0000950170-23-002143 | 10-Q | XBRL Viewer

1,140,000,000

^[1],[2]

288,629,645

228,174,718

^[1],[2]

288,629,645

228,174,718

350,000,000

168,531,838

220,637,603

168,531,838

220,637,603

[1]

As of December 31, 2022 and March 31, 2022, the Class A common stock included 3,814,125 shares held by VGAC founders (“Earn-Out Shares”) that are subject to a lock-up of seven years from the Closing Date. The lock-up has an early release effective (i) with respect to 50% of the Earn-Out Shares, upon the closing price of the Company’s Class A common stock equaling or exceeding $12.50 per share for any 20 trading days within any 30-trading-day period, and (ii) with respect to the other 50% of the Earn-Out Shares, upon the closing price of the Company’s Class A common stock equaling or exceeding $15.00 per share for any 20 trading days within any 30-trading-day period; provided that the transfer restrictions applicable to the Earn-Out Shares will terminate on the date following the closing date on which the Company completes a liquidation, merger, amalgamation, capital stock exchange, reorganization, or other similar transaction that results in all of the Company’s public stockholders having the right to exchange their shares of Class A common stock for cash, securities, or other property (a “Liquidation Event”), if such Liquidation Event occurs prior to the date that the stock price thresholds referenced in (i) and (ii) are met. As of December 31, 2022, the Company did not meet any earn out thresholds. The Earn-Out Shares are issued and outstanding Class A common shares that cannot be forfeited, and as such meet the criteria for equity classification in accordance with ASC 505, Equity.

[2]

As of March 31, 2022, the Class A common stock included 12,713,750 shares held by VGAC founders (“Lock-Up Shares”) that would be released from the lock-up one year after the Closing Date. In August 2022, following the one-year anniversary of the Closing Date, the Lock-Up Shares were released and distributed to certain VGAC founders.

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue (related party amounts of $14,925 and $10,002 for the three months ended September 30, 2022 and 2021, respectively, and $23,190 and $21,212 for the six months ended September 30, 2022 and 2021, respectively)	$ 66,940	$ 56,891	$ 207,112	$ 171,334
Cost of revenue (related party amounts of $(271) and $(184) for the three months ended September 30, 2022 and 2021, respectively, and $(510) and $264 for the six months ended September 30, 2022 and 2021, respectively)	36,189	29,628	112,598	85,446
Gross profit	30,751	27,263	94,514	85,888
Operating expenses:
Research and development (related party amounts of $2,717 and $5,864 for the three months ended September 30, 2022 and 2021, respectively, and $6,266 and $11,886 for the six months ended September 30, 2022 and 2021, respectively)	57,270	50,298	161,877	139,053
Sales and marketing	39,879	41,979	98,148	70,987
General and administrative	30,702	31,687	89,226	60,547
Total operating expenses	127,851	123,964	349,251	270,587
Loss from operations	(97,100)	(96,701)	(254,737)	(184,699)
Interest income	3,671	76	5,307	213
Change in fair value of warrant liabilities	0	3,695	0	32,989
Other (expense) income, net	855	22	(267)	39
Loss before income taxes	(92,574)	(92,908)	(249,697)	(151,458)
Benefit from income taxes	613	3,512	2,139	3,512
Net loss	(91,961)	(89,396)	(247,558)	(147,946)
Other comprehensive loss, net of tax	(1,943)	(36)	(490)	(36)
Total comprehensive loss	$ (93,904)	$ (89,432)	$ (248,048)	$ (147,982)
Net loss per share of Class A and Class B common stock attributable to common stockholders:
Income (Loss) from Continuing Operations, Per Basic Share	$ (0.20)	$ (0.21)	$ (0.55)	$ (0.44)
Income (Loss) from Continuing Operations, Per Diluted Share	$ (0.20)	$ (0.21)	$ (0.55)	$ (0.44)
Weighted-average shares used to compute net loss per share:
Weighted Average Number of Shares Outstanding, Basic	453,407,202	426,591,111	449,949,829	334,491,905
Weighted Average Number of Shares Outstanding, Diluted	453,407,202	426,591,111	449,949,829	334,491,905

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue from Related Parties	$ 13,068	$ 8,069	$ 36,258	$ 29,281
Related party cost of revenue	231	(54)	(279)	209
Related Party Research and Development Expense	$ 3,251	$ 6,300	$ 9,517	$ 18,185

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iv))
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Condensed Consolidated Statements Of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Preferred Stock [Member] Redeemable Convertible Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income Loss	Accumulated Deficit [Member]
Beginning Balance at Mar. 31, 2021	$ (595,619)	$ 12	$ 837,351	$ 381,607		$ (977,238)
Beginning Balance, Shares at Mar. 31, 2021		124,529,784	209,181,855
Preferred stock conversion	837,351	$ 21	$ (837,351)	837,330
Preferred stock conversion, shares		209,181,855	(209,181,855)
Issuance of common stock upon Merger	200,579	$ 5		200,574
Issuance of common stock upon Merger, Shares		46,901,747
Issuance of Private Investment in Public Equity ("PIPE") shares	250,000	$ 3		249,997
Issuance of Private Investment in Public Equity ("PIPE") shares, shares		25,000,000
Issuance of common stock upon exercise of stock options	2,553			2,553
Issuance of common stock upon exercise of stock options, Shares		818,479
Stock-based compensation expense	9,704			9,704
Net income (loss)	(42,026)					(42,026)
Ending Balance at Jun. 30, 2021	662,542	$ 41		1,681,765		(1,019,264)
Ending Balance, Shares at Jun. 30, 2021		406,431,865
Beginning Balance at Mar. 31, 2021	(595,619)	$ 12	$ 837,351	381,607		(977,238)
Beginning Balance, Shares at Mar. 31, 2021		124,529,784	209,181,855
Other comprehensive loss	(36)
Net income (loss)	(147,946)
Ending Balance at Dec. 31, 2021	961,174	$ 44		2,086,350	$ (36)	(1,125,184)
Ending Balance, Shares at Dec. 31, 2021		446,147,181
Beginning Balance at Jun. 30, 2021	662,542	$ 41		1,681,765		(1,019,264)
Beginning Balance, Shares at Jun. 30, 2021		406,431,865
Issuance of common stock upon exercise of stock options	2,905			2,905
Issuance of common stock upon exercise of stock options, Shares		736,717
Stock-based compensation expense	10,588			10,588
Net income (loss)	(16,524)					(16,524)
Ending Balance at Sep. 30, 2021	659,511	$ 41		1,695,258		(1,035,788)
Ending Balance, Shares at Sep. 30, 2021		407,168,582
Issuance of common stock for acquisition of business	322,845	$ 3		322,842
Issuance of common stock for acquisition of business, Shares		30,572,268
Issuance of Common Stock for Class A Common Stock Warrant Exercise	42,354			42,354
Issuance of Common Stock for Class A Common Stock Warrant Exercise, Shares		6,016,327
Issuance of common stock upon exercise of stock options	8,308
Issuance of common stock upon exercise of stock options, Shares		2,390,004
Issuance Of Common Stock Related To Early Exercise Of Stock Options				8,308
Stock-based compensation expense	17,588			17,588
Other comprehensive loss	(36)				(36)
Net income (loss)	(89,396)					(89,396)
Ending Balance at Dec. 31, 2021	961,174	$ 44		2,086,350	(36)	(1,125,184)
Ending Balance, Shares at Dec. 31, 2021		446,147,181
Beginning Balance at Mar. 31, 2022	915,656	$ 45		2,110,160	179	(1,194,728)
Beginning Balance, Shares at Mar. 31, 2022		448,812,321
Issuance of common stock upon exercise of stock options	1,533			1,533
Issuance of common stock upon exercise of stock options, Shares		1,065,784
Issuance of common stock upon release of RSUs, shares		1,461,448
Net share settlements for stock-based minimum tax withholdings, value		(14,036)
Stock-based compensation expense	25,915			25,915
Other comprehensive loss	624				624
Net income (loss)	(89,532)					(89,532)
Ending Balance at Jun. 30, 2022	854,196	$ 45		2,137,608	803	(1,284,260)
Ending Balance, Shares at Jun. 30, 2022		451,325,517
Beginning Balance at Mar. 31, 2022	$ 915,656	$ 45		2,110,160	179	(1,194,728)
Beginning Balance, Shares at Mar. 31, 2022		448,812,321
Issuance of common stock upon exercise of stock options, Shares	2,592,856
Other comprehensive loss	$ (490)
Net income (loss)	(247,558)
Ending Balance at Dec. 31, 2022	750,992	$ 45		2,193,544	(311)	(1,442,286)
Ending Balance, Shares at Dec. 31, 2022		457,161,483
Beginning Balance at Jun. 30, 2022	854,196	$ 45		2,137,608	803	(1,284,260)
Beginning Balance, Shares at Jun. 30, 2022		451,325,517
Issuance of common stock upon exercise of stock options	$ 2,498			$ 2,498
Issuance of common stock upon exercise of stock options, Shares		1,430,629
Issuance of common stock upon release of RSUs, shares		1,580,591
Net share settlements for stock-based minimum tax withholdings, value	(86,000)			(86,000)
Net share settlements for stock-based minimum tax withholdings, shares		$ (14,038)
Issuance of common stock under employee stock purchase plan, share		1,130,337
Issuance of common stock under employee stock purchase plan, value	$ 3,238			$ 3,238
Stock-based compensation expense	24,710			24,710
Other comprehensive loss	829				829
Net income (loss)	(66,065)					(66,065)
Ending Balance at Sep. 30, 2022	819,320	$ 45		2,167,968	1,632	(1,350,325)
Ending Balance, Shares at Sep. 30, 2022		455,453,036
Issuance of common stock upon exercise of stock options	$ 49			$ 49
Issuance of common stock upon exercise of stock options, Shares		96,443
Issuance of common stock upon release of RSUs, shares		1,631,315
Net share settlements for stock-based minimum tax withholdings, value	(58)			(58)
Net share settlements for stock-based minimum tax withholdings, shares		$ (19,311)
Stock-based compensation expense	$ 25,585			$ 25,585
Other comprehensive loss	(1,943)				(1,943)
Net income (loss)	(91,961)					(91,961)
Ending Balance at Dec. 31, 2022	$ 750,992	$ 45		$ 2,193,544	$ (311)	$ (1,442,286)
Ending Balance, Shares at Dec. 31, 2022		457,161,483

Condensed Consolidated Statements Of Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2021 USD ($)
Statement of Stockholders' Equity [Abstract]
Transaction costs	$ 33,726
Related Party Amounts	$ 25,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (247,558)	$ (147,946)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	24,918	15,345
Amortization and impairment of internal-use software	3,214	1,741
Stock-based compensation expense	93,768	37,473
Change in fair value of warrant liabilities	0	(32,989)
Impairment of long-lived assets	10,126	0
Other	(1)	77
Changes in operating assets and liabilities:
Accounts receivable (includes related party amounts of $(3,636) and $(105), respectively)	(23,428)	(21,078)
Inventories	(1,172)	(10,605)
Deferred cost of revenue	(6,636)	(10,630)
Prepaid expenses and other current assets	3,772	(7,697)
Operating lease right-of-use assets	5,570	5,265
Other assets	(711)	(604)
Accounts payable (includes related party amounts of $(12,567) and $(4,422), respectively)	(23,305)	(804)
Accrued and other current liabilities (includes related party amounts of $4,090 and $5,416, respectively)	4,265	9,878
Deferred revenue (includes related party amounts of $13,762 and $(3,969), respectively)	45,996	40,223
Operating lease liabilities	(6,708)	(5,655)
Other liabilities	(2,539)	(3,617)
Net cash used in operating activities	(120,429)	(131,623)
Cash flows from investing activities:
Purchases of property and equipment	(2,854)	(2,420)
Purchases of intangible assets	0	(5,500)
Capitalized internal-use software costs	(5,163)	(2,855)
Cash paid for acquisitions, net of cash acquired	0	(94,165)
Net cash used in investing activities	(8,017)	(104,940)
Cash flows from financing activities:
Proceeds from exercise of stock options	3,933	11,476
Proceeds from issuance of common stock under employee stock purchase plan	3,238	0
Payments of deferred offering costs	0	(30,642)
Proceeds from issuance of common stock upon merger	0	309,720
Proceeds from PIPE (related party amounts of zero and $25,000, respectively)	0	250,000
Proceeds from exercise of merger warrants	0	44
Payment for warrant redemptions	0	(116)
Net cash provided by financing activities	7,171	540,482
Effect of exchange rates on cash	694	(4)
Net increase (decrease) in cash and restricted cash	(120,581)	303,915
Cash and restricted cash—beginning of period	561,755	290,862
Cash and restricted cash—end of period	441,174	594,777
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment during the period included in accounts payable and accrued expenses	472	859
Stock-based compensation capitalized for internal-use software costs	2,239	745
Reclassification of deferred offering costs	0	3,971
Assumption of merger warrants liability	0	75,415
Conversion of redeemable convertible preferred stock to common stock	0	837,351
Redemption/Exercise of Class A Common Stock Warrants	0	42,354
Stock consideration in acquisition of businesses, including fair value of common stock issued and fair value of stock-based awards that were vested	0	322,842
Cash and cash equivalents	432,801	586,204
Restricted cash, current	1,399	1,599
Restricted cash, non-current	6,974	6,974
Cash and cash equivalents	432,801
Total cash, cash equivalents and restricted cash	$ 441,174	$ 594,777

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expenses and Other Current Assets [Member]
Related Party Amounts	$ 0	$ (207)
Accounts Receivable [Member]
Related Party Amounts	(3,636)	(105)
Accounts Payable [Member]
Related Party Amounts	(12,567)	(4,422)
Accrued Expenses And Other Current Liabilities [Member]
Related Party Amounts	4,090	5,416
Deferred Revenue [Member]
Related Party Amounts	$ 13,762	(3,969)
PIPE [Member]
Related Party Amounts		$ 25,000

Organization and Description of Business

9 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements

1. Organization and Description of Business

23andMe Holding Co. (the “Company”) is dedicated to helping people access, understand, and benefit from the human genome. The Company pioneered direct-to-consumer genetic testing through its Personal Genome Service® (“PGS”) products and services. Customers receive reports that provide them with information on their genetic health risks, their ancestry, and their traits, based on genetic testing of a saliva sample they send to the Company in an easy-to-use “spit kit” provided by the Company. Customers have the option to participate in the Company’s research programs. The Company analyzes consenting customers’ genotypic and phenotypic data to discover new insights into genetics. The Company uses these insights to generate new PGS reports, and, through its therapeutics business and collaborations with pharmaceutical companies, nonprofit institutions and universities, to discover and advance new therapies for unmet medical needs. The Company acquired Lemonaid Health, Inc. (“Lemonaid” or “Lemonaid Health”) in November 2021 (the “Lemonaid Acquisition”), which offers patients affordable and direct online access to medical care, from consultation through treatment, for a number of common conditions, using evidence-based guidelines and up-to-date clinical protocols to deliver quality patient care. Lemonaid Health’s telehealth platform provides patients with easy access to medical consultation and treatment, which enhances the Company’s ability to bring better healthcare and wellness offerings to patients.

