Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2026

Schedule of Assets and Liabilities are Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2026 and March 31, 2026, by level, within the fair value hierarchy (in thousands):


	As of September 30, 2026								As of March 31, 2026
	Level 1		Level 2		Level 3		Balance as of September 30, 2026		Level 1		Level 2		Level 3		Balance as of March 31, 2026
Assets:
Money market funds	$	1,475,459	$	—	$	—	$	1,475,459	$	1,374,706	$	—	$	—	$	1,374,706
U.S. Treasury securities	—		1,879,322		—		1,879,322		—		2,124,179		—		2,124,179
Corporate bonds	—		668,432		—		668,432		—		748,422		—		748,422
Commercial paper	—		17,566		—		17,566		—		—		—		—
Investment in Datavant Class A units	—		—		319,223		319,223		—		—		233,171		233,171
Investment in Arbutus common shares	185,691		—		—		185,691		174,814		—		—		174,814
Total assets at fair value	$	1,661,150	$	2,565,320	$	319,223	$	4,545,693	$	1,549,520	$	2,872,601	$	233,171	$	4,655,292

Schedule of Changes in Fair Value of the Level 3 Assets

The changes in fair value of the Level 3 assets during the six months ended September 30, 2026 and 2025 were as follows (in thousands):


Balance at March 31, 2025	$	167,361
Change in fair value of investment in Datavant, included in net loss	68,586
Balance at September 30, 2025	$	235,947

Balance at March 31, 2026	$	233,171
Change in fair value of investment in Datavant, included in net loss	86,052
Balance at September 30, 2026	$	319,223

Schedule of Changes in Fair Value of the Level 3 Liabilities

The change in fair value of the Level 3 liabilities during the six months ended September 30, 2025 was as follows (in thousands):


Balance at March 31, 2025	$	9,981
Changes in fair value of liability instruments, included in net loss	23,288
Balance at September 30, 2025	$	33,269

Schedule of Fair Value Calculation Using Significant Unobservable Inputs

The fair value was calculated using significant unobservable inputs including the following:


	Point Estimate Used
Input	As of September 30, 2026	As of March 31, 2026
Volatility	90.0%	90.0%
Discount rate	12.8%	11.8%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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