2020Mar. 31, 2020
Leases [Abstract]
2021 $ 587
20221,198
20231,152
20241,132
202547
Thereafter0
Total undiscounted payments4,116
Less: present value adjustment(335)
Present value of future payments3,781 $ 4,200
Less: current portion of operating lease liabilities(1,102) $ 0
Operating lease liabilities, net of current portion $ 2,679 $ 0