23andMe, Inc., the Company’s accounting predecessor, was incorporated in Delaware in 2006. The Company is headquartered in South San Francisco, California. The Company’s predecessor, VG Acquisition Corp. (“VGAC”), was a blank check company originally incorporated in 2020 as a Cayman Islands exempted company. On June 16, 2021 (the “Closing Date”), VGAC and Chrome Merger Sub, Inc., a Delaware corporation and wholly owned direct subsidiary of VGAC (“Merger Sub”), consummated a merger with 23andMe, Inc. (the “Merger”), whereby Merger Sub merged with and into 23andMe, Inc., with 23andMe, Inc. being the surviving corporation and a wholly owned subsidiary of the Company. In connection with the Merger, VGAC changed its jurisdiction of incorporation from the Cayman Islands to the State of Delaware and changed its name to 23andMe Holding Co. (the “Domestication” and, together with the Merger, the “Business Combination”).

The Company has evaluated how it is organized and managed and has identified two reporting segments: Consumer and Research Services, and Therapeutics.

Summary of Significant Accounting Policies

9 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries, and variable interest entities in which it holds a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation.

For the nine months ended December 31, 2022 and 2021, the Company had operations primarily in the United States and insignificant operations in the United Kingdom.

There have been no changes to the Company’s significant accounting policies described in the audited consolidated financial statements for the year ended March 31, 2022 that have had a material impact on these condensed consolidated financial statements and related notes.

Unaudited Interim Condensed Consolidated Financial Information

The accompanying interim condensed consolidated financial statements as of December 31, 2022 and for the three and nine months ended December 31, 2022 and 2021 and accompanying notes, are unaudited. These unaudited interim condensed consolidated financial statements (the “condensed consolidated financial statements”) have been prepared in accordance with GAAP applicable to interim financial statements. These financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. As such, the information included herein should be read in conjunction with the consolidated financial statements and accompanying notes as of and for the year ended March 31, 2022 (the “audited consolidated financial statements”) that were included in the Company’s Annual Report on Form 10-K filed with the SEC on May 27, 2022, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on August 9, 2022. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements, which include only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of December 31, 2022 and its condensed

consolidated results of operations and cash flows for the three and nine months ended December 31, 2022 and 2021. The results of operations for the three and nine months ended December 31, 2022 are not necessarily indicative of the results expected for the year ending March 31, 2023 or any other future interim or annual periods.

As a result of the Merger, prior period share and per share amounts presented in the accompanying condensed consolidated financial statements and these related notes have been retroactively converted.

Fiscal Year

The Company’s fiscal year ends on March 31. References to fiscal year 2023 and 2022 refer to the fiscal years ending and ended March 31, 2023 and 2022, respectively.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period and the accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to the determination of standalone selling price for various performance obligations; the estimated expected benefit period for the rate and recognition pattern of breakage revenue for purchases where a saliva collection kit (“Kit”) is never returned for processing; the capitalization and estimated useful life of internal use software; the useful life of long-lived assets; fair value of intangible assets acquired in business combinations; the carrying value of goodwill; the incremental borrowing rate for operating leases; stock-based compensation including the determination of the fair value of stock options, as well as the Company’s common stock prior to the Closing Date of the Merger; and the valuation of deferred tax assets and uncertain tax positions. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from these estimates, and such differences could be material to the condensed consolidated financial statements.

The coronavirus (“COVID-19”) pandemic has created significant global economic uncertainty and resulted in the slowdown of economic activity. COVID-19 has disrupted the Company’s general business operations since March 2020 and the Company expects that such disruption will continue for an unknown period. As the Company continues to closely monitor the COVID-19 pandemic, its top priority remains protecting the health and safety of the Company’s employees. Safety guidelines and procedures, including enhanced sanitization and air filtration, have been developed for on-site employees and these policies are regularly monitored. The Company is not aware of any specific event or circumstance that would require revisions to estimates, updates to judgments, or adjustments to the carrying value of assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and will be recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the condensed consolidated financial statements.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation in the condensed consolidated financial statements and accompanying notes to the condensed consolidated financial statements.

Concentration of Supplier Risk

Certain of the raw materials, components and equipment associated with the deoxyribonucleic acid (“DNA”) microarrays and Kits used by the Company in the delivery of its services are available only from third-party suppliers. The Company also relies on a third-party laboratory service for the processing of its customer samples. Shortages and slowdowns could occur in these essential materials, components, equipment, and laboratory services due to an interruption of supply or increased demand in the industry. If the Company were unable to procure certain materials, components, equipment, or laboratory services at acceptable prices, it would be required to reduce its laboratory operations, which could have a material adverse effect on its results of operations.

A single supplier accounted for 100% of the Company’s total purchases of microarrays and a separate single supplier accounted for 100% of the Company’s total purchases of Kits for the three and nine months ended December 31, 2022 and 2021. One laboratory service provider accounted for 100% of the Company’s processing of customer samples for the three and nine months ended December 31, 2022 and 2021.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to a concentration of credit risk include cash, cash equivalents, and accounts receivable. The Company maintains its cash and cash equivalents with high-quality financial institutions in the United States, the composition and maturities of which are regularly monitored by the Company. The Company’s revenue and accounts receivable are derived primarily from the United States. See Revenue Recognition within Note 2, “Summary of Significant Accounting Policies,” for additional information regarding geographical disaggregation of revenue. The Company grants credit to its customers in the normal course of business, performs ongoing credit evaluations of its customers, and does not require collateral. The Company regularly monitors the aging of accounts receivable balances.

Significant customer information is as follows:


	December 31,			March 31,
	2022			2022
Percentage of accounts receivable:
Customer B		14	%		0	%
Customer C		70	%		25	%
Customer F		12	%		19	%
Customer G		0	%		44	%


	Three Months Ended December 31,						Nine Months Ended December 31,
	2022			2021			2022			2021
Percentage of revenue:
Customer C		22	%		17	%		20	%		19	%
Customer B		20	%		14	%		18	%		17	%

Intangible Assets

Acquired intangible assets consist of identifiable intangible assets resulting from business combinations. Acquired finite-lived intangible assets are initially recorded at fair value and are amortized on a straight-line basis over their estimated useful lives. Amortization expense is recognized within cost of revenue for developed technology, sales and marketing expense for customer relationships, partnerships, and trademark, and general and administrative expense for non-compete agreements, in the consolidated statements of operations and comprehensive loss.

Other intangible assets consist of purchased patents. Intangible assets are carried at cost less accumulated amortization and are amortized over the period of estimated benefit using the straight-line method and their estimated useful lives. Amortization for patents is recognized in research and development and general and administrative expenses in the consolidated statements of operations and comprehensive loss.

Each period the Company evaluates finite-lived intangible assets to determine whether there have been any events or changes in circumstances which indicate that its carrying amount may not be recoverable. During the three months ended December 31, 2022, due to decreased revenue associated with a delayed product launch and margin forecasts for the U.K. partnership business, the Company performed an interim quantitative impairment test for the U.K. partnership asset group as of December 31, 2022. The fair value of the asset group was calculated using a discounted cash flow and was determined to be lower than its carrying value. As a result, the Company recorded a $ 10.0 million impairment charge to write down the value of the partnership intangible asset to its estimated fair value as of December 31, 2022. The charge was recorded within sales and marketing expenses in its Consumer and Research segment in the unaudited condensed consolidated statements of operations and comprehensive loss.

Revenue Recognition

In accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”), the Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration, which the Company expects to receive in exchange for transferring the products or services to a customer (“transaction price”). The transaction price includes various forms of variable consideration, as discussed below. In general, the transaction price is paid by customers at contract inception.

For contracts with multiple performance obligations, the transaction price is allocated to each performance obligation on a relative stand-alone selling price (“SSP”) price basis. The SSP is determined at contract inception and is not updated to reflect changes between contract inception and when the performance obligations are satisfied. Determining the SSP for performance obligations requires significant judgment. The SSP for each performance obligation is based on the prices at which the Company separately sells the products and services. If an observable price from stand-alone sales is not available, the Company uses the adjusted market assessment approach, using reasonably available information and applicable inputs, to estimate the selling price of each performance obligation.

PGS

The Company generates PGS revenue by providing customers with a broad suite of genetic reports, including information on customers’ genetic ancestral origins, personal genetic health risks, and chances of passing on certain rare carrier conditions to their children, as well as reports on how genetics can impact responses to medication.

The Company’s contracts with customers for PGS services include multiple performance obligations: (1) initial ancestry reports, (2) ancestry updates, (3) initial health reports, (4) health updates, and (5) subscriptions for extended health insights with access to exclusive reports and features. The transaction price for PGS revenue includes the amount of fixed consideration the Company expects to receive, as well as variable consideration related to refunds. The Company estimates the amount of variable consideration that should be included in the transaction price using the expected value method.

The Company bases its estimates of variable consideration related to refunds on historical data and other information. Estimates include: (i) timing of the returns and fees incurred, (ii) pricing adjustments related to returns and fees, and (iii) the quantity of product that will be returned in the future. Significant judgment is used in determining the appropriateness of these assumptions at each reporting period. Provisions for returns are based on service-level return rates and recent unprocessed return claims, as well as relevant market events and other factors.

The Company estimates the amount of sales that may be refunded and records the estimate as a reduction of revenue and a refund liability in the period the related PGS revenue is recognized. Based on the distribution model for PGS services and the nature of the services being provided, the Company believes there will be minimal refunds and has not experienced material historical refunds.

Revenue is recognized at a point in time upon delivery of the initial ancestry reports and initial health reports to the customer, as the customer obtains control when the report is received.

Revenue is recognized over time for ancestry updates and health updates over the period the customer is estimated to remain active. The Company estimates this period based on the historical average period that the customer continues to engage with the available report updates after the delivery of the initial reports. These updates are provided to the customer, when and if available, throughout the estimated period of activity during which the customer interacts with the PGS service. The Company re-evaluates these estimates at the end of each reporting period and adjusts accordingly. The Company has determined that access to the updates, when and if available, that are provided over the estimated period qualifies as a series of distinct goods or services, for which revenue is recognized ratably over the period estimated by the Company.

Subscription revenue for extended health insights is recognized ratably over the contractual subscription period as the customer benefits from having access to these insights evenly throughout this period.

The Company sells through multiple channels, including direct to consumer via the Company’s website and through online retailers. If the customer does not return the Kit for processing, services cannot be completed by the Company, potentially resulting in unexercised rights (“breakage”) revenue. To estimate breakage, the Company applies the practical expedient available under Topic 606 to assess its customer contracts on a portfolio basis as opposed to individual customer contracts, due to the similarity of customer characteristics, at the sales channel level. The Company recognizes the breakage amounts as revenue, proportionate to the pattern of revenue recognition of the returning Kits in these respective sales channel portfolios. The Company estimates breakage for the portion of Kits not expected to be returned using an analysis of historical data and considers other factors that could influence customer Kit return behavior. The Company updates its breakage rate estimate periodically and, if necessary, adjusts the deferred revenue balance

accordingly. If actual Kit return patterns vary from the estimate, actual breakage revenue may differ from the amounts recorded. The Company recognized breakage revenue from unreturned Kits of $6.8 million and $4.1 million for the three months ended December 31, 2022 and 2021, respectively, and $17.8 million and $12.8 million for the nine months ended December 31, 2022 and 2021, respectively.

Fees paid to certain sales channel partners include, in part, compensation for obtaining PGS contracts. Such contracts have an amortization period of one year or less, and the Company has applied the practical expedient to recognize these costs as sales and marketing expenses when incurred.

During the three and nine months ended December 31, 2022, the Company did not recognize any PGS revenue for performance obligations satisfied in prior periods.

Research Services

The Company generates research services revenue by performing research services under agreements with third parties relating to the use of the Company’s genotypic and phenotypic data to perform various research activities, including identifying promising drug targets and further researching specific ailments or patient treatment areas.

