0000950170-23-024232 | 10-K | XBRL Viewer

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2023

Summary of Significant Customer Information

Significant customer information is as follows:


	March 31, 2023			March 31, 2022
Percentage of accounts receivable:
Customer C		69	%		25	%
Customer F		27	%		19	%
Customer G		0	%		44	%


	Year Ended March 31,
	2023			2022			2021
Percentage of revenue:
Customer C		22	%		20	%		21	%
Customer B		16	%		17	%		16	%

Schedule of estimated useful lives of property, plant and equipment

The estimated useful lives of the Company’s property and equipment are as follows:


Computer and software	3 years
Laboratory equipment and software	5 years
Furniture and office equipment	5 years
Leasehold improvements	Shorter of remaining lease term or estimated useful life

Summary of Revenue By Category

The following table presents revenue by category:


	Year Ended March 31,
	2023					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(in thousands, except percentages)
Point in Time
PGS	$	182,866		61	%	$	189,703		70	%	$	191,066		78	%
Telehealth		34,961		12	%		15,299		6	%		—		0	%
Consumer services		217,827		73	%		205,002		76	%		191,066		78	%
Research services		—		0	%		—		0	%		—		0	%
Therapeutics		—		0	%		—		0	%		54		0	%
Total	$	217,827		73	%	$	205,002		76	%	$	191,120		78	%

Over Time
PGS	$	19,548		7	%	$	12,978		5	%	$	6,459		3	%
Telehealth		9,761		3	%		3,908		1	%		—		0	%
Consumer services		29,309		10	%		16,886		6	%		6,459		3	%
Research services		52,353		17	%		50,005		18	%		46,341		19	%
Therapeutics		—		0	%		—		0	%		—		0	%
Total	$	81,662		27	%	$	66,891		24	%	$	52,800		22	%

Revenue by Category
PGS	$	202,414		68	%	$	202,681		75	%	$	197,525		81	%
Telehealth		44,722		15	%		19,207		7	%		—		0	%
Consumer services		247,136		83	%		221,888		82	%		197,525		81	%
Research services		52,353		17	%		50,005		18	%		46,341		19	%
Therapeutics		—		0	%		—		0	%		54		0	%
Total	$	299,489		100	%	$	271,893		100	%	$	243,920		100	%

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:


	Year Ended March 31,
	2023					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(in thousands, except percentages)
United States	$	217,242		73	%	$	192,438		71	%	$	176,120		72	%
United Kingdom		63,023		21	%		58,477		22	%		49,386		20	%
Canada		13,581		4	%		14,293		5	%		12,172		5	%
Other regions		5,643		2	%		6,685		2	%		6,242		3	%
Total	$	299,489		100	%	$	271,893		100	%	$	243,920		100	%

Schedule Of Company Revenue and Adjusted EBITDA by Segment

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


	Year Ended March 31,
	2023			2022			2021
	(in thousands)
Segment Revenue:
Consumer and Research Services	$	299,489		$	271,893		$	243,866
Therapeutics		-			-			54
Total revenue	$	299,489		$	271,893		$	243,920
Segment Adjusted EBITDA:
Consumer and Research Services Adjusted EBITDA	$	(17,997	)	$	(30,112	)	$	12,796
Therapeutics Adjusted EBITDA		(88,503	)		(76,944	)		(58,734	)
Unallocated Corporate (1)		(54,801	)		(43,684	)		(30,587	)
Total Adjusted EBITDA	$	(161,301	)	$	(150,740	)	$	(76,525	)
Reconciliation of net loss to Adjusted EBITDA:
Net loss	$	(311,656	)	$	(217,490	)	$	(183,619	)
Adjustments
Interest income, net		(9,676	)		(277	)		(255	)
Other (income) expense, net		93			83			(1,322	)
Change in fair value of warrant liabilities		—			(32,989	)		—
Income tax benefit		(2,772	)		(3,480	)		—
Depreciation and amortization		20,239			18,899			20,246
Amortization of acquired intangible assets		16,486			7,269			—
Impairment of acquired intangible asset		9,968			—			—
Stock-based compensation expense		116,017			57,933			88,425
Acquisition-related costs (2)		—			9,362			—
Litigation settlement (3)		—			9,950			—
Total Adjusted EBITDA	$	(161,301	)	$	(150,740	)	$	(76,525	)

(1)

Certain 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. These amounts are included in Unallocated Corporate.

(2)

For the fiscal year ended March 31, 2022, acquisition-related costs primarily consisted of advisory, legal and consulting fees.

(3)

For the fiscal year ended March 31, 2022, litigation settlement is litigation cost net of insurance recoveries, which is not expected to occur on a recurring basis and not part of the Company's normal and continued business activity.

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

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


	Year Ended March 31,
	2023				2022				2021
	(in thousands, except percentages)
Consumer and Research Services Segment Revenue:
Customer C (1)	$	65,721	22	%	$	53,875	20	%	$	51,786	21	%
Customer B (2)	$	47,448	16	%	$	46,064	17	%	$	39,917	16	%

(1)

Customer C revenues are primarily in the United States.

(2)

Customer B revenues are in the U.K.

Balance Sheet Components - Summary of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2024	$ 12,265
2025	7,919
2026	7,919
2027	6,770
2028	5,006
Thereafter	5,641
Net carrying amount	$ 45,520	$ 73,905

Consolidated Statements Of Operations And Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue from Related Parties	$ 47,448	$ 46,064	$ 39,917
Related party cost of revenue	(530)	(299)	(1,400)
Related Party Research and Development Expense	$ 10,709	$ 23,954	$ 18,684

- Definition

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.

+ References

Reference 1: 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)(iv))
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+ Details

Summary of Significant Accounting Policies - Schedule of estimated useful lives of property, plant and equipment (Details)	12 Months Ended
	Mar. 31, 2023
Computer and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Laboratory equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life, description	Shorter of remaining lease term or estimated useful life

Stockholders' Equity

12 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

13. Stockholders' Equity

Redeemable Convertible Preferred Stock

Immediately prior to the effective time of the Merger, all series of the redeemable convertible preferred stock of 23andMe, Inc. were converted into shares of Class B common stock of 23andMe, Inc. on a one-for-one basis and then converted to the Company’s Class B common stock at an exchange ratio of 2.293698169, and the aggregate share amount of 209,181,855 was presented as having been converted as of March 31, 2021. As of March 31, 2023 and 2022, no shares of redeemable convertible preferred stock were outstanding.

Common Stock

Prior to the Merger, 23andMe, Inc. had three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock. There were no outstanding shares of 23andMe, Inc. Class C common stock. The rights of the holders of 23andMe, Inc. Class A, Class B, and Class C common stock, respectively, were identical, except with respect to (i) electing members of the Board of Directors, and (ii) voting rights.

On the Closing Date, each share of 23andMe, Inc. Class A common stock was canceled and converted into the Company’s Class A common stock at an exchange ratio of 2.293698169, each share of 23andMe, Inc. Class B common stock was canceled and converted into the Company’s Class B common stock at an exchange ratio of 2.293698169.

On June 16, 2021, 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. 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 any time at the option of the holder and is automatically converted into one share of Class A common stock upon transfer (except for certain permitted transfers). Once converted into Class A common stock, the Class B common stock will not be reissued.

Class A Common Stock Warrants

As the accounting acquirer, 23andMe, Inc. is deemed to have assumed 8,113,999 warrants for Class A common stock that were held by the Sponsor at an exercise price of $11.50 (the “Private Placement Warrants”) and 16,951,609 Class A common stock warrants held by VGAC’s shareholders at an exercise price of $11.50 (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”). In accordance with the warrant agreement, the Warrants became exercisable on October 6, 2021. Had the Warrants not expired in connection with the Redemption (as defined below), the Warrants would have expired five years after the completion of the Business Combination.

Subsequent to the Merger, the Private Placement Warrants and Public Warrants for shares of Class A common stock met liability classification requirements since the Warrants were required to be settled in cash under a tender offer. In addition, Private Placement Warrants were potentially subject to a different settlement amount as a result of being held by the Sponsor which precludes the Private Placement Warrants from being considered indexed to the entity’s own stock. Therefore, the Warrants were classified as liabilities on the consolidated balance sheets.

Public Warrant Terms

The Public Warrants became exercisable into shares of Class A common stock commencing on October 6, 2021.

Redemption of Warrants When the Price per Class A Common Stock Equals or Exceeds $18.00

Once the Warrants became exercisable, the Company had the right to redeem the outstanding Warrants:

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

•

if, and only if, the last reported sale price of the Class A common stock for any 20 trading days within a 30-trading-day period ending three business days before the Company sends the notice of redemption to the warrant holders (which is referred to as the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations, and the like).

Redemption of Warrants When the Price per Class A Common Stock Equals or Exceeds $10.00

Once the Warrants became exercisable, the Company had the right to redeem the outstanding warrants:

•

in whole and not in part;

•

at $0.10 per Warrant upon a minimum of 30 days’ prior written notice of redemption, provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of Class A common stock;

•

if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted per share sub-divisions, share dividends, reorganizations, reclassifications, recapitalizations, and the like); and

•

if the Reference Value is less than $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations, and the like) the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

The numbers in the fee table of the Registration Statement on Form S-1 filed with the SEC by the Company on July 8, 2021 represent the number of shares of Class A common stock that a warrant holder had the right to receive upon exercise in connection with a redemption by the Company pursuant to this redemption feature, based on the “redemption fair market value” of the Class A common stock on the corresponding redemption date (assuming holders elect to exercise their Warrants on a cashless basis prior to redemption), determined based on the volume-weighted average price for the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of Warrants, and the number of months that the corresponding redemption date precedes the expiration date of the Warrants, each as set forth in such fee table. The Company provided its warrant holders with the redemption fair market value no later than one business day after the 10-trading-day period described above ended.

No fractional shares were issued upon exercise of the Warrants. If, upon exercise of the Warrants, a holder would have been entitled to receive a fractional interest in a share, the Company upon exercise rounded down to the nearest whole number the number of shares of Class A common stock that were issued to the warrant holder.

Private Placement Warrants

The Private Placement Warrants (including the shares of Class A common stock issuable upon exercise of the Private Placement Warrants) were not transferable, assignable, or salable until 30 days after the completion of the Business Combination (except, among other limited exceptions, to VGAC’s officers and directors and other persons or entities affiliated with the Sponsor) and they were redeemable by the Company, so long as they are held by the Sponsor, members of the Sponsor, or their permitted transferees under certain specified circumstances. The Sponsor or its permitted transferees had the option to exercise the Private Placement Warrants on a cashless basis. Except as described herein, the Private Placement Warrants had terms and provisions identical to those of the Public Warrants. If the Private Placement Warrants had been held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants would have been redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants.

Except as described under “—Redemption of Warrants When the Price per Class A common stock Equals or Exceeds $10.00,” if holders of the Private Placement Warrants elected to exercise them on a cashless basis, they would have paid the exercise price by surrendering such Warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product

of the number of shares of Class A common stock underlying the Warrants, multiplied by the excess of the “Sponsor exercise fair market value” of the Class A common stock over the exercise price of the Warrants by (y) the Sponsor exercise fair market value. For these purposes, the “Sponsor exercise fair market value” means the average reported closing price of the shares of Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise was sent to the warrant agent.

Warrant Redemption

On November 22, 2021, the Company issued a redemption notice to warrant holders announcing that all Public Warrants and Private Placement Warrants outstanding on December 22, 2021 (the “Redemption Date”) would be redeemed for $0.10 per Warrant, if not earlier exercised on a cash or cashless basis (the “Redemption”). After November 22, 2021 and prior to the Redemption Date, warrant holders were entitled to exercise (i) in cash, at an exercise price of $11.50 per share of Class A common stock, or (ii) on a cashless basis in which the exercising holder was entitled to receive 0.2516 shares of Class A common stock per Warrant. Any Warrants not exercised by the Redemption Date were automatically redeemed by the Company at a price of $0.10 per Warrant.

In connection with the Redemption, approximately 23,901,466 Warrants were exercised, representing approximately 95% of the outstanding Warrants, and 6,016,327 shares of Class A common stock were issued upon exercise of such Warrants. Total cash proceeds generated from exercises of the Warrants were immaterial, and the Company made an immaterial redemption payment to the holders of the 1,164,142 redeemed Warrants. Following the Redemption Date, the Public Warrants stopped trading on Nasdaq and were delisted. No Warrants were outstanding as of March 31, 2023 and 2022.

The change in fair value of warrant liabilities totaling $33.0 million was recorded through the date of exercise or redemption within the consolidated statements of operations and comprehensive loss in fiscal year ended March 31, 2022. Additionally, the fair value of the warrant liability of $42.4 million was reclassified to additional paid-in capital following the Redemption.

Acquisition

As part of the Lemonaid Acquisition, the Company issued 26,825,241 shares of Class A common stock and an additional 3,747,027 shares of Class A common stock that are subject to vesting. The shares subject to vesting are considered stock-based compensation as outlined in Note 14, “Equity Incentive Plans and Stock-Based Compensation.”

Reserve for Issuance

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


	March 31,		March 31,
	2023		2022
Outstanding stock options		68,050,752		73,609,565
Outstanding restricted stock units		26,562,566		10,676,378
Remaining shares available for future issuance under 2021 Incentive Equity Plan		55,922,182		48,895,572
Remaining shares available for future issuance under Employee Stock Purchase Plan		16,349,302		11,420,000
Total shares of common stock reserved		166,884,802		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 March 31, 2023 and 2022, no shares of preferred stock were issued and outstanding.

At-the-Market (“ATM”) Offering

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 (“Cowen” or the “Agent”), pursuant to which the Company may sell through the Agent, as the Company’s sales agent, from time to time, at the Company’s 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. 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 of 1933, as amended, 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 March 31, 2023, the Company has not made any sales under the Sales Agreement.

- Definition

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.

+ References

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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($)		1 Months Ended			12 Months Ended
	Jun. 10, 2021	Sep. 30, 2022	Nov. 30, 2021	Feb. 28, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for future issuance					166,884,802	144,601,515
Granted					4,866,230
Weighted-average grant date fair values of options granted					$ 2.42	$ 4.44	$ 3.02
Intrinsic value of vested options exercised					$ 4,600,000	$ 25,600,000	$ 47,600,000
Unrecognized stock-based compensation cost					$ 65,900,000
Weighted average period over which unrecognized compensation is expected to be recognized					2 years 6 months
Stock-based compensation expense					$ 116,017,000	57,933,000	86,696,000
Proceeds from exercise of stock options					$ 4,203,000	$ 16,998,000	76,151,000
Issuance of common stock related to early exercise of stock options, shares					2,748,796
Common stock subject to repurchase					0	0
Total liabilities					$ 228,659,000	$ 236,412,000
Lemonaid Health, Inc. [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Unrecognized stock-based compensation cost					28,400,000
Weighted average period over which unrecognized compensation is expected to be recognized						2 years 7 months 6 days
Common stock granted subject to vest, Weighted average grant date fair value			$ 43,900,000
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense					40,400,000
General and Administrative [Member] \| Lemonaid Health, Inc. [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense					11,000,000.0	$ 4,500,000
General and Administrative [Member] \| Secondary Sale Transaction [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense					47,671,000	22,242,000	59,986,000
Stock Option Activity [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Tax benefit recognized from stock option exercises					0	$ 0	0
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost					$ 116,800,000
Weighted average period over which unrecognized compensation is expected to be recognized					3 years
Early Exercise of Common Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Exercised					0	0
Early Exercise of Common Stock Options [Member] \| Chief Executive Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted					6,881,095
Proceeds from exercise of stock options		$ 34,700,000					$ 47,200,000
Issuance of common stock related to early exercise of stock options, shares		6,881,095					11,108,906
Common stock subject to repurchase				15,621,041
2021 Incentive Equity Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exchange ratio of common stock					2.293698169
Shares Available for Grant, Beginning balance					22,839,019
Exercise price of stock options as a percentage of fair value of shares					110.00%
Share-based payment award, description					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.
Share-based payment award, expiration period					10 years
Share-based compensation terms of award					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.
2021 Incentive Equity Plan [Member] \| Stock Option Activity [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of total stock holding					10.00%
2021 Incentive Equity Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock issued and outstanding, percentage					3.00%
2021 Incentive Equity Plan [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of stock options as a percentage of fair value of shares					100.00%
ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock issued and outstanding, percentage	(1.00%)
Weighted-average grant date fair values of options granted					$ 1.35	$ 1.84
Potential annual increase in shares reserved for future issuance	5,000,000
Payroll deductions to participate in plan					15.00%
2006 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted					0
2022 AIP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense					$ 18,900,000
Other current liabilities					$ 18,900,000
Class A Common Stock [Member] \| Lemonaid Health, Inc. [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock granted subject to vest			3,747,027
Class A Common Stock [Member] \| 2021 Incentive Equity Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for future issuance	136,000,000
Exchange ratio of common stock					2.293698169
Class A Common Stock [Member] \| 2021 Incentive Equity Plan [Member] \| Lemonaid Health, Inc. [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for future issuance			2,990,386		55,922,182
Class A Common Stock [Member] \| 2021 Incentive Equity Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for future issuance	136,000,000
Class A Common Stock [Member] \| ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for future issuance	11,420,000				16,349,302
Discount from market price, offering date					85.00%
Discount from market price, purchase date					85.00%
Maximum value of shares per employee					$ 25,000
Number of shares issued					2,642,313
Class B Common Stock [Member] \| Early Exercise of Common Stock Options [Member] \| Chief Executive Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from exercise of stock options				$ 32,600,000
Issuance of common stock related to early exercise of stock options, shares				11,029,071

Equity Incentive Plans and Stock-Based Compensation

12 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

14. Equity Incentive Plans and Stock-Based Compensation

Incentive Equity Plans

In 2006, 23andMe, Inc. established its 2006 Equity Incentive Plan, as amended (the “2006 Plan”), which provided for the grant of stock options and restricted stock to its employees, directors, officers, and consultants. The 2006 Plan allowed for time-based or performance-based vesting for the awards. The 2006 Plan was 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.

The 2021 Plan authorizes the issuance or transfer of up to 136,000,000 shares of Class A common stock. 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. 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. As of March 31, 2023, 55,922,182 shares of the Company’s Class A common stock remained available for future issuance 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.

In connection with the Merger, all of the 23andMe, Inc. option holders received an equivalent award at an exchange ratio of 2.293698169 that vest in accordance with the original terms of the award. The Company determined this to be a Type I modification but did not record any incremental stock-based compensation expense since the fair value of the modified awards immediately after the modification was not greater than the fair value of the original awards immediately before the modification.

Under the 2006 Plan and 2021 Plan, RSUs may be granted to employees, non-employee directors and consultants. The RSUs 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 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 March 31, 2023, four non-employee directors had elected to convert all of their cash compensation into RSU awards, and two non-employee directors had 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. The fiscal 2023 annual incentive bonuses will be paid in the form of RSUs (collectively, the “2022 AIP RSUs”) and the number of RSUs will be determined by dividing the dollar amount of the 2022 AIP RSUs by the trailing average closing price of the Company’s Class A common stock for the 30 days preceding the date of payment (or such other number of days determined by the Compensation Committee). The Company accounts for the 2022 AIP RSUs 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 RSUs of $18.9 million for the fiscal years ended March 31, 2023. As of March 31, 2023, the liability of the 2022 AIP RSUs was $18.9 million, which was included in other current liabilities on the 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		(2,748,796	)	$	1.53
Canceled/forfeited/expired		(7,676,247	)	$	4.75
Balance as of March 31, 2023		68,050,752		$	4.20		6.0	$	10,621
Vested and exercisable as of March 31, 2023		48,034,690		$	4.14		5.0	$	7,743

The weighted average grant date fair value per share of options granted for the fiscal years ended March 31, 2023, 2022 and 2021 was $2.42, $4.44 and $3.02, respectively. The total intrinsic value of vested options exercised for the fiscal years ended March 31, 2023, 2022 and 2021 was $4.6 million, $25.6 million and $47.6 million, respectively. As of March 31, 2023, unrecognized stock-based compensation cost related to unvested stock options was $65.9 million, which is expected to be recognized over a weighted-average period of 2.5 years. Due to a valuation allowance on deferred tax assets, the Company did not recognize any tax benefit from stock option exercises for the fiscal years ended March 31, 2023, 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:


	Year Ended March 31,
	2023						2022						2021
	Min			Max			Min			Max			Min			Max
Expected term (years)		6.0			6.8			3.3			6.1			4.0			6.1
Expected volatility		76	%		81	%		72	%		75	%		61	%		68	%
Risk-free interest rate		2.8	%		4.2	%		1.0	%		2.5	%		0.2	%		0.5	%
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		26,940,560		$	3.28
Vested		(7,062,152	)	$	6.23
Canceled/forfeited		(3,992,220	)	$	5.53
Balance as of March 31, 2023		26,562,566		$	4.73

As of March 31, 2023, unrecognized stock-based compensation expense related to outstanding unvested RSUs was $116.8 million, which is expected to be recognized over a weighted-average period of 3.0 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. In connection with the Lemonaid Acquisition, each of these recipients entered into a relinquishment agreement that provides that during the four-year period that commenced on November 1, 2021 (the “Protection Period”), the Company will not (i) terminate the recipient employment without cause, (ii) materially reduce the recipient’s base salary or the benefits to which similarly-situated executive employees of the Company or the Company’s subsidiaries are entitled, other than a broad-based reduction to the same extent that applies to such similarly-situated executive employees, or (iii) relocate the recipient’s principal place of employment to a location outside of a 50-mile radius of their current principal place of employment (each a “Relinquishment Triggering Event”). If any such Relinquishment Triggering Event occurs during the Protection Period or in the event of recipient’s death or disability, then the unvested portion(s) of these awards will immediately vest. The Company recognized stock-based compensation expense related to these awards of $11.0 million and $4.5 million for the fiscal years ended March 31, 2023 and 2022, respectively, within general and administrative expenses. Unrecognized stock-based compensation expense of $28.4 million is expected to be recognized over a weighted average period of 2.6 years.

