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Segment Information - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Information [Line Items]
Revenues, net	$ 35,121		$ 1,571		$ 36,563	$ 3,741
Less:
Cost of revenues	3,347		111		3,631	265
Research and development expenses	145,747		164,568		347,763	317,487
Share-based compensation					162,639	163,999
Gain on litigation settlement	0		0		(392)	0
Change in fair value of investments	(60,292)		(128,501)		(96,929)	(109,376)
Change in fair value of liability instruments	0		20,959		0	23,288
Interest income	(41,612)		(45,341)		(78,534)	(93,663)
Other expense, net	200		5,694		2,330	16,902
Income tax (benefit) expense	(13,371)		6,995		(17,329)	11,644
Income from discontinued operations, net of tax	(15,763)		0		(15,763)	0
Net loss	(137,211)	$ (290,606)	(166,039)	$ (273,911)	(427,817)	(439,950)
Product revenue, net
Segment Information [Line Items]
Revenues, net	30,969		0		30,969	0
License, milestone and other revenue
Segment Information [Line Items]
Revenues, net	4,152		1,571		5,594	3,741
Reportable Segment
Less:
Cost of revenues	3,347		111		3,631	265
Other research and development expenses	7,698		9,684		15,557	19,321
Other selling, general and administrative expenses	43,952		34,349		78,658	67,179
Gain on litigation settlement	0		0		(392)	0
Change in fair value of investments	(60,292)		(128,501)		(96,929)	(109,376)
Change in fair value of liability instruments	0		20,959		0	23,288
Interest income	(41,612)		(45,341)		(78,534)	(93,663)
Other expense, net	200		5,694		2,330	16,902
Income tax (benefit) expense	(13,371)		6,995		(17,329)	11,644
Net loss	(137,211)		(166,039)		(427,817)	(439,950)
Reportable Segment \| Product revenue, net
Segment Information [Line Items]
Revenues, net	30,969		0		30,969	0
Reportable Segment \| License, milestone and other revenue
Segment Information [Line Items]
Revenues, net	4,152		1,571		5,594	3,741
Reportable Segment \| Anti-FcRn franchise—endocrine diseases
Less:
Research and development expenses	22,461		24,895		65,346	44,224
Reportable Segment \| Anti-FcRn franchise—neurological diseases
Less:
Research and development expenses	18,274		23,087		43,729	44,024
Reportable Segment \| Anti-FcRn franchise—rheumatology diseases
Less:
Research and development expenses	9,864		13,611		32,204	21,820
Reportable Segment \| Anti-FcRn franchise—dermatology diseases
Less:
Research and development expenses	648		7,952		8,190	13,097
Reportable Segment \| Anti-FcRn franchise—other clinical and nonclinical
Less:
Research and development expenses	268		319		2,877	2,711
Reportable Segment \| Brepocitinib
Less:
Research and development expenses	14,436		14,715		28,528	29,735
Reportable Segment \| Mosliciguat
Less:
Research and development expenses	19,051		7,467		32,092	15,852
Reportable Segment \| Other development and discovery programs
Less:
Research and development expenses	11,815		11,184		22,933	21,420
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Less:
Share-based compensation	7,965		10,996		16,686	22,095
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense \| Reportable Segment
Less:
Share-based compensation	7,965		10,996		16,686	22,095
Personnel-related expenses	33,267		40,658		79,621	83,188
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Less:
Share-based compensation	71,332		70,825		145,953	141,904
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense \| Reportable Segment
Less:
Share-based compensation	71,332		70,825		145,953	141,904
Personnel-related expenses	$ 38,792		$ 37,951		$ 94,992	$ 68,061