The Company’s contracts with customers for research services can include multiple performance obligations: (1) genotyping, (2) survey, (3) data analysis, (4) recruitment, (5) web development, (6) project management, and (7) dedicated research time. The transaction price for research services revenue includes the amount of fixed consideration the Company expects to receive, as well as variable consideration including, but not limited to, per participant fees, additional compensation for certain industry approvals, payments for milestones achieved early, and penalties for customer delays. The Company estimates the amount of variable consideration that should be included in the transaction price using the most likely amount method.

The Company bases its estimates of variable consideration on historical data and other available information. The Company includes an estimated amount of variable consideration in the transaction price only if it is probable that a subsequent change in the estimate would not result in a significant revenue reversal. Based on the historical data available, the Company believes there will be minimal amounts of variable consideration earned and, as such, the transaction price for research services is not materially impacted. Variable consideration estimates are revisited at the end of each reporting period and adjustments are made accordingly.

To recognize revenue, the Company compares actual hours incurred to date to the overall total expected hours that will be required to satisfy the performance obligation. The use of personnel hours is a reasonable measure of progress as the Company fulfills its contractual obligations through research performed by the Company's personnel. Revenues are recognized over time as the hours are incurred. All estimates are reviewed by the Company at the end of each reporting period and adjustments are made accordingly.

During the three and nine months ended December 31, 2022, the Company did not recognize any research services revenue for performance obligations satisfied in prior periods.

Telehealth

The Company generates telehealth revenues from pharmacy fees, patient fees, and membership fees. The transaction price for telehealth services includes the amount of fixed consideration the Company expects to receive, as well as variable consideration related to sales deductions, including (1) product returns, including return estimates and (2) fees for transaction processing and chargebacks. The Company estimates the amount of variable consideration that should be included in the transaction price using the expected value method.

The Company estimates the amount of sales that may be refunded and records the estimate as a reduction of revenue and a refund liability in the period the related telehealth revenue is recognized. The Company's customers have limited return rights related to the telehealth services. The Company has not historically experienced material returns and believes there will be minimal returns in the future. As such, the transaction price for telehealth services is not materially impacted.

Provisions for transaction fees and chargebacks are primarily based on customer-level contractual terms. Accruals and related reserves are adjusted as new information becomes available, which generally consists of actual transaction fees and chargebacks processed relating to sales recognized.

Pharmacy fees, net – The Company primarily generates revenue through sale and delivery of prescription medications from the Affiliated Pharmacies (as defined below). A contract is entered into with a patient when the patient accepts the Company’s terms and conditions, requests a prescription, or chooses to refill, and provides access to payment. The Company has determined that these

contracts contain one performance obligation. Revenue is recognized at the point in time in which prescription services are rendered for these transactions. Fees are charged as prescription services are rendered. Revenue is recorded net of refunds and transaction fees.

Patient fees, net – The Company primarily generates revenue through the PMCs (as defined below) from patient visit fees, which include healthcare professional consultations, lab testing, and ordering prescriptions. A contract is entered into with a patient when the patient accepts the Company’s terms and conditions and provides access to payment. The Company has determined that each service event is a distinct performance obligation. Revenue is recognized at the point in time in which services are rendered for these transactions. Fees are charged upfront prior to services being rendered and are allocated to each obligation to provide services to the patient. Revenue is recorded net of refunds, transaction fees, and pass-through lab and prescription costs.

Membership fees, net – The Company generates revenue through membership fees from patients, which includes a membership for unlimited medical visits and unlimited prescriptions during the membership period (generally one, three or twelve months). A contract is entered into with a patient when the patient accepts the Company’s terms and conditions and makes a pre-payment for the membership term. The Company has determined that access to the services over the membership period qualifies as a series of distinct goods or services for which revenue is recognized ratably over the respective membership period. Revenue is recorded net of refunds. Deferred revenue consists of advance payments from members related to membership performance obligations that have not been satisfied for memberships.

In providing telehealth services that include professional medical consultations, the Company maintains relationships with various affiliated professional medical corporations (“PMCs”). PMCs are organized under state law as professional entities that are owned by physicians licensed in the applicable state and that engage licensed healthcare professionals (each, a “Provider” and collectively, the “Providers”) to provide consultation services. See Note 4, “Variable Interest Entities,” for additional details. The Company accounts for service revenue as a principal in the arrangement with its patients.

Additionally, with respect to its telehealth services involving the sale of prescription products, the Company maintains relationships with affiliated pharmacies (collectively, the “Affiliated Pharmacies”) to fill prescriptions that are ordered by the Company’s patients. The Company accounts for prescription product revenue as a principal in the arrangement with its patients.

During the three and nine months ended December 31, 2022, the Company did not recognize any telehealth revenue for performance obligations satisfied in prior periods.

Disaggregation of Revenue

The following table presents revenue by category:


	Three Months Ended December 31,										Nine Months Ended December 31,
	2022					2021					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(In thousands, except percentages)
Point in Time
PGS	$	37,499		56	%	$	35,090		62	%	$	117,300		57	%	$	121,516		71	%
Telehealth		8,592		13	%		6,146		11	%		27,124		13	%		6,146		4	%
Consumer services		46,091		69	%		41,236		72	%		144,424		70	%		127,662		75	%
Research services		—		0	%		—		0	%		—		0	%		—		0	%
Total (1)		46,091		69	%		41,236		72	%		144,424		70	%		127,662		75	%

Over Time
PGS		5,100		7	%		3,277		6	%		14,316		7	%		9,189		5	%
Telehealth		2,451		4	%		1,527		3	%		7,471		3	%		1,527		1	%
Consumer services		7,551		11	%		4,804		8	%		21,787		10	%		10,716		6	%
Research services		13,298		20	%		10,851		19	%		40,901		20	%		32,956		19	%
Total (1)		20,849		31	%		15,655		28	%		62,688		30	%		43,672		25	%

Revenue by Category
PGS		42,599		64	%		38,367		67	%		131,616		63	%		130,705		76	%
Telehealth		11,043		16	%		7,673		14	%		34,595		17	%		7,673		5	%
Consumer services		53,642		80	%		46,040		81	%		166,211		80	%		138,378		81	%
Research services		13,298		20	%		10,851		19	%		40,901		20	%		32,956		19	%
Total (1)	$	66,940		100	%	$	56,891		100	%	$	207,112		100	%	$	171,334		100	%

(1)

There was no Therapeutics revenue for the three and nine months ended December 31, 2022 and 2021.

The following table summarizes revenue by region based on the shipping address of customers or the location where the services are delivered:


	Three Months Ended December 31,										Nine Months Ended December 31,
	2022					2021					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(In thousands, except percentages)
United States	$	46,770		70	%	$	41,741		73	%	$	147,425		71	%	$	120,706		70	%
United Kingdom		16,194		24	%		10,779		19	%		47,198		23	%		37,020		22	%
Canada		2,866		4	%		3,065		6	%		8,744		4	%		9,052		5	%
Other regions		1,110		2	%		1,306		2	%		3,745		2	%		4,556		3	%
Total	$	66,940		100	%	$	56,891		100	%	$	207,112		100	%	$	171,334		100	%

Contract Balances

Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts associated with contractual rights related to consideration for performance obligations and are included in prepaid expenses and other current assets on the condensed consolidated balance sheets. The amount of contract assets was immaterial as of December 31, 2022 and March 31, 2022.

Contract liabilities consist of deferred revenue. Revenue is deferred when the Company invoices in advance of fulfilling performance obligations under a contract. Deferred revenue primarily relates to Kits that have been shipped to consumers and non-consigned retail sites but not yet returned for processing by the consumer, as well as research services billed in advance of performance. Deferred revenue is recognized when the obligation to deliver results to the customer is satisfied and when research services are ultimately performed. Deferred revenue also consists of advance payments from members related to membership performance obligations and from customers related to subscription for extended health insight performance obligations that have not been satisfied as of the balance sheet date. Deferred revenue is recognized when the obligation to deliver membership services or subscription services is satisfied.

As of December 31, 2022 and 2021, deferred revenue for consumer services was $83.8 million and $83.4 million, respectively. Of the $51.3 million and $39.3 million of deferred revenue for consumer services as of March 31, 2022 and 2021, respectively, the Company recognized $42.2 million and $36.1 million as revenue during the nine months ended December 31, 2022 and 2021, respectively.

As of December 31, 2022 and 2021, deferred revenue for research services was $25.1 million and $28.6 million, respectively, which included related party deferred revenue amounts of $22.9 million and $26.2 million, respectively. Of the $11.6 million and $31.9 million of deferred revenue for research services as of March 31, 2022 and 2021, respectively, the Company recognized $9.6 million and $30.2 million as revenue during the nine months ended December 31, 2022 and 2021, respectively, which included related party revenue amounts of $9.2 million and $29.0 million, respectively.

Remaining Performance Obligations

The transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that are expected to be billed and recognized as revenue in future periods. The Company has utilized the practical expedient available under Topic 606 to not disclose the value of unsatisfied performance obligations for PGS and telehealth as those contracts have an expected length of one year or less. As of December 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations for research services was $31.3 million. The Company expects to recognize revenue on 95% of this amount over the next 12 months and the remainder thereafter.

Comprehensive Loss

Comprehensive loss is composed of two components: net loss and other comprehensive income. The Company’s changes in foreign currency translation represents the components of other comprehensive income that are excluded from the reported net loss.

Recently Adopted Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (”FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity

(Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity, and clarifies the guidance on the computation of earnings per share for those financial instruments. The guidance was effective for the Company beginning April 1, 2022. The Company adopted ASU 2020-06 as of April 1, 2022, and the adoption did not have a material impact on its consolidated financial statements and related disclosures.

Fair Value Measurements

9 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

Fair value is defined as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy, which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Three levels of inputs may be used to measure fair value:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis:


	December 31, 2022
	Fair Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Money market funds	$	418,000	$	418,000	$	—	$	—
Total financial assets	$	418,000	$	418,000	$	—	$	—

As of March 31, 2022, the Company did not have any financial instruments that are measured at fair value on a recurring basis.

Cash equivalents consist primarily of money market funds and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Variable Interest Entities

9 Months Ended

Dec. 31, 2022

Variable Interest Entities

. Variable Interest Entities

The Company determined that the PMCs and Affiliated Pharmacies are variable interest entities (“VIEs”) due to the respective equity holders having nominal capital at risk, and the Company has a variable interest in each of the PMCs and Affiliated Pharmacies. The Company consolidated the PMCs and Affiliated Pharmacies under the VIE model since the Company has the power to direct activities that most significantly impact the VIEs’ economic performance and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the VIEs. Under the VIE model, the Company presents the results of operations and the financial position of the VIEs as part of the condensed consolidated financial statements of the Company.

Furthermore, as a direct result of the financial support the Company provides to the VIEs (e.g., loans), the interests held by holders lack economic substance and do not provide them with the ability to participate in the residual profits or losses generated by the VIEs. Therefore, all income and expenses recognized by the VIEs are allocated to the Company’s stockholders.

The aggregate carrying value of total assets and total liabilities included on the condensed consolidated balance sheets for the VIEs after elimination of intercompany transactions were not material as of December 31, 2022 and were $11.2 million and $13.3 million, respectively, as of March 31, 2022. Total revenue included on the condensed consolidated statements of operations and comprehensive loss for the VIEs after elimination of intercompany transactions was $10.0 million and $31.1 million for the three and nine months ended December 31, 2022, respectively, and $7.6 million for both the three and nine months ended December 31, 2021. Net income attributable to the VIEs included on the condensed consolidated statements of operations and comprehensive loss was $3.8 million and $5.9 million for the three and nine months ended December 31, 2022, respectively, and was not material for the three and nine months ended December 31, 2021.

Segment Information

9 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

5. Segment Information

The Company currently operates in two reporting segments: Consumer and Research Services, and Therapeutics. The Consumer and Research Services segment consists of revenue and expenses from PGS and telehealth, as well as research services revenue and expenses from certain collaboration agreements (including the GSK Agreement (as defined below)). The Therapeutics segment consists of revenues from the out-licensing of intellectual property associated with identified drug targets and expenses related to therapeutic product candidates under clinical development. Substantially all of the Company’s revenues are derived from the Consumer and Research Services segment. See Revenue Recognition within Note 2, “Summary of Significant Accounting Policies,” for additional information regarding revenue. There are no inter-segment sales.

Certain department expenses such as Finance, Legal, Regulatory and Supplier Quality, Corporate Communications and CEO Office are not reported as part of the reporting segments as reviewed by the CODM (as defined below). These amounts are included in Unallocated Corporate in the reconciliations below. The chief operating decision-maker (“CODM”) is the Chief Executive Officer (“CEO”). The CODM evaluates the performance of each segment based on Adjusted EBITDA. Adjusted EBITDA is defined as net income (loss) before net interest income (expense), net other income (expense), income tax expenses (benefit), depreciation and amortization, impairment charges, stock-based compensation expense, acquisition-related costs, and other items that are considered unusual or not representative of underlying trends of our business, including but not limited to: changes in fair value of warrant liabilities, litigation settlement, and restructuring and other charges, if applicable for the periods presented.