Employee Stock Purchase Plan

On June 10, 2021, the shareholders of VGAC approved the Company's 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 March 31, 2023, 2,642,313 shares of the Company’s Class A common stock have been issued and 16,349,302 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.

The weighted average grant date fair value of ESPP award per share for the fiscal years ended March 31, 2023 and 2022 was $1.35 and $1.84, respectively. The Company uses the following weighted-average assumptions in the Black-Scholes model to calculate the estimated fair value of the ESPP awards:


	Year Ended March 31,
	2023						2022
	Min			Max			Min			Max
Expected term (years)		0.5			1.0			0.5			1.0
Expected volatility		78	%		109	%		77	%		86	%
Risk-free interest rate		3.3	%		5.2	%		0.6	%		0.9	%
Expected dividend yield	—				—		—				—

Stock-Based Compensation

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


	Year Ended March 31,
	2023		2022		2021
	(in thousands)
Cost of revenue	$	10,874	$	4,029	$	858
Research and development		48,837		26,540		21,771
Sales and marketing		8,635		5,122		4,081
General and administrative		47,671		22,242		59,986
Total stock-based compensation expense	$	116,017	$	57,933	$	86,696

Early Exercise of Common Stock Options

The 2006 Plan allows for option awards that include the right to early exercise options for shares of common stock. For the options granted to the CEO (who is a related party), the Company’s Board of Directors authorized the CEO to exercise unvested options to purchase shares of common stock. Under the terms of the 2006 Plan, any shares issued as a result of the CEO’s early exercise are subject to repurchase, at the option of the Company, at the original issuance price in the event of the CEO’s termination of service as a Service Provider (as defined in the 2006 Plan) for any reason, until the options would have been fully vested. In August 2020, the CEO was granted options for 6,881,095 shares, which were eligible for early exercise. In September 2020, the CEO exercised all 6,881,095 unvested stock options. The cash proceeds received for such exercise were $34.7 million. In February 2021, the CEO exercised an option for 11,029,071 shares of Class B common stock, including both vested and unvested shares, for a cash purchase price of $32.6 million. During the fiscal year ended March 31, 2021, the CEO exercised a total of 11,108,906 unvested stock options early for a total of $47.2 million in cash proceeds. There were no early exercises during the fiscal years ended March 31, 2023 and 2022.

In February 2021, the Board of Directors modified option awards granted to the CEO, which accelerated the vesting of all 15,621,041 unvested common shares previously purchased by the CEO. Stock-based compensation expense of $40.4 million was recorded to General and Administrative expenses which represented the recognition of the remaining unrecognized compensation expense associated with these grants as of the date of modification. As a result of the Board-approved accelerated vesting of these early exercised unvested shares, there were no early exercise liabilities as of March 31, 2023 and 2022.

As of March 31, 2023 and 2022, there was no common stock subject to repurchase.

Revenue (Tables)

12 Months Ended

Mar. 31, 2023

Disaggregation of Revenue [Abstract]

Summary of Revenue By Category

The following table presents revenue by category:


	Year Ended March 31,
	2023					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(in thousands, except percentages)
Point in Time
PGS	$	182,866		61	%	$	189,703		70	%	$	191,066		78	%
Telehealth		34,961		12	%		15,299		6	%		—		0	%
Consumer services		217,827		73	%		205,002		76	%		191,066		78	%
Research services		—		0	%		—		0	%		—		0	%
Therapeutics		—		0	%		—		0	%		54		0	%
Total	$	217,827		73	%	$	205,002		76	%	$	191,120		78	%

Over Time
PGS	$	19,548		7	%	$	12,978		5	%	$	6,459		3	%
Telehealth		9,761		3	%		3,908		1	%		—		0	%
Consumer services		29,309		10	%		16,886		6	%		6,459		3	%
Research services		52,353		17	%		50,005		18	%		46,341		19	%
Therapeutics		—		0	%		—		0	%		—		0	%
Total	$	81,662		27	%	$	66,891		24	%	$	52,800		22	%

Revenue by Category
PGS	$	202,414		68	%	$	202,681		75	%	$	197,525		81	%
Telehealth		44,722		15	%		19,207		7	%		—		0	%
Consumer services		247,136		83	%		221,888		82	%		197,525		81	%
Research services		52,353		17	%		50,005		18	%		46,341		19	%
Therapeutics		—		0	%		—		0	%		54		0	%
Total	$	299,489		100	%	$	271,893		100	%	$	243,920		100	%

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:


	Year Ended March 31,
	2023					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(in thousands, except percentages)
United States	$	217,242		73	%	$	192,438		71	%	$	176,120		72	%
United Kingdom		63,023		21	%		58,477		22	%		49,386		20	%
Canada		13,581		4	%		14,293		5	%		12,172		5	%
Other regions		5,643		2	%		6,685		2	%		6,242		3	%
Total	$	299,489		100	%	$	271,893		100	%	$	243,920		100	%

Balance Sheet Components - Schedule of Internal Use Software, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Capitalized internal-use software, gross	$ 25,180	$ 14,804
Less: accumulated amortization	(9,519)	(5,169)
Internal-use software, net	$ 15,661	$ 9,635

Stockholders' Equity - Schedule of Redeemable Convertible Preferred Stock (Details) - shares	Mar. 31, 2023	Mar. 31, 2022
Redeemable convertible preferred stock, Shares, Outstanding	0	0

Retirement Benefit Plans (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Contributions cost	$ 2,600	$ 1,700	$ 1,500
Annual compensation	$ 2,300
Annual compensation percentage	100.00%
Annual compensation of employee contributions	100.00%
Annual Compensation and Contribution Limits	The Company matches the greater of 100% of the first 2% or 100% of the first $2,300 (subject to annual compensation and contribution limits) of employee contributions.

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 30, 2022	Mar. 31, 2021	Dec. 10, 2019
Commitments and Contingencies Disclosure [Abstract]
Amounts purchased under non cancelable purchase obligations	$ 34.7	$ 29.9		$ 23.6
Damages related to asserting claims					$ 100.0
Litigation insurance settlement recovery receivable			$ 10.0
Loss on litigation settlement	$ 10.0

Leases (Tables)

12 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of lease costs and other information of lease

The components of lease costs and other information related to leases were as follows:


	Year Ended March 31,
	2023			2022			2021
	(in thousands, except years and percentages)
Operating lease cost	$	13,650		$	13,640		$	13,614
Variable lease cost		5,422			6,425			5,809
Total lease cost	$	19,072		$	20,065		$	19,423

Cash paid for amounts included in the measurement of operating lease liabilities, net	$	(14,941	)	$	(13,490	)	$	(10,334	)
ROU assets obtained in exchange for new operating lease obligations	$	7,930		$	—		$	12,803

Weighted average remaining lease term (years)		7.5			8.4			9.2
Weighted average discount rate		8	%		7	%		7	%

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

As of March 31, 2023, the future minimum lease payments included in the measurement of the Company’s operating lease liabilities were as follows:


	As of March 31, 2023
	(in thousands)
Fiscal years ending March 31,
2024	$	13,800
2025		15,474
2026		15,946
2027		15,472
2028		11,666
Thereafter		41,430
Total future operating lease payments		113,788
Less: imputed interest		(28,484	)
Total operating lease liabilities	$	85,304

Balance Sheet Components (Tables)

12 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	March 31, 2023			March 31, 2022
	(in thousands)
Computer and software	$	10,376		$	10,573
Laboratory equipment and software		52,785			51,557
Furniture and office equipment		8,946			8,926
Leasehold improvements		40,964			40,566
Capitalized asset retirement obligations		853		853
Property and equipment, gross		113,924			112,475
Less: accumulated depreciation and amortization		(75,316	)		(62,624	)
Property and equipment, net	$	38,608		$	49,851

Schedule of internal use software

Internal-use software, net consisted of the following:


	March 31, 2023			March 31, 2022
	(in thousands)
Capitalized internal-use software	$	25,180		$	14,804
Less: accumulated amortization		(9,519	)		(5,169	)
Internal-use software, net	$	15,661		$	9,635

During the fiscal years ended March 31, 2023, 2022 and 2021, t

Summary of Intangible Assets, Net

Intangible assets, net consisted of the following:


	March 31, 2023
	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		0.6	$	14,900	$	(10,554	)	$	—		$	—		$	4,346
Partnerships		8.6		23,200		(4,385	)		(9,968	)		(1,122	)		7,725
Trademark		3.6		11,000		(3,117	)		—			—			7,883
Developed technology		5.6		24,100		(4,877	)		—			—			19,223
Non-compete agreements		3.6		2,800		(793	)		—			—			2,007
Patents		5.5		5,500		(1,164	)		—			—			4,336
Total intangible assets			$	81,500	$	(24,890	)	$	(9,968	)	$	(1,122	)	$	45,520


	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 March 31, 2023 was as follows:


	Estimated Amortization
	(in thousands)
Fiscal years ending March 31,
2024	$	12,265
2025		7,919
2026		7,919
2027		6,770
2028		5,006
Thereafter		5,641
Total estimated future amortization expense	$	45,520

Schedule of Accrued Expense and Other Current Liabilities

Accrued expense and other current liabilities consisted of the following:


	March 31, 2023		March 31, 2022
	(in thousands)
Accrued payables	$	17,030	$	20,937
Accrued compensation and benefits		14,737		14,241
Accrued bonus		21,600		657
Accrued clinical expenses		11,707		6,717
Accrued taxes and other		1,356		2,036
Total accrued expenses and other current liabilities	$	66,430	$	44,588

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

15. Net Loss Per Share Attributable to Common Stockholders

Prior to the Merger, the net loss attributable to common stockholders was allocated based on the contractual participation rights of the 23andMe, Inc. Class A and 23andMe, Inc. Class B common stock. As the liquidation and dividend rights of 23andMe, Inc. Class A and 23andMe, Inc. Class B common stock was identical, the net loss attributable to common stockholders was allocated on a proportionate basis, and the resulting net loss per share was identical for 23andMe, Inc. Class A and 23andMe, Inc. Class B common stock under the two-class method. Earnings per share calculations for all periods prior to the Merger have been retrospectively restated to the equivalent number of shares reflecting the exchange ratio established in the reverse capitalization. Shares issued on early exercise, or issued but subject to vesting, are not included within weighted average shares outstanding for the period.

Subsequent to the Merger, the Company continues to have two classes of common stock: Class A and Class B common stock. Similar to the previous structure, the rights are identical, including liquidation and dividend rights, except the Company’s Class B common stock has additional voting rights and is convertible at any time at the option of the holder into Class A common stock, and is automatically converted into Class A common stock upon transfer (except for certain permitted transfers). 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 fiscal years ended March 31, 2023, 2022 and 2021.

The Company’s redeemable convertible preferred stock, 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:


	Year Ended March 31,
	2023						2022						2021
	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	$	(185,112	)	$	(126,544	)	$	(68,620	)	$	(148,870	)	$	(37,070	)	$	(146,549	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		268,177,185			183,327,192			114,064,921			247,463,198			20,121,419			79,539,367
Net loss per share attributable to common stockholders:
Net loss per share attributable to common stockholders, basic and diluted	$	(0.69	)	$	(0.69	)	$	(0.60	)	$	(0.60	)	$	(1.84	)	$	(1.84	)

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 the fiscal years ended March 31, 2023 and 2022):


	As of March 31,
	2023		2022		2021
	Class A		Class A		Class A		Class B
Conversion of redeemable convertible preferred stock		—		—		—		209,181,855
Outstanding stock options		68,050,752		73,609,565		18,116,302		49,261,103
Restricted stock units		26,562,566		10,676,378		—		—
Shares subject to vesting		2,576,082		3,512,839		—		—
2022 AIP RSUs		8,460,836		—		—		—
ESPP		2,937,194		2,239,756		—		—
Total		108,587,430		90,038,538		18,116,302		258,442,958

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 06, 2023	Nov. 01, 2021	Mar. 31, 2023	Mar. 31, 2022	Jun. 16, 2021
Subsequent Event [Line Items]
Escrow deposit			$ 6.0
Common stock value per share			$ 0.0001	$ 0.0001
Proceeds from sales agent commission percentage	3.00%
Class A Common Stock [Member]
Subsequent Event [Line Items]
Common stock value per share					$ 0.0001
Lemonaid Health, Inc. [Member]
Subsequent Event [Line Items]
Aggregate cash consideration for acquisition		$ 101.9
Escrow deposit			$ 13.0

Income Taxes - Schedule of reconciliation of income tax (benefit) (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal tax expense rate	21.00%	21.00%	21.00%
Non-deductible stock-based compensation	(4.00%)	(3.00%)	(7.00%)
Fair Market Value adjustment on Warrants	0.00%	3.00%	0.00%
Change in valuation allowance related to acquisition	0.00%	2.00%	0.00%
Change in valuation allowance	(16.00%)	(20.00%)	(14.00%)
Other	0.00%	(2.00%)	0.00%
Effective Tax Rate	1.00%	2.00%	(0.00%)

Summary of Significant Accounting Policies - Summary of Revenue by Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue	$ 299,489	$ 271,893	$ 243,920
Service
Disaggregation Of Revenue [Line Items]
Revenue	$ 299,489	$ 271,893	$ 243,920
Geographic Concentration Risk [Member] \| Revenue Benchmark [Member] \| Service
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%
United States
Disaggregation Of Revenue [Line Items]
Revenue	$ 217,242	$ 192,438	$ 176,120
United States \| Geographic Concentration Risk [Member] \| Revenue Benchmark [Member]
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	73.00%	71.00%	72.00%
United Kingdom
Disaggregation Of Revenue [Line Items]
Revenue	$ 63,023	$ 58,477	$ 49,386
United Kingdom \| Geographic Concentration Risk [Member] \| Revenue Benchmark [Member]
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	21.00%	22.00%	20.00%
Canada
Disaggregation Of Revenue [Line Items]
Revenue	$ 13,581	$ 14,293	$ 12,172
Canada \| Geographic Concentration Risk [Member] \| Revenue Benchmark [Member]
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	4.00%	5.00%	5.00%
Other
Disaggregation Of Revenue [Line Items]
Revenue	$ 5,643	$ 6,685	$ 6,242
Other \| Geographic Concentration Risk [Member] \| Revenue Benchmark [Member]
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	2.00%	2.00%	3.00%

Acquisition (Tables)

12 Months Ended

Mar. 31, 2023

Business Acquisition [Line Items]

Pro Forma Revenue and Net Loss Information

The pro forma revenue and net loss is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on April 1, 2020.


	Year Ended March 31,
	2022			2021
	(in thousands)
Pro forma revenue(1)	$	295,025		$	271,532
Pro forma net loss(1)	$	(241,382	)	$	(237,162	)

Lemonaid Health, Inc. [Member]

Business Acquisition [Line Items]

Schedule of Consideration Transferred to Acquired Identifiable Assets and Assumed Liabilities

The following is the allocation of the consideration transferred to acquired identifiable assets and assumed liabilities, net of cash acquired, in the Lemonaid Acquisition as of the acquisition date:


	Amount
	(in thousands)
Cash	$	7,711
Prepaid expenses and other current assets		3,388
Property and equipment, net		1,019
Intangible Assets:
Customer relationships		14,900
Partnerships		23,200
Trademark		11,000
Developed technology		24,100
Non-compete agreements		2,800
Operating lease right-of-use asset		848
Other assumed assets		407
Accounts payable		(3,106	)
Accrued liabilities		(4,218	)
Operating lease liability		(971	)
Deferred tax liability		(6,645	)
Other assumed liabilities		(1,311	)
Total acquired identifiable assets and liabilities		73,122
Goodwill		351,598
Total consideration transferred	$	424,720

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Increase in revenue adjustment		$ 9,000,000.0
Decrease in net loss		$ 9,000,000.0
Decrease in net loss per share		$ 0.02
Revenue recognized	$ 46,600,000	$ 31,900,000
Total restricted cash	8,400,000	8,600,000
Impairment charges	0	0	$ 0
Impairment of long-lived assets	10,126,000	0	0
Finance leases	0
Advertising costs	49,100,000	54,700,000	11,200,000
Deferred Advertising Costs	1,600,000	700,000
K I T S
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Revenue recognized	27,700,000	21,900,000	24,100,000
Research Services
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Revenue recognized	9,700,000	31,400,000
Remaining performance obligations	21,600,000
Deferred revenue for customer services	14,000,000.0	11,600,000	31,900,000
Contract with customer liability revenue recognized related party amount	9,200,000	30,100,000
Consumer services
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Deferred revenue for customer services	$ 48,600,000	$ 51,300,000	$ 39,300,000
Employee Stock Purchase Plan
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Payroll deductions to participate in plan	15.00%
Employee Stock Purchase Plan \| Class A Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Discount from market price, offering date	85.00%
Discount from market price, purchase date	85.00%
Maximum value of shares per employee	$ 25,000
Supplier Concentration Risk \| Revenue \| Microarrays
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%
Supplier Concentration Risk \| Revenue \| K I T S
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%
Supplier Concentration Risk \| Revenue \| Laboratory Services
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%

Equity Incentive Plans and Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

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		(2,748,796	)	$	1.53
Canceled/forfeited/expired		(7,676,247	)	$	4.75
Balance as of March 31, 2023		68,050,752		$	4.20		6.0	$	10,621
Vested and exercisable as of March 31, 2023		48,034,690		$	4.14		5.0	$	7,743

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:


	Year Ended March 31,
	2023						2022						2021
	Min			Max			Min			Max			Min			Max
Expected term (years)		6.0			6.8			3.3			6.1			4.0			6.1
Expected volatility		76	%		81	%		72	%		75	%		61	%		68	%
Risk-free interest rate		2.8	%		4.2	%		1.0	%		2.5	%		0.2	%		0.5	%
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		26,940,560		$	3.28
Vested		(7,062,152	)	$	6.23
Canceled/forfeited		(3,992,220	)	$	5.53
Balance as of March 31, 2023		26,562,566		$	4.73

Schedule of Share Based Compensation Costs

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


	Year Ended March 31,
	2023		2022		2021
	(in thousands)
Cost of revenue	$	10,874	$	4,029	$	858
Research and development		48,837		26,540		21,771
Sales and marketing		8,635		5,122		4,081
General and administrative		47,671		22,242		59,986
Total stock-based compensation expense	$	116,017	$	57,933	$	86,696

Employee Stock Purchase Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

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

The Company uses the following weighted-average assumptions in the Black-Scholes model to calculate the estimated fair value of the ESPP awards:


	Year Ended March 31,
	2023						2022
	Min			Max			Min			Max
Expected term (years)		0.5			1.0			0.5			1.0
Expected volatility		78	%		109	%		77	%		86	%
Risk-free interest rate		3.3	%		5.2	%		0.6	%		0.9	%
Expected dividend yield	—				—		—				—

Balance Sheet Components

12 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following:


	March 31, 2023			March 31, 2022
	(in thousands)
Computer and software	$	10,376		$	10,573
Laboratory equipment and software		52,785			51,557
Furniture and office equipment		8,946			8,926
Leasehold improvements		40,964			40,566
Capitalized asset retirement obligations		853		853
Property and equipment, gross		113,924			112,475
Less: accumulated depreciation and amortization		(75,316	)		(62,624	)
Property and equipment, net	$	38,608		$	49,851

Depreciation and amortization expense was $14.8 million, $16.1 million and $18.1 million for the fiscal years ended March 31, 2023, 2022 and 2021, respectively.

