Annual report pursuant to Section 13 and 15(d)

Combined and Consolidated Statements of Cash Flows

v3.20.2
Combined and Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net loss $ (66,388) [1] $ (28,599)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 6,963 1,308
Depreciation on property and equipment 21 10
Foreign currency translation adjustments (362) 185
Loss on disposal of property and equipment 13  
Gain on extinguishment of convertible notes (38)  
Write-off of deferred offering costs 1,628  
Changes in operating assets and liabilities:    
Prepaid expenses (2,824) (2,519)
Income tax receivable 13 (49)
Value-added tax receivable (96) (2,913)
Accounts payable 967 (928)
Accrued expenses 6,502 4,912
Due to Roivant Sciences Ltd. 244 46
Net cash used in operating activities (53,357) (28,547)
Cash flows from investing activities    
Purchases of property and equipment (31) (52)
Net cash used in investing activities (31) (52)
Cash flows from financing activities    
Capital contributions 1,157 16,131
Net parent investment   5,064
Proceeds from issuance of common stock   14,910
Payment of offering costs (3,107) (521)
Proceeds from notes payable to Roivant Sciences Ltd. 35,000  
Repayment of convertible promissory notes (2,500)  
Settlement of common stock subscribed 1  
Recapitalization transaction 111,016  
Net cash provided by financing activities 146,974 35,584
Net change in cash 93,586 6,985
Cash - beginning of period 6,985  
Cash - end of period 100,571 6,985
Non-cash investing and financing activities:    
Payable for purchase of property and equipment 9 13
Reclassification of net parent investment to accumulated deficit   607
Conversion of convertible promissory notes to common stock 35,000  
Common stock issuance costs in accrued expenses   165
Deferred offering costs in accrued expenses 246 674
Cancelation of interest on convertible promissory notes recorded in equity 587  
Supplementary disclosure of cash paid:    
Income taxes 61 $ 68
Roivant Sciences Ltd. (RSL) [Member]    
Cash flows from financing activities    
Proceeds from notes payable to Roivant Sciences Ltd. 7,907  
Repayment of convertible promissory notes $ (2,500)  
[1] Retroactively restated for reverse recapitalization as described in Note 1.