Adjusted EBITDA is a key measure used by the Company’s management and Board of Directors to understand and evaluate the Company’s operating performance and trends, to prepare and approve the annual budget, and to develop short-term and long-term operating plans. In particular, the exclusion of the items eliminated in calculating Adjusted EBITDA provides useful measures for period-to-period comparisons of the Company’s business. Accordingly, Adjusted EBITDA provides useful information in understanding and evaluating the Company’s operating results in the same manner as management and the Board of Directors. Adjusted EBITDA should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. Other companies, including companies in the Company’s industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA as a tool for comparison. There are a number of limitations related to the use of these non-GAAP financial measures rather than net loss, which is the most directly comparable financial measure calculated in accordance with GAAP.

Some of the limitations of Adjusted EBITDA include (i) Adjusted EBITDA does not properly reflect capital commitments to be paid in the future, and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures. In evaluating Adjusted EBITDA, the Company will incur expenses similar to the adjustments in this presentation in the future. The presentation of Adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by these expenses or any unusual or non-recurring items. When evaluating the Company’s performance, Adjusted EBITDA should be considered alongside other financial performance measures, including net loss and other GAAP results.

The Company’s revenue and Adjusted EBITDA by segment is as follows:


	Three Months Ended December 31,						Nine Months Ended December 31,
	2022			2021			2022			2021
	(In thousands)
Segment Revenue:
Consumer and Research Services	$	66,940		$	56,891		$	207,112		$	171,334
Total revenue (1)	$	66,940		$	56,891		$	207,112		$	171,334
Segment Adjusted EBITDA:
Consumer and Research Services Adjusted EBITDA	$	(8,313	)	$	(31,967	)	$	(22,986	)	$	(33,232	)
Therapeutics Adjusted EBITDA		(21,471	)		(19,916	)		(58,599	)		(57,046	)
Unallocated Corporate		(13,488	)		(12,129	)		(41,057	)		(30,692	)
Total Adjusted EBITDA	$	(43,272	)	$	(64,012	)	$	(122,642	)	$	(120,970	)

Reconciliation of net loss to Adjusted EBITDA:
Net loss	$	(91,961	)	$	(89,396	)	$	(247,558	)	$	(147,946	)
Adjustments
Interest (income) expense, net		(3,671	)		(76	)		(5,307	)		(213	)
Other (income) expense, net		(855	)		(22	)		267			(39	)
Change in fair value of warrant liabilities		—			(3,695	)		—			(32,989	)
Income tax benefit		(613	)		(3,512	)		(2,139	)		(3,512	)
Depreciation and amortization		5,257			4,681			15,512			14,188
Amortization of acquired intangible assets		4,265			2,898			12,847			2,898
Impairment of acquired intangible assets		9,968			—			9,968			—
Stock-based compensation expense		34,338			17,409			93,768			37,473
Acquisition-related costs (2)		—			7,701			—			9,170
Total Adjusted EBITDA	$	(43,272	)	$	(64,012	)	$	(122,642	)	$	(120,970	)

(1)

There was no Therapeutics revenue for the three and nine months ended December 31, 2022 and 2021.

(2)

For the three and nine months ended December 31, 2021, acquisition-related costs primarily consisted of advisory, legal and consulting fees.

Customers accounting for 10% or more of segment revenues were as follows:


	Three Months Ended December 31,								Nine Months Ended December 31,
	2022				2021				2022				2021
	(In thousands, except percentages)
Consumer and Research Services Segment Revenue:
Customer C (1)	$	14,680	22	%	$	9,676	17	%	$	41,365	20	%	$	33,123	19	%
Customer B (2)	$	13,068	20	%	$	8,069	14	%	$	36,258	18	%	$	29,281	17	%

(1)

Customer C revenues are primarily in the United States.

(2)

Customer B revenues are in the U.K.

Revenue by geographical region can be found in the revenue recognition disclosures in Note 2, “Summary of Significant Accounting Policies.” Substantially all of the Company’s property and equipment, net of depreciation and amortization, was located in the United States during the periods presented. The reporting segments do not present total assets as they are not reviewed by the CODM when evaluating their performance.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborations

9 Months Ended

Dec. 31, 2022

Collaborations

. Collaborations

GlaxoSmithKline Agreement

In July 2018, the Company and an affiliate of GlaxoSmithKline plc (“GSK”) entered into a four-year exclusive drug discovery and development collaboration agreement (the “GSK Agreement”) for collaboration on identification and development of therapeutic agents with a unilateral option for GSK to extend the term for an additional year. The Company concluded that GSK is considered a customer. Therefore, the Company has applied the guidance in Topic 606 to account for and present consideration received from GSK related to research services provided by the Company. The Company’s activities under the GSK Agreement, which include reporting, drug target discovery, and joint steering committee participation, represent one combined performance obligation to deliver research services. In addition, the GSK Agreement, along with subsequent amendments, provided GSK the right to include certain identified pre-existing Company programs in the collaboration at GSK’s election, each of which is considered distinct from the research services. The exercise price for the pre-existing program options varied to reflect the respective stage of development of each such program, with up to two such programs being offered for no additional charge. The two programs offered for no additional charge were material rights and therefore also identified as performance obligations within the arrangement.

In addition to cost-sharing during the performance of research services which is recorded within cost of revenue when incurred in the Consumer and Research Services segment, once drug targets have been identified for inclusion in the collaboration, the Company and GSK equally share in the costs of further research, development, and commercialization of identified targets, subject to certain rights of either party to opt-out of funding at certain predetermined development milestones. These cost-sharing charges for costs incurred subsequent to the identification of drug targets have been included in research and development expense on the condensed consolidated statements of operations and comprehensive loss during the period incurred. The Company may also share in the net profits or losses of products that are commercialized pursuant to the collaboration or receive royalties on products which are successfully commercialized.

On January 18, 2022, GSK elected to exercise its option to extend the exclusive target discovery period of the ongoing collaboration with the Company for an additional year to July 2023. On October 5, 2022, the Company received a one-time payment of $50.0 million from GSK in consideration of the exercise of the option pursuant to the GSK Agreement.

The Company recognizes revenue related to the GSK Agreement as the performance obligation is satisfied using an input method to measure progress. The Company believes that actual hours incurred relative to projected hours is the most accurate measurement of progress for the input method. The Company recognized research services revenue related to the GSK Agreement of $13.1 million and $8.1 million during the three months ended December 31, 2022 and 2021, respectively, and $36.3 million and $29.3 million during the nine months ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and March 31, 2022, the Company had deferred revenue, all of which was current, related to the GSK Agreement of $22.9 million and $9.2 million, respectively. As of December 31, 2022 and March 31, 2022, there was $3.6 million and zero, respectively, receivable related to the GSK Agreement. Cost-sharing amounts incurred subsequent to the identification of targets, included in research and development expenses, were $3.3 million and $6.3 million during the three months ended December 31, 2022 and 2021, respectively, and $9.5 million and $18.2 million during the nine months ended December 31, 2022 and 2021, respectively. Cost-sharing amounts incurred prior to the identification of targets included in cost of revenue were $0.2 million and $(0.1) million during the three months ended December 31, 2022 and 2021, respectively, and $(0.3) million and $0.2 million during the nine months ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and March 31, 2022, the Company had $9.9 million and $18.3 million, respectively, related to balances of amounts payable to GSK for reimbursement of shared costs included within accounts payable and accrued expenses and other current liabilities on the condensed consolidated balance sheets. GSK’s affiliate, Glaxo Group Limited, held shares of Class B common stock, representing a 20.1% and

16.3% combined voting power as of December 31, 2022 and March 31, 2022, respectively; therefore, GSK is considered to be a related party.

Balance Sheet Components

9 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,			March 31,
	2022			2022
	(In thousands)
Computer and software	$	9,992		$	10,573
Laboratory equipment and software		52,159			51,557
Furniture and office equipment		9,117			8,926
Leasehold improvements		40,852			40,566
Capitalized asset retirement obligations		853		853
Property and equipment, gross		112,973			112,475
Less: accumulated depreciation and amortization		(72,182	)		(62,624	)
Property and equipment, net	$	40,791		$	49,851

Depreciation and amortization expense was $3.7 million and $3.9 million for the three months ended December 31, 2022 and 2021, respectively, and $11.5 million and $12.3 million for the nine months ended December 31, 2022 and 2021, respectively.

Internal-Use Software, Net

Internal-use software, net consisted of the following:


	December 31,			March 31,
	2022			2022
	(In thousands)
Capitalized internal-use software	$	22,128		$	14,804
Less: accumulated amortization		(8,305	)		(5,169	)
Internal-use software, net	$	13,823		$	9,635

The Company capitalized $3.5 million and $1.4 million in internal-use software during the three months ended December 31, 2022 and 2021, respectively, and $7.8 million and $3.6 million in internal-use software during the nine months ended December 31, 2022 and 2021, respectively. Impairment to internal-use software was zero and $0.5 million for the three and nine months ended December 31, 2022, respectively. There was no impairment to internal-use software for the three and nine months ended December 31, 2021. For the three months ended December 31, 2022 and 2021, amortization expense related to internal-use software was $1.1 million and $0.8 million, respectively. For the nine months ended December 31, 2022 and 2021, amortization expense related to internal-use software was $3.1 million and $2.1 million, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following:


	December 31, 2022
	Weighted Average Remaining Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Cumulative Impairment Charge			Cumulative Currency Translation			Net Carrying Amount
	(In thousands, except years)
Customer relationships		0.8	$	14,900	$	(8,692	)	$	—		$	—		$	6,208
Partnerships		8.8		23,200		(4,160	)		(9,968	)		(1,122	)		7,950
Trademark		3.8		11,000		(2,567	)		—			—			8,433
Developed technology		5.8		24,100		(4,017	)		—			—			20,083
Non-compete agreements		3.8		2,800		(653	)		—			—			2,147
Patents		5.7		5,500		(959	)		—			—			4,541
Total intangible assets			$	81,500	$	(21,048	)	$	(9,968	)	$	(1,122	)	$	49,362


	March 31, 2022
	Weighted Average Remaining Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands, except years)
Customer relationships		1.6	$	14,900	$	(3,104	)	$	11,796
Partnerships		6.6		23,200		(1,558	)		21,642
Trademark		4.6		11,000		(917	)		10,083
Developed technology		6.6		24,100		(1,436	)		22,664
Non-compete agreements		4.6		2,800		(233	)		2,567
Patents		6.4		5,500		(347	)		5,153
Total intangible assets			$	81,500	$	(7,595	)	$	73,905

Amortization expense for intangible assets was $4.5 million and $3.0 million for the three months ended December 31, 2022 and 2021, respectively, and $13.4 million and $3.0 million for the nine months ended December 31, 2022 and 2021, respectively.

During the three months ended December 31, 2022, the Company recorded a $10.0 million impairment charge for the U.K. partnership asset group within sales and marketing expenses in its Consumer and Research segment.

Estimated future amortization expense of the identified intangible assets as of December 31, 2022 were as follows:


	Estimated Amortization
	(In thousands)
Fiscal years ending March 31,
2023 (Remaining three months)	$	3,842
2024		12,265
2025		7,919
2026		7,919
2027		6,770
Thereafter		10,647
Total estimated future amortization expense	$	49,362

Accrued Expense and Other Current Liabilities

Accrued expense and other current liabilities consisted of the following:


	December 31,		March 31,
	2022		2022
	(In thousands)
Accrued payables	$	16,922	$	20,937
Accrued compensation and benefits		37,859		14,898
Accrued clinical expenses		12,684		6,717
Accrued taxes and other		1,571		2,036
Total accrued expenses and other current liabilities	$	69,036	$	44,588

Leases

9 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

. Leases

The Company’s lease portfolio includes leased offices, dedicated lab facility and storage space, and dedicated data center facility space, with remaining contractual periods from 0.2 years to 8.6 years. For purposes of calculating lease liabilities, lease terms may include options to extend the lease when it is reasonably certain that the Company will exercise those options.

The Company incurred total lease costs of $3.3 million and $3.4 million for the three months ended December 31, 2022 and 2021, respectively, and $10.1 million and $10.2 million for the nine months ended December 31, 2022 and 2021, respectively.

As of December 31, 2022, the future minimum lease payments included in the measurement of the Company’s operating lease liabilities were as follows:


	December 31,
	2022
	(In thousands)
Fiscal years ending March 31,
2023 (Remaining three months)	$	2,551
2024		14,934
2025		14,464
2026		11,105
2027		11,348
Thereafter		53,095
Total future operating lease payments		107,497
Less: imputed interest		(27,897	)
Total operating lease liabilities	$	79,600

Commitments and Contingencies

9 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

. Commitments and Contingencies

Non-cancelable Purchase Obligations

In the normal course of business, the Company enters into non-cancelable purchase commitments for goods or services with various parties. As of December 31, 2022, the Company had a total of $41.5 million in outstanding non-cancelable purchase obligations with a term of 12 months or longer.

Legal Matters

On December 10, 2019, Celmatix Inc. (“Celmatix”) filed a lawsuit in the Supreme Court of the State of New York against the Company asserting claims against the Company for breach of contract and the implied covenant of good faith and fair dealing, and tortious interference with contract and prospective economic advantage, alleging damages that, according to the compliant, plaintiff “believed to be in excess of $100 million.” On February 14, 2020, the Company filed its answer, denying all of the material allegations of the complaint and asserting counterclaims against Celmatix for breach of contract. Celmatix amended its complaint on July 13, 2021, asserting an additional claim against the Company for fraudulent inducement of contract. On July 19, 2021, the Company filed its answer to the amended complaint, denying all of the material allegations and asserting a counterclaim and an additional defense of fraudulent inducement of contract. On October 29, 2021, both parties made motions for partial summary judgment in their favor. Briefing of the parties’ respective motions was completed in December 2021. On March 30, 2022, the Company and Celmatix agreed to a settlement, pursuant to which the Company made a payment of $10.0 million net of insurance coverage and all claims and counter-claims were released. The parties filed a Stipulation of Dismissal and Discontinuance with Prejudice on April 22, 2022. On April 25, 2022, the presiding judge entered an order noting that the motions for summary judgment are moot, canceling all future appearances and marking the case as disposed. As a result of the settlement, the Company recorded a net loss on litigation settlement of $10.0 million during the fiscal year ended March 31, 2022.