Internal-Use Software, Net

Internal-use software, net consisted of the following:


	March 31, 2023			March 31, 2022
	(in thousands)
Capitalized internal-use software	$	25,180		$	14,804
Less: accumulated amortization		(9,519	)		(5,169	)
Internal-use software, net	$	15,661		$	9,635

During the fiscal years ended March 31, 2023, 2022 and 2021, the Company capitalized $10.8 million, $5.7 million and $4.0 million, respectively, in internal-use software, including $3.2 million, $1.2 million and $0.6 million, respectively, of stock-based compensation expense. For the fiscal years ended March 31, 2023, 2022 and 2021, amortization and impairment of internal-use software was $4.8 million, $2.9 million and $2.0 million, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following:


	March 31, 2023
	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		0.6	$	14,900	$	(10,554	)	$	—		$	—		$	4,346
Partnerships		8.6		23,200		(4,385	)		(9,968	)		(1,122	)		7,725
Trademark		3.6		11,000		(3,117	)		—			—			7,883
Developed technology		5.6		24,100		(4,877	)		—			—			19,223
Non-compete agreements		3.6		2,800		(793	)		—			—			2,007
Patents		5.5		5,500		(1,164	)		—			—			4,336
Total intangible assets			$	81,500	$	(24,890	)	$	(9,968	)	$	(1,122	)	$	45,520


	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 $17.3 million and $7.6 million for the fiscal years ended March 31, 2023 and 2022, respectively. There were no intangible assets as of March 31, 2021.

During the third quarter of the fiscal year ended March 31, 2023, 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. The charge was recorded within sales and marketing expenses in its Consumer and Research segment in the consolidated statements of operations and comprehensive loss. There was no impairment to intangible assets during the fiscal years ended March 31, 2022 and 2021.

Estimated future amortization expense of the identified intangible assets as of March 31, 2023 was as follows:


	Estimated Amortization
	(in thousands)
Fiscal years ending March 31,
2024	$	12,265
2025		7,919
2026		7,919
2027		6,770
2028		5,006
Thereafter		5,641
Total estimated future amortization expense	$	45,520

Accrued Expense and Other Current Liabilities

Accrued expense and other current liabilities consisted of the following:


	March 31, 2023		March 31, 2022
	(in thousands)
Accrued payables	$	17,030	$	20,937
Accrued compensation and benefits		14,737		14,241
Accrued bonus		21,600		657
Accrued clinical expenses		11,707		6,717
Accrued taxes and other		1,356		2,036
Total accrued expenses and other current liabilities	$	66,430	$	44,588

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

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Mar. 31, 2021

Segment Revenue

Recognized revenue

$ 299,489

$ 271,893

$ 243,920

Segment Adjusted EBITDA

Total Adjusted EBITDA

(161,301)

(150,740)

(76,525)

Net loss

(311,656)

(217,490)

(183,619)

Adjustments

Interest income, net

(9,676)

(277)

(255)

Other (income) expense, net

(1,322)

Change in fair value of warrant liabilities

(32,989)

Income tax benefit

(2,772)

(3,480)

Depreciation and amortization

20,239

18,899

20,246

Amortization of acquired intangible assets

16,486

7,269

Impairment of acquired intangible assets

9,968

Stock-based compensation expense

116,017

57,933

88,425

Acquisition-related costs

^[1]

9,362

Litigation settlement

^[2]

9,950

Total Adjusted EBITDA

(161,301)

(150,740)

(76,525)

Consumer And Research Services

Segment Revenue

Recognized revenue

299,489

271,893

243,866

Segment Adjusted EBITDA

Total Adjusted EBITDA

(17,997)

(30,112)

12,796

Therapeutics

Segment Revenue

Recognized revenue

Segment Adjusted EBITDA

Total Adjusted EBITDA

(88,503)

(76,944)

(58,734)

Unallocated Corporate [Member]

Segment Adjusted EBITDA

Total Adjusted EBITDA

^[3]

$ (54,801)

$ (43,684)

$ (30,587)

[1]	For the fiscal year ended March 31, 2022, acquisition-related costs primarily consisted of advisory, legal and consulting fees.
[2]	For the fiscal year ended March 31, 2022, litigation settlement is litigation cost net of insurance recoveries, which is not expected to occur on a recurring basis and not part of the Company's normal and continued business activity.
[3]	Certain 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. These amounts are included in Unallocated Corporate.

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 386,849	$ 553,182
Restricted cash	1,399	1,599
Accounts receivable, net	1,897	3,380
Inventories	10,247	10,789
Deferred cost of revenue	5,376	7,700
Prepaid expenses and other current assets	19,224	25,139
Total current assets	424,992	601,789
Property and equipment, net	38,608	49,851
Operating lease right-of-use assets	56,078	55,577
Restricted cash, noncurrent	6,974	6,974
Internal-use software, net	15,661	9,635
Intangible assets, net	45,520	73,905
Goodwill	351,744	351,744
Other assets	3,021	2,593
Total assets	942,598	1,152,068
Current liabilities:
Accounts payable (included related party amounts of $3,186 and $12,567, respectively)	12,924	37,930
Accrued expenses and other current liabilities (included related party amounts of $8,738 and $5,772, respectively)	66,430	44,588
Deferred revenue (included related party amounts of $11,753 and $9,181, respectively)	62,521	62,939
Operating lease liabilities	7,541	7,784
Total current liabilities	149,416	153,241
Operating lease liabilities, noncurrent	77,763	78,524
Other liabilities	1,480	4,647
Total liabilities	228,659	236,412
Commitments and contingencies (Note 12)
Stockholders' equity
Preferred stock - par value $0.0001, 10,000,000 shares authorized as of March 31, 2023 and 2022; zero shares issued and outstanding as of March 31, 2023 and 2022
Common Stock, par value $0.0001 - Class A shares, 1,140,000,000 shares authorized, 293,020,474 and 228,174,718 shares issued and outstanding as of March 31, 2023 and 2022, respectively; Class B shares, 350,000,000 shares authorized, 168,179,488 and 220,637,603 shares issued and outstanding as of March 31, 2023 and 2022, respectively	46	45
Additional paid-in capital	2,220,897	2,110,160
Accumulated other comprehensive income (loss)	(620)	179
Accumulated deficit	(1,506,384)	(1,194,728)
Total stockholders' equity	713,939	915,656
Total liabilities and stockholders' equity	$ 942,598	$ 1,152,068

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Principle of Consolidation

The Company’s 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 fiscal years ended March 31, 2023, 2022 and 2021, the Company’s operations were primarily in the United States. For the fiscal years ended March 31, 2023 and 2022, the Company had immaterial operations in the United Kingdom (“U.K.”).

Fiscal Year

The Company’s fiscal year ends on March 31. References to fiscal year 2023, 2022 and 2021 refer to the fiscal years ended March 31, 2023, 2022 and 2021, respectively.

Use of Estimates

The preparation of 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 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, annual incentive bonuses payable in the form of restricted stock units (“RSUs”), 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 consolidated financial statements.

During the fiscal year ended March 31, 2022, the Company recorded an adjustment to revenue related to a change in estimate in connection with the collaboration agreement with GlaxoSmithKline plc (“GSK”). The change in estimate was driven by a change in the total project resources resulting in a reduction in the total estimated project hours, which impacted the measurement of progress of the arrangement using the input method. The adjustment increased revenue by $9.0 million, decreased net loss by $9.0 million and decreased the Company’s basic and diluted net loss per share by $0.02 for the fiscal year ended March 31, 2022.

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 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 consolidated financial statements.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation in the consolidated financial statements and accompanying notes to the 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 fiscal years ended March 31, 2023, 2022 and 2021. One laboratory service provider accounted for 100% of the Company’s processing of customer samples for the fiscal years ended March 31, 2023, 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 a majority of its cash and cash equivalents with a single high-quality financial institution, 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 Note 5, “Revenue,” 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:


	March 31, 2023			March 31, 2022
Percentage of accounts receivable:
Customer C		69	%		25	%
Customer F		27	%		19	%
Customer G		0	%		44	%


	Year Ended March 31,
	2023			2022			2021
Percentage of revenue:
Customer C		22	%		20	%		21	%
Customer B		16	%		17	%		16	%

Cash, Cash Equivalents and Restricted Cash

Cash consists of bank deposits held at financial institutions. Cash in U.S. banks is insured to the extent defined by the Federal Deposit Insurance Corporation. Cash equivalents consist primarily of short-term money market funds. The Company maintains certain cash amounts restricted as to its withdrawal or use. The Company held total restricted cash of $8.4 million and $8.6 million as of March 31, 2023 and 2022, respectively, which are related to letters of credit in connection with operating lease agreements, as well as collateral held against the Company’s corporate credit cards.

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.

Accounts Receivable, Net

Accounts receivable is recorded at the invoiced amount, net of estimated reserves for customer refunds, sales incentives, and bad debt, and is not interest-bearing. Accounts receivable represent amounts billed to the customers for bulk order and retail sales, and amounts billed under research services arrangements. Accounts receivable deemed uncollectable are charged against the estimated reserves when identified. The estimated reserves are based on the Company’s assessment of the collectability of accounts. The Company regularly reviews the adequacy of the estimated reserves based on a combination of factors, including an assessment of past collection experience, credit quality of the customer, customer’s aging balance, nature and size of the customer, the financial condition of the customer and the amount of any receivables in dispute. The reserves for customer refunds, sales incentives and bad debt were immaterial for all periods presented.

Inventories

Inventories consist primarily of raw material of Kits and DNA microarrays and are stated at the lower of cost or net realizable value. Kits are shipped to and stored at third-party warehouses and retail consignment sites. DNA microarrays are shipped and stored at third-party laboratories. All inventories are expected to be delivered to the Company’s customers within a normal operating cycle for the Company, which is 12 months. Accordingly, all the Company’s Kits and DNA microarrays are classified as current assets in the

consolidated balance sheets. Cost is determined using standard cost, which approximates the average cost of the inventory items, including shipping and taxes. The Company has determined that all of its inventories would be sold above cost, and that no reserve for lower of cost or net realizable value is required for the Company’s inventories as of March 31, 2023 and 2022.

Deferred Cost of Revenue

Deferred cost of revenue consists primarily of the purchase costs and shipping and fulfillment costs of Kits that have been shipped to consumers and non-consigned retail sites. Deferred cost of revenue is recognized as cost of revenue when the performance obligation to which it relates is fulfilled, which is when the Kit is processed and initial results are made available to the customer, and the respective deferred revenue is recognized.

Property and Equipment, Net

Property and equipment are stated at cost net of accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are expensed as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheets, and any resulting gain or loss is reflected in consolidated statements of operations and comprehensive loss in the period realized.

The estimated useful lives of the Company’s property and equipment are as follows:


Computer and software	3 years
Laboratory equipment and software	5 years
Furniture and office equipment	5 years
Leasehold improvements	Shorter of remaining lease term or estimated useful life

Internal-Use Software

The Company capitalizes certain costs related to the development of its customer platform and other internal-use software, primarily consisting of employee-related costs. Costs incurred during the application development phase are capitalized only when the Company believes it is probable the development will result in new or additional functionality. Costs incurred during the preliminary planning and evaluation stage of the project and during the post-implementation operational stage are expensed as incurred. Internal-use software is amortized using the straight-line method over the estimated useful life, which is generally two to four years.

Goodwill and Intangible Assets

Goodwill amounts are not amortized, but rather tested for impairment annually or more often if circumstances indicate that the carrying value may not be recoverable. The Company tests goodwill for impairment on an annual basis in the fourth quarter of each year, on January 1. In the impairment test, the Company measures the recoverability of goodwill by comparing a reporting unit’s carrying amount, including goodwill, to the estimated fair value of the reporting unit. If the carrying amount of a reporting unit is in excess of its fair value, the Company recognizes an impairment charge equal to the amount in excess. There were no impairment charges to goodwill during the fiscal years ended March 31, 2023, 2022 and 2021.

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.

Impairment of Long-Lived Assets

The Company evaluates long-lived assets, such as property and equipment, internal-use software, acquired intangible assets, and right of use assets related to operating leases for impairment whenever events or changes in circumstances indicate that the carrying value of long-lived assets may not be recoverable. The recoverability of these assets is measured by comparing the carrying amounts to

the future undiscounted cash flows these assets are expected to generate. The Company recognizes an impairment in the event the carrying amount of such assets exceeds the fair value attributable to such assets.

Leases

The Company determines if an arrangement is or contains a lease at inception. The Company evaluates classification of leases as either operating or finance at commencement and, as necessary, at modification. Operating leases are included in operating lease right-of-use (“ROU”) assets, other accrued liabilities, and operating lease liabilities on the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments under the lease. Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. As the Company’s leases generally do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes initial direct costs incurred and lease payments made prior to lease commencement less lease incentives received. Variable lease payments not dependent on an index or a rate are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include property taxes and costs incurred by lessors for common area maintenance. The Company's lease terms are the non-cancelable period stated in the contract, including any rent-free periods provided by the lessor, adjusted for any options to extend or terminate when it is reasonably certain that the Company will exercise that option. The Company accounts for lease and non-lease components in its lease agreements as a single lease component in determining lease assets and liabilities. In addition, the Company does not recognize the right-of-use assets and liabilities for leases with lease terms of twelve months or less. As of March 31, 2023 and 2022, the Company did not have any finance leases.

Revenue Recognition

The Company generates revenue primarily from its Consumer & Research Services segment, which includes revenue from its Personal Genome Service® (“PGS”), telehealth, and research services. In accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for transferring the products or services to a customer (the “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 ASC 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 $27.7 million, $21.9 million and $24.1 million for the fiscal years ended March 31, 2023, 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.

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 that 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.

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 that 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 8, “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.

Collaborations

From time to time the Company enters into collaboration arrangements in which both parties are active participants in the arrangement and are exposed to the significant risks and rewards of the collaboration, in which case the collaboration is within the scope of ASC Topic 808, Collaborative Arrangements. Within such collaborations, the Company determines if any obligations are an output of the Company’s ordinary activities in exchange for consideration, and if so, the Company applies ASC 606 to such activities.

For other payments received from the other party for other collaboration activities related to various development, launch and sales milestones of licensed products, or royalties related to net sales of licensed products, the Company analogizes to ASC 606. Such payments will be recognized when the related activities occur as they are determined to relate predominantly to the license of intellectual property transferred to the other party and therefore have also been excluded from the transaction price allocated to the performance

obligations determined under ASC 606. To date, no consideration in this regard has been received under the Company's collaboration agreements.

Cost of Revenue

Cost of revenue for PGS primarily consists of cost of raw materials, lab processing fees, personnel-related expenses, including salaries and benefits and stock-based compensation, shipping and handling, and allocated overhead. Shipping costs for the Kits are incurred prior to fulfillment of consumer services obligations and the corresponding shipping and handling expense is reported in cost of revenue.

Cost of revenue for research services primarily consists of personnel-related expenses, including salaries, benefits and stock-based compensation, and allocated overhead.

Research and Development

Research and development costs primarily consist of personnel-related expenses, including salaries, benefits and stock-based compensation, associated with the Company’s research and development personnel, collaboration expenses, laboratory services and supplies costs, third-party data services, and allocated overhead. Research and development costs are expensed as incurred.

Advertising Costs

Advertising costs consist primarily of direct expenses related to television and radio advertising, including production and branding, paid search, online display advertising, direct mail, and affiliate programs. Advertising production costs are expensed the first time the advertising takes place, and all other advertising costs are expensed as incurred. Advertising costs amounted to $49.1 million, $54.7 million and $11.2 million for the fiscal years ended March 31, 2023, 2022 and 2021, respectively, and are included in sales and marketing expense in the consolidated statements of operations and comprehensive loss.

Deferred advertising costs primarily consist of vendor payments made in advance to secure media spots across varying media channels, as well as production costs incurred before the first time the advertising takes place. Deferred advertising costs are not expensed until first used. The deferred advertising costs were $1.6 million and $0.7 million as of March 31, 2023 and 2022, respectively. Deferred advertising costs are included in prepaid expenses and other current assets in the consolidated balance sheets.

Stock-Based Compensation

Stock-based compensation expense related to stock-based awards for employees and non-employees is recognized based on the fair value of the awards granted. The fair value of each stock option is estimated on the grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the expected term of the stock-based award, the expected volatility of the price of the Company’s common stock, risk-free interest rates, and the expected dividend yield of common stock. The fair value of each RSU is estimated based on the fair value of the common stock on the grant date. Prior to the Merger, the Company determined the fair value of its common stock for financial reporting as of each grant date based on numerous objective and subjective factors and management’s judgment. Subsequent to the Merger, the Company determines the fair value using the market closing price of its common stock on the date of grant. The related stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards, including awards with graded vesting and no additional conditions for vesting other than service conditions. The Company accounts for forfeitures as they occur.

The Company’s Employee Stock Purchase Plan (“ESPP”) permits U.S. employees, including executive officers, employed by the Company, except for those holding five percent or more of the total combined voting power or value of all classes of the Company’s stock, may participate in the ESPP and may contribute, normally through payroll deductions, up to 15% of their earnings (as defined in the ESPP) for the purchase of the Company’s Class A common stock during pre-specified offering periods under the ESPP. Class A common stock will be purchased for the accounts of employees participating in the ESPP at a price per share that is at least the lesser of (i) 85% of the fair market value of a share of the Company’s Class A common stock on the first date of an offering, or (ii) 85% of the fair market value of a share of the Company’s Class A common stock on the date of purchase. No employee may purchase shares under the ESPP at a rate in excess of $25,000 worth of the Company’s Class A common stock based on the fair market value per share of the Company’s Class A common stock at the beginning of an offering for each calendar year such purchase right is outstanding. The ability to purchase shares of the Company’s common stock for a discount represents an option and, therefore, the ESPP is considered a compensatory plan. Accordingly, stock-based compensation expense is determined based on the option’s grant-date fair value as estimated by applying the Black Scholes option-pricing model and is recognized over the requisite service period, which is the withholding period. See Note 14, “Equity Incentive Plans and Stock-Based Compensation,” for additional details.

The Company’s fiscal year 2023 annual incentive bonuses will be paid in the form of RSUs based upon the Company’s achievement of certain pre-established financial, operational, and strategic performance metrics. The number of the RSUs is determined by dividing the dollar amount of the incentive bonus by the trailing average closing price of the Company’s Class A common stock for a defined period of time determined by the Compensation Committee of the Board of Directors. The Company accounts for the RSUs 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 liability of the awards is included in other current liabilities on the Company’s consolidated balance sheet. See Note 14, “Equity Incentive Plans and Stock-Based Compensation,” for additional details.

Income Taxes

The Company applies the provisions of ASC Topic 740, Income Taxes (“ASC 740”). Under ASC 740, the Company accounts for income taxes using the asset and liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the bases used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates and laws that will be in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations.

The Company also utilizes the guidance in ASC 740 to account for uncertain tax positions. ASC 740 contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more likely than not of being realized and effectively settled. The Company considers many factors when evaluating and estimating the Company’s tax positions and tax benefits, which may require periodic adjustments, and which may not accurately reflect actual outcomes. The Company recognizes interest and penalties on unrecognized tax benefits as a component of provision for income taxes in the consolidated statements of operations and comprehensive loss. See Note 17, “Income Taxes,” for additional details.

Business Combinations

The Company accounts for its business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition. Acquisition costs, such as legal and consulting fees, are expensed as incurred.

Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments, economic conditions, and competition. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations and comprehensive loss.

When the Company issues stock-based or cash awards to an acquired company’s stockholders, the Company evaluates whether the awards are consideration or compensation for post-acquisition services. The evaluation includes, among other things, whether the vesting of the awards is contingent on the continued employment of the acquired company’s stockholders beyond the acquisition date. If continued employment is required for vesting, the awards are treated as compensation for post-acquisition services and recognized as expense over the requisite service period.

