Quarterly report pursuant to Section 13 or 15(d)

Condensed Combined and Consolidated Statements of Cash Flows (Unaudited)

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Condensed Combined and Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net loss $ (45,837) $ (19,567)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 5,123 1,074
Depreciation expense 15 5
Unrealized currency translation adjustment (493) 79
Loss on disposal of property and equipment 13  
Gain on extinguishment of convertible notes payable (38)  
Write-off of deferred offering costs 1,628  
Changes in operating assets and liabilities:    
Prepaid expenses 2,591 (579)
Income tax receivable 49 (56)
Value-added tax receivable (83) (2,943)
Accounts payable 2,604 (816)
Accrued expenses 3,827 3,935
Due to Roivant Sciences Ltd. 188 2,970
Income tax payable 106  
Net cash used in operating activities (30,307) (15,898)
Cash flows from investing activities    
Purchase of property and equipment (21) (52)
Net cash used in investing activities (21) (52)
Cash flows from financing activities    
Capital contributions 866 13,041
Net parent investment   5,064
Proceeds from issuance of common stock   10,000
Payment of deferred offering costs (2,917) (52)
Proceeds from notes payable to Roivant Sciences Ltd. 35,000  
Repayment of convertible promissory notes payable (2,500)  
Settlement of common stock subscribed 1  
Recapitalization transaction 111,016  
Net cash provided by financing activities 146,873 28,053
Net change in cash 116,545 12,103
Cash - beginning of period 6,985  
Cash - end of period 123,530 12,103
Non-cash investing and financing activities:    
Purchase of property and equipment in accounts payable and amounts due to Roivant Sciences Ltd. 3 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   232
Deferred offering costs in accrued expenses 574 $ 590
Cancellation of interest on convertible promissory notes recorded in equity 587  
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 payable $ (2,500)