Indemnification

As of December 31, 2022, the Company did not have any indemnification claims.

Stockholders' Equity

9 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

. Stockholders' Equity

Common Stock

On the Closing Date, in connection with the Merger, the Company amended and restated its certificate of incorporation to authorize 1,490,000,000 shares of common stock, of which 1,140,000,000 shares are designated Class A common stock and 350,000,000 shares are designated Class B common stock, each with a par value of $0.0001 per share. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to ten votes per share. Each share of Class B common stock is convertible into one share of Class A common stock at any time at the option of the holder and automatically converts into one share of Class A common stock upon transfer (except for certain permitted transfers).

The Company has the following shares of common stock outstanding:


	December 31,		March 31,
	2022		2022
Class A common stock: (par value $0.0001)
Authorized		1,140,000,000		1,140,000,000
Issued and outstanding(1)(2)		288,629,645		228,174,718
Class B common stock: (par value $0.0001)
Authorized		350,000,000		350,000,000
Issued and outstanding		168,531,838		220,637,603

(1)

(2)

Reserve for Issuance

The Company has the following shares of Class A common stock reserved for future issuance, on an as-if-converted basis:


	December 31,		March 31,
	2022		2022
Outstanding stock options		69,089,621		73,609,565
Outstanding restricted stock units		27,745,454		10,676,378
Remaining shares available for future issuance under 2021 Incentive Equity Plan		42,512,084		48,895,572
Remaining shares available for future issuance under Employee Stock Purchase Plan		10,289,663		11,420,000
Total shares of common stock reserved		149,636,822		144,601,515

Preferred Stock

Pursuant to the Company’s amended and restated certificate of incorporation, the Company is authorized to issue 10,000,000 shares of preferred stock, each with a par value of $0.0001 per share. The Company’s Board of Directors has the authority to issue shares of the preferred stock in one or more series and to determine the preferences, privileges, and restrictions, including voting rights, of those shares. As of December 31, 2022 and March 31, 2022, no shares of preferred stock were issued and outstanding.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

9 Months Ended

Dec. 31, 2022

Equity Incentive Plans and Stock-Based Compensation

11. Equity Incentive Plans and Stock-Based Compensation

Equity Incentive Plans

In 2006, 23andMe, Inc. established its 2006 Equity Incentive Plan, as amended (the “2006 Plan”), which provides for the grant of stock options and restricted stock to its employees, directors, officers, and consultants. The 2006 Plan allows for time-based or performance-based vesting for the awards. The 2006 Plan has been amended and restated at various times since its adoption.

On June 10, 2021, the shareholders of VGAC approved the 23andMe Holding Co. 2021 Incentive Equity Plan (the “2021 Plan”) and reserved 136,000,000 authorized shares of the Company’s Class A common stock for issuance thereunder. In addition, all equity awards of 23andMe, Inc. that were issued under the 2006 Plan were converted into comparable equity awards that are settled or

exercisable for shares of the Company’s Class A common stock. As a result, each 23andMe, Inc. stock option was converted into an option to purchase shares of the Company’s Class A common stock based on an exchange ratio of 2.293698169. As of the effective date of the 2021 Plan, no further stock awards have been or will be granted under the 2006 Plan. In November 2021, in connection with the Lemonaid Acquisition, the Company registered an additional 2,990,386 shares of Class A common stock issuable under the 2021 Plan, which represent shares of Class A common stock issuable in exchange for outstanding options initially granted under Lemonaid Health’s 2014 Equity Incentive Plan, as amended.

The number of shares of Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, starting in 2022, in an amount equal to (i) 22,839,019 shares of Class A common stock, (ii) 3.0% of the aggregate number of shares of Class A common stock and Class B common stock outstanding, or (iii) a lesser number of shares determined by the Company’s Board of Directors prior to the applicable January 1 (the “Evergreen Provision”). On June 15, 2022, in accordance with the Evergreen Provision, the Company registered an additional 13,384,415 shares of Class A common stock issuable under the 2021 Plan.

Options under the 2021 Plan have a contractual life of up to ten years. The exercise price of a stock option shall not be less than 100% of the estimated fair value of the shares on the date of grant, as determined by the Board of Directors. For Incentive Stock Options (“ISO”) as defined in the Internal Revenue Code of 1986, as amended (the “Code”), the exercise price of an ISO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the underlying stock on the date of grant as determined by the Board of Directors. The Company’s options generally vest over four years. Under the 2021 Plan, stock option awards entitle the holder to receive one share of Class A common stock for every option exercised.

Restricted stock units (“RSUs”) granted under the 2021 Plan vest ratably over a period ranging from one to four years and are subject to the participant’s continuing service to the Company over that period. Until vested, RSUs do not have the voting and dividend participation rights of Class A common stock and the shares underlying the awards are not considered issued and outstanding.

In February 2022, the Compensation Committee of the Company’s Board of Directors adopted a RSU conversion and deferral program for non-employee directors. The purpose of the program is to provide non-employee directors with the option to convert all or a portion of their cash compensation into a RSU award under the 2021 Plan and the opportunity to defer settlement of all or a portion of their RSU awards. As of December 31, 2022, four non-employee directors have elected to convert all of their cash compensation into RSU awards, and two non-employee directors have elected to defer settlement of their RSU awards under the program.

On June 9, 2022, the Compensation Committee of the Company’s Board of Directors adopted an annual incentive plan (the “2022 AIP”), pursuant to which, beginning in fiscal year 2023, which began on April 1, 2022, employees and certain service providers of 23andMe, Inc. and its affiliates will be eligible to receive annual incentive bonuses in the form of cash or RSUs issued by the Company under the 2021 Plan, based upon the Company’s achievement of certain pre-established financial, operational, and strategic performance metrics. If the pre-established performance metrics for the one-year performance period ending March 31, 2023 are achieved, the Company anticipates that the 2022 annual incentive bonuses will be paid in the form of RSUs (collectively, the “2022 AIP Awards”). The number of RSUs will be determined by dividing the dollar amount of the 2022 AIP Awards by the trailing average closing price of the Company’s Class A common stock for the 90 days preceding the date of payment. The Company accounts for the 2022 AIP Awards as liability awards and adjusts the liability and corresponding expenses at the end of each quarter until the date of settlement, considering the probability that the performance conditions will be satisfied. The Company recorded stock-based compensation expense related to the 2022 AIP Awards of $10.0 million and $19.8 million for the three and nine months ended December 31, 2022, respectively. As of December 31, 2022, the liability of the 2022 AIP Awards was $19.8 million, which was included in other current liabilities on the condensed consolidated balance sheet.

Stock Option Activity

Stock option activity and activity regarding shares available for grant under the 2021 Plan are as follows:


	Options Outstanding
	Outstanding Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
	(In thousands, except share, years, and per share data)
Balance as of March 31, 2022		73,609,565		$	4.21	6.9		$	35,979
Granted		4,866,230		$	3.50
Exercised		(2,592,856	)	$	1.57
Cancelled/forfeited/expired		(6,793,318	)	$	4.73
Balance as of December 31, 2022		69,089,621		$	4.20		6.3	$	10,109
Vested and exercisable as of December 31, 2022		46,306,985		$	4.11		5.2	$	7,165

The weighted average grant date fair value of options granted for the nine months ended December 31, 2022 was $2.42. The intrinsic value of vested options exercised for the nine months ended December 31, 2022 was $4.4 million. As of December 31, 2022, unrecognized stock-based compensation cost related to unvested stock options was $75.3 million, which is expected to be recognized over a weighted-average period of 2.6 years. Due to a valuation allowance on deferred tax assets, the Company did not recognize any tax benefit from stock option exercises for the three and nine months ended December 31, 2022 and 2021.

The Company estimated the fair value of options granted using the Black-Scholes option-pricing model. The fair value of stock options is being amortized on a straight-line basis over the requisite service period of the awards.

The weighted average Black-Scholes assumptions used to value stock options at the grant dates are as follows:


	Three Months Ended December 31,												Nine Months Ended December 31,
	2022						2021						2022						2021
	Min			Max			Min			Max			Min			Max			Min			Max
Expected term (years)		6.0			6.0			3.3			6.1			6.0			6.8			3.3			6.1
Expected volatility		79	%		79	%		72	%		72	%		76	%		81	%		72	%		73	%
Risk-free interest rate		4.2	%		4.2	%		1.2	%		1.4	%		2.8	%		4.2	%		1.0	%		1.4	%
Expected dividend yield	—				—			—			—		—			—			—			—

Restricted Stock Units

The following table summarizes the RSU activity under the equity incentive plans and related information:


	Unvested RSUs			Weighted-Average Grant Date Fair Value Per Share
Balance as of March 31, 2022		10,676,378		$	9.70
Granted		24,694,698		$	3.34
Vested		(4,673,354	)	$	6.75
Cancelled/forfeited		(2,952,268	)	$	5.60
Balance as of December 31, 2022		27,745,454		$	4.97

As of December 31, 2022, unrecognized stock-based compensation expense related to outstanding unvested RSUs was $128.4 million, which is expected to be recognized over a weighted-average period of 3.1 years.

Stock Subject to Vesting

In November 2021, in connection with the Lemonaid Acquisition, the Company granted 3,747,027 shares of Class A common stock with an aggregate grant date fair value of $43.9 million to two recipients, each of whom was a former stockholder and officer of Lemonaid and each of whom, following the closing of the Lemonaid Acquisition, joined the Company’s management team. The shares vest over a four-year period in quarterly installments beginning on February 1, 2022, subject to the respective recipient’s continued employment with the Company. The Company recognized stock-based compensation expense related to these awards of $2.8 million and $8.2 million for the three and nine months ended December 31, 2022, respectively, within general and administrative expenses. Unrecognized stock-based compensation expense of $31.1 million is expected to be recognized over a weighted average period of 2.8 years.

Employee Stock Purchase Plan

On June 10, 2021, the shareholders of VGAC approved the 23andMe Holding Co. Employee Stock Purchase Plan (the “ESPP”). A total of 11,420,000 shares of the Company’s Class A common stock were initially reserved for issuance under the ESPP. Pursuant to the terms of the ESPP, the number of shares of the Company’s Class A common stock reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2023, by the lesser of (i) an amount equal to one percent (1.0%) of the total number of shares of Class A and Class B common stock outstanding as of the last day of the immediately preceding December 31st, (ii) 5,000,000 shares, or (iii) a lesser number of shares as determined by the Board of Directors in its discretion. As of December 31, 2022, 1,130,337 shares of the Company’s Class A common stock have been issued and 10,289,663 shares remained available for future issuance under the ESPP.

The ESPP provides for concurrent 12-month offerings with successive six-month purchase intervals commencing on March 1 and September 1 of each year and purchase dates occurring on the last day of each such purchase interval (i.e., August 31 and February 28). The ESPP contains a rollover provision whereby if the price of the Company’s Class A common stock on the first day of a new offering

period is less than the price on the first day of any preceding offering period, all participants in a preceding offering period with a higher first day price will be automatically withdrawn from such preceding offering period and re-enrolled in the new offering period. The rollover feature, when triggered, will be accounted for as a modification to the preceding offering period, resulting in incremental expense to be recognized over the new offering period.

Stock-Based Compensation

Total stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, is included in costs and expenses as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Cost of revenue	$	3,200	$	1,098	$	8,940	$	2,841
Research and development		15,188		7,697		39,267		18,754
Sales and marketing		2,444		1,178		7,336		2,941
General and administrative		13,506		7,436		38,225		12,937
Total stock-based compensation expense	$	34,338	$	17,409	$	93,768	$	37,473

Income Taxes

9 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The Company computes provision for income taxes by applying the estimated annual effective tax rate to year-to-date income from recurring operations and adjust the provision for discrete tax items recorded in the period. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate primarily as a result of a valuation allowance against its deferred tax assets.

An income tax benefit of $0.6 million and $2.1 million was recognized for the three and nine months ended December 31, 2022, respectively, and $3.5 million for both the three and nine months ended December 31, 2021. This benefit from income taxes is reflected on the condensed consolidated statements of operations and comprehensive loss for the periods presented. The Company continues to maintain a full valuation allowance on the remaining net deferred tax assets of the U.S. entities as it is more likely than not that the Company will not realize the deferred tax assets. Utilization of net operating loss carryforwards may be subject to future annual limitations provided by Section 382 of the Code and similar state provisions.

The Company files income tax returns in the U.S. federal jurisdiction, various states, and the United Kingdom. The Company is not currently under examination by income tax authorities in federal, state, or other jurisdictions. All tax returns will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss or credits.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Net Loss Per Share Attributable to Common Stockholders

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

13. Net Loss Per Share Attributable to Common Stockholders

The net loss attributable to common stockholders is allocated on a proportionate basis, and the resulting net loss per share is identical for Class A and Class B common stock under the two-class method.

No dividends were declared or paid for the three and nine months ended December 31, 2022 and 2021.

The Company’s stock options, early exercised stock options, RSUs, and restricted stock awards subject to vesting are considered to be potential common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.