Uncertain tax positions and tax-related valuation allowances are initially established in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluate these estimates and assumptions quarterly. The Company will record any adjustments to its preliminary estimates to goodwill, provided that it is within the one-year measurement period.

Variable Interest Entities

The Company evaluates its ownership, contractual, and other interests in entities to determine if it has any variable interest in a variable interest entity (“VIE”) and if it is the primary beneficiary. These evaluations are complex and involve judgment. If the Company determines that an entity in which it holds a contractual or ownership interest is a VIE and that the Company is the primary beneficiary, the Company consolidates such entity in its consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE, and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Management performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. Changes in consolidation status are applied prospectively.

Foreign Currency

The reporting currency of the Company is the United States dollar. The Company determines the functional currency of each subsidiary based on the currency of the primary economic environment in which each subsidiary operates. Items included in the financial statements of such subsidiaries are measured using that functional currency. The functional currency of the Company’s foreign subsidiary is the British Pound. Foreign currency denominated monetary assets and liabilities are remeasured into U.S. dollars at period-end exchange rates and foreign currency denominated nonmonetary assets and liabilities are remeasured into U.S. dollars at historical exchange rates. Equity transactions are translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates during the period. The resulting translation adjustments are recorded in accumulated other comprehensive income as a component of stockholders’ equity (deficit). Foreign currency transaction gains and losses are recognized in other (expense) income, net in the consolidated statements of operations and comprehensive loss, and have not been material for any of the periods presented.

Comprehensive Loss

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

Net Loss Per Share Attributable to Common Stockholders

The Company computes net loss per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company determined that it had participating securities in the form of redeemable convertible preferred stock prior to the date of conversion and unvested common stock as holders of such securities had non-forfeitable dividend rights in the event of a declaration of a dividend for shares of common stock prior to the vesting date. These participating securities do not contractually require the holders of such stocks to participate in the Company’s losses. As such, net loss for the period presented was not allocated to the Company’s participating securities.

The Company’s basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. The diluted net loss per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares of ordinary shares are anti-dilutive. See Note 15, “Net Loss Per Share Attributable to Common Stockholders,” for additional details.

Related Parties

A party is considered to be related to the Company if the party, directly or indirectly, controls, is controlled by, or is under common control with the Company, including principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management, and other parties with which the Company may deal and can significantly influence the management or operating policies to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. See Note 18, “Related Party Transactions,” for additional details.

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.

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, 2020	$ (620,883)	$ 9	$ 755,083	$ 172,727		$ (793,619)
Beginning Balance, Shares at Mar. 31, 2020		101,652,799	198,274,933
Issuance of common stock upon exercise of stock options	29,092	$ 1		29,091
Issuance of common stock upon exercise of stock options, Shares		11,768,079
Issuance of common stock related to early exercise of stock options, shares		11,108,906
Issuance of Series F-1 redeemable convertible preferred stock at $7.56 per share, net of issuance costs of $232			$ 82,268
Issuance of Series F-1 redeemable convertible preferred stock at $7.56 per share, net of issuance costs of $232, Shares			10,906,922
Vesting Early Exercised Stock Options	91,046	$ 2		91,044
Stock-based compensation expense	88,745			88,745
Other comprehensive loss
Net loss	(183,619)					(183,619)
Ending Balance at Mar. 31, 2021	(595,619)	$ 12	$ 837,351	381,607		(977,238)
Ending 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 exercise of stock options	322,845	$ 3		322,842
Issuance of common stock upon exercise of stock options, Shares		30,572,268
Issuance of Common Stock for Class A Common Stock Warrant Exercise	42,356	$ 1		42,355
Issuance of Common Stock for Class A Common Stock Warrant Exercise, Shares		6,016,347
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 related to early exercise of stock options	16,831			16,831
Issuance of common stock related to early exercise of stock options, shares		5,808,526
Issuance of common stock upon release of RSUs, shares		801,794
Vesting Early Exercised Stock Options
Stock-based compensation expense	58,624			58,624
Other comprehensive loss	179				$ 179
Net loss	(217,490)					(217,490)
Ending Balance at Mar. 31, 2022	915,656	$ 45		2,110,160	179	(1,194,728)
Ending Balance, Shares at Mar. 31, 2022		448,812,321
Issuance of common stock related to early exercise of stock options	$ 4,203			4,203
Issuance of common stock related to early exercise of stock options, shares	2,748,796	2,748,796
Issuance Of Common Stock Upon Release Of Rsus		$ 1		$ (1)
Issuance of common stock upon release of RSUs, shares		7,062,152
Net share settlements for stock-based minimum tax withholdings, value	(197)			(197)
Net share settlements for stock-based minimum tax withholdings, shares		$ (65,620)
Issuance of common stock under employee stock purchase plan, share		2,642,313
Issuance of common stock under employee stock purchase plan, value	$ 6,463			$ 6,463
Vesting Early Exercised Stock Options
Stock-based compensation expense	100,269			100,269
Other comprehensive loss	(799)				(799)
Net loss	(311,656)					(311,656)
Ending Balance at Mar. 31, 2023	$ 713,939	$ 46		$ 2,220,897	$ (620)	$ (1,506,384)
Ending Balance, Shares at Mar. 31, 2023		461,199,962

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 113,924	$ 112,475
Less: accumulated depreciation and amortization	(75,316)	(62,624)
Property and equipment, net	38,608	49,851
Computer and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	10,376	10,573
Laboratory Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	52,785	51,557
Furniture and Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	8,946	8,926
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	40,964	40,566
Capitalized Asset Retirement Obligations
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 853	$ 853

Organization and Description of Business

12 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Organization, Consolidation and Presentation of Financial Statements

1. Organization and Description of Business

23andMe Holding Co. (the “Company” or “23andMe”) is dedicated to helping people access, understand, and benefit from the human genome. The Company is building the leading direct-to-consumer precision medicine platform that powers our genetics driven therapeutics and research business. 23andMe, Inc., the Company’s accounting predecessor, was incorporated in Delaware in 2006. The Company is headquartered in South San Francisco, California.

On November 1, 2021, the Company completed its acquisition (the “Lemonaid Acquisition”) of Lemonaid Health, Inc. (“Lemonaid” or “Lemonaid Health”), pursuant to that certain Agreement and Plan of Merger and Reorganization (the “Lemonaid Health Merger Agreement”), dated as of October 21, 2021. See Note 4, “Acquisition,” for additional details. Through the Lemonaid Health platform, the Company 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. When medications are prescribed by Lemonaid Health’s affiliated healthcare professionals, patients can use Lemonaid Health’s online pharmacy for fulfillment. Patients also can access telehealth consultations for certain 23andMe genetic reports through Lemonaid.

On June 16, 2021 (the “Closing Date”), the Company consummated the transactions (the “Merger”) contemplated by the Agreement and Plan of Merger, dated February 4, 2021, as amended on February 13, 2021 and March 25, 2021 (the “Merger Agreement”), by and among VG Acquisition Corp., a blank check company incorporated as a Cayman Islands exempted company in 2020 (“VGAC”), Chrome Merger Sub, Inc., a Delaware corporation and wholly owned direct subsidiary of VGAC (the “Merger Sub”), and 23andMe, Inc. 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”). On the Closing Date, Merger Sub merged with and into 23andMe, Inc., with 23andMe, Inc. being the surviving corporation and a wholly owned subsidiary of the Company (together with the Merger and the Domestication, the “Business Combination”).

The transaction was accounted for as a reverse recapitalization with 23andMe, Inc. being the accounting acquirer and VGAC as the acquired company for accounting purposes. Accordingly, all historical financial information presented in the consolidated financial statements represents the accounts of 23andMe, Inc. and its wholly owned subsidiary. The shares and net loss per common share prior to the Merger have been retroactively restated as shares reflecting the exchange ratio established in the Merger. See Note 3, “Recapitalization,” for additional details.

Prior to the Business Combination, VGAC’s units, public shares, and public warrants were listed on the New York Stock Exchange under the symbols “VGAC.U,” “VGAC,” and “VGAC WS,” respectively. On June 17, 2021, the Company’s Class A common stock and public warrants began trading on The Nasdaq Global Select Market (“Nasdaq”), under the symbols “ME” and “MEUSW,” respectively. The public warrants stopped trading on Nasdaq and were delisted after the redemption by the Company in December 2021. See Note 3, “Recapitalization,” and Note 13, “Shareholders' Equity,” for additional details.

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

Income Taxes - Schedule of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 262,295	$ 248,856
Capitalized research and development expenses	33,709	0
Accruals and reserves	3,865	3,685
Stock-based compensation	18,065	10,000
Deferred revenue	11,498	6,865
Operating lease liabilities	21,474	20,590
Deferred Tax Assets, Other	332	19
Gross deferred tax assets	351,238	290,015
Valuation allowance	(322,104)	(261,795)
Total deferred tax assets	29,134	28,220
Deferred tax liabilities:
Prepaid expenses	(892)	(1,235)
Intangibles	(13,689)	(15,709)
Operating lease right-of-use assets	(14,117)	(13,233)
Property and equipment	(436)	(1,138)
Gross deferred tax liabilities	(29,134)	(31,315)
Net deferred taxes	$ 0	$ (3,095)

Income Taxes - Schedule of unrecognized tax benefit (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2021 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized Tax Benefits, Beginning Balance	$ 299
Decreases in unrecognized tax benefits related to prior year tax positions	(299)
Increases in unrecognized tax benefits related to current year tax positions	0
Unrecognized Tax Benefits, Ending Balance	$ 0

Balance Sheet Components - Schedule of Accrued Expense and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued payables	$ 17,030	$ 20,937
Accrued compensation and benefits	14,737	14,241
Accrued bonus	21,600	657
Accrued clinical expenses	11,707	6,717
Accrued taxes and other	1,356	2,036
Total accrued expenses and other current liabilities	$ 66,430	$ 44,588

Equity Incentive Plans and Stock-Based Compensation - Summary of the Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 116,017	$ 57,933	$ 86,696
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	40,400
Secondary Sale Transaction [Member] \| Cost of Revenue [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	10,874	4,029	858
Secondary Sale Transaction [Member] \| Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	48,837	26,540	21,771
Secondary Sale Transaction [Member] \| Sales and Marketing [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	8,635	5,122	4,081
Secondary Sale Transaction [Member] \| General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 47,671	$ 22,242	$ 59,986

Variable Interest Entities (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Aggregate carrying value of assets	$ 942,598	$ 1,152,068
Aggregate Carrying Value of total liabilities	228,659	236,412
Recognized revenue	299,489	271,893	$ 243,920
Net loss	$ (311,656)	(217,490)	$ (183,619)
VIE [Member]
Change of Nominee Prior Notice Period Days	180 days
Aggregate carrying value of assets		11,200
Aggregate Carrying Value of total liabilities		13,300
Recognized revenue	$ 40,200	19,400
Net loss	$ 14,000	$ (2,100)

- Definition

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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-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Revenue - Summary of Revenue by Region based on the Shipping Address of Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 299,489	$ 271,893	$ 243,920
Service
Disaggregation of Revenue [Line Items]
Revenue	$ 299,489	$ 271,893	$ 243,920
Revenue \| Geographic Concentration Risk \| Service
Disaggregation of Revenue [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Revenue	$ 217,242	$ 192,438	$ 176,120
United States \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	73.00%	71.00%	72.00%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	$ 63,023	$ 58,477	$ 49,386
United Kingdom \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	21.00%	22.00%	20.00%
Canada
Disaggregation of Revenue [Line Items]
Revenue	$ 13,581	$ 14,293	$ 12,172
Canada \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	4.00%	5.00%	5.00%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 5,643	$ 6,685	$ 6,242
Other \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	2.00%	2.00%	3.00%

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Loss Before Provision For (benefit from) Income Taxes

The components of the Company’s loss before income taxes are summarized as follows:


	Year Ended March 31,
	2023			2022			2021
	(in thousands)
Domestic	$	(292,730	)	$	(221,212	)	$	(183,619	)
Foreign		(21,698	)		242			-
Loss before income taxes	$	(314,428	)	$	(220,970	)	$	(183,619	)

Schedule of reconciliation of income tax (benefit)

A reconciliation of income tax (benefit) computed at the statutory federal tax rate to the effective income tax rate is summarized as follows:


	Year Ended March 31,
	2023			2022			2021
Statutory federal tax expense rate		21	%		21	%		21	%
Non-deductible stock-based compensation		(4	%)		(3	%)		(7	%)
Fair Market Value adjustment on Warrants		0	%		3	%		0	%
Change in valuation allowance related to acquisition		0	%		2	%		0	%
Change in valuation allowance		(16	%)		(20	%)		(14	%)
Other		0	%		(2	%)		0	%
Effective tax rate		1	%		2	%		(0	%)

Schedule of Deferred Tax Asset and Liabilities

The components of the Company's deferred tax assets and liabilities as of March 31, 2023 and 2022 were as follows:


	March 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	262,295		$	248,856
Capitalized research and development expenses		33,709			-
Accruals and reserves		3,865			3,685
Stock-based compensation		18,065			10,000
Deferred revenue		11,498			6,865
Operating lease liabilities		21,474			20,590
Other		332			19
Gross deferred tax assets		351,238			290,015
Valuation allowance		(322,104	)		(261,795	)
Total deferred tax assets		29,134			28,220
Deferred tax liabilities:
Prepaid expenses		(892	)		(1,235	)
Intangibles		(13,689	)		(15,709	)
Operating lease right-of-use assets		(14,117	)		(13,233	)
Property and equipment		(436	)		(1,138	)
Gross deferred tax liabilities		(29,134	)		(31,315	)
Net deferred taxes	$	—		$	(3,095	)

Schedule of unrecognized tax benefit

A reconciliation of the beginning and ending balance of unrecognized tax benefits for the fiscal year ended March 31, 2021 is summarized as follows:


	Unrecognized Tax Benefits
	(in thousands)
Balance as of March 31, 2020	$	299
Decreases in unrecognized tax benefits related to prior year tax positions		(299	)
Increases in unrecognized tax benefits related to current year tax positions		—
Balance as of March 31, 2021	$	—

Segment Information - Schedule of Customer Accounting of Segment Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Mar. 31, 2021

Segment Reporting Information [Line Items]

Recognized revenue

$ 299,489

$ 271,893

$ 243,920

Customer C | Consumer And Research Services | Revenue | Customer Concentration Risk [Member]

Segment Reporting Information [Line Items]

Recognized revenue

^[1]

$ 65,721

$ 53,875

$ 51,786

Percentage of Revenue

^[1]

22.00%

20.00%

21.00%

Customer B | Consumer And Research Services | Revenue | Customer Concentration Risk [Member]

Segment Reporting Information [Line Items]

Recognized revenue

^[2]

$ 47,448

$ 46,064

$ 39,917

Percentage of Revenue

^[2]

16.00%

17.00%

16.00%

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

- Definition

+ References

+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Mar. 31, 2023	May 18, 2023	Sep. 30, 2022
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Document Transition Report	false
Entity Registrant Name	23ANDME HOLDING CO.
Entity Central Index Key	0001804591
Entity File Number	001-39587
Entity Tax Identification Number	87-1240344
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
ICFR Auditor Attestation Flag	true
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Address, Address Line One	349 Oyster Point Boulevard
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
Local Phone Number	938-6300
City Area Code	650
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	ME
Security Exchange Name	NASDAQ
Entity Public Float			$ 750
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement to be delivered to stockholders in connection with the 2023 annual meeting of stockholders are incorporated by reference in response to Part III of this Annual Report on Form 10-K to the extent stated herein. The 2023 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Santa Clara, California
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		293,075,517
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		168,179,488

Fair Value Measurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2023	Dec. 22, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants Outstanding		0		0
Class of warrants or rights redemption price per warrant					$ 0.10
Fair Value Liabilities Level Two To Level One Transfers Amount	$ 0
Impairment charges	0	$ 0	$ 0
Fair Value Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Or Liabilities Fair Value	372,000	$ 0	$ 0
Fair Value Nonrecurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charges	$ 10,000
Fair Value Nonrecurring [Member] \| Warrant [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Class of warrants or rights redemption price per warrant					$ 0.10
Class A Common Stock [Member] \| Fair Value Nonrecurring [Member] \| Warrant [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Exchange ratio for shares of common stock per warrant	$ 0.2516
Level 1 \| Fair Value Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Or Liabilities Fair Value	$ 372,000
Level 2 \| Fair Value Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Or Liabilities Fair Value	$ 0
Level 3 [Member] \| Private Placement Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants Outstanding	0	0
Level 3 [Member] \| Fair Value Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Or Liabilities Fair Value	$ 0

Segment Information

12 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

7. 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). 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 5, “Revenue,” 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 a non-GAAP financial measure that 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:


	Year Ended March 31,
	2023			2022			2021
	(in thousands)
Segment Revenue:
Consumer and Research Services	$	299,489		$	271,893		$	243,866
Therapeutics		-			-			54
Total revenue	$	299,489		$	271,893		$	243,920
Segment Adjusted EBITDA:
Consumer and Research Services Adjusted EBITDA	$	(17,997	)	$	(30,112	)	$	12,796
Therapeutics Adjusted EBITDA		(88,503	)		(76,944	)		(58,734	)
Unallocated Corporate (1)		(54,801	)		(43,684	)		(30,587	)
Total Adjusted EBITDA	$	(161,301	)	$	(150,740	)	$	(76,525	)
Reconciliation of net loss to Adjusted EBITDA:
Net loss	$	(311,656	)	$	(217,490	)	$	(183,619	)
Adjustments
Interest income, net		(9,676	)		(277	)		(255	)
Other (income) expense, net		93			83			(1,322	)
Change in fair value of warrant liabilities		—			(32,989	)		—
Income tax benefit		(2,772	)		(3,480	)		—
Depreciation and amortization		20,239			18,899			20,246
Amortization of acquired intangible assets		16,486			7,269			—
Impairment of acquired intangible asset		9,968			—			—
Stock-based compensation expense		116,017			57,933			88,425
Acquisition-related costs (2)		—			9,362			—
Litigation settlement (3)		—			9,950			—
Total Adjusted EBITDA	$	(161,301	)	$	(150,740	)	$	(76,525	)

(1)

(2)

For the fiscal year ended March 31, 2022, acquisition-related costs primarily consisted of advisory, legal and consulting fees.

(3)

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


	Year Ended March 31,
	2023				2022				2021
	(in thousands, except percentages)
Consumer and Research Services Segment Revenue:
Customer C (1)	$	65,721	22	%	$	53,875	20	%	$	51,786	21	%
Customer B (2)	$	47,448	16	%	$	46,064	17	%	$	39,917	16	%

(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 5, “Revenue.” 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Redeemable Convertible Preferred Stock - Additional Information (Details)	12 Months Ended
	Mar. 31, 2023 shares	Mar. 31, 2022 shares
Redeemable convertible preferred stock, Shares, Outstanding	0	0
Class B Common Stock [Member]
Exchange Ratio	2.293698169

Equity Incentive Plans and Stock-Based Compensation - Summary of the Value Stock Options (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 years	3 years 3 months 18 days	4 years
Volatility	76.00%	72.00%	61.00%
Risk-free rate	2.80%	1.00%	0.20%
Dividend yield	0.00%	0.00%	0.00%
Minimum [Member] \| ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 months	6 months
Volatility	78.00%	77.00%
Risk-free rate	3.30%	0.60%
Dividend yield	0.00%	0.00%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 years 9 months 18 days	6 years 1 month 6 days	6 years 1 month 6 days
Volatility	81.00%	75.00%	68.00%
Risk-free rate	4.20%	2.50%	0.50%
Dividend yield	0.00%	0.00%	0.00%
Maximum [Member] \| ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	1 year	1 year
Volatility	109.00%	86.00%
Risk-free rate	5.20%	0.90%
Dividend yield	0.00%	0.00%

Collaborations

12 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborations

. Collaborations

GlaxoSmithKline Agreement

In July 2018, the Company and an affiliate of 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. In January 2022, GSK elected to exercise the option to extend the exclusive target discovery term for an additional year to July 2023. In October 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 concluded that GSK is considered a customer. Therefore, the Company has applied the guidance in ASC 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. The Company recognizes research services 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.

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 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.

