Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The loss before income taxes and the related tax provision are as follows (in thousands):
 
    
Years Ended March 31,
 
    
2020
    
2019
 
(Loss) income before income taxes
     
United States
   $ (9,245    $ (1,035
Switzerland
     (53,413      (27,247
Bermuda
     (3,661      (405
United Kingdom
     10        (20
Other
     18        127  
  
 
 
    
 
 
 
Total loss before income taxes
  
$
(66,291
  
$
(28,580
  
 
 
    
 
 
 
Current taxes
     
United States – Federal
   $ 61      $ 7  
United States – State
     34        12  
Other
     2         
  
 
 
    
 
 
 
Total current tax expense
     97        19  
  
 
 
    
 
 
 
Deferred tax expense
             
  
 
 
    
 
 
 
Total p
rovision for income taxes
  
$
97
 
  
$
19
 
  
 
 
    
 
 
 
Schedule of Reconsiliation of Income Tax Provision
 
A reconciliation of the provision for income taxes computed at the U.S. statutory rate (21%) for the year ended March 31, 2020 and at the Bermuda statutory rate (0%) for the year ended March 31, 2019 to the provision for income taxes reflected in the combined and consolidated statements of operations is as follows (in thousands):
 
    
Years Ended March 31,
 
    
2020
    
2019
 
Income tax at statutory rate
   $ (13,921    $  
Foreign rate differential
     4,255        (3,877
Tax rate changes
     —          (674
Research and development credits
     (1,093      (605
Valuation allowance
     9,988        5,122  
Non-deductible
expense
     951        57  
Other
     (83      (4
  
 
 
    
 
 
 
Total provision for income taxes
  
$
97
 
  
$
19
 
  
 
 
    
 
 
 
Components of Deferred Tax Assets and Liabilities
Deferred taxes reflect the tax effects of the differences between the amounts recorded as assets and liabilities for financial reporting purposes and the comparable amounts recorded for income tax purposes. Significant components of the deferred tax assets (liabilities) at March 31, 2020 and 2019 are as follows (in thousands):
 
    
March 31,
 
    
2020
    
2019
 
Deferred tax assets
     
Intangible assets
   $ 6,445      $ 5,000  
Net operating losses
     9,443        3,023  
Stock-based compensation
     1,610        290  
Research and development credits
     1,487        560  
Accrued bonuses
     187        65  
  
 
 
    
 
 
 
Total deferred tax assets
  
 
19,172
 
  
 
8,938
 
Valuation allowance
     (19,129      (8,910
  
 
 
    
 
 
 
Deferred tax assets, net of valuation allowance
  
$
43
 
  
$
28
 
  
 
 
    
 
 
 
Deferred tax liabilities
     
Depreciation
   $ (13    $ (11
Others
     (30      (17
  
 
 
    
 
 
 
Total deferred tax liabilities
  
 
(43
  
 
(28
  
 
 
    
 
 
 
Total net deferred taxes
  
$
 
  
$