Net loss attributable to common stockholders was equivalent to net loss for all periods presented.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented:


	Three Months Ended December 31,												Nine Months Ended December 31,
	2022						2021						2022						2021
	Class A			Class B			Class A			Class B			Class A			Class B			Class A			Class B
	(In thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders	$	(57,490	)	$	(34,471	)	$	(25,829	)	$	(63,567	)	$	(144,000	)	$	(103,558	)	$	(36,672	)	$	(111,274	)

Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		283,449,950			169,957,252			123,255,556			303,335,555			261,728,144			188,221,685			82,912,004			251,579,901

Net loss per share:
Net loss per share attributable to common stockholders, basic and diluted	$	(0.20	)	$	(0.20	)	$	(0.21	)	$	(0.21	)	$	(0.55	)	$	(0.55	)	$	(0.44	)	$	(0.44	)

The potential shares of Class A common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive were as follows (there were none for Class B common stock for both periods presented):


	As of December 31,
	2022		2021
Outstanding stock options		69,089,621		66,252,927
Restricted stock units		27,745,454		9,701,083
Shares subject to vesting		2,810,271		3,747,027
Liability RSU awards		724,506		—
ESPP		3,713,166		—
Total		104,083,018		79,701,037

Subsequent Events

9 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On February 6, 2023, the Company filed a shelf Registration Statement on Form S-3 with the SEC, relating to the sale, from time to time, in one or more transactions, of up to $500 million of common stock, preferred stock, debt securities, warrants, and units (the “Shelf Registration Statement”). Also, on February 6, 2023, the Company entered into a Sales Agreement (the “Sales Agreement”) with Cowen and Company, LLC (the “Agent”), pursuant to which the Company may sell, from time to time, at its option, up to $150 million in aggregate principal amount of an indeterminate amount of shares (the “ATM Shares”) of the Company’s Class A common stock, $0.0001 par value per share, through the Agent, as the Company’s sales agent. Subject to the terms of the Sales Agreement, the Agent will use reasonable efforts to sell the ATM Shares from time to time, based upon the Company’s instructions (including any price, time, or size limits or other customary parameters or conditions the Company may impose), by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act and pursuant to, and only upon the effectiveness of, the Shelf Registration Statement. The Company will pay the Agent a commission of 3.0% of the gross proceeds from the sales of the ATM Shares, if any. The Company has also agreed to provide the Agent with customary indemnification and contribution rights. The offering of the ATM Shares will terminate upon the earliest of (a) the sale of the maximum number or amount of the ATM Shares permitted to be sold under the Sales Agreement and (b) the termination of the Sales Agreement by the parties thereto. While the Company cannot provide any assurances that it will sell any ATM Shares pursuant to the Sales Agreement, the Company expects to use the net proceeds from the sale of securities under the Sales Agreement, if any, for general corporate purposes, including working capital requirements and operating expenses; the Company, however, has not allocated the net proceeds for specific purposes. As of the date of this Form 10-Q, the Company has not made any sales under the Sales Agreement.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Dec. 31, 2022

Unaudited Interim Condensed Consolidated Financial Information

Basis of Presentation

For the nine months ended December 31, 2022 and 2021, the Company had operations primarily in the United States and insignificant operations in the United Kingdom.

Fiscal Year

The Company’s fiscal year ends on March 31. References to fiscal year 2023 and 2022 refer to the fiscal years ending and ended March 31, 2023 and 2022, respectively.

Use of Estimates

Concentration of Supplier Risk

Concentration of Credit Risk

Significant customer information is as follows:


	December 31,			March 31,
	2022			2022
Percentage of accounts receivable:
Customer B		14	%		0	%
Customer C		70	%		25	%
Customer F		12	%		19	%
Customer G		0	%		44	%


	Three Months Ended December 31,						Nine Months Ended December 31,
	2022			2021			2022			2021
Percentage of revenue:
Customer C		22	%		17	%		20	%		19	%
Customer B		20	%		14	%		18	%		17	%

Intangible Assets

Revenue Recognition

PGS

Revenue is recognized at a point in time upon delivery of the initial ancestry reports and initial health reports to the customer, as the customer obtains control when the report is received.

During the three and nine months ended December 31, 2022, the Company did not recognize any PGS revenue for performance obligations satisfied in prior periods.

Research Services

During the three and nine months ended December 31, 2022, the Company did not recognize any research services revenue for performance obligations satisfied in prior periods.

Telehealth

During the three and nine months ended December 31, 2022, the Company did not recognize any telehealth revenue for performance obligations satisfied in prior periods.

Disaggregation of Revenue

The following table presents revenue by category:


	Three Months Ended December 31,										Nine Months Ended December 31,
	2022					2021					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(In thousands, except percentages)
Point in Time
PGS	$	37,499		56	%	$	35,090		62	%	$	117,300		57	%	$	121,516		71	%
Telehealth		8,592		13	%		6,146		11	%		27,124		13	%		6,146		4	%
Consumer services		46,091		69	%		41,236		72	%		144,424		70	%		127,662		75	%
Research services		—		0	%		—		0	%		—		0	%		—		0	%
Total (1)		46,091		69	%		41,236		72	%		144,424		70	%		127,662		75	%

Over Time
PGS		5,100		7	%		3,277		6	%		14,316		7	%		9,189		5	%
Telehealth		2,451		4	%		1,527		3	%		7,471		3	%		1,527		1	%
Consumer services		7,551		11	%		4,804		8	%		21,787		10	%		10,716		6	%
Research services		13,298		20	%		10,851		19	%		40,901		20	%		32,956		19	%
Total (1)		20,849		31	%		15,655		28	%		62,688		30	%		43,672		25	%

Revenue by Category
PGS		42,599		64	%		38,367		67	%		131,616		63	%		130,705		76	%
Telehealth		11,043		16	%		7,673		14	%		34,595		17	%		7,673		5	%
Consumer services		53,642		80	%		46,040		81	%		166,211		80	%		138,378		81	%
Research services		13,298		20	%		10,851		19	%		40,901		20	%		32,956		19	%
Total (1)	$	66,940		100	%	$	56,891		100	%	$	207,112		100	%	$	171,334		100	%

(1)

There was no Therapeutics revenue for the three and nine months ended December 31, 2022 and 2021.

The following table summarizes revenue by region based on the shipping address of customers or the location where the services are delivered:


	Three Months Ended December 31,										Nine Months Ended December 31,
	2022					2021					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(In thousands, except percentages)
United States	$	46,770		70	%	$	41,741		73	%	$	147,425		71	%	$	120,706		70	%
United Kingdom		16,194		24	%		10,779		19	%		47,198		23	%		37,020		22	%
Canada		2,866		4	%		3,065		6	%		8,744		4	%		9,052		5	%
Other regions		1,110		2	%		1,306		2	%		3,745		2	%		4,556		3	%
Total	$	66,940		100	%	$	56,891		100	%	$	207,112		100	%	$	171,334		100	%

Contract Balances

Remaining Performance Obligations

Reclassifications

Intangible Assets

Comprehensive Loss

Recently Adopted Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Dec. 31, 2022

Summary of Significant Customer Information

Significant customer information is as follows:


	December 31,			March 31,
	2022			2022
Percentage of accounts receivable:
Customer B		14	%		0	%
Customer C		70	%		25	%
Customer F		12	%		19	%
Customer G		0	%		44	%


	Three Months Ended December 31,						Nine Months Ended December 31,
	2022			2021			2022			2021
Percentage of revenue:
Customer C		22	%		17	%		20	%		19	%
Customer B		20	%		14	%		18	%		17	%

Summary Of Revenue By Category

The following table presents revenue by category:


	Three Months Ended December 31,										Nine Months Ended December 31,
	2022					2021					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(In thousands, except percentages)
Point in Time
PGS	$	37,499		56	%	$	35,090		62	%	$	117,300		57	%	$	121,516		71	%
Telehealth		8,592		13	%		6,146		11	%		27,124		13	%		6,146		4	%
Consumer services		46,091		69	%		41,236		72	%		144,424		70	%		127,662		75	%
Research services		—		0	%		—		0	%		—		0	%		—		0	%
Total (1)		46,091		69	%		41,236		72	%		144,424		70	%		127,662		75	%

Over Time
PGS		5,100		7	%		3,277		6	%		14,316		7	%		9,189		5	%
Telehealth		2,451		4	%		1,527		3	%		7,471		3	%		1,527		1	%
Consumer services		7,551		11	%		4,804		8	%		21,787		10	%		10,716		6	%
Research services		13,298		20	%		10,851		19	%		40,901		20	%		32,956		19	%
Total (1)		20,849		31	%		15,655		28	%		62,688		30	%		43,672		25	%

Revenue by Category
PGS		42,599		64	%		38,367		67	%		131,616		63	%		130,705		76	%
Telehealth		11,043		16	%		7,673		14	%		34,595		17	%		7,673		5	%
Consumer services		53,642		80	%		46,040		81	%		166,211		80	%		138,378		81	%
Research services		13,298		20	%		10,851		19	%		40,901		20	%		32,956		19	%
Total (1)	$	66,940		100	%	$	56,891		100	%	$	207,112		100	%	$	171,334		100	%

(1)

There was no Therapeutics revenue for the three and nine months ended December 31, 2022 and 2021.

Summary of Revenue by Region based on the Shipping Address of Customers

The following table summarizes revenue by region based on the shipping address of customers or the location where the services are delivered:


	Three Months Ended December 31,										Nine Months Ended December 31,
	2022					2021					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(In thousands, except percentages)
United States	$	46,770		70	%	$	41,741		73	%	$	147,425		71	%	$	120,706		70	%
United Kingdom		16,194		24	%		10,779		19	%		47,198		23	%		37,020		22	%
Canada		2,866		4	%		3,065		6	%		8,744		4	%		9,052		5	%
Other regions		1,110		2	%		1,306		2	%		3,745		2	%		4,556		3	%
Total	$	66,940		100	%	$	56,891		100	%	$	207,112		100	%	$	171,334		100	%

Schedule Of Company Revenue and Adjusted EBITDA by Segment

he Company’s revenue and Adjusted EBITDA by segment is as follows:


	Three Months Ended December 31,						Nine Months Ended December 31,
	2022			2021			2022			2021
	(In thousands)
Segment Revenue:
Consumer and Research Services	$	66,940		$	56,891		$	207,112		$	171,334
Total revenue (1)	$	66,940		$	56,891		$	207,112		$	171,334
Segment Adjusted EBITDA:
Consumer and Research Services Adjusted EBITDA	$	(8,313	)	$	(31,967	)	$	(22,986	)	$	(33,232	)
Therapeutics Adjusted EBITDA		(21,471	)		(19,916	)		(58,599	)		(57,046	)
Unallocated Corporate		(13,488	)		(12,129	)		(41,057	)		(30,692	)
Total Adjusted EBITDA	$	(43,272	)	$	(64,012	)	$	(122,642	)	$	(120,970	)

Reconciliation of net loss to Adjusted EBITDA:
Net loss	$	(91,961	)	$	(89,396	)	$	(247,558	)	$	(147,946	)
Adjustments
Interest (income) expense, net		(3,671	)		(76	)		(5,307	)		(213	)
Other (income) expense, net		(855	)		(22	)		267			(39	)
Change in fair value of warrant liabilities		—			(3,695	)		—			(32,989	)
Income tax benefit		(613	)		(3,512	)		(2,139	)		(3,512	)
Depreciation and amortization		5,257			4,681			15,512			14,188
Amortization of acquired intangible assets		4,265			2,898			12,847			2,898
Impairment of acquired intangible assets		9,968			—			9,968			—
Stock-based compensation expense		34,338			17,409			93,768			37,473
Acquisition-related costs (2)		—			7,701			—			9,170
Total Adjusted EBITDA	$	(43,272	)	$	(64,012	)	$	(122,642	)	$	(120,970	)

(1)

There was no Therapeutics revenue for the three and nine months ended December 31, 2022 and 2021.

(2)

For the three and nine months ended December 31, 2021, acquisition-related costs primarily consisted of advisory, legal and consulting fees.

Summary of Customers Accounting for 10% or More of Segment Revenues

Customers accounting for 10% or more of segment revenues were as follows:


	Three Months Ended December 31,								Nine Months Ended December 31,
	2022				2021				2022				2021
	(In thousands, except percentages)
Consumer and Research Services Segment Revenue:
Customer C (1)	$	14,680	22	%	$	9,676	17	%	$	41,365	20	%	$	33,123	19	%
Customer B (2)	$	13,068	20	%	$	8,069	14	%	$	36,258	18	%	$	29,281	17	%

(1)

Customer C revenues are primarily in the United States.

(2)

Customer B revenues are in the U.K.

Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis:


	December 31, 2022
	Fair Value		Level 1		Level 2		Level 3
	(In thousands)
Financial Assets:
Money market funds	$	418,000	$	418,000	$	—	$	—
Total financial assets	$	418,000	$	418,000	$	—	$	—

Segment Information (Tables)

9 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

Customers accounting for 10% or more of segment revenues were as follows:


	Three Months Ended December 31,								Nine Months Ended December 31,
	2022				2021				2022				2021
	(In thousands, except percentages)
Consumer and Research Services Segment Revenue:
Customer C (1)	$	14,680	22	%	$	9,676	17	%	$	41,365	20	%	$	33,123	19	%
Customer B (2)	$	13,068	20	%	$	8,069	14	%	$	36,258	18	%	$	29,281	17	%

(1)

Customer C revenues are primarily in the United States.

(2)

Customer B revenues are in the U.K.