The Company recognized research services revenue related to the GSK Agreement of $47.4 million, $46.1 million and $39.9 million during the fiscal years ended March 31, 2023, 2022 and 2021, respectively. As of March 31, 2023 and 2022, the Company had deferred revenue, all of which was current, related to the GSK Agreement of $11.8 million and $9.2 million, respectively. Cost-sharing amounts incurred prior to the identification of targets included in cost of revenue were $0.5 million, $0.3 million and $(1.4) million during the fiscal years ended March 31, 2023, 2022 and 2021, respectively. Cost-sharing amounts incurred subsequent to the identification of targets, included in research and development expenses, were $10.7 million, $24.0 million and $18.7 million during the fiscal years ended March 31, 2023, 2022 and 2021, respectively. As of March 31, 2023 and 2022, the Company had $11.9 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 consolidated balance sheets.

GSK’s affiliate, Glaxo Group Limited, held shares of the Company's Class B common stock, representing 20.1% and 16.3% of the Company's combined voting power as of March 31, 2023 and 2022, respectively; therefore, GSK is considered as a related party to the Company.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Accounts Payable, related party	$ 3,186	$ 12,567
Accrued expenses and other current liabilities, related party	8,738	5,772
Deferred revenue, current, related party	$ 11,753	$ 9,181
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par value	$ 0.0001	$ 0.0001
Class A Common Stock [Member]
Common stock, shares authorized	1,140,000,000	1,140,000,000
Common Stock, Shares, Issued	293,020,474	228,174,718
Common Stock, Shares, Outstanding	293,020,474	228,174,718
Class B Common Stock [Member]
Common stock, shares authorized	350,000,000	350,000,000
Common Stock, Shares, Issued	168,179,488	220,637,603
Common Stock, Shares, Outstanding	168,179,488	220,637,603

Recapitalization

12 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Recapitalization

3. Recapitalization

As discussed in Note 1, “Organization and Description of Business,” on the Closing Date, VGAC completed the acquisition of 23andMe, Inc. and acquired 100% of 23andMe, Inc.’s shares. 23andMe, Inc. received gross proceeds of $559.7 million, which includes $309.7 million in proceeds from issuance of common stock upon the consummation of the Merger and $250.0 million in proceeds from the PIPE Investment (as defined below). The Company recorded $33.7 million of transaction costs, which consisted of legal, accounting, and other professional services directly related to the Business Combination. These costs were included in additional paid-in capital on the Company’s consolidated balance sheet. The cash outflows related to these costs were presented as financing activities on the Company’s consolidated statement of cash flows. These deferred offering costs are offset against proceeds upon accounting for the consummation of the Merger. On the Closing Date, each holder of 23andMe, Inc. Class A common stock received approximately 2.293698169 shares of the Company’s Class A common stock, par value $0.0001 per share, and each holder of 23andMe, Inc. Class B common stock received approximately 2.293698169 shares of the Company’s Class B common stock, par value $0.0001 per share. See Note 13, “Stockholders' Equity,” for additional details of the Company’s stockholders’ equity prior to and subsequent to the Merger.

All equity awards of 23andMe, Inc. were assumed by the Company and converted into comparable equity awards that are settled or exercisable for shares of the Company’s Class A common stock. As a result, each outstanding 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, and each outstanding restricted stock unit was converted into restricted stock units of the Company that, upon vesting, may be settled for shares of the Company’s Class A common stock based on an exchange ratio of 2.293698169.

Each public and private warrant of VGAC that was unexercised at the time of the Merger was assumed by the Company and represented the right to purchase one share of the Company’s Class A common stock upon exercise of such warrant.

The Merger was accounted for as a reverse recapitalization with 23andMe, Inc. as the accounting acquirer and VGAC as the acquired company for accounting purposes. 23andMe, Inc. was determined to be the accounting acquirer since 23andMe, Inc.’s stockholders prior to the Merger had the greatest voting interest in the combined entity, 23andMe, Inc.’s stockholders appointed the initial directors of the combined Board of Directors and control future appointments, 23andMe, Inc. comprises all of the ongoing operations, and 23andMe, Inc.’s senior management directs operations of the combined entity. Accordingly, all historical financial information presented in these consolidated financial statements represents the accounts of 23andMe, Inc. and its wholly owned subsidiary. Net assets were stated at historical cost consistent with the treatment of the transaction as a reverse recapitalization of 23andMe, Inc.

Lock-Up and Earn-Out Shares

Pursuant to the Company’s Bylaws, shares of Class A common stock received as consideration in connection with the Merger (or securities convertible into or exchangeable for shares of Class A common stock) could not be sold or otherwise disposed of or hedged by its stockholders for a period of 180 days after the Closing Date (the “Lock-Up Period”). Except with respect to securities subject to the Sponsor Letter Agreement (as defined below) or as otherwise restricted by applicable securities laws or Company policies, following the expiration of the Lock-Up Period on December 14, 2021, the Company’s stockholders were no longer restricted from selling securities held by them.

Pursuant to a Letter Agreement (the “VGAC IPO Letter Agreement”) entered into on October 1, 2020 by and among VGAC, VG Acquisition Sponsor LLC (the “Sponsor”), and the then officers and directors of VGAC (collectively, the “VGAC Insiders”), as amended by a Sponsor Letter Agreement (the “Sponsor Letter Agreement”), dated as of February 4, 2021, by and among 23andMe, Inc., VGAC, the Sponsor, the VGAC Insiders and Credit Suisse Securities (USA) LLC as representative of the several underwriters named in the underwriting agreement with respect to the initial public offering of VGAC (the “Underwriters”), the VGAC Insiders agreed to certain transfer restrictions applicable to 12,713,750 of the Class B ordinary shares of VGAC held by the Sponsor and VGAC Insiders (the “Founder Shares”), which were converted in the Business Combination to a like number of shares of Class A common stock of the Company. Pursuant to the VGAC IPO Letter Agreement, as amended by the Sponsor Letter Agreement, 70% of the Founder Shares cannot be transferred (subject to certain limited exceptions) until the earlier to occur of (i) one year after the Closing Date, or (ii) the date following the completion of the Business Combination on which the Company completes a liquidation, merger, share exchange, or other similar transaction that results in all of the stockholders having the right to exchange their ordinary shares for cash, securities, or other property. Notwithstanding the foregoing, if the closing price of the Company’s Class A common stock equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading-day period commencing at least 150 days after the Business Combination, 70% of the Founder Shares will be released from the lock-up. Following the one-year anniversary of the Closing Date, the Founder Shares were released and distributed

to the Sponsors and VGAC Insiders in August 2022. The Founder 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 (“ASC 505”).

Following the closing of the Merger, 3,814,125 of the Class B ordinary shares of VGAC held by the Sponsor as of the date of the Sponsor Letter Agreement (the “Earn-Out Shares”), which constitute the remaining 30% of the Founder Shares, and were converted in the Business Combination into a like number of shares of the Company’s Class A common stock, are subject to a lock-up of seven years. 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 March 31, 2023, 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.

PIPE Investment

On February 4, 2021, concurrently with the execution of the Merger Agreement, VGAC entered into subscription agreements with certain investors (the “PIPE Investors”) to which such investors collectively subscribed for an aggregate of 25,000,000 shares of the Company’s Class A common stock at $10.00 per share for aggregate gross proceeds of $250.0 million (the “PIPE Investment”). The Anne Wojcicki Foundation, which subscribed for 2,500,000 shares of the Company’s Class A common stock, is affiliated with the Company’s CEO and therefore a related party. The PIPE Investment was consummated concurrently with the closing of the Merger.

Variable Interest Entities

12 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

8. Variable Interest Entities

Through the Lemonaid Acquisition in November 2021, the Company has service agreements with PMCs and Affiliated Pharmacies. In order for customers to obtain a prescription, customers must complete a consultation through the Company’s website or app with an appropriately licensed medical provider from one of the PMCs. A customer will receive an electronic prescription that will be sent to an Affiliated Pharmacy, or a pharmacy of the customer’s choice, only if the medical provider believes such medical treatment of the customer is safe and appropriate.

The Company provides services pursuant to contracts with the PMCs which employ licensed medical providers to provide telehealth medical services. The PMCs were designed and structured to comply with the relevant laws and regulations governing professional medical practice, which generally prohibit the practice of medicine by lay persons or corporations. To satisfy these regulatory requirements, all of the issued and outstanding equity interests of the PMCs are owned by an appropriately licensed medical professional nominated by the Company (the “Nominee Shareholder”). The Company executes with each PMC a Management Services & Licensing Agreement (“MSA”), which provides for various administrative, technological, and management services to be provided by the Company to the PMCs, licenses certain Company intellectual property to the PMC, and gives the Company rights to impose certain restrictions and conditions of ownership or transfer of the PMC equity by the Nominee Shareholder.

The Company provides all of the necessary capital for the operations of the PMCs through loans to the PMCs. The Company also has exclusive responsibility for the provision of all nonmedical services including operation of all technology platforms used by the PMCs or customers to complete a medical consultation with a Provider, handling all financial transactions and day-to-day operations of each PMC, providing regulatory guidance to the PMCs in establishing telehealth policies and protocols consistent with state and federal law, and making recommendations to the PMCs in establishing the guidelines for employment and compensation of the medical professionals of each PMC. In addition, the MSA provides that the Company has the power and authority to change the Nominee Shareholder upon termination of the MSA, including for convenience upon 180 days prior notice, or other enumerated events, and designate a new Nominee Shareholder, which further constrains the Nominee Shareholder’s rights to returns of the PMC. The Nominee Shareholders, notwithstanding their legal form of ownership of equity interests in the PMCs, have no substantive profit-sharing rights in the PMCs.

The Company has also entered into similar MSAs with the Affiliated Pharmacies. The Affiliated Pharmacies are licensed pharmacies primarily responsible for providing prescription fulfillment services to the Company’s customers. The Company provides management and administrative services to the Affiliated Pharmacies comparable to the services it provides to the PMCs, except that the Company is the sole provider of professional staffing services required to operate the Affiliated Pharmacies. Under the terms of the MSAs with the Affiliated Pharmacies, the Nominee Shareholders, notwithstanding their legal form of ownership of equity interests in the Affiliated Pharmacies, have no substantive profit-sharing rights in the Affiliated Pharmacies.

Based upon the provisions of these agreements, the Company determined that the PMCs and Affiliated Pharmacies are 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 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 consolidated balance sheets for the VIEs after elimination of intercompany transactions were not material as of March 31, 2023 and were $11.2 million and $13.3 million, respectively, as of March 31, 2022. Total revenue included on the consolidated statements of operations and comprehensive loss for the VIEs after elimination of intercompany transactions was $40.2 million and $19.4 million for the fiscal years ended March 31, 2023 and 2022, respectively. Net income (loss) attributable to the VIEs included on the consolidated statements of operations and comprehensive loss was $14.0 million and $(2.1) million for the fiscal years ended March 31, 2023 and 2022, respectively.

Summary of Significant Accounting Policies - Summary of Revenue by Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue	$ 299,489	$ 271,893	$ 243,920
PGS
Disaggregation Of Revenue [Line Items]
Revenue	202,414	202,681	197,525
PGS \| Point in Time
Disaggregation Of Revenue [Line Items]
Revenue	182,866	189,703	191,066
PGS \| Over Time
Disaggregation Of Revenue [Line Items]
Revenue	19,548	12,978	6,459
Telehealth
Disaggregation Of Revenue [Line Items]
Revenue	44,722	19,207
Telehealth \| Point in Time
Disaggregation Of Revenue [Line Items]
Revenue	34,961	15,299	0
Telehealth \| Over Time
Disaggregation Of Revenue [Line Items]
Revenue	9,761	3,908
Consumer services
Disaggregation Of Revenue [Line Items]
Revenue	247,136	221,888	197,525
Consumer services \| Point in Time
Disaggregation Of Revenue [Line Items]
Revenue	217,827	205,002	191,066
Consumer services \| Over Time
Disaggregation Of Revenue [Line Items]
Revenue	29,309	16,886	6,459
Research Services
Disaggregation Of Revenue [Line Items]
Revenue	52,353	50,005	46,341
Research Services \| Point in Time
Disaggregation Of Revenue [Line Items]
Revenue			0
Research Services \| Over Time
Disaggregation Of Revenue [Line Items]
Revenue	52,353	50,005	46,341
Therapeutics
Disaggregation Of Revenue [Line Items]
Revenue			54
Therapeutics \| Point in Time
Disaggregation Of Revenue [Line Items]
Revenue			54
Therapeutics \| Over Time
Disaggregation Of Revenue [Line Items]
Revenue
Service
Disaggregation Of Revenue [Line Items]
Revenue	299,489	271,893	243,920
Service \| Point in Time
Disaggregation Of Revenue [Line Items]
Revenue	217,827	205,002	191,120
Service \| Over Time
Disaggregation Of Revenue [Line Items]
Revenue	$ 81,662	$ 66,891	$ 52,800
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| PGS
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	68.00%	75.00%	81.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| PGS \| Point in Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	61.00%	70.00%	78.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| PGS \| Over Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	7.00%	5.00%	3.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Telehealth
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	15.00%	7.00%	0.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Telehealth \| Point in Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	12.00%	6.00%	0.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Telehealth \| Over Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	3.00%	1.00%	0.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Consumer services
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	83.00%	82.00%	81.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Consumer services \| Point in Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	73.00%	76.00%	78.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Consumer services \| Over Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	10.00%	6.00%	3.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Research Services
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	17.00%	18.00%	19.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Research Services \| Point in Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	0.00%	0.00%	0.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Research Services \| Over Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	17.00%	18.00%	19.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Therapeutics
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	0.00%	0.00%	0.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Therapeutics \| Point in Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	0.00%	0.00%	0.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Therapeutics \| Over Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	0.00%	0.00%	0.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Service
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Service \| Point in Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	73.00%	76.00%	78.00%
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Service \| Over Time
Disaggregation Of Revenue [Line Items]
Percentage of Revenue	27.00%	24.00%	22.00%

Net Loss Per Share Attributable to Common Stockholders - Additional Information (Detail) - $ / shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Dividends paid in shares	$ 0	$ 0	$ 0

Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands					12 Months Ended
	Feb. 06, 2023 USD ($)	Dec. 22, 2021 USD ($) $ / shares shares	Jun. 16, 2021 Vote $ / shares shares	Feb. 04, 2021 $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 USD ($)	Dec. 31, 2023 shares
Class Of Stock [Line Items]
Redeemable convertible preferred stock, Shares, Outstanding \| shares					0	0
Common Stock, Par value					$ 0.0001	$ 0.0001
Stock split description			Each share of Class B common stock is convertible into one share of Class A common stock any time at the option of the holder and is automatically converted into one share of Class A common stock upon transfer		The shares and net loss per common share prior to the Merger have been retroactively restated as shares reflecting the exchange ratio established in the Merger. See Note 3, “Recapitalization,” for additional details.
Common stock, shares authorized \| shares			1,490,000,000
Preferred stock, shares authorized \| shares					10,000,000	10,000,000
Preferred stock, par value					$ 0.0001	$ 0.0001
Preferred stock, shares issued \| shares					0	0
Preferred stock, shares outstanding \| shares					0	0
Warrants outstanding \| shares						0		0
Proceeds from issuance of common stock under employee stock purchase plan \| $					$ 6,464
Number of Redeemed Warrants Redemption Payment Made To \| shares		1,164,142
Change in fair value of warrant liabilities \| $					$ 0	$ 32,989	$ 0
Description of warrant redemption		Warrants were exercised, representing approximately 95% of the outstanding Warrants
Class of warrants or rights redemption price per warrant		$ 0.10
Proceeds from sales agent commission percentage	3.00%
Public Warrants and Private Placement Warrants [Member]
Class Of Stock [Line Items]
Warrants exercised \| shares		23,901,466
VG Acquisition Sponsor LLC [Member]
Class Of Stock [Line Items]
Lockup Period				7 years
Earn Out Shares, Percentage				50.00%
Sale of Stock, Description of Transaction				(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.
Class A Common Stock [Member]
Class Of Stock [Line Items]
Common Stock, Par value			$ 0.0001
Exchange Ratio			2.293698169
Common stock, shares authorized \| shares			1,140,000,000		1,140,000,000	1,140,000,000
Number of votes \| Vote			1
Common Stock, Shares, Issued \| shares		6,016,327			293,020,474	228,174,718
Common Stock, Shares, Outstanding \| shares					293,020,474	228,174,718
Exercise price		$ 11.50
Trading days				20 days
Share Redemption Trigger Price					$ 18.00
Exchange ratio for shares of Class A common stock per warrant		0.2516
Number Of Trading Days				20 days
Number of trading days after commencing				30 days
Class A Common Stock [Member] \| Private Placement Warrants
Class Of Stock [Line Items]
Number of Days after the completion of an initial business combination					30 days
Class of Warrant or Right Redemption Threshold Trading Days					10 days
Class of warrants or rights redemption price per warrant					$ 10.00
Class A Common Stock [Member] \| VG Acquisition Sponsor LLC [Member]
Class Of Stock [Line Items]
Expiry date					5 years
Trading days				20 days
Number Of Trading Days				20 days
Common stock, Price Per Share				$ 10.00
Number of trading days after commencing				30 days
Class A Common Stock [Member] \| VG Acquisition Sponsor LLC [Member] \| Private Placement Warrants
Class Of Stock [Line Items]
Number of Warrants \| shares						8,113,999
Exercise price					$ 11.50
Class A Common Stock [Member] \| VG Acquisition Sponsor LLC [Member] \| Public Warrants [Member]
Class Of Stock [Line Items]
Number of Warrants \| shares					16,951,609
Exercise price					$ 11.50
Class A Common Stock [Member] \| Lemonaid Acquisition [Member]
Class Of Stock [Line Items]
Common Stock, Shares, Issued \| shares					26,825,241
Common stock shares subscribed \| shares					3,747,027
Class B Common Stock [Member]
Class Of Stock [Line Items]
Exchange Ratio					2.293698169
Common Stock, Par value			$ 0.0001
Exchange Ratio			2.293698169
Common stock, shares authorized \| shares			350,000,000		350,000,000	350,000,000
Number of votes \| Vote			10
Common Stock, Shares, Issued \| shares					168,179,488	220,637,603
Common Stock, Shares, Outstanding \| shares					168,179,488	220,637,603
Class B Common Stock [Member] \| VG Acquisition Sponsor LLC [Member]
Class Of Stock [Line Items]
Common Stock, Shares, Outstanding \| shares				3,814,125
Class B Common Stock [Member] \| VGAC [Member]
Class Of Stock [Line Items]
Acquired ownership percentage				30.00%
Maximum [Member]
Class Of Stock [Line Items]
Class of warrants or rights redemption price per warrant		$ 0.10
Maximum [Member] \| Cowen and Company LLC [Member] \| Sales Agreement [Member]
Class Of Stock [Line Items]
Sale of Securities over a period of time \| $	$ 500,000
Aggregate principal amount \| $	$ 150,000
Maximum [Member] \| Class A Common Stock [Member] \| VG Acquisition Sponsor LLC [Member]
Class Of Stock [Line Items]
Share Price Thresholds Release From Lock Up				$ 15.00
Minimum [Member] \| Class A Common Stock [Member] \| VG Acquisition Sponsor LLC [Member]
Class Of Stock [Line Items]
Share Price Thresholds Release From Lock Up				$ 12.50
Additional Paid In Capital [Member]
Class Of Stock [Line Items]
Change in fair value of warrant liabilities \| $		$ 42,400				$ 33,000
Share Price Less Than Dollar Eighteen And Greater Than Or Equals To Ten Point Zero Zero \| Class A Common Stock [Member] \| Public Warrants [Member]
Class Of Stock [Line Items]
Exercise price					$ 0.10
Share Redemption Trigger Price					$ 10.00
Class of warrants redemption notice period					30 days
Share Price Less Than Dollar Eighteen And Greater Than Or Equals To Ten Point Zero Zero \| Minimum [Member] \| Class A Common Stock [Member] \| Public Warrants [Member]
Class Of Stock [Line Items]
Exercise price					$ 18.00
Share Price Equals Or Exceeds Dollar Eighteen \| Class A Common Stock [Member] \| Public Warrants [Member]
Class Of Stock [Line Items]
Exercise price					$ 0.01
Class of Warrant or Right Redemption Threshold Consecutive Trading Days					20 days
Class of Warrant or Right Redemption Threshold Trading Days					30 days
Share Redemption Trigger Price					$ 18.00
Class of warrants redemption notice period					30 days

