Certain Balance Sheet Components

3 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Accrued Expenses

Accrued expenses at June 30, 2026 and March 31, 2026 consisted of the following (in thousands):


	June 30, 2026		March 31, 2026
Research and development expenses	$	113,438	$	92,749
Compensation-related expenses	40,820		87,325
Other expenses	14,482		25,749
Total accrued expenses	$	168,740	$	205,823

As of June 30, 2026 and March 31, 2026, accrued research and development expenses included an accrual of $42.5 million of non-cancelable contractual costs as a result of the discontinuation of batoclimab, which were recognized as research and development expenses in prior fiscal years.

As of June 30, 2026, accrued compensation-related expenses included $22.9 million in employee bonuses related to the global settlement reached with Moderna in March 2026, of which $18.8 million was recognized as general and administrative expense and $4.1 million was recognized as research and development expense during the three months ended June 30, 2026. Refer to Note 5, “Recent Transactions and Developments” for more information regarding the global settlement with Moderna.