Schedule Of Company Revenue and Adjusted EBITDA by Segment

he Company’s revenue and Adjusted EBITDA by segment is as follows:


	Three Months Ended December 31,						Nine Months Ended December 31,
	2022			2021			2022			2021
	(In thousands)
Segment Revenue:
Consumer and Research Services	$	66,940		$	56,891		$	207,112		$	171,334
Total revenue (1)	$	66,940		$	56,891		$	207,112		$	171,334
Segment Adjusted EBITDA:
Consumer and Research Services Adjusted EBITDA	$	(8,313	)	$	(31,967	)	$	(22,986	)	$	(33,232	)
Therapeutics Adjusted EBITDA		(21,471	)		(19,916	)		(58,599	)		(57,046	)
Unallocated Corporate		(13,488	)		(12,129	)		(41,057	)		(30,692	)
Total Adjusted EBITDA	$	(43,272	)	$	(64,012	)	$	(122,642	)	$	(120,970	)

Reconciliation of net loss to Adjusted EBITDA:
Net loss	$	(91,961	)	$	(89,396	)	$	(247,558	)	$	(147,946	)
Adjustments
Interest (income) expense, net		(3,671	)		(76	)		(5,307	)		(213	)
Other (income) expense, net		(855	)		(22	)		267			(39	)
Change in fair value of warrant liabilities		—			(3,695	)		—			(32,989	)
Income tax benefit		(613	)		(3,512	)		(2,139	)		(3,512	)
Depreciation and amortization		5,257			4,681			15,512			14,188
Amortization of acquired intangible assets		4,265			2,898			12,847			2,898
Impairment of acquired intangible assets		9,968			—			9,968			—
Stock-based compensation expense		34,338			17,409			93,768			37,473
Acquisition-related costs (2)		—			7,701			—			9,170
Total Adjusted EBITDA	$	(43,272	)	$	(64,012	)	$	(122,642	)	$	(120,970	)

(1)

There was no Therapeutics revenue for the three and nine months ended December 31, 2022 and 2021.

(2)

For the three and nine months ended December 31, 2021, acquisition-related costs primarily consisted of advisory, legal and consulting fees.

Balance Sheet Components (Tables)

9 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,			March 31,
	2022			2022
	(In thousands)
Computer and software	$	9,992		$	10,573
Laboratory equipment and software		52,159			51,557
Furniture and office equipment		9,117			8,926
Leasehold improvements		40,852			40,566
Capitalized asset retirement obligations		853		853
Property and equipment, gross		112,973			112,475
Less: accumulated depreciation and amortization		(72,182	)		(62,624	)
Property and equipment, net	$	40,791		$	49,851

Schedule of Internal Use Software, Net

Internal-use software, net consisted of the following:


	December 31,			March 31,
	2022			2022
	(In thousands)
Capitalized internal-use software	$	22,128		$	14,804
Less: accumulated amortization		(8,305	)		(5,169	)
Internal-use software, net	$	13,823		$	9,635

Summary of Intangible Assets, Net

Intangible assets, net consisted of the following:


	December 31, 2022
	Weighted Average Remaining Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Cumulative Impairment Charge			Cumulative Currency Translation			Net Carrying Amount
	(In thousands, except years)
Customer relationships		0.8	$	14,900	$	(8,692	)	$	—		$	—		$	6,208
Partnerships		8.8		23,200		(4,160	)		(9,968	)		(1,122	)		7,950
Trademark		3.8		11,000		(2,567	)		—			—			8,433
Developed technology		5.8		24,100		(4,017	)		—			—			20,083
Non-compete agreements		3.8		2,800		(653	)		—			—			2,147
Patents		5.7		5,500		(959	)		—			—			4,541
Total intangible assets			$	81,500	$	(21,048	)	$	(9,968	)	$	(1,122	)	$	49,362


	March 31, 2022
	Weighted Average Remaining Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands, except years)
Customer relationships		1.6	$	14,900	$	(3,104	)	$	11,796
Partnerships		6.6		23,200		(1,558	)		21,642
Trademark		4.6		11,000		(917	)		10,083
Developed technology		6.6		24,100		(1,436	)		22,664
Non-compete agreements		4.6		2,800		(233	)		2,567
Patents		6.4		5,500		(347	)		5,153
Total intangible assets			$	81,500	$	(7,595	)	$	73,905

Summary of Future Amortization of Intangible Assets

Estimated future amortization expense of the identified intangible assets as of December 31, 2022 were as follows:


	Estimated Amortization
	(In thousands)
Fiscal years ending March 31,
2023 (Remaining three months)	$	3,842
2024		12,265
2025		7,919
2026		7,919
2027		6,770
Thereafter		10,647
Total estimated future amortization expense	$	49,362

Schedule of Accrued Expense and Other Current Liabilities

Accrued expense and other current liabilities consisted of the following:


	December 31,		March 31,
	2022		2022
	(In thousands)
Accrued payables	$	16,922	$	20,937
Accrued compensation and benefits		37,859		14,898
Accrued clinical expenses		12,684		6,717
Accrued taxes and other		1,571		2,036
Total accrued expenses and other current liabilities	$	69,036	$	44,588

Leases (Tables)

9 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Future Minimum Lease Payments Related to Company's Operating Lease Liability

As of December 31, 2022, the future minimum lease payments included in the measurement of the Company’s operating lease liabilities were as follows:


	December 31,
	2022
	(In thousands)
Fiscal years ending March 31,
2023 (Remaining three months)	$	2,551
2024		14,934
2025		14,464
2026		11,105
2027		11,348
Thereafter		53,095
Total future operating lease payments		107,497
Less: imputed interest		(27,897	)
Total operating lease liabilities	$	79,600

Stockholders' Equity (Tables)

9 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of common stock outstanding shares

The Company has the following shares of common stock outstanding:


	December 31,		March 31,
	2022		2022
Class A common stock: (par value $0.0001)
Authorized		1,140,000,000		1,140,000,000
Issued and outstanding(1)(2)		288,629,645		228,174,718
Class B common stock: (par value $0.0001)
Authorized		350,000,000		350,000,000
Issued and outstanding		168,531,838		220,637,603

Schedule of Common Stock Reserved for Issuance

The Company has the following shares of Class A common stock reserved for future issuance, on an as-if-converted basis:


	December 31,		March 31,
	2022		2022
Outstanding stock options		69,089,621		73,609,565
Outstanding restricted stock units		27,745,454		10,676,378
Remaining shares available for future issuance under 2021 Incentive Equity Plan		42,512,084		48,895,572
Remaining shares available for future issuance under Employee Stock Purchase Plan		10,289,663		11,420,000
Total shares of common stock reserved		149,636,822		144,601,515

Equity Incentive Plans and Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Summary of Stock Option Activity and Activity Regarding Shares Available for Grant

Stock option activity and activity regarding shares available for grant under the 2021 Plan are as follows:


	Options Outstanding
	Outstanding Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
	(In thousands, except share, years, and per share data)
Balance as of March 31, 2022		73,609,565		$	4.21	6.9		$	35,979
Granted		4,866,230		$	3.50
Exercised		(2,592,856	)	$	1.57
Cancelled/forfeited/expired		(6,793,318	)	$	4.73
Balance as of December 31, 2022		69,089,621		$	4.20		6.3	$	10,109
Vested and exercisable as of December 31, 2022		46,306,985		$	4.11		5.2	$	7,165

Schedule of Assumptions Used in the Black-Scholes Option-Pricing Model

The weighted average Black-Scholes assumptions used to value stock options at the grant dates are as follows:


	Three Months Ended December 31,												Nine Months Ended December 31,
	2022						2021						2022						2021
	Min			Max			Min			Max			Min			Max			Min			Max
Expected term (years)		6.0			6.0			3.3			6.1			6.0			6.8			3.3			6.1
Expected volatility		79	%		79	%		72	%		72	%		76	%		81	%		72	%		73	%
Risk-free interest rate		4.2	%		4.2	%		1.2	%		1.4	%		2.8	%		4.2	%		1.0	%		1.4	%
Expected dividend yield	—				—			—			—		—			—			—			—

Summary of Restricted Stock Awards Activity under the Equity Incentive Plan

The following table summarizes the RSU activity under the equity incentive plans and related information:


	Unvested RSUs			Weighted-Average Grant Date Fair Value Per Share
Balance as of March 31, 2022		10,676,378		$	9.70
Granted		24,694,698		$	3.34
Vested		(4,673,354	)	$	6.75
Cancelled/forfeited		(2,952,268	)	$	5.60
Balance as of December 31, 2022		27,745,454		$	4.97

Schedule of Share Based Compensation Costs

Total stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, is included in costs and expenses as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Cost of revenue	$	3,200	$	1,098	$	8,940	$	2,841
Research and development		15,188		7,697		39,267		18,754
Sales and marketing		2,444		1,178		7,336		2,941
General and administrative		13,506		7,436		38,225		12,937
Total stock-based compensation expense	$	34,338	$	17,409	$	93,768	$	37,473

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented:


	Three Months Ended December 31,												Nine Months Ended December 31,
	2022						2021						2022						2021
	Class A			Class B			Class A			Class B			Class A			Class B			Class A			Class B
	(In thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders	$	(57,490	)	$	(34,471	)	$	(25,829	)	$	(63,567	)	$	(144,000	)	$	(103,558	)	$	(36,672	)	$	(111,274	)

Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		283,449,950			169,957,252			123,255,556			303,335,555			261,728,144			188,221,685			82,912,004			251,579,901

Net loss per share:
Net loss per share attributable to common stockholders, basic and diluted	$	(0.20	)	$	(0.20	)	$	(0.21	)	$	(0.21	)	$	(0.55	)	$	(0.55	)	$	(0.44	)	$	(0.44	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	As of December 31,
	2022		2021
Outstanding stock options		69,089,621		66,252,927
Restricted stock units		27,745,454		9,701,083
Shares subject to vesting		2,810,271		3,747,027
Liability RSU awards		724,506		—
ESPP		3,713,166		—
Total		104,083,018		79,701,037

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Revenue recognized			$ 42,200	$ 36,100
Impairment charges			10,000
Impairment of long-lived assets			10,126	0
K I T S
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Revenue recognized	$ 6,800	$ 4,100	17,800	12,800
Research Services
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Revenue recognized			9,600	30,200
Remaining performance obligations	31,300		31,300
Deferred revenue for customer services	25,100	28,600	25,100	28,600	$ 11,600	$ 31,900
Contract with customer liability related party amount	22,900	26,200	22,900	26,200
Contract with customer liability revenue recognized related party amount			9,200	29,000
Consumer services
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Deferred revenue for customer services	$ 83,800	$ 83,400	$ 83,800	$ 83,400	$ 51,300	$ 39,300
Supplier Concentration Risk \| Revenue Benchmark [Member] \| Microarrays
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%	100.00%
Supplier Concentration Risk \| Revenue Benchmark [Member] \| K I T S
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%	100.00%
Supplier Concentration Risk \| Revenue Benchmark [Member] \| Laboratory Services
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%	100.00%

Summary of Significant Accounting Policies - Summary of Significant Customer Information (Details)	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Customer B
Concentration Risk [Line Items]
Percentage of accounts receivable				14.00%		0.00%
Customer C
Concentration Risk [Line Items]
Percentage of accounts receivable				70.00%		25.00%
Customer F
Concentration Risk [Line Items]
Percentage of accounts receivable				12.00%		19.00%
Customer G
Concentration Risk [Line Items]
Percentage of accounts receivable				0.00%		44.00%
Customer Concentration Risk [Member] \| Customer B \| Revenue Benchmark [Member]
Concentration Risk [Line Items]
Percentage of Revenue	20.00%	14.00%	18.00%		17.00%
Customer Concentration Risk [Member] \| Customer C \| Revenue Benchmark [Member]
Concentration Risk [Line Items]
Percentage of Revenue	22.00%	17.00%		20.00%	19.00%

Summary of Significant Accounting Policies - Summary of Revenue by Category (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

$ 66,940

$ 56,891

$ 207,112

$ 171,334

PGS

42,599

38,367

131,616

130,705

PGS | Point in Time

37,499

35,090

117,300

121,516

PGS | Over Time

5,100

3,277

14,316

9,189

Telehealth

Telehealth | Point in Time

11,043

7,673

34,595

7,673

2,451

1,527

7,471

1,527

Telehealth | Over Time

8,592

6,146

27,124

6,146

Consumer services

Consumer services | Point in Time

53,642

46,040

166,211

138,378

Consumer services | Over Time

46,091

41,236

144,424

127,662

7,551

4,804

21,787

10,716

Research Services

Research Services | Point in Time

13,298

10,851

40,901

32,956

Research Services | Over Time

13,298

10,851

40,901

32,956

Service

^[1]

66,940

56,891

207,112

171,334

Service | Point in Time

^[1]

46,091

41,236

144,424

127,662

Service | Over Time

Product Concentration Risk [Member] | Revenue Benchmark [Member] | PGS

^[1]

$ 20,849

$ 15,655

$ 62,688

$ 43,672

Product Concentration Risk [Member] | Revenue Benchmark [Member] | PGS | Point in Time

64.00%

67.00%

63.00%

76.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | PGS | Over Time

56.00%

62.00%

57.00%

71.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Telehealth

7.00%

6.00%

7.00%

5.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Telehealth | Point in Time

16.00%

14.00%

17.00%

5.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Telehealth | Over Time

4.00%

3.00%

1.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Consumer services

13.00%

11.00%

13.00%

4.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Consumer services | Point in Time

80.00%

81.00%

80.00%

81.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Consumer services | Over Time

69.00%

72.00%

70.00%

75.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Research Services

11.00%

8.00%

10.00%

6.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Research Services | Point in Time

20.00%

19.00%

20.00%

19.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Research Services | Over Time

0.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Service

20.00%

19.00%

20.00%

19.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Service | Point in Time

^[1]

100.00%

Product Concentration Risk [Member] | Revenue Benchmark [Member] | Service | Over Time

^[1]

69.00%

72.00%

70.00%

75.00%

^[1]

31.00%

28.00%

30.00%

25.00%

[1]	There was no Therapeutics revenue for the three and nine months ended December 31, 2022 and 2021.