Acquisition - Schedule of Consideration Transferred to Acquired Identifiable Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 351,744	$ 351,744
Lemonaid Health, Inc. [Member]
Business Acquisition [Line Items]
Cash	7,711
Prepaid expenses and other current assets	3,388
Property and equipment, net	1,019
Operating lease right-of-use asset	848
Other assumed assets	407
Accounts payable	(3,106)
Accrued liabilities	(4,218)
Operating lease liability	(971)
Deferred tax liability	(6,645)
Other assumed liabilities	(1,311)
Total acquired identifiable assets and liabilities	73,122
Goodwill	351,598
Total consideration transferred	424,720
Lemonaid Health, Inc. [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible Assets	14,900
Lemonaid Health, Inc. [Member] \| Partnerships [Member]
Business Acquisition [Line Items]
Intangible Assets	23,200
Lemonaid Health, Inc. [Member] \| Trademarks [Member]
Business Acquisition [Line Items]
Intangible Assets	11,000
Lemonaid Health, Inc. [Member] \| Developed Technology Rights [Member]
Business Acquisition [Line Items]
Intangible Assets	24,100
Lemonaid Health, Inc. [Member] \| Non-compete agreements [Member]
Business Acquisition [Line Items]
Intangible Assets	$ 2,800

Equity Incentive Plans and Stock-Based Compensation - Summary of the Restricted Stock Units (Details) - Restricted Stock Units [Member]	12 Months Ended
	Mar. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested RSUs, beginning balance, Unvested as of March31, 2022 \| shares	10,676,378
Unvested RSUs, Granted \| shares	26,940,560
Unvested RSUs, Vested \| shares	(7,062,152)
Unvested RSUs, Cancelled/forfeited \| shares	(3,992,220)
Unvested RSUs ending balance unvested as of March 31, 2023 \| shares	26,562,566
Weighted-Average Grant Date Fair Value Per Share, Beginning balance, Unvested as of March 31, 2022 \| $ / shares	$ 9.70
Weighted-Average Grant Date Fair Value Per Share, Granted \| $ / shares	3.28
Weighted-Average Grant Date Fair Value Per Share, Vested \| $ / shares	6.23
Weighted-Average Grant Date Fair Value Per Share, Cancelled/forfeited \| $ / shares	5.53
Weighted-Average Grant Date Fair Value Per Share, Ending balance, Unvested as of March 31, 2023 \| $ / shares	$ 4.73

Stockholders' Equity (Tables)

12 Months Ended

Mar. 31, 2023

Equity [Abstract]

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:


	March 31,		March 31,
	2023		2022
Outstanding stock options		68,050,752		73,609,565
Outstanding restricted stock units		26,562,566		10,676,378
Remaining shares available for future issuance under 2021 Incentive Equity Plan		55,922,182		48,895,572
Remaining shares available for future issuance under Employee Stock Purchase Plan		16,349,302		11,420,000
Total shares of common stock reserved		166,884,802		144,601,515

Revenue (Additional Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 46.6	$ 31.9
Consumer services
Disaggregation of Revenue [Line Items]
Deferred revenue for customer services	48.6	51.3	$ 39.3
Research Services
Disaggregation of Revenue [Line Items]
Deferred revenue for customer services	14.0	11.6	$ 31.9
Revenue recognized	9.7	31.4
Contract with customer liability revenue recognized related party amount	9.2	30.1
Contract with customer liability related party amount	11.8	$ 9.2
Remaining performance obligations	$ 21.6
Revenue recognize percentage	91.00%

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Deferred Income Tax Benefit	$ 2,800,000	$ 3,500,000
Income tax benefit	(2,772,000)	$ (3,480,000)	$ 0
Operating Loss Carryforwards	654,700,000
Change in the valuation allowance	60,300,000
Federal [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	1,000,000,000.0			$ 1,000,000,000.0
State [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 689,000.0
Operating Loss Carryforwards Expiration Year	2026
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 9,600,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Condensed Consolidated Statements Of Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	12 Months Ended
	Mar. 31, 2021 USD ($) $ / shares
Series F1 Preferred Stock [Member]
Redeemable convertible preferred stock, Par Value \| $ / shares	$ 7.56
Net of issuance cost \| $	$ 232

Net Loss per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Class A Common Stock [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options	108,587,430	90,038,538	18,116,302
Class A Common Stock [Member] \| ESPP [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options	2,937,194	2,239,756
Class A Common Stock [Member] \| Stock Option Activity [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options	68,050,752	73,609,565	18,116,302
Class A Common Stock [Member] \| Conversion of Redeemable Convertible Preferred Stock [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options	0
Class A Common Stock [Member] \| Restricted Stock Units [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options	26,562,566	10,676,378
Class A Common Stock [Member] \| Shares subject to vesting [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options	2,576,082	3,512,839
Class A Common Stock [Member] \| 2022 AIP RSUs
Earnings Per Share Basic [Line Items]
Outstanding stock options	8,460,836	0	0
Class B Common Stock [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options			258,442,958
Class B Common Stock [Member] \| ESPP [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options
Class B Common Stock [Member] \| Stock Option Activity [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options			49,261,103
Class B Common Stock [Member] \| Conversion of Redeemable Convertible Preferred Stock [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options			209,181,855
Class B Common Stock [Member] \| Restricted Stock Units [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options
Class B Common Stock [Member] \| Shares subject to vesting [Member]
Earnings Per Share Basic [Line Items]
Outstanding stock options
Class B Common Stock [Member] \| 2022 AIP RSUs
Earnings Per Share Basic [Line Items]
Outstanding stock options			0

Organization and Description of Business - Additional Information (Detail)		12 Months Ended
	Jun. 16, 2021	Mar. 31, 2023
Class Of Stock [Line Items]
Stockholders' Equity Note, Stock Split	Each share of Class B common stock is convertible into one share of Class A common stock any time at the option of the holder and is automatically converted into one share of Class A common stock upon transfer	The shares and net loss per common share prior to the Merger have been retroactively restated as shares reflecting the exchange ratio established in the Merger. See Note 3, “Recapitalization,” for additional details.
Class A Common Stock [Member]
Class Of Stock [Line Items]
Exchange Ratio	2.293698169
Class B Common Stock [Member]
Class Of Stock [Line Items]
Exchange Ratio	2.293698169

Revenue

12 Months Ended

Mar. 31, 2023

Disaggregation of Revenue [Abstract]

Revenue

5. Revenue

Disaggregation of Revenue

The following table presents revenue by category:


	Year Ended March 31,
	2023					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(in thousands, except percentages)
Point in Time
PGS	$	182,866		61	%	$	189,703		70	%	$	191,066		78	%
Telehealth		34,961		12	%		15,299		6	%		—		0	%
Consumer services		217,827		73	%		205,002		76	%		191,066		78	%
Research services		—		0	%		—		0	%		—		0	%
Therapeutics		—		0	%		—		0	%		54		0	%
Total	$	217,827		73	%	$	205,002		76	%	$	191,120		78	%

Over Time
PGS	$	19,548		7	%	$	12,978		5	%	$	6,459		3	%
Telehealth		9,761		3	%		3,908		1	%		—		0	%
Consumer services		29,309		10	%		16,886		6	%		6,459		3	%
Research services		52,353		17	%		50,005		18	%		46,341		19	%
Therapeutics		—		0	%		—		0	%		—		0	%
Total	$	81,662		27	%	$	66,891		24	%	$	52,800		22	%

Revenue by Category
PGS	$	202,414		68	%	$	202,681		75	%	$	197,525		81	%
Telehealth		44,722		15	%		19,207		7	%		—		0	%
Consumer services		247,136		83	%		221,888		82	%		197,525		81	%
Research services		52,353		17	%		50,005		18	%		46,341		19	%
Therapeutics		—		0	%		—		0	%		54		0	%
Total	$	299,489		100	%	$	271,893		100	%	$	243,920		100	%

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


	Year Ended March 31,
	2023					2022					2021
	Amount		% of Revenue			Amount		% of Revenue			Amount		% of Revenue
	(in thousands, except percentages)
United States	$	217,242		73	%	$	192,438		71	%	$	176,120		72	%
United Kingdom		63,023		21	%		58,477		22	%		49,386		20	%
Canada		13,581		4	%		14,293		5	%		12,172		5	%
Other regions		5,643		2	%		6,685		2	%		6,242		3	%
Total	$	299,489		100	%	$	271,893		100	%	$	243,920		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 consolidated balance sheets. The amount of contract assets was immaterial as of March 31, 2023 and 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 March 31, 2023 and 2022, deferred revenue for consumer services was $48.6 million and $51.3 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 $46.6 million and $31.9 million as revenue during the fiscal years ended March 31, 2023 and 2022, respectively.

As of March 31, 2023 and 2022, deferred revenue for research services was $14.0 million and $11.6 million, respectively, which included related party deferred revenue amounts of $11.8 million and $9.2 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 $9.7 million and $31.4 million as revenue during the fiscal years ended March 31, 2023 and 2022, respectively, which included related party revenue amounts of $9.2 million and $30.1 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 ASC 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 March 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations for research services was $21.6 million. The Company expects to recognize revenue on approximately 91% of this amount over the next 12 months and the remainder thereafter. During the fiscal years ended March 31, 2023, 2022 and 2021, the Company did not recognize any revenue for performance obligations satisfied in prior periods.

Acquisition - Schedule of Unaudited Pro Forma Revenue and Net Loss Information (Details) (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Business Combinations [Abstract]

Pro forma revenue

^[1]

$ 295,025

$ 271,532

Pro forma net loss

^[1]

$ (241,382)

$ (237,162)

[1]	(1) As if the Lemonaid Acquisition was consummated on April 1, 2020.

Related Party Transaction

12 Months Ended

Mar. 31, 2023

Related Party Transactions

18. Related Party Transactions

As described in Note 6, “Collaborations,” in July 2018, the Company and GSK entered into the GSK Agreement, and there were transactions with GSK during the fiscal years ended March 31, 2023, 2022 and 2021. At the time the GSK Agreement was entered into, GSK also purchased 17,291,066 shares of Series F-1 redeemable convertible preferred stock of 23andMe, Inc. These shares were converted into a like number of shares of 23andMe, Inc. Class B common stock immediately prior to the Merger and were exchanged pursuant to the Share Conversion Ratio into shares of the Company’s Class B common stock in the Business Combination. GSK had a 20.1% and 16.3% voting interest in the Company as of March 31, 2023 and 2022, respectively.

As described in Note 3, “Recapitalization,” in February 2021, concurrently with the execution of the Merger Agreement, VGAC entered into subscription agreements with certain investors to which such investors collectively subscribed for an aggregate of 25,000,000 shares of the Company’s Class A common stock at $10.00 per share for aggregate gross proceeds of $250.0 million. The Anne Wojcicki Foundation, which subscribed for 2,500,000 shares of the Company’s Class A common stock, is affiliated with the Company’s CEO and therefore a related party.

In September 2020 and February 2021, the CEO early exercised unvested options to purchase shares of common stock. In February 2021, the Board of Directors accelerated the vesting of all 15,621,041 unvested shares previously purchased by the CEO, which resulted in stock-based compensation expense of $40.4 million for fiscal year 2021 related to recognition of the remaining compensation expense associated with these grants. For further information, see Note 14, “Equity Incentive Plans and Stock-based Compensation”

Fair Value Measurements - Schedule of Changes in Fair Value of Warrant Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance	$ 0	$ 0
Assumption of Private Placement Warrants and Public Warrants		75,415
Redeemed/exercised warrants		42,426
Change in fair value of warrant liabilities	$ 0	(32,989)	$ 0
Balance		$ 0	$ 0

Equity Incentive Plans and Stock-Based Compensation - Summary of the Activity Under the Stock Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Balance as of March 31, 2022	68,050,752	73,609,565
Granted	4,866,230
Exercised	(2,748,796)
Cancelled/forfeited/expired	(7,676,247)
Balance as of March 31, 2023	68,050,752
Vested and exercisable as of March 31, 2023	48,034,690
Weighted-Average Exercise Price Beginning balance As Of March 31,2022	$ 4.21
Weighted-Average Exercise Price, Granted	3.50
Weighted-Average Exercise Price, Exercised	1.53
Weighted-Average Exercise Price, Cancelled/Forfeited/Expired	4.75
Weighted-Average Exercise Price, Ending balance As Of March 31, 2023	4.20	$ 4.21
Weighted-Average Exercise Price, Vested and exercisable March 31, 2023	$ 4.14
Weighted-Average Remaining Contractual Term (Years)	6 years	6 years 10 months 24 days
Weighted-Average Remaining Contractual Term (Years), Vested and Exercisable	5 years
Aggregate Intrinsic Value of Options Outstanding	$ 10,621	$ 35,979
Aggregate Intrinsic Value of Options Outstanding, Vested and Exercisable	$ 7,743

Leases - Schedule of Future Minimum Lease Payments Related to Company's Operating Lease Liability (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 13,800
2025	15,474
2026	15,946
2027	15,472
2028	11,666
Thereafter	41,430
Total future operating lease payments	113,788
Less: imputed interest	(28,484)
Total operating lease liabilities	$ 85,304

Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 04, 2021	Jul. 31, 2018	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Proceeds from PIPE			$ 6,464
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number					15,621,041
Employee Benefits and Share-Based Compensation					$ 40,400
Common Class A [Member] \| The Anne Wojcicki Foundation [Member]
Related Party Transaction [Line Items]
Common stock shares subscribed			2,500,000
Common Class A [Member] \| V G Acquisition Sponsor L L C [Member]
Related Party Transaction [Line Items]
Common stock, Price Per Share	$ 10.00
GSK Collaboration Agreement [Member]
Related Party Transaction [Line Items]
Voting interest percentage			20.10%	16.30%
GSK Collaboration Agreement [Member] \| Series F1 Redeemable Convertible Preferred Stock [Member]
Related Party Transaction [Line Items]
Redeemable convertible preferred stock purchase		17,291,066
Subscription Agreement [Member] \| Common Class A [Member] \| V G Acquisition Sponsor L L C [Member]
Related Party Transaction [Line Items]
Common stock shares subscribed	25,000,000
Common stock, Price Per Share	$ 10.00
Proceeds from PIPE	$ 250,000

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Mar. 31, 2023

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:


	Year Ended March 31,
	2023						2022						2021
	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	$	(185,112	)	$	(126,544	)	$	(68,620	)	$	(148,870	)	$	(37,070	)	$	(146,549	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		268,177,185			183,327,192			114,064,921			247,463,198			20,121,419			79,539,367
Net loss per share attributable to common stockholders:
Net loss per share attributable to common stockholders, basic and diluted	$	(0.69	)	$	(0.69	)	$	(0.60	)	$	(0.60	)	$	(1.84	)	$	(1.84	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	As of March 31,
	2023		2022		2021
	Class A		Class A		Class A		Class B
Conversion of redeemable convertible preferred stock		—		—		—		209,181,855
Outstanding stock options		68,050,752		73,609,565		18,116,302		49,261,103
Restricted stock units		26,562,566		10,676,378		—		—
Shares subject to vesting		2,576,082		3,512,839		—		—
2022 AIP RSUs		8,460,836		—		—		—
ESPP		2,937,194		2,239,756		—		—
Total		108,587,430		90,038,538		18,116,302		258,442,958

Consolidated Statements Of Operations And Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue (included related party revenue of $47,448, $46,064 and $39,917, respectively)	$ 299,489	$ 271,893	$ 243,920
Cost of revenue (includes related party costs of $530, $299 and $(1,400), respectively)	164,993	138,948	126,914
Gross profit	134,496	132,945	117,006
Operating expenses:
Research and development (includes related party expenses of $10,709, $23,954 and $18,684, respectively)	222,596	189,377	159,856
Sales and marketing	119,927	100,338	43,197
General and administrative	115,984	97,383	99,149
Total operating expenses	458,507	387,098	302,202
Loss from operations	(324,011)	(254,153)	(185,196)
Interest income, net	9,676	277	255
Change in fair value of warrant liabilities	0	(32,989)	0
Other income (expense), net	(93)	(83)	1,322
Loss before income taxes	(314,428)	(220,970)	(183,619)
Income tax benefit	(2,772)	(3,480)	0
Net loss	(311,656)	(217,490)	(183,619)
Other comprehensive income (loss), net of tax	(799)	179
Total comprehensive loss	$ (312,455)	$ (217,311)	$ (183,619)
Net loss per share of Class A and Class B common stock attributable to common stockholders:
Net loss per share attributable to common stockholders, basic	$ (0.69)	$ (0.60)	$ (1.84)
Net loss per share attributable to common stockholders, diluted	$ (0.69)	$ (0.60)	$ (1.84)
Weighted-average shares used to compute net loss per share:
Weighted Average Number of Shares Outstanding, Basic	451,504,377	361,528,119	99,660,786
Weighted Average Number of Shares Outstanding, Diluted	451,504,377	361,528,119	99,660,786

Revenue - Summary of Revenue By Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 299,489	$ 271,893	$ 243,920
PGS
Disaggregation of Revenue [Line Items]
Revenue	202,414	202,681	197,525
PGS \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue	182,866	189,703	191,066
PGS \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	19,548	12,978	6,459
Telehealth
Disaggregation of Revenue [Line Items]
Revenue	44,722	19,207
Telehealth \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue	34,961	15,299	0
Telehealth \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	9,761	3,908
Consumer services
Disaggregation of Revenue [Line Items]
Revenue	247,136	221,888	197,525
Consumer services \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue	217,827	205,002	191,066
Consumer services \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	29,309	16,886	6,459
Research Services
Disaggregation of Revenue [Line Items]
Revenue	52,353	50,005	46,341
Research Services \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue			0
Research Services \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	52,353	50,005	46,341
Therapeutics
Disaggregation of Revenue [Line Items]
Revenue			54
Therapeutics \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue			54
Therapeutics \| Over Time
Disaggregation of Revenue [Line Items]
Revenue
Service
Disaggregation of Revenue [Line Items]
Revenue	299,489	271,893	243,920
Service \| Point in Time
Disaggregation of Revenue [Line Items]
Revenue	217,827	205,002	191,120
Service \| Over Time
Disaggregation of Revenue [Line Items]
Revenue	$ 81,662	$ 66,891	$ 52,800
Product Concentration Risk \| Revenue \| PGS
Disaggregation of Revenue [Line Items]
Percentage of Revenue	68.00%	75.00%	81.00%
Product Concentration Risk \| Revenue \| PGS \| Point in Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	61.00%	70.00%	78.00%
Product Concentration Risk \| Revenue \| PGS \| Over Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	7.00%	5.00%	3.00%
Product Concentration Risk \| Revenue \| Telehealth
Disaggregation of Revenue [Line Items]
Percentage of Revenue	15.00%	7.00%	0.00%
Product Concentration Risk \| Revenue \| Telehealth \| Point in Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	12.00%	6.00%	0.00%
Product Concentration Risk \| Revenue \| Telehealth \| Over Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	3.00%	1.00%	0.00%
Product Concentration Risk \| Revenue \| Consumer services
Disaggregation of Revenue [Line Items]
Percentage of Revenue	83.00%	82.00%	81.00%
Product Concentration Risk \| Revenue \| Consumer services \| Point in Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	73.00%	76.00%	78.00%
Product Concentration Risk \| Revenue \| Consumer services \| Over Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	10.00%	6.00%	3.00%
Product Concentration Risk \| Revenue \| Research Services
Disaggregation of Revenue [Line Items]
Percentage of Revenue	17.00%	18.00%	19.00%
Product Concentration Risk \| Revenue \| Research Services \| Point in Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	0.00%	0.00%	0.00%
Product Concentration Risk \| Revenue \| Research Services \| Over Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	17.00%	18.00%	19.00%
Product Concentration Risk \| Revenue \| Therapeutics
Disaggregation of Revenue [Line Items]
Percentage of Revenue	0.00%	0.00%	0.00%
Product Concentration Risk \| Revenue \| Therapeutics \| Point in Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	0.00%	0.00%	0.00%
Product Concentration Risk \| Revenue \| Therapeutics \| Over Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	0.00%	0.00%	0.00%
Product Concentration Risk \| Revenue \| Service
Disaggregation of Revenue [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%
Product Concentration Risk \| Revenue \| Service \| Point in Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	73.00%	76.00%	78.00%
Product Concentration Risk \| Revenue \| Service \| Over Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	27.00%	24.00%	22.00%

Net Loss Per Share - Schedule of Basic And Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (311,656)	$ (217,490)	$ (183,619)
Denominator:
Weighted-average shares used to compute net loss per share, basic	451,504,377	361,528,119	99,660,786
Weighted-average shares used to compute net loss per share, diluted	451,504,377	361,528,119	99,660,786
Net loss per share:
Net loss per share attributable to common stockholders, basic	$ (0.69)	$ (0.60)	$ (1.84)
Net loss per share attributable to common stockholders, diluted	$ (0.69)	$ (0.60)	$ (1.84)
Class A Common Stock [Member]
Numerator:
Net loss	$ (185,112)	$ (68,620)	$ (37,070)
Denominator:
Weighted-average shares used to compute net loss per share, basic	268,177,185	114,064,921	20,121,419
Weighted-average shares used to compute net loss per share, diluted	268,177,185	114,064,921	20,121,419
Net loss per share:
Net loss per share attributable to common stockholders, basic	$ (0.69)	$ (0.60)	$ (1.84)
Net loss per share attributable to common stockholders, diluted	$ (0.69)	$ (0.60)	$ (1.84)
Class B Common Stock [Member]
Numerator:
Net loss	$ (126,544)	$ (148,870)	$ (146,549)
Denominator:
Weighted-average shares used to compute net loss per share, basic	183,327,192	247,463,198	79,539,367
Weighted-average shares used to compute net loss per share, diluted	183,327,192	247,463,198	79,539,367
Net loss per share:
Net loss per share attributable to common stockholders, basic	$ (0.69)	$ (0.60)	$ (1.84)
Net loss per share attributable to common stockholders, diluted	$ (0.69)	$ (0.60)	$ (1.84)

Income Taxes

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

17. Income Taxes

The components of the Company’s loss before income taxes are summarized as follows:


	Year Ended March 31,
	2023			2022			2021
	(in thousands)
Domestic	$	(292,730	)	$	(221,212	)	$	(183,619	)
Foreign		(21,698	)		242			-
Loss before income taxes	$	(314,428	)	$	(220,970	)	$	(183,619	)

There has historically been no federal or state provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. During the fiscal year ended March 31, 2023, the Company recognized a deferred foreign income tax benefit of $2.8 million related to the reversal of a deferred tax liability related to U.K. intangibles acquired in the Lemonaid Acquisition. During the fiscal year ended March 31, 2022, the Company recognized a deferred income tax benefit of $3.5 million related to the partial release of the valuation allowance for deferred tax assets due to the recognition of deferred tax liabilities in connection with the Lemonaid Acquisition. For the fiscal year ended March 31, 2021, the Company recognized no provision for income taxes.

