v3.26.1
Segment Information
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information    
The Company is operated and managed as a single operating and reportable segment which focuses on the discovery, development and commercialization of medicines and technologies. The Company’s Chief Operating Decision Maker (“CODM”) is its chief executive officer.
The CODM assesses performance for the Company based on net (loss) income, which is reported on the consolidated statements of operations and comprehensive (loss) income as net (loss) income. The measure of segment assets is reported on the consolidated balance sheets as total assets.
The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval. As such, the CODM uses cash forecast models and budgeted versus actual results to assess performance, make operating decisions and allocate resources across the Company including to various Vants and research and development projects.
The Company’s significant segment expenses are as follows:
Years Ended March 31,
202620252024
Revenue$8,260 $29,053 $32,713 
Less:
Cost of revenues1,285 911 1,599 
Program-specific research and development expenses:
Anti-FcRn franchise—endocrine diseases90,359 63,073 33,205 
Anti-FcRn franchise—neurological diseases82,515 93,224 41,060 
Anti-FcRn franchise—rheumatology diseases48,813 23,897 — 
Anti-FcRn franchise—dermatology diseases20,264 15,633 — 
Anti-FcRn franchise—other clinical and nonclinical3,367 9,327 39,811 
Anti-FcRn franchise—contractual costs related to batoclimab program discontinuation38,952 — — 
Brepocitinib60,272 45,125 38,563 
Mosliciguat36,077 19,746 4,307 
Other development and discovery programs48,251 57,729 92,270 
Research and development share-based compensation47,867 39,780 32,400 
Research and development personnel-related expenses167,790 146,162 123,283 
Other research and development expenses37,285 36,717 35,010 
Acquired in-process research and development— — 26,450 
General and administrative share-based compensation298,298 239,505 154,873 
General and administrative personnel-related expenses135,850 205,737 126,163 
Other general and administrative expenses176,318 146,168 135,097 
Gain on sale of Telavant net assets— (110,387)(5,348,410)
Gain on litigation settlement(770,235)— — 
Change in fair value of investments(105,046)(55,186)47,973 
Change in fair value of liability instruments47,704 (15,756)46,838 
Gain on deconsolidation of subsidiaries(11,027)(3,108)(32,772)
Interest income(178,109)(258,375)(146,425)
Other (income) expense, net(4,012)10,721 13,562 
Income tax expense133,329 48,174 21,503 
(Income) loss from discontinued operations, net of tax— (373,030)315,147 
Net (loss) income$(397,907)$(356,734)$4,231,206