Summary of Significant Accounting Policies - Summary of Revenue by Region (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

$ 66,940

$ 56,891

$ 207,112

$ 171,334

Service

Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | Service

^[1]

$ 66,940

$ 56,891

$ 207,112

$ 171,334

100.00%

United States

United States | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]

$ 46,770

$ 41,741

$ 147,425

$ 120,706

70.00%

73.00%

71.00%

70.00%

United Kingdom

United Kingdom | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]

$ 16,194

$ 10,779

$ 47,198

$ 37,020

24.00%

19.00%

23.00%

22.00%

Canada

Canada | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]

$ 2,866

$ 3,065

$ 8,744

$ 9,052

4.00%

6.00%

4.00%

5.00%

Other

Other | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]

$ 1,110

$ 1,306

$ 3,745

$ 4,556

2.00%

3.00%

[1]	There was no Therapeutics revenue for the three and nine months ended December 31, 2022 and 2021.

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 418,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	418,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	418,000
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	418,000
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 0

Fair Value Measurements - Schedule of Changes in Fair Value of Warrant Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Change in fair value of warrant liabilities	$ 0	$ 3,695	$ 0	$ 32,989

Recapitalization - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Feb. 04, 2021

Jun. 30, 2021

Dec. 31, 2022

Mar. 31, 2022

Jun. 16, 2021

Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs

Common Stock, Par value

$ 0.0001

$ 33,726

VG Acquisition Sponsor LLC [Member]

Earn-out shares, Percentage

50.00%

Lockup period for shares

7 years

VG Acquisition Sponsor LLC [Member] | Maximum [Member]

Share Price Thresholds Release From Lock Up

$ 15.00

^[1],[2]

288,629,645

228,174,718

Class A Common Stock [Member] | VG Acquisition Sponsor LLC [Member]

^[1],[2]

288,629,645

228,174,718

Number of trading days after commencing

Trading days

20 days

30 days

Class A Common Stock [Member] | VG Acquisition Sponsor LLC [Member] | Minimum [Member]

Share Price Thresholds Release From Lock Up

$ 12.50

Common Stock, Par value

$ 0.0001

168,531,838

220,637,603

168,531,838

220,637,603

[1]

[2]

Variable Interest Entities (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Aggregate carrying value of assets	$ 1,024,654						$ 1,024,654		$ 1,152,068
Aggregate Carrying Value of total liabilities	273,662						273,662		236,412
Net income (loss)	(91,961)	$ (66,065)	$ (89,532)	$ (89,396)	$ (16,524)	$ (42,026)	(247,558)	$ (147,946)
VIE [Member]
Aggregate carrying value of assets									11,200
Aggregate Carrying Value of total liabilities									$ 13,300
Total Revenue	10,000			7,600			31,100	7,600
Net income (loss)	$ 3,800			$ 0			$ 5,900	$ 0

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Segment Information - Schedule of Company Revenue and Adjusted EBITDA by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Dec. 31, 2022

Dec. 31, 2021

Interest (income) expense, net

$ (43,272)

$ (64,012)

$ (122,642)

$ (120,970)

Net income (loss)

(91,961)

$ (66,065)

$ (89,532)

(89,396)

$ (16,524)

$ (42,026)

(247,558)

(147,946)

Adjustments

(3,671)

(76)

(5,307)

(213)

Other income (expense), net

855

(267)

Change in fair value of warrant liabilities

(3,695)

(32,989)

Income tax benefit

(613)

(3,512)

(2,139)

(3,512)

Depreciation and Amortization

5,257

4,681

15,512

14,188

Amortization Of Acquired Intangible Assets

4,265

2,898

12,847

2,898

Impairment of acquired intangible assets

9,968

Stock-based compensation expense

34,338

17,409

93,768

37,473

Acquisition-related costs

7,701

^[1]

9,170

^[1]

Consumer And Research Services [Member]

(43,272)

(64,012)

(122,642)

(120,970)

Segment Revenue

66,940

56,891

207,112

171,334

(8,313)

(31,967)

(22,986)

(33,232)

Therapeutics

Segment Revenue

^[2]

66,940

56,891

207,112

171,334

Unallocated Corporate [Member]

(21,471)

(19,916)

(58,599)

(57,046)

Segment Reporting Information [Line Items]

$ (13,488)

$ (12,129)

$ (41,057)

$ (30,692)

[1]	For the three and nine months ended December 31, 2021, acquisition-related costs primarily consisted of advisory, legal and consulting fees.
[2]	There was no Therapeutics revenue for the three and nine months ended December 31, 2022 and 2021.

Segment Information - Schedule of Customer Accounting of Segment Revenue (Details) - Consumer And Research Services - Revenue Benchmark [Member] - Customer Concentration Risk [Member] - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Customer C

^[1]

$ 14,680

$ 9,676

$ 41,365

$ 33,123

Segment Reporting Information [Line Items]

^[1]

22.00%

17.00%

20.00%

19.00%

Customer B

^[2]

$ 13,068

$ 8,069

$ 36,258

$ 29,281

^[2]

20.00%

14.00%

18.00%

17.00%

[1]	Customer C revenues are primarily in the United States.
[2]	Customer B revenues are in the U.K.

Collaborations - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 05, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue		$ 66,940	$ 56,891	$ 207,112	$ 171,334
Aggregate Cash Consideration For Collaboration Arrangement	$ 50,000
Deferred Revenue Current		108,934		108,934		$ 62,939
Prepaid expenses and other current assets		21,367		21,367		25,139
Cost of Revenue		36,189	29,628	112,598	85,446
Accounts Payable and Other Accrued Liabilities, Current		69,036		69,036		44,588
G S K
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue		13,100	8,100	36,300	29,300
Deferred Revenue Current		22,900		22,900		9,200
Prepaid expenses and other current assets		3,600		3,600		0
Research and development expense		3,300	6,300	9,500	18,200
Cost of Revenue		200	$ 100	300	$ 200
Accounts Payable and Other Accrued Liabilities, Current		$ 9,900		$ 9,900		$ 18,300
Voting interest percentage				20.10%		16.30%

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 112,973	$ 112,475
Less: accumulated depreciation and amortization	(72,182)	(62,624)
Property and equipment, net	40,791	49,851
Computer and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	9,992	10,573
Laboratory Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	52,159	51,557
Furniture and Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	9,117	8,926
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	40,852	40,566
Capitalized Asset Retirement Obligations
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 853	$ 853

Balance Sheet Components - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Depreciation	$ 3,700,000	$ 3,900,000	$ 11,500,000	$ 12,300,000
Impairment Charge for U.K Partnership Asset	10,000,000.0
Amortization Of Intangible Assets	4,500,000	3,000,000.0	13,400,000	3,000,000.0
Internal Use Software
Property Plant And Equipment [Line Items]
Amortization of internal use software including capitalized stock based compensation expense	1,100,000	800,000	3,100,000	2,100,000
Impairment to internal-use software	0	0	500,000
Capitalized Computer Software Gross	$ 3,500,000	$ 1,400,000	$ 7,800,000	$ 3,600,000

Balance Sheet Components - Schedule of Internal Use Software, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Capitalized internal-use software, gross	$ 22,128	$ 14,804
Less: accumulated amortization	(8,305)	(5,169)
Internal-use software, net	$ 13,823	$ 9,635

Balance Sheet Components - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 81,500	$ 81,500
Accumulated amortization	(21,048)	(7,595)
Cumulative Impairment Charge	(9,968)
Cumulative currency translation	(1,122)
Total estimated future amortization expense	$ 49,362	$ 73,905
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	9 months 18 days	1 year 7 months 6 days
Gross Carrying Amount	$ 14,900	$ 14,900
Accumulated amortization	(8,692)	(3,104)
Total estimated future amortization expense	$ 6,208	$ 11,796
Partnerships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	8 years 9 months 18 days	6 years 7 months 6 days
Gross Carrying Amount	$ 23,200	$ 23,200
Accumulated amortization	(4,160)	(1,558)
Cumulative Impairment Charge	(9,968)
Cumulative currency translation	(1,122)
Total estimated future amortization expense	$ 7,950	$ 21,642
Trademark [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years 9 months 18 days	4 years 7 months 6 days
Gross Carrying Amount	$ 11,000	$ 11,000
Accumulated amortization	(2,567)	(917)
Total estimated future amortization expense	$ 8,433	$ 10,083
Developed technology [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years 9 months 18 days	6 years 7 months 6 days
Gross Carrying Amount	$ 24,100	$ 24,100
Accumulated amortization	(4,017)	(1,436)
Total estimated future amortization expense	$ 20,083	$ 22,664
Non-compete agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years 9 months 18 days	4 years 7 months 6 days
Gross Carrying Amount	$ 2,800	$ 2,800
Accumulated amortization	(653)	(233)
Total estimated future amortization expense	$ 2,147	$ 2,567
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years 8 months 12 days	6 years 4 months 24 days
Gross Carrying Amount	$ 5,500	$ 5,500
Accumulated amortization	(959)	(347)
Total estimated future amortization expense	$ 4,541	$ 5,153

Balance Sheet Components - Summary of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2023 (Remaining three months)	$ 3,842
2024	12,265
2025	7,919
2026	7,919
2027	6,770
Thereafter	10,647
Total estimated future amortization expense	$ 49,362	$ 73,905

Balance Sheet Components - Schedule of Accrued Expense and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued payables	$ 16,922	$ 20,937
Accrued compensation and benefits	37,859	14,898
Accrued clinical expenses	12,684	6,717
Accrued taxes and other	1,571	2,036
Total accrued expenses and other current liabilities	$ 69,036	$ 44,588

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Lessee Lease Description [Line Items]
Lease cost	$ 3.3	$ 3.4	$ 10.1	$ 10.2
Minimum [Member]
Lessee Lease Description [Line Items]
Lessee, Operating Lease, Renewal Term	2 months 12 days		2 months 12 days
Maximum [Member]
Lessee Lease Description [Line Items]
Lessee, Operating Lease, Renewal Term	8 years 7 months 6 days		8 years 7 months 6 days

Leases - Schedule of Future Minimum Lease Payments Related to Company's Operating Lease Liability (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023 (Remaining three months)	$ 2,551
2024	14,934
2025	14,464
2026	11,105
2027	11,348
Thereafter	53,095
Total future operating lease payments	107,497
Less: imputed interest	(27,897)
Total operating lease liabilities	$ 79,600

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Apr. 25, 2022	Dec. 31, 2022	Mar. 30, 2022	Dec. 10, 2019
Commitments and Contingencies Disclosure [Abstract]
Non-Cancelable Purchase Obligation		$ 41.5
Damages related to asserting claims				$ 100.0
Litigation insurance settlement recovery receivable			$ 10.0
Loss on litigation settlement	$ 10.0

Stockholders' Equity - Additional Information (Detail)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Jun. 16, 2021

Vote

$ / shares

Feb. 04, 2021

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

Mar. 31, 2022

$ / shares

Common Stock, Par value | $ / shares

$ 0.0001

Description of convertible common stock

Each share of Class B common stock is convertible into one share of Class A common stock at any time at the option of the holder and automatically converts into one share of Class A common stock upon transfer

Preferred stock, shares authorized

1,490,000,000

10,000,000

Preferred stock, par value | $ / shares

$ 0.0001

Proceeds from issuance of common stock under employee stock purchase plan | $

$ 3,238

$ 0

Change in fair value of warrant liabilities | $

$ 0

$ 3,695

$ 0

$ 32,989

Founder Shares [Member]

Shares Restricted for Transfer

12,713,750

VG Acquisition Sponsor LLC [Member]

Earn Out Shares, Percentage

Lockup Period

7 years

50.00%

1,140,000,000

Number of votes | Vote

^[1],[2]

288,629,645

228,174,718

Class A Common Stock [Member] | VG Acquisition Sponsor LLC [Member]

^[1],[2]

288,629,645

228,174,718

Number of trading days after commencing

Earnout Shares

3,814,125

Trading days

20 days

Number Of Trading Days

20 days

30 days

Common Stock, Par value | $ / shares

$ 0.0001

350,000,000

Number of votes | Vote

168,531,838

220,637,603

Maximum [Member] | VG Acquisition Sponsor LLC [Member]

168,531,838

220,637,603

Share Price Thresholds Release From Lock Up | $ / shares

$ 15.00

Minimum [Member] | Class A Common Stock [Member] | VG Acquisition Sponsor LLC [Member]

Share Price Thresholds Release From Lock Up | $ / shares

$ 12.50

[1]

[2]

Stockholders' Equity - Schedule of common stock outstanding (Details) - shares

Dec. 31, 2022

Mar. 31, 2022

Jun. 16, 2021

Class of Stock [Line Items]

1,490,000,000

Class of Stock [Line Items]

1,140,000,000

^[1],[2]

288,629,645

228,174,718

^[1],[2]

288,629,645

228,174,718

Class of Stock [Line Items]

350,000,000

168,531,838

220,637,603