A reconciliation of income tax (benefit) computed at the statutory federal tax rate to the effective income tax rate is summarized as follows:


	Year Ended March 31,
	2023			2022			2021
Statutory federal tax expense rate		21	%		21	%		21	%
Non-deductible stock-based compensation		(4	%)		(3	%)		(7	%)
Fair Market Value adjustment on Warrants		0	%		3	%		0	%
Change in valuation allowance related to acquisition		0	%		2	%		0	%
Change in valuation allowance		(16	%)		(20	%)		(14	%)
Other		0	%		(2	%)		0	%
Effective tax rate		1	%		2	%		(0	%)

Deferred income taxes result from differences in the recognition of revenue and expenses for tax and financial reporting purposes, as well as operating loss and tax credit carryforwards. The components of the Company's deferred tax assets and liabilities as of March 31, 2023 and 2022 were as follows:


	March 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	262,295		$	248,856
Capitalized research and development expenses		33,709			-
Accruals and reserves		3,865			3,685
Stock-based compensation		18,065			10,000
Deferred revenue		11,498			6,865
Operating lease liabilities		21,474			20,590
Other		332			19
Gross deferred tax assets		351,238			290,015
Valuation allowance		(322,104	)		(261,795	)
Total deferred tax assets		29,134			28,220
Deferred tax liabilities:
Prepaid expenses		(892	)		(1,235	)
Intangibles		(13,689	)		(15,709	)
Operating lease right-of-use assets		(14,117	)		(13,233	)
Property and equipment		(436	)		(1,138	)
Gross deferred tax liabilities		(29,134	)		(31,315	)
Net deferred taxes	$	—		$	(3,095	)

The Company maintains a full valuation allowance on the remaining net deferred tax assets of the U.S. and U.K. 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.

As of March 31, 2023, the Company had $1.0 billion of federal, $689.0 million of state, and $9.6 million of foreign net operating loss carryforwards available to reduce future taxable income, which will begin to expire in 2026 for federal and state tax purposes. Included in the $1.0 billion carryover losses is $654.7 million of net operating losses with an indefinite life. The Company does not have any federal and state research and development tax credit carryforwards. The change in the valuation allowance in the current year was an increase of $60.3 million primarily related to the increase of current year losses.

The Tax Reform Act of 1986 and similar California legislation impose substantial limitations on the utilization of net operating loss and tax credit carryforwards, if there is a change in ownership as provided by Section 382 of the Internal Revenue Code and similar state provisions. Such a limitation could result in the expiration of the net operating loss carryforwards and tax credits before utilization. The Company performed a preliminary study for the period through March 31, 2023, and no tax attributes are anticipated to expire due to a Section 382 limitation. The Company’s ability to use net operating loss carryforwards to reduce future taxable income and liabilities may be subject to annual limitations as a result of ownership changes in subsequent years.

Significant management judgment is required in determining the provision for income taxes and, in particular, any valuation allowance recorded against the Company’s deferred tax assets. The Company determined that, due to the Company’s cumulative tax loss history and the difficulty in forecasting the timing of future revenue, it was necessary to maintain a valuation allowance to the full amount of the deferred tax asset. The Company determined that it was not more-likely-than-not that the deferred tax asset would be utilized.

The Company had no unrecognized tax benefits for the fiscal years ended March 31, 2023 and 2022. A reconciliation of the beginning and ending balance of unrecognized tax benefits for the fiscal year ended March 31, 2021 is summarized as follows:


	Unrecognized Tax Benefits
	(in thousands)
Balance as of March 31, 2020	$	299
Decreases in unrecognized tax benefits related to prior year tax positions		(299	)
Increases in unrecognized tax benefits related to current year tax positions		—
Balance as of March 31, 2021	$	—

The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. During the fiscal years ended March 31, 2023, 2022, and 2021, the Company recognized no interest and penalties associated with the unrecognized tax benefits. There are no tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. If recognized, there would be no impact on the Company’s effective tax rate due to its valuation allowance.

The Company files income tax returns in the U.S. federal jurisdiction, various states, and the U.K. 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Recapitalization - Additional Information (Details)			12 Months Ended
Recapitalization - Additional Information (Details)	Jun. 16, 2021 USD ($) $ / shares shares	Feb. 04, 2021 $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 22, 2021 shares
Business Acquisition [Line Items]
Proceeds from Issuance or Sale of Equity \| $	$ 559,700,000
Common Stock, Par value \| $ / shares			$ 0.0001	$ 0.0001
Reverse Recapitalization Percentage of Voting Interests Acquired	100.00%
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs \| $			$ 33,700,000	$ 33,726,000
Proceeds from issuance of common stock merger \| $	$ 309,700,000
Restricted Stock Units [Member]
Business Acquisition [Line Items]
Shares conversion ratio	2.293698169
Founder shares [Member]
Business Acquisition [Line Items]
Shares restricted for transfer		12,713,750
Lock-up early release terms for the earn out shares, description		(i) one year after the Closing Date, or (ii) the date following the completion of the Business Combination on which the Company completes a liquidation, merger, share exchange, or other similar transaction that results in all of the stockholders having the right to exchange their ordinary shares for cash, securities, or other property. Notwithstanding the foregoing, if the closing price of the Company’s Class A common stock equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading-day period commencing at least 150 days after the Business Combination, 70% of the Founder Shares will be released from the lock-up.
VG Acquisition Sponsor LLC [Member]
Business Acquisition [Line Items]
Sponsor, Description		(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.
Earn-out shares, Percentage		50.00%
Lockup period for shares		7 years
PIPE [Member]
Business Acquisition [Line Items]
Proceeds from investment \| $	$ 250,000,000.0
Class A Common Stock [Member]
Business Acquisition [Line Items]
Common Stock, Par value \| $ / shares	$ 0.0001
Shares conversion ratio	2.293698169
Common Stock, Shares, Outstanding			293,020,474	228,174,718
Common Stock, Shares, Issued			293,020,474	228,174,718	6,016,327
Lock up for Class A common stock in connection with the Merger		180 days
Trading days		20 days
Number of trading days after commencing		30 days
Class A Common Stock [Member] \| Restricted Stock Units [Member]
Business Acquisition [Line Items]
Shares conversion ratio	2.293698169
Class A Common Stock [Member] \| VG Acquisition Sponsor LLC [Member]
Business Acquisition [Line Items]
Common stock, Price Per Share \| $ / shares		$ 10.00
Trading days		20 days
Number of trading days after commencing		30 days
Class A Common Stock [Member] \| VG Acquisition Sponsor LLC [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Share Price Thresholds Release From Lock Up \| $ / shares		$ 12.50
Class A Common Stock [Member] \| VG Acquisition Sponsor LLC [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Share Price Thresholds Release From Lock Up \| $ / shares		$ 15.00
Class A Common Stock [Member] \| PIPE [Member]
Business Acquisition [Line Items]
Common Stock, Shares, Issued	25,000,000
Aggregate gross proceeds of common stock \| $	$ 250,000.0
Class A Common Stock [Member] \| PIPE [Member] \| The Anne Wojcicki Foundation [Member]
Business Acquisition [Line Items]
Common Stock, Shares, Issued	2,500,000
Class B Common Stock [Member]
Business Acquisition [Line Items]
Common Stock, Par value \| $ / shares	$ 0.0001
Shares conversion ratio	2.293698169
Common Stock, Shares, Outstanding			168,179,488	220,637,603
Common Stock, Shares, Issued			168,179,488	220,637,603
Class B Common Stock [Member] \| Founder shares [Member]
Business Acquisition [Line Items]
Percentage Shares Restricted For Transfer		70.00%
Class B Common Stock [Member] \| VGAC [Member]
Business Acquisition [Line Items]
Acquired ownership percentage		30.00%
Class B Common Stock [Member] \| VG Acquisition Sponsor LLC [Member]
Business Acquisition [Line Items]
Common Stock, Shares, Outstanding		3,814,125

Income Taxes - Schedule of loss before provision for (benefit from) income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ (292,730)	$ (221,212)	$ (183,619)
Foreign	(21,698)	242	0
Loss before income taxes	$ (314,428)	$ (220,970)	$ (183,619)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Principle of Consolidation

Fiscal Year

The Company’s fiscal year ends on March 31. References to fiscal year 2023, 2022 and 2021 refer to the fiscal years ended March 31, 2023, 2022 and 2021, respectively.

Use of Estimates

Reclassifications

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

Concentration of Supplier Risk

Concentration of Credit Risk

Significant customer information is as follows:


	March 31, 2023			March 31, 2022
Percentage of accounts receivable:
Customer C		69	%		25	%
Customer F		27	%		19	%
Customer G		0	%		44	%


	Year Ended March 31,
	2023			2022			2021
Percentage of revenue:
Customer C		22	%		20	%		21	%
Customer B		16	%		17	%		16	%

Cash, Cash Equivalents and Restricted Cash

Fair Value Measurements

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

Level 1 – Quoted prices in active markets for identical 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.

Accounts Receivable, Net

Inventories

Deferred Cost of Revenue

Property and Equipment, Net

The estimated useful lives of the Company’s property and equipment are as follows:


Computer and software	3 years
Laboratory equipment and software	5 years
Furniture and office equipment	5 years
Leasehold improvements	Shorter of remaining lease term or estimated useful life

Internal-Use Software

Goodwill and Intangible Assets

Impairment of Long-Lived Assets

Leases

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.

Research Services

Telehealth

Collaborations

obligations determined under ASC 606. To date, no consideration in this regard has been received under the Company's collaboration agreements.

Cost of Revenue

Cost of revenue for research services primarily consists of personnel-related expenses, including salaries, benefits and stock-based compensation, and allocated overhead.

Research and Development

Advertising Costs

Stock-Based Compensation

Income Taxes

Business Combinations

Variable Interest Entities

Foreign Currency

Comprehensive Loss

Net Loss Per Share Attributable to Common Stockholders

Related Parties

Recently Adopted Accounting Pronouncements

Balance Sheet Components - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Property Plant And Equipment [Line Items]
Depreciation	$ 14,800,000	$ 16,100,000	$ 18,100,000
Impairment to internal-use software		0	0
Internal-use software	3,200,000	1,200	600
Impairment Charge for U.K Partnership Asset	10,000,000.0
Amortization Of Intangible Assets	17,300,000	7,600,000
Capitalized Computer Software, Gross	25,180,000	14,804,000
Internal Use Software
Property Plant And Equipment [Line Items]
Amortization of internal use software including capitalized stock based compensation expense	4,800,000	2,900,000	2,000,000.0
Capitalized Computer Software, Gross	$ 10,800,000	$ 5,700,000	$ 4,000,000.0

Stockholders' Equity - Schedule of Common Stock Reserved for Issuance (Detail) - shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class Of Stock [Line Items]
Outstanding stock options	68,050,752	73,609,565
Total shares of common stock reserved	166,884,802	144,601,515
2021 Equity Incentive Plan
Class Of Stock [Line Items]
Remaining shares available for future issuance under 2021 Incentive Equity Plan	55,922,182	48,895,572
Employee Stock Purchase Plan
Class Of Stock [Line Items]
Remaining shares available for future issuance under Employee Stock Purchase Plan	16,349,302	11,420,000
Restricted Stock Units [Member]
Class Of Stock [Line Items]
Outstanding restricted stock units	26,562,566	10,676,378

Leases

12 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

11. Leases

The Company has entered into operating leases for its corporate offices, lab facilities and storage spaces, with remaining contractual periods ranging from 2.8 years to 8.3 years. In February 2023, the Company entered into an operating lease amendment to extend the lease term of its South San Francisco, California lab facility for two years, which resulted in $9.3 million of non-cancellable future minimum lease payments and a revised lease term through January 2027. For the Company’s facility in Sunnyvale, California, there is an option to extend the lease for a period of seven years. The Company is not reasonably certain that it will exercise this option and therefore it is not included in its ROU assets and lease liabilities as of March 31, 2023. The Company did not have any finance leases for all the periods presented.

The components of lease costs and other information related to leases were as follows:


	Year Ended March 31,
	2023			2022			2021
	(in thousands, except years and percentages)
Operating lease cost	$	13,650		$	13,640		$	13,614
Variable lease cost		5,422			6,425			5,809
Total lease cost	$	19,072		$	20,065		$	19,423

Cash paid for amounts included in the measurement of operating lease liabilities, net	$	(14,941	)	$	(13,490	)	$	(10,334	)
ROU assets obtained in exchange for new operating lease obligations	$	7,930		$	—		$	12,803

Weighted average remaining lease term (years)		7.5			8.4			9.2
Weighted average discount rate		8	%		7	%		7	%

As of March 31, 2023, the future minimum lease payments included in the measurement of the Company’s operating lease liabilities were as follows:


	As of March 31, 2023
	(in thousands)
Fiscal years ending March 31,
2024	$	13,800
2025		15,474
2026		15,946
2027		15,472
2028		11,666
Thereafter		41,430
Total future operating lease payments		113,788
Less: imputed interest		(28,484	)
Total operating lease liabilities	$	85,304

Collaborations - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Oct. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2023
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue		$ 299,489	$ 271,893	$ 243,920
Deferred Revenue Current		62,521	62,939
Prepaid expenses and other current assets		19,224	25,139
Cost of Revenue		164,993	138,948	126,914
Accounts Payable and Other Accrued Liabilities, Current		66,430	44,588
G S K
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue		47,400	46,100	39,900
Aggregate Cash Consideration For Collaboration Arrangement	$ 50,000
Deferred Revenue Current			9,200		$ 11,800
Research and development expense		10,700	24,000	18,700
Cost of Revenue		500	300	$ 1,400
Accounts Payable and Other Accrued Liabilities, Current		$ 11,900	$ 18,300
Voting interest percentage		20.10%	16.30%

Stockholders' Equity - Schedule of common stock outstanding (Details) - shares	Mar. 31, 2023	Mar. 31, 2022	Dec. 22, 2021	Jun. 16, 2021
Class of Stock [Line Items]
Common stock, shares authorized				1,490,000,000
Class A Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized	1,140,000,000	1,140,000,000		1,140,000,000
Common Stock, Shares, Issued	293,020,474	228,174,718	6,016,327
Common Stock, Shares, Outstanding	293,020,474	228,174,718
Class B Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized	350,000,000	350,000,000		350,000,000
Common Stock, Shares, Issued	168,179,488	220,637,603
Common Stock, Shares, Outstanding	168,179,488	220,637,603

Acquisition

12 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Acquisitions

4. Acquisition

On November 1, 2021, the Company completed the Lemonaid Acquisition and acquired all of the outstanding equity of Lemonaid Health. The purchase price consideration was $424.7 million, which includes the value of 26,825,241 shares of the Company’s Class A common stock valued at $314.4 million as of the acquisition date, the fair value of the pre-acquisition service portion of stock-based awards that were vested as of the Lemonaid Acquisition of $8.4 million, and cash payment of approximately $101.9 million, of which $13.0 million was placed in escrow to cover a potential purchase price adjustment and to secure the indemnification obligations of the former equity holders of Lemonaid Health. $6.0 million of the escrow amount was released in May 2023, and any remaining escrow amount will be released in May 2024.

The purchase price consideration excludes stock consideration of 3,747,027 shares issued by the Company to certain holders that are subject to vesting restrictions tied to continuing employment with the Company, which is recognized as selling, general, and administrative expenses post-acquisition. See Note 14, “Equity Incentive Plans and Stock-Based Compensation,” for additional details. The Company also incurred acquisition costs of $9.4 million directly related to the Lemonaid Acquisition, which were recorded within general and administrative expenses on the consolidated statements of operations and comprehensive loss.

The Company accounts for acquisitions using the acquisition method with the purchase price being allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition date. The following is the allocation of the consideration transferred to acquired identifiable assets and assumed liabilities, net of cash acquired, in the Lemonaid Acquisition as of the acquisition date:


	Amount
	(in thousands)
Cash	$	7,711
Prepaid expenses and other current assets		3,388
Property and equipment, net		1,019
Intangible Assets:
Customer relationships		14,900
Partnerships		23,200
Trademark		11,000
Developed technology		24,100
Non-compete agreements		2,800
Operating lease right-of-use asset		848
Other assumed assets		407
Accounts payable		(3,106	)
Accrued liabilities		(4,218	)
Operating lease liability		(971	)
Deferred tax liability		(6,645	)
Other assumed liabilities		(1,311	)
Total acquired identifiable assets and liabilities		73,122
Goodwill		351,598
Total consideration transferred	$	424,720

Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The fair value measurements of the identified intangible assets were based primarily on significant unobservable inputs and thus represent a Level 3 measurement as defined in ASC Topic 820, Fair Value Measurement ("ASC 820"). The fair values of the trade name and the developed technology were determined using the relief-from-royalty method under the income approach. This involves forecasting avoided royalties, reducing them by taxes, and discounting the resulting net cash flows to a present value using an appropriate discount rate. Judgment was applied for a number of assumptions in valuing the identified intangible assets, including revenue and cash flow forecasts, survival rates, technology life, royalty rate, obsolescence and discount rate. The fair value of customer relationships was determined using the replacement cost approach. This approach consists of developing an estimate of the current cost of a similar new asset having the nearest equivalent utility to the asset or group of assets being valued and involves the estimation of all the costs incurred and accumulated in the development effort and application of any related obsolescence factors. The fair value of partnerships was determined using the multi-period excess earnings method. This involves forecasting the net earnings expected to be generated by the asset, reducing them by appropriate returns on contributory assets, and then discounting the resulting net cash flows to a present value using an appropriate discount rate. The fair value of the non-compete agreements was determined using the with and without method, a variation of the income approach. The with and without method is based on the difference between cash flows for two different scenarios. For the first scenario, the prospective cash flows for the business are projected assuming the non-compete agreements are in place, and for the second scenario, the prospective cash flows for the business are estimated assuming that the non-compete agreements are not in place.

Amortization expense related to identified intangible assets is recognized on a straight-line basis over the assets’ useful lives of two to seven years. 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. Amortization expense for fiscal years ended March 31, 2023 and 2022 was $16.5 million and $7.3 million, respectively.

The excess of the consideration paid over the fair value of the net assets acquired is recorded as goodwill. The acquired goodwill of $351.7 million is assigned to the Consumer and Research Services segment and represents future economic benefits expected to arise from synergies from combining operations and commercial organizations to increase market presence and the extension of existing customer relationships. The goodwill recognized upon acquisition is not expected to be deductible for income tax purposes.

As a result of the acquisition and due to basis differences created from the accounting for the combination, the Company acquired a net deferred tax liability of $6.6 million. The Company’s deferred tax liabilities were partially offset with its deferred tax assets causing a release of the Company’s income tax valuation allowance. The release resulted in an income tax benefit of $3.5 million for the fiscal year ended March 31, 2022. The Company had a remaining foreign deferred tax liability of $3.1 million as of March 31, 2022, which was reversed in the fiscal year ended March 31, 2023 due to impairment charges related to an acquired intangible asset.

From the closing of the Lemonaid Acquisition date through March 31, 2022, the Company recognized revenue of $19.2 million and net loss of $22.3 million related to Lemonaid Health. The pro forma financial information in the table below summarizes the

combined results of operations for the Company and Lemonaid Health as if the companies had been combined as of April 1, 2020. The pro forma revenue and net loss is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on April 1, 2020.


	Year Ended March 31,
	2022			2021
	(in thousands)
Pro forma revenue(1)	$	295,025		$	271,532
Pro forma net loss(1)	$	(241,382	)	$	(237,162	)

(1) As if the Lemonaid Acquisition was consummated on April 1, 2020.

The pro forma financial information includes pro forma adjustments related to the valuation and allocation of the purchase price, primarily amortization of acquired intangible assets, additional stock-based compensation expense related to accelerated vesting of options in connection with the acquisition, additional stock-based compensation expense related to replacement awards issued in connection with the acquisition, amortization of representation and warranty insurance procured in connection with the acquisition, and direct transaction costs reflected in the historical financial statements.

Commitments and Contingencies - Non-cancelable purchase obligations with a term of 12 months or longer (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 21,796
2025	14,719
2026	22
Total	$ 36,537

Lease - The components of lease costs and other information related to leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating Lease, Cost	$ 13,650	$ 13,640	$ 13,614
Variable lease cost	5,422	6,425	5,809
Lease, Cost, Total	19,072	20,065	19,423
Cash paid for amounts included in the measurement of operating lease liabilities, net	(14,941)	(13,490)	(10,334)
ROU assets obtained in exchange for new operating lease obligations	$ 7,930		$ 12,803
Weighted average remaining lease term (years)	7 years 6 months	8 years 4 months 24 days	9 years 2 months 12 days
Weighted average discount rate	8.00%	7.00%	7.00%

Segment Information (Tables)

12 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule Of Company Revenue and Adjusted EBITDA by Segment

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


	Year Ended March 31,
	2023			2022			2021
	(in thousands)
Segment Revenue:
Consumer and Research Services	$	299,489		$	271,893		$	243,866
Therapeutics		-			-			54
Total revenue	$	299,489		$	271,893		$	243,920
Segment Adjusted EBITDA:
Consumer and Research Services Adjusted EBITDA	$	(17,997	)	$	(30,112	)	$	12,796
Therapeutics Adjusted EBITDA		(88,503	)		(76,944	)		(58,734	)
Unallocated Corporate (1)		(54,801	)		(43,684	)		(30,587	)
Total Adjusted EBITDA	$	(161,301	)	$	(150,740	)	$	(76,525	)
Reconciliation of net loss to Adjusted EBITDA:
Net loss	$	(311,656	)	$	(217,490	)	$	(183,619	)
Adjustments
Interest income, net		(9,676	)		(277	)		(255	)
Other (income) expense, net		93			83			(1,322	)
Change in fair value of warrant liabilities		—			(32,989	)		—
Income tax benefit		(2,772	)		(3,480	)		—
Depreciation and amortization		20,239			18,899			20,246
Amortization of acquired intangible assets		16,486			7,269			—
Impairment of acquired intangible asset		9,968			—			—
Stock-based compensation expense		116,017			57,933			88,425
Acquisition-related costs (2)		—			9,362			—
Litigation settlement (3)		—			9,950			—
Total Adjusted EBITDA	$	(161,301	)	$	(150,740	)	$	(76,525	)

(1)

(2)

For the fiscal year ended March 31, 2022, acquisition-related costs primarily consisted of advisory, legal and consulting fees.

(3)

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

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


	Year Ended March 31,
	2023				2022				2021
	(in thousands, except percentages)
Consumer and Research Services Segment Revenue:
Customer C (1)	$	65,721	22	%	$	53,875	20	%	$	51,786	21	%
Customer B (2)	$	47,448	16	%	$	46,064	17	%	$	39,917	16	%

(1)

Customer C revenues are primarily in the United States.

(2)

Customer B revenues are in the U.K.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (311,656)	$ (217,490)	$ (183,619)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	32,071	23,699	18,078
Amortization and impairment of internal-use software	4,427	2,449	2,168
Stock-based compensation expense	116,017	57,933	88,425
Change in fair value of warrant liabilities	0	(32,989)	0
Impairment of long-lived assets	10,126	0	0
Other	77	85	(819)
Changes in operating assets and liabilities:
Accounts receivable, net	1,483	(899)	3,912
Inventories	542	(4,262)	7,884
Deferred cost of revenue	2,325	(2,219)	1,163
Prepaid expenses and other current assets	6,653	(10,077)	2,126
Operating lease right-of-use assets	7,393	7,078	10,288
Other assets	(429)	(1,820)	573
Accounts payable (included related party amounts of $(12,567) and $(4,422), respectively)	(24,573)	22,856	137
Accrued expenses and other current liabilities (included related party amounts of $2,966, $(1,293) and $3,517, respectively)	2,671	8,316	82
Deferred revenue (included related party amounts of $2,572, $(20,959)and $(14,917), respectively)	(418)	(8,799)	(16,210)
Operating lease liabilities	(8,934)	(7,054)	(8,528)
Other liabilities	(3,165)	(3,635)	88
Net cash used in operating activities	(165,390)	(166,828)	(74,252)
Cash flows from investing activities:
Purchases of property and equipment	(4,048)	(3,968)	(4,054)
Purchases of intangible assets		(5,500)
Proceeds from sale of property and equipment	5	1	838
Capitalized internal-use software costs	(7,262)	(4,505)	(3,320)
Cash paid for acquisitions, net of cash acquired		(94,165)
Net cash used in investing activities	(11,305)	(108,137)	(6,536)
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock			82,500
Payments for issuance costs of redeemable convertible preferred stock			(232)
Proceeds from exercise of stock options (included related party amounts of zero, zero and $67,359, respectively)	4,203	16,998	76,151
Payments of deferred offering costs	(693)	(30,642)	(3,084)
Proceeds from issuance of common stock upon merger		309,720
Proceeds from PIPE (included related party amounts of zero, $25,000 and zero, respectively)		250,000
Proceeds from exercise of merger warrants		44
Payments for taxes related to net share settlement of equity awards	(197)
Proceeds from issuance of common stock under employee stock purchase plan	6,464
Payment for warrant redemptions		(116)
Net cash provided by financing activities	9,777	546,004	155,335
Effect of exchange rates on cash	385	(146)
Net increase (decrease) in cash and restricted cash	(166,533)	270,893	74,547
Cash and restricted cash—beginning of period	561,755	290,862	216,315
Cash and restricted cash—end of period	395,222	561,755	290,862
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment during the period included in accounts payable and accrued expenses	473	722	535
Stock-based compensation capitalized for internal-use software costs	3,191	1,166	637
Vesting of related party early exercised stock options			91,046
Reclassification of deferred offering costs		3,971
Assumption of merger warrants liability		75,415
Deferred offering costs during the period included in accounts payable and accrued expenses	45		887
Conversion of redeemable convertible preferred stock to common stock		837,351
Redemption/Exercise of Class A Common Stock Warrants		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		322,842
Cash and cash equivalents	386,849	553,182	282,489
Restricted cash, current	1,399	1,599	1,399
Restricted cash, noncurrent	6,974	6,974	6,974
Cash and cash equivalents	386,849	553,182
Total cash, cash equivalents and restricted cash	$ 395,222	$ 561,755	$ 290,862

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2023

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 as of March 31, 2023:


	March 31, 2023
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Money market funds	$	372,000	$	372,000	$	—	$	—
Total financial assets	$	372,000	$	372,000	$	—	$	—

Schedule of Changes in Fair Value of Warrant Liabilities

The change in the fair value of warrant liabilities is as follows:


	Warrant Liabilities
	(in thousands)
Balance at March 31, 2021	$	—
Assumption of Private Placement Warrants and Public Warrants		75,415
Redeemed/exercised warrants		(42,426	)
Change in fair value of warrant liabilities		(32,989	)
Balance at March 31, 2023 and 2022	$	—

Balance Sheet Components - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 81,500	$ 81,500
Accumulated amortization	(24,890)	(7,595)
Cumulative Impairment Charge	(9,968)
Cumulative currency translation	(1,122)
Net carrying amount	$ 45,520	$ 73,905
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 months 6 days	1 year 7 months 6 days
Gross Carrying Amount	$ 14,900	$ 14,900
Accumulated amortization	(10,554)	(3,104)
Cumulative Impairment Charge
Cumulative currency translation
Net carrying amount	$ 4,346	$ 11,796
Partnerships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	8 years 7 months 6 days	6 years 7 months 6 days
Gross Carrying Amount	$ 23,200	$ 23,200
Accumulated amortization	(4,385)	(1,558)
Cumulative Impairment Charge	(9,968)
Cumulative currency translation	(1,122)
Net carrying amount	$ 7,725	$ 21,642
Trademark [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years 7 months 6 days	4 years 7 months 6 days
Gross Carrying Amount	$ 11,000	$ 11,000
Accumulated amortization	(3,117)	(917)
Cumulative Impairment Charge
Cumulative currency translation
Net carrying amount	$ 7,883	$ 10,083
Developed technology [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years 7 months 6 days	6 years 7 months 6 days
Gross Carrying Amount	$ 24,100	$ 24,100
Accumulated amortization	(4,877)	(1,436)
Cumulative Impairment Charge
Cumulative currency translation
Net carrying amount	$ 19,223	$ 22,664
Non-compete agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years 7 months 6 days	4 years 7 months 6 days
Gross Carrying Amount	$ 2,800	$ 2,800
Accumulated amortization	(793)	(233)
Cumulative Impairment Charge
Cumulative currency translation
Net carrying amount	$ 2,007	$ 2,567
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years 6 months	6 years 4 months 24 days
Gross Carrying Amount	$ 5,500	$ 5,500
Accumulated amortization	(1,164)	(347)
Cumulative Impairment Charge
Cumulative currency translation
Net carrying amount	$ 4,336	$ 5,153

Commitments and Contingencies

12 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Non-cancelable Purchase Obligations

In the normal course of business, the Company enters into agreements containing non-cancelable purchase commitments for goods or services with various parties. As of March 31, 2023, the Company had outstanding non-cancelable purchase obligations with a term of 12 months or longer as follows:


	As of March 31, 2023
	(in thousands)
Fiscal years ending March 31,
2024	$	21,796
2025		14,719
2026		22
Total	$	36,537

The amounts purchased under these agreements with non-cancelable purchase obligations were $29.9 million, $34.7 million and $23.6 million for the fiscal years ended March 31, 2023, 2022 and 2021, respectively.

Legal Matters

The Company is subject to certain routine legal and regulatory proceedings, as well as demands and claims that arise in the normal course of business. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but will only be recorded when one or more future events occur or fail to occur. The Company’s management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against and by the Company or unasserted claims that may result in such proceedings, the Company’s management evaluates the perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed. Legal fees related to potential loss contingencies are expensed as incurred.

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 in general and administrative expenses on the consolidated statements of operations and comprehensive loss in the fiscal year ended March 31, 2022.

Indemnification

The Company enters into indemnification provisions under agreements with other companies in the ordinary course of business, including, but not limited to, collaborators, landlords, vendors, and contractors. Pursuant to these arrangements, the Company agrees to indemnify, defend, and hold harmless the indemnified party for certain losses suffered or incurred by the indemnified party as a result

of the Company’s activities. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification provisions. As a result, the Company believes the fair value of these provisions is not material. The Company maintains insurance, including commercial general liability insurance and product liability insurance, to offset certain potential liabilities under these indemnification provisions. In addition, the Company indemnifies its officers, directors, and certain key employees against claims made with respect to matters that arise while they are serving in their respective capacities as such, subject to certain limitations set forth under applicable law, the Company’s Bylaws, and applicable indemnification agreements. As of March 31, 2023, the Company did not have any indemnification claims.

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Related Party Amounts		$ 25,000
Accounts Payable [Member]
Related Party Amounts	$ (9,381)	8,145	$ 191
Accrued Expenses And Other Current Liabilities [Member]
Related Party Amounts	2,966	(1,293)	3,517
Deferred Revenue [Member]
Related Party Amounts	2,572	(20,959)	(14,917)
Exercise Of Stock Options [Member]
Related Party Amounts	0	0	67,359
PIPE [Member]
Related Party Amounts	$ 0	$ 25,000	$ 0

Acquisition (Additional Information) (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 01, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Escrow Deposit		$ 6,000
Escrow amount description		of the escrow amount was released in May 2023, and any remaining escrow amount will be released in May 2024
Net deferred taxes		$ 0	$ 3,095
Income tax benefit		(2,772)	(3,480)	$ 0
Recognized revenue		299,489	271,893	243,920
Net income (loss)		(311,656)	(217,490)	(183,619)
Class A Common Stock [Member]
Business Acquisition [Line Items]
Net income (loss)		(185,112)	(68,620)	$ (37,070)
Lemonaid Merger Agreement [Member]
Business Acquisition [Line Items]
Acquisition costs	$ 9,400
Lemonaid Health, Inc. [Member]
Business Acquisition [Line Items]
Stock based awards vested as of acquisition	8,400
Aggregate cash consideration for acquisition	101,900
Escrow Deposit		13,000
Amortization Expense		16,500	7,300
Acquired goodwill		$ 351,700
Goodwill Recognized, Description		The goodwill recognized upon acquisition is not expected to be deductible for income tax purposes.
Net deferred taxes	$ 6,600
Income tax benefit			3,500
Foreign deferred tax liability			3,100
Recognized revenue			19,200
Net income (loss)			$ 22,300
Lemonaid Health, Inc. [Member] \| Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Purchase Price Excludes Stock Consideration Shares Issued Subject to Vest	3,747,027
Lemonaid Health, Inc. [Member] \| Selling, General and Administrative Expenses [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Useful lives		7 years
Lemonaid Health, Inc. [Member] \| Selling, General and Administrative Expenses [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Useful lives		2 years
Lemonaid Health, Inc. [Member] \| Lemonaid Merger Agreement [Member]
Business Acquisition [Line Items]
Purchase consideration	$ 424,700
Lemonaid Health, Inc. [Member] \| Lemonaid Merger Agreement [Member] \| Class A Common Stock [Member]
Business Acquisition [Line Items]
Additional common shares issuable in connection with acquisition	26,825,241
Purchase consideration stock value	$ 314,400

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 372,000	$ 0	$ 0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	372,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0
Level 3 [Member]
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	372,000
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	372,000
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 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 0

Fair Value Measurements

12 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

9. Fair Value Measurements

Recurring Fair Value Measurements

The fair value of cash, restricted cash, accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date as of March 31, 2023 and 2022.

There were no financial assets or liabilities measured at fair value on a recurring basis as of March 31, 2022 and 2021. The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis as of March 31, 2023:


	March 31, 2023
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Money market funds	$	372,000	$	372,000	$	—	$	—
Total financial assets	$	372,000	$	372,000	$	—	$	—

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.

For the fiscal year ended March 31, 2022, changes in warrant liabilities were primarily related to Private Placement Warrants and Public Warrants defined and discussed in Note 13, “Stockholders’ Equity.” The Warrants were measured at fair value on a recurring basis. The Company performed routine procedures such as comparing prices obtained from independent sources to ensure that appropriate fair values are recorded. The Company valued the Private Placement Warrants using a binomial lattice model. Inherent in a binomial lattice model (“lattice model”) are assumptions related to expected term, volatility, risk-free interest rate, and dividend yield. The expected term of the Warrants was determined to be equivalent to their remaining contractual term and includes consideration of the redemption features that were incorporated into the binomial lattice model. The Company derived the volatility of its Private Placement Warrants based on an implied volatility that was estimated using an iterative process to calibrate a binomial lattice model to the trading price of the Public Warrant. The risk-free interest rate is based on the U.S. Treasury’s rates of U.S. Treasury zero-coupon bonds with a maturity similar to the expected term of the Private Placement Warrants. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

On November 22, 2021, the Company called the Public Warrants and the Private Placement Warrants for redemption. The Company valued the Private Placement Warrants on the settlement date of exercise, using the fair market value of the Company’s Class A common stock multiplied by the number of shares of Class A common stock to be issued per Warrant, which was determined in accordance with the terms of the warrant agreement and based on the redemption date and the volume weighted average price (the “Redemption Fair Market Value”) of the Class A common stock during the ten trading days immediately following the date on which the notice of redemption was sent to holders of Warrants. On a cashless basis exercise, the holder was entitled to receive 0.2516 shares of Class A common stock per Warrant. The Public Warrants were valued using the listed trading price on the relevant settlement date of exercise. Any Warrants not exercised by the redemption date, December 22, 2021, were automatically redeemed by the Company at a price of $0.10 per Warrant. The change in fair value of warrant liabilities was recorded through the date of exercise or redemption within the consolidated statements of operations and comprehensive loss. Since all liability-classified warrants were exercised or redeemed as of March 31, 2022, the associated warrant liabilities were reclassified to additional paid-in capital. As of March 31, 2023 and 2022, no Warrants were outstanding. See Note 13, “Stockholders’ Equity,” for additional detail.

The change in the fair value of warrant liabilities is as follows:


	Warrant Liabilities
	(in thousands)
Balance at March 31, 2021	$	—
Assumption of Private Placement Warrants and Public Warrants		75,415
Redeemed/exercised warrants		(42,426	)
Change in fair value of warrant liabilities		(32,989	)
Balance at March 31, 2023 and 2022	$	—

As of March 31, 2023, the Company had no transfers between levels of the fair value hierarchy of its assets and liabilities measured at fair value. Due to the exercise and redemption of all Public Warrants and Private Placement Warrants during the fiscal year ended March 31, 2022, there were no longer any Level 3 Private Placement Warrant liabilities as of March 31, 2023 and 2022.

Nonrecurring Fair Value Measurements

Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. See Note 4, “Acquisition,” for additional detail. Certain of the Company’s assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis. During the fiscal year ended March 31, 2023, the Company recorded a $10.0 million impairment charge to write down the value of an acquired intangible asset to its estimated fair value. See Intangible Assets, Net in Note 10, “Balance Sheet Components,” for additional information.

- Definition

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

Commitments and Contingencies (Tables)

12 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Outstanding Non-Cancelable Purchase Obligations


	As of March 31, 2023
	(in thousands)
Fiscal years ending March 31,
2024	$	21,796
2025		14,719
2026		22
Total	$	36,537

Leases - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Mar. 31, 2023
Lessee Lease Description [Line Items]
Non cancellable future minimum lease payments	$ 9.3
Operating lease option to extend		For the Company’s facility in Sunnyvale, California, there is an option to extend the lease for a period of seven years.
Minimum [Member]
Lessee Lease Description [Line Items]
Lessee, Operating Lease, Renewal Term		2 years 9 months 18 days
Maximum [Member]
Lessee Lease Description [Line Items]
Lessee, Operating Lease, Renewal Term		8 years 3 months 18 days

Retirement Benefit Plans

12 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Retirement Benefit Plans

16. Retirement Benefit Plans

The Company has established a 401(k) retirement plan that allows participating employees in the U.S. to contribute as defined by the plan and is subject to limitations under Section 401(k) of the Internal Revenue Code of 1986, as amended. The Company matches the greater of 100% of the first 2% or 100% of the first $2,300 (subject to annual compensation and contribution limits) of employee contributions. The Company recognized matching contributions cost of $2.6 million, $1.7 million and $1.5 million for the fiscal years ended March 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Summary of Significant Accounting Policies - Summary of Significant Customer Information (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Customer C
Concentration Risk [Line Items]
Percentage of accounts receivable	69.00%	25.00%
Customer F
Concentration Risk [Line Items]
Percentage of accounts receivable	27.00%	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	16.00%	17.00%	16.00%
Customer Concentration Risk [Member] \| Customer C \| Revenue Benchmark [Member]
Concentration Risk [Line Items]
Percentage of Revenue	22.00%	20